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.

Ep 27 – Advanced Negotiations

Today’s High Performance Podcast for Real Estate Agents continues their previous podcast on negotiations by exploring advanced negotiation skills for more challenging scenarios. Alexander describes negotiating a higher price with a reluctant buyer, and Josh presents concerns that both buyers and sellers may have around pricing with ways to help clients relax so they can make a better decision.

Next they discuss fee protection and justification if that comes into question followed by deciding whether to recommend taking a good offer or proceeding to auction. Discussion continues around negotiating between joint sellers with differing opinions, and dealing with tenants of sellers so property presentation goes smoothly. Josh sums up with staying focused on doing what’s best for your client in any situation.

Creating a Supporting Environment

You’re about to see your business in a whole new light, because my Coaching Tip this week is going to open your eyes. Before you can tell where you’re going you have to know where you are, and if your surroundings aren’t inspiring you and your team towards achievement then you have to make some changes.

How do you feel when you arrive at your office each day? Is there a kinetic energy about your workspace, or is everyone lolling about? Your organizational culture doesn’t just happen, you create it. And if it’s not what you want it to be, then here are some tips to get things moving.

If your operation is too smooth and predictable then you aren’t really progressing. You only move forward by trying new approaches and working your way through failures. You have to make some mistakes, so stop being afraid of them. Set a vision for what you want to achieve, and create a system for getting there. You also have to make a commitment to your vision or you won’t follow through.

Let’s say you want to increase your numbers. Your most important goal is to book appointments, and you increase your number of appointments through productive call sessions. Set a time early each day for making those calls, and a time to get out of the office to meet with clients because that’s where the money is made. Make sure your environment is built around people and systems you can trust once you jet out the door.

Scheduling daily directions meetings is necessary for seeing where you are, setting expectations and tasks, and keeping everyone on your team accountable. Base your culture on honor, integrity and vision, and everyone will stay on track. Your best people will leave your business in frustration if they’re working in a stale environment, so keep the work exciting.

The culture you create for your business is a direct reflection of who you are. If you don’t like what you see around you, then change. Look at the people you spend time with, read books to improve your mindset, start every day in an environment of success and you will become the person you aspire to be.

I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.

Ep 26 – Make Yourself Attractive in the Marketplace

Today’s High Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips with tips on packaging, marketing and developing yourself as an agent. Alexander tells how he presents himself everywhere he goes. Josh describes dressing appropriately for your market, and Alexander stresses packaging yourself as clean, approachable and recognizable even when casually dressed on Sundays.

They continue with notes on the car you drive, observations for smokers, how you conduct yourself in your off time, and how personal development and preparation help you demonstrate confidence and expertise. Your team should also be consistent in representing your brand well, and Alexander talks about training with his team to develop their confidence and experience. Josh sums up with ways to make sure you are perceived professionally in the market.

Marketing Shortcuts

Your marketing is only as good as your understanding of your customers. You will never capture their interest if you don’t know who they are and what they need you to tell them. In my Coaching Tip today I will show you some marketing shortcuts for delivering the right message at the right time, year after year.

One of the best ways to get to know your customers is to become one of them. You can do this by entering yourself into each of your database categories as a customer. This allows you to receive all the same marketing information they get from you and evaluate its effectiveness by viewing it as they would, and that will help you see how to design better marketing templates.

Creating templates for each customer category helps you deliver timely information throughout the year and produce it quickly. Each category needs to get messages relevant to those specific customer needs, and only the information they can use. Templates also keep the look and feel of your marketing consistent so that your content visually identifies your brand. Everything from video to photography to email needs to be cohesive and standardised.

The purpose of your marketing campaigns is to inform each customer about current market trends, instil a sense of urgency, and influence them to act on the information you offer them. Statistics are secondary to telling a story that resonates with the viewer, and you tell that story with captivating headlines, bright copy and content, and a powerful closing hook to kick them into action. You also want to acknowledge their objections and solve their problems as part of your marketing strategy. Show them you feel their pain and they will respond with confidence and trust.

Each template you create for every delivery method you use needs to go into a monthly file for the year. Then each following year you can bring up those templates for each month, quickly update the information and send it out instead of building everything from the ground up. Put a new face on the same theme and you will hit your target every time.

Consistent templates maintain consistent marketing and momentum for your business, and that will make you a better, more successful agent.

I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.

Talent Bench

What do you do when someone leaves your business? Are you prepared, or do you rehire in a desperate hurry? In this month’s Growth, Leadership and Management Tip my focus is on hiring the best people for your organisation, not just filling a vacancy.

Your success depends on hiring and cultivating the best talent for your business, and you do that by recruiting constantly. No one you hire is going to stay with you forever, but to keep them long-term you must offer excitement, value, and a clear path of progression to base their career upon. Here’s an example:

Sales Team
• Junior salesperson
• Sales manager
• Lead director

Administration
• Receptionist
• Office manager
• CEO

Property Management
• Junior leasing clerk
• Head of portfolio
• Head of property management

Having a career progression in place is crucial for having enough people in the right places to step up when that time comes. But you must also be looking for new people you’d like to have inside your business someday. That is your talent bench.

Building your talent bench requires knowing the kind of people you want to hire and where to find them. One of your best sources consists of all the people you already know because they may be candidates, or they may know someone who meets your criteria. Another source is the real estate industry — including your competition. Building and maintaining sound relationships will help you here.

An often-overlooked resource for talent is in industries outside of real estate. You may hire a recruiter to locate people with the strengths and skills you need, who can be trained in areas of real estate where their abilities will shine. You may also incentivise your existing people who know your organizational culture and requirements to refer fresh talent into the business. Creating an organization that people want to work for will increase your ability to attract your best prospects.

You can’t know who is going to leave and when, so it’s important for you to maintain a talent bench so you always have sound hiring resources in place to draw upon whenever you need them.

We’re launching a new business class for estate agents soon. If you’re in a principal, director, or sales management role and want to learn more we would love to hear from you.

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