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.

Ep 25 – All About Negotiation

In this High Performance Podcast for Real Estate Agents Josh Phegan and Alexander Phillips trade tips on how to be a great negotiator. Alexander notes reasons why agents avoid examining their negotiation skills, and Josh clarifies the purpose of negotiation. Alexander continues with points of focus and mental preparation for going into a negotiation session, and Josh talks about the concerns a buyer has and how to set up your negotiation process with that in mind.

Alexander then describes compression selling, Josh adds speed to purchase, and they discuss the importance of timing in making the best offer. Josh then details the stages in a buyer’s emotional state whilst considering a property, and Alexander talks about creating a sense of urgency for buyers to drive a better offer, and closes with negotiating with sellers in the setup to sell meeting.

How to Have a Consistent Business

If you’re tired of watching your business go up one month and down the next, then my Coaching Tip today is for you. The key is to have consistent listings, and I’m going to tell you the behaviours you must learn to make that happen.

Prospecting is your number one skill for getting listings, so your focus must be on prospecting productively. You can’t do that if you’re sleeping late, reading emails for two hours and starting your first call session at 11am.

You have to start your day early — do your workout, whip through your emails and be on the phone by 8am to catch clients at their most receptive times. Scheduling for this routine will structure your mornings to be consistent and productive.

Set a daily goal to book 3 appointments for the next day, and don’t stop calling until you get them. Don’t allow fear and doubt to shut you down – build a winner’s mindset by taking action and moving yourself forward.

Systems let you think less and do more, so set up systems to get your work done and follow them. Always have a current call list, know which category you will be working with, and use the appropriate dialogues from our Prospecting School and Master Class trainings so you know exactly what to say and do.

Of all the numbers you track, the one that counts most is your listings. Focus on that number, prospect with diligence and efficiency, do what it takes and your business will consistently grow.

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

Ep 24 – Growing Your Team for Success

This High Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips on growing your team and driving them for success. Josh begins with the importance of a great team, and Alexander talks about how he selects the right team members and motivates his own team. Josh stresses earned incentives and planned progression, and Alexander adds the importance of support, communication and setting a good example.

They continue with helping team members set personal goals and keeping them accountable. Alexander outlines his methods and schedule for one-on-one meetings with team members, and how he keeps himself on track and motivated. They discuss Alexander’s recent phenomenal success rate, how he accomplished it and how he rewarded his team for their part in making it happen. Josh ends with the importance of using the momentum of success to drive further success.

Why Are You Not Reaching Your Goals?

You’ve set goals for your business, but somehow you’re not reaching them. Why? You don’t have a system, and that’s the key. But how do you build a system?

First, let’s define it. A system is a process that reliably achieves a desired outcome. That process can be broken down into 3 stages: cue, action, and result.

A cue is an element that prompts you to take a necessary action towards reaching your goal. Taking that action will get you to the result you want. The purpose of the system is to get the results you need to reach your goal. Your system will likely have several sub-systems that incrementally move you toward your ultimate goal.

Here’s an example: You get to your office and see your call list for the day on your desk. The call list is your cue. Your next step is to pick up the phone and take action — start making those calls. The call session results in bookings. That series of events is a system. It’s the same as waking up and seeing your workout gear laid out for you, which cues you to get dressed and go work out, which results in high energy and confidence for the day ahead. Following these systems guarantees progress toward your goals.

To build your system, first identify your daily tasks and create systems to accomplish them. Your next vital element is to schedule those systems for specific times each day. You will quickly discover that your overall system is integrated and tasks are interdependent. For example, if you want to get up earlier then you have to go to bed earlier the night before.

Systems also require preparation, such as outlining what you’re going to cover in your morning directions meeting so that time will be productive. Everything gets covered and everyone leaves knowing what they are expected to accomplish. Create a meeting agenda and post those tasks to a shared calendar, and everyone can stay on track.

The better your systems are, the more clarity you will have. Clarity is vital to reaching your goals, short term as well as long term. Work on setting up cues and acting on them, and you will get the results you need. It’s that simple.

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

Ep 23 – Progressing Buyers and Sellers

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Today’s High Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips addressing issues with progressing both buyers and sellers. Alexander describes reasons clients may be hesitant, and how he addresses their fears and objections. Josh notes the importance of timing, and Alexander describes his methods for moving clients forward and taking advantage of seasonal market cycles.

They continue with a discussion of market trends and working around holidays. Alexander talks about starting each new year with an updated hit list, and Josh recommends planning ahead so you always have stock to sell. They discuss leveraging clients’ sense of urgency at the first of the year as well as creating that sense of urgency when competition for properties is low. Josh concludes with best use of language to progress clients and help them make good timely decisions.

Systems Not Working For You

If your life isn’t working then you’re not working. You need systems to manage your time and keep your energy high. And you need to follow those systems, too – just having them in place won’t do it for you.

First you have to take care of yourself. If you’re not energized then you can’t bring your best effort to anything else you need to handle, including your business. Make the commitment to devote at least an hour a day to your health and fitness. Your payback for that hour will be energy, clarity and drive for the rest of the day.

Along with that, make sure you work when it’s time to work, then you can relax when it’s time to play without stressing over work you didn’t get done. Here’s a secret: If you want to love what you do, then do it often and with all you’ve got to give. The more you do it, the better it gets and the more you will love it.

Another secret to getting it done is to suit up and go without thinking about it. Don’t let your “I don’t feel like it” attitude stop you. Whether it’s your workout or your workday, put on your gear and get going. Next thing you know you’re out there moving and feeling good about yourself. That’s how successful people do it, and that’s how you’re going to do it. Remember, it’s better to feel great about what you’ve done than feel bad about what you haven’t.

Dead time can be a momentum killer unless you have a system for it. Even 30 minutes is an opportunity to get on the phone and call some people. Always have mobile access to a current call list of past market appraisals, potential sellers and past clients, and use it every chance you get. You really can work wherever you are, so capitalise on that time.

Every workday is about your personal fitness and your business fitness. Focus on your work when you’re working, and then you can really enjoy your family time, holiday time, and time to yourself. But you have to make a decision to do this and stick with it. Facebook, Instagram, Snapchat, all that is a black hole of wasted time that leaves you with nothing to show for it. Make your time count and your efforts pay off. You will feel much better about your life, your business and yourself if you do.

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

Ep 21 — Building Your Database

In this High Performance Podcast for Real Estate Agents, Josh Phegan and Alexander Phillips stress the importance of building a high-quality database. Alexander describes how the functionality of your database determines your long-term success, especially through referrals. Josh continues with long-term thinking, the value of your network, and maintaining relationships through relevant and frequent communication. They continue with establishing yourself as a reliable friend and enabler in the business.

Josh moves the discussion on to building your database system with proper categories and Alexander gives examples for maintaining currency with clients in those categories. Josh stresses the importance of being able to quickly search and respond to client and property data to build better call lists for more productive prospecting. Alexander clarifies the difference between a fat database vs. a clean database. Josh ends with making database maintenance a daily task so you can maintain your vital relationships with key clients as their trusted advisor.

Ep 22 – Buyer Qualification

In this High Performance Podcast for Real Estate Agents, Josh Phegan and Alexander Phillips talk about what you must understand when working with buyers. Alexander notes the importance of asking clients the right questions from the start and identifying their reasons for buying. Josh notes 3 basic bits of information you need to ask about, and they continue discussion around trends in buyer progression, timing, and price parameters.

Next, Alexander tells why he works multiple markets with a variety of price ranges. Josh explains how buyer qualification evolves as you work with a client, and they continue on to define the most basic data you need to accurately qualify buyers. Josh wraps up with the importance of maintaining a usable database with complete buyer profiles, never making assumptions, and taking time to do quality qualifications.

Scripts and Dialogues

I don’t like scripts and dialogues, but in today’s Coaching Tip I’m going to tell you how and why you should be using them. The bad thing about reading from a scripted dialogue in your prospecting calls is that you will sound like you’re reading from a script. However, if you use these tools properly your calls will be bright, informative and winning.

The first thing I want you to do is forget about following scripts and dialogues by rote, because at their best they define a logical system. Having a script to structure your dialogue with each client will keep your calls brief, effective and productive.

A good script is a series of questions that logically lead to a result. Having a script for each type of prospecting call will keep you on track, and you will know from the start exactly what you need to communicate and what kind of information you need to gather. It will also keep you from falling into sales mode during the call.

Basically you don’t want your calls to last more than 2 or 3 minutes. Beyond that, any further discussion you have needs to be face-to-face with the customer. Rather than telling the customer why they should sell or buy with you, ask them about what you need to know to progress them. Keep your dialogue down to 3 to 5 targeted questions, and allow just 15 seconds for each. Then, book an appointment.

Once you become proficient with your prospecting calls you will feel less hesitant and more confident about making those vital calls every day. You will also sound real in your delivery, as your dialogue will be yours and not some static text you’re reading from. You will also make fewer calls with greater results – more bookings, more listings and more sales.

Your clients will pay for your services only when they are ready and willing to do business with you. The point of your phone work is to progress them, not harass them. Build your confidence through following a scripted system of logical, natural dialogue and your clients will gain confidence in you.

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