Setting Intentions

It’s easy to look at your accomplishments over the past year and decide to do better in the year ahead, but you need a deep will to win if you want to achieve substantial growth. You must consciously set clear intentions for your business and leadership goals for yourself.

Having a solid foundation is a must for the adaptability you’re going to require as the marketplace changes and there will be some real challenges coming up this year. You will have to focus on your numbers like never before and you need to plan for that now.

Planning takes time and it’s not a set-and-done task. Schedule a two-day planning session once a year, then follow up with regular tracking on your progress. Use monthly catch-up sessions to detail what you’re doing and what needs to be done. Conduct quarterly reviews to look at achievements, lessons learned, strengths, weaknesses and opportunities. Evaluate your big projects and decide how you want to steer them in the next quarter. Great businesses are built on honesty and vulnerability as you have to see what’s really happening, not just what you want to see.

Your long-term plan should include multiple streams of income. Beyond real estate sales, think about expanding into mortgage brokering, property management – even in-house photography and media production for presenting properties with brand distinction. Take a new view around the kind of business you want to build. How has your scope broadened over time? How much more is possible for you now?

Remember to create lucrative career progression for your people, too, because as they grow your business grows with them. Help your good people become great so they can channel their skills and capabilities into stellar business success.

Imminent market trends you need to prepare for include longer days on market, lower auction activity, and challenging conditions overall. Align your organizational culture now so your people know what is expected of them and can stay motivated when these changes occur.

Don’t forget to set your calendar for marketing campaigns and leave time for the year ahead. That New Year vigor won’t last, so make sure you keep your marketing current and your people energized, because those are the two most vital elements for keeping your business fresh throughout the year.

I hope you’ve enjoyed this month’s Growth, Leadership and Management Tip, and I look forward to seeing you here again next month.

Ep 34 — Handling Common Objections

In today’s High Performance Podcast for Real Estate Agents Josh Phegan and Alexander Phillips share strategies around handling common objections. Alexander offers examples of ways some clients test you out, then Josh and Alexander exchange the questions clients ask most often, show how you should respond, and give examples of sound answers to those objections. A most common client objection is fee percentage, so fee defence and demonstrating your value are covered at length. They address objections to method of sale, and Alexander offers advice for younger agents whose clients have misgivings about their age.

Ep 33 — Going Pro: Managing Your Time, Health and Energy

Today’s High Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips on managing your time, health and energy as your professional demands increase. Alexander describes the effects of stress and tells how he maintains positive energy and a clear head. Josh observes that your external world is a reflection of your internal state and being disorganized is a big stress factor. Alexander suggests setting up personal systems and outsourcing basic tasks so you can always stay focused and present yourself well with clients. Discussion continues around the need for healthy nutrition and fitness activities, a daily routine, and systematic orderly processes in your work. Josh ends on implementing these tips to stay focused on building a great career.

Ep 32 — Building Your Profile

This High Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips on building a great profile as an agent and an individual. Alexander notes that whether you’re working or socialising you must present well as an agent and a person, and be consistent in all you do. Josh reinforces making the decision to commit yourself to your career as an agent, and suggests ways to promote yourself and your brand in your daily interactions. Alexander reminds agents that your focus must be on the client, not yourself, and Josh advises to focus on one promotional method at a time for consistency and quality. He closes with ways to establish yourself as a trusted agent and advisor.

Ep 31 — The Structure Inside the Listing Presentation

In this High Performance Podcast for Real Estate Agents, Josh Phegan and Alexander Phillips focus on the purpose and philosophy behind an effective listing presentation. Alexander describes the three aspects of a listing presentation and emphasises asking the right questions. They discuss initial contact with a potential vendor, planning the meeting, and dealing with unexpected developments. Alexander tells how he evaluates clients and defines their needs and desires. Next they share procedures and preferences for conducting and controlling the meeting, and discuss whether to make a proposal during the listing presentation or in a second meeting. Josh ends with ways to differentiate yourself from other agents.

Ep 30 – Price Reductions

This High Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips on knowing when a price reduction is necessary and explaining this to the client. Alexander tells his clients from the start that a price reduction may be needed and why. Josh addresses the issue of poor agent recommendations and Alexander expands on ways to make better pricing judgments.

They discuss aligning vendor expectations with current market conditions and getting past your fear of confrontation in order to deliver recommendations in a timely manner. Alexander describes how he verifies that a price reduction is necessary and demonstrates due process to the vendor. They discuss how government regulations will affect pricing, and Josh ends with making sure you understand your market and become a pricing specialist.

Setting Up For A Great 2016

This is an exciting time of year with many distractions, but if you take care of some key things in your business right now you will be able to really relax and enjoy the holiday season. So before we all lose ourselves in the upcoming festivities I want to talk with you about establishing ongoing momentum before you head into 2016.

Everyone who sold properties with you in October and November will be looking to buy properties from now into the first of the year, so stay active with those clients. You also have owners who plan to sell after the holidays, so make sure you are preparing them to go to market by February at the latest, and not wait for March when there will be far more competition.

It’s a good idea to persuade vendors to allow for marketing photography to be done whilst their lawns are still green and their homes are not yet decorated for Christmas, and also to get legal paperwork done if at all possible. This early preparation allows you to book appointments with buyers and start showing the home immediately. This will additionally give your vendors more confidence in your ability to successfully take their property to market.

Discuss the marketplace with your clients so they’re clear on what to expect after Christmas as real estate website search activity begins right away on New Years Day. Economically this is an opportune time for people who have left Australia to start moving back, so be watching for that influx of ex-pat buyers.

Decide now on your goals for coming back into the marketplace in 2016. Know the numbers you want to achieve, primarily for listings. If you already have existing campaigns sold and your target listings done then you can go on holiday early, so build on that incentive to motivate yourself. These are the rewards you earn through building a dynamic business.

Here’s wishing you a fine holiday season from the Josh Phegan Company. I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again in 2016.

Is the Vision Big Enough?

You know you need a clear vision of how you want your business to grow, but is the vision big enough to reach your full potential? When you can think beyond conventional real estate business models and explore other areas you may not have considered, you will realize some real business growth.

A common pitfall for principals is doing too much of the work themselves. You can’t scale if you are personally writing the highest percentage of your business numbers because there’s a limit to what you can do alone. Without a team of people working for you who can function in areas beyond listings and sales you miss out on other lucrative opportunities your business could be expanding into.

To give you some perspective, here are some scalability factors a venture capitalist looks for in an investment company:

• Diversified revenue generation with no one person generating more than 25%
• Multiple streams of income including sales, management, conveyancing, finance, and other diversified income streams
• Multiple locations overseen by a strong management team
• Consistent replicable systemisation for performance and profitability

There are always unexpected challenges beyond your control. A cohesive team can respond and execute properly if you have a plan in place and everyone is aligned with your vision and purpose.

Planning for business growth is an ongoing project. It requires regular review and updates to maintain focus and direction. A year of business planning will entail designating at least 13 days each year for team meetings:

• One two-day meeting each year to revisit your vision, direction and target goals
• Quarterly meetings to discuss major projects, actionable tasks over each 90-day period, and the Big Three for each team member.
• Monthly meetings to review the status of major projects, discuss opportunities and challenges, and ensure everyone is on track

Vision isn’t really about money and luxury. Vision is an inspiration that drives momentum and delivers exceptional service to your customers. You have to ask yourself what you ultimately want to create. Is the vision big enough, and can you actually do more? The greater the vision, the more you can accomplish.

I hope you’ve enjoyed this month’s Growth, Leadership and Management Tip, and I look forward to seeing you here again next month.

Ep 29 – Vendor Paid Advertising

Today’s High Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips on selling vendor paid advertising. Alexander stresses evaluating and driving vendor commitment and then getting customers through the door with an emphasis on really using your database. He says you sell advertising during the listing presentation and notes that those costs are significantly lower than in the past. He then details the elements of a successful ad campaign and where best to list.

Josh adds the advantages in showing clients auction bidding records and past marketing campaigns so they can see clearly what works. They discuss the relevancy of foreign buyers, and Josh wraps up with the necessity for a solid marketing program based on what works in your marketplace.

Ep 28 – Unexpected Changes in Your Market

In this High Performance Podcast for Real Estate Agents, Josh Phegan and Alexander Phillips address unexpected changes in your marketplace, especially when the media sensationalizes them. Alexander notes his observations of customer response and how he stays ahead of the curve. Josh notes the element of panic, and discussion continues around ways to avoid being reactionary and the benefits of a long-term view of market trends in maintaining consistency and momentum.

Josh adds the importance of progressing clients by understanding their viewpoint, and Alexander talks about using media-driven urgency to your advantage. Josh notes how governmental restrictions impact the market and Alexander tells how to inform clients about those factors. Josh closes with the necessity to evaluate changes and adapt quickly.