Trigger Points

Cleaning up your database is a lot more work than simply building and maintaining it properly in the first place. You have to make sure clients go into the proper categories, and then continually progress them into new ones. In my Coaching Tip today I will show you the trigger points that alert you to these transitions and what you need to do with them.

You must have your 10 basic database categories in place or you’re lost from the start. With that structure in place you can simply enter new clients into their proper categories. But their situations are going to change and those changes are opportunities you don’t want to miss. You need to be on top of the trigger points that place them into new categories.

This may seem overwhelming with the numbers of new clients you meet every month. You can’t call every single one of those people every week, but you do need to call the top potential clients at the right moment in their process. The key is watching for lead scoring actions that tell you it’s time to change a client’s category from buyer to buyer hit list, or market appraisal to seller.

Watch for those clients who request a second appointment, ask to review a contract, make an offer, or bid at auction. Those are hit list clients and you need to follow up with them while they’re active. Market appraisals also allow you to identify red light/orange light/green light clients and act on the green lights quickly to get them on track as sellers. Any client activity is a potential trigger point.

Also remember that most clients are not one-dimensional and should often be placed into more than one category. A buyer is probably also going to be a market appraisal, and might be a past client as well. They may also be a landlord or tenant. Keeping your categories current and customers sorted is crucial for targeting the right contacts at the best times to move them forward.

Learning to catch trigger points and respond to them quickly will help you build better call lists and complete more transactions. It’s all about searching effectively, prospecting productively, and leveraging the power of your database to get results.

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

Ep 18 – Differentiation

This High Performance Podcast for Real Estate Agents presents Josh Phegan and Alexander Phillips on how to differentiate yourself from your competition. Alexander begins with reasons why competition is secondary to keeping current with past clients, and Josh adds the importance of prospecting daily. They continue with keeping focused on what the client wants and how to be the agent they want to work with.

Next they discuss how targeting one or two aspects of differentiation is most effective, and how to achieve this as a new agent as Alexander tells how he promoted himself early in his career. Josh notes that your points of differentiation will attract a certain customer base, then they discuss how to leverage that appeal to create a brand identity and direct your business growth. They list some vital elements of brand identity and Josh closes with the importance of having a story around your brand.

To Be One Of Your Customers

You know how to think like an agent, but do you know how to think like a customer? Being a great agent requires knowing and doing what your customer expects from you. In this Coaching Tip I will show you how to deliver a great customer experience by visualising what it’s like to be your customer.

Agency-based marketing is all about the customer. Think about some of your past clients and how you conducted business with them. What did they receive from you before, during and after the transaction – especially after?

We recommend the anniversary experience, directly contacting clients one day, one week, one month and one year after a sale, and then on the anniversary of the sale each year. Also sending them relevant news they can use, including reports on their local marketplace as well as news from outside their area.

Delivering outstanding customer experience during your transaction, then following up with frequency and relevancy, establishes you as a trusted advisor. You want their referrals and their return business. Failure to nurture the client relationship long-term is a big mistake.

Always be thinking about how you can stay frequent and relevant to each client, then apply that thinking to their entire category. As you grow beyond your start-up phase, you will quickly accumulate more past clients than you can personally keep up with. This is why you must automate your marketing and target the specific needs of each category.

Automation also allows you to manage your expanding task load. Instead of trying to do hundreds of tasks each day, set one day per month to create a list of past client transactions for that month and call a few of them each day. Also set a day each week for ongoing tasks, such as Mondays for open for inspection follow-ups, and Thursdays to call on past clients.

To be effective with agency-based marketing you have to understand the categories inside of your database and market to each of those categories. A great way to track what your customers are receiving from you – and what they’re not getting, but should — is to add your own email address to each category so you receive the same messages they do. You will quickly identify gaps in communication and get those clients into your feed.

Make sure you look into our Josh Phegan Company Membership and our incredible List Sell Negotiate event coming up soon.

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

Ep 17 – Running Great Open For Inspections

In this High Performance Podcast for Real Estate Agents, Josh Phegan and Alexander Phillips focus on running exceptional open for inspections. Alexander begins by outlining ways his agency uses open homes to make a memorable impression for his brand. Josh notes the necessity for a Saturday assistant specifically for opens, and Alexander lists traits he looks for in that assistant. He continues with tips on customer evaluation, important questions to ask, and driving momentum towards a sale.

Next they discuss how to handle opens with low attendance, following with details on methods of gathering contact information from attendees and best times to schedule opens as well as private buyer appointments. The discussion continues around how to best communicate with the vendor after showing the home. Josh closes with a reminder to observe energy management in order to present the home, your brand and yourself well.

The Vision for Your Business

If you don’t know where you’re going, how do you expect to get there? Having a compelling vision for your business and following through on it is crucial for real growth. This Coaching Tip is all about planning your future and I’m going to guide you through to achieve that today.

If you are doing business day to day simply accepting a few windfalls here and there then you are flailing. To get ahead you have to pay attention:
• How many listings and sales do you want?
• What level income would you like to realise?
• What kinds of vacations do you dream of taking?

When you operate without clarity or purpose you might see some minor growth each year purely by chance. But if you act with purpose you will experience power and momentum you never thought possible. You have to know what you want and believe you can achieve it. Like climbing Mount Everest, nobody gets there without a solid plan, a great team, and a desire that drives them to the top.

You need to hire capable, motivated people to keep your business progressing even when you aren’t there so you can take time off and avoid burnout. Focus on one or two things you can change to get more work done. Decide the level of income you require to support the lifestyle you want. Think ahead 20 years, and don’t limit yourself.

We’re going to begin your plan right now. Take paper and pen, and write a header for 2021. List these elements for the next 5 years to drive real progress in your business:
1. How many listings and sales will you get?
2. What income will those listings and sales bring in?
3. How many annual leave days will you take?
4. What size team must you have to secure market momentum?
5. How do these numbers relate to your specific market trends?
6. What market share must you have to achieve these numbers?

Set realistic numbers here so you have true clarity on what is possible and decide what you need to do to increase those numbers. Start that momentum right now by creating a plan of action based on your vision for your future. You’ll never get there if you don’t set the destination, map the journey and then take that first step forward.

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

Ep 16 – Growth Year on Year

This High Performance Podcast for Real Estate Agents featuring Josh Phegan and Alexander Phillips begins with Alexander’s observations about what it takes to grow your business year on year, and his own growth in volume and number of transactions per year. Josh talks about scheduling ahead, the importance of vision and thinking about ways to expand your capacity.

Next they talk about how to determine and get the fee you should receive, and always be progressive in your marketplace. Annual leave time is the next topic of discussion, and Alexander explains the importance of taking time off to avoid burnout and maintain high energy. Josh ends with the importance of knowing your numbers so you can measure your growth.

Everything Recruitment

Looking to hire freak talent may seem like a good idea, but you are probably missing out on even better hires by failing to look for all-around great people. In my Growth, Leadership, and Management tip today I’m going to tell you how to recruit for the best people, and my approach to hiring may surprise you.

Most agents function in the mindset of hiring for a current position, but you should be looking for great recruits all the time. Your people really define your business, so you want to bring in fresh talent regularly to expand and enhance your company culture, not just to fill a vacancy.

It’s a natural move to look for new hires within the real estate industry, but what you may not realise is that the core qualities you are seeking exist in other related industries as well. What you should be looking for are people who know how to work the way you want them to – flexible, motivated people you can train to perform the specific tasks you need them to do. If your systems are solid then quality people can quickly learn to use them.

For example, some of my best new hires are coming in from the publishing industry because the skills and qualities they have gained there are perfect for real estate. They know how to work with people, they understand the importance of deadlines, and they are highly adaptable.

I am finding LinkedIn to be a powerful tool for recruitment. Make sure you are familiar with that resource and are adding all the people in related industries to your LinkedIn network. Also, just as you do with past clients, look for new talent from people you already know.

You need an effective recruitment process in place. Read Tom Rath’s book, Strengths Finder 2.0 for guidance in determining the top strengths you need your people to have. For the Josh Phegan Company we look for Learner Profile people because they will eagerly read a recommended book, watch a video, or attend a seminar, then share their new capabilities inside of your company. To improve your recruitment savvy also read Topgrading by Brad Smart. In this book you will learn step by step how to conduct your interviewing process to select better hires.

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

How to be Different

The best way to top your competition is to forget about them. This Coaching Tip is about differentiation, and I’ll be showing you how the path to rapid business growth is through focusing on what your customers want, not how big your competitor’s signboards are.

Too many agents are working hard to try to top each other, usually winning listings by setting a lower fee. All that time and energy would be better spent in getting to know what your customers really want from you, and demonstrating your expertise in handling their property sale or purchase. Working with clients around what is most important in their world will differentiate you far above the competition.

You may appeal to some clients with offers of low fees, but you will never expand your business or elevate your image that way. You have to think beyond transactions and create transformations. Like the difference between joining a gym (transaction) and actively living a fitness lifestyle (transformation), it’s the visible result of consistent action that differentiates you from the people who simply carry the membership card. Once you demonstrate that you can take your clients where they want to go, they will pay for that result.

One way to differentiate yourself is to show the client you already have buyers ready and waiting to see their property. Outline the numbers and processes your agency employs to attract buyers, and motivate your client to take action with a system already in place and working. This tactic demonstrates your understanding of their desired result and the proven methods you will use to achieve it.

Next, share your auction and offer records with the client to demonstrate your track record for getting the kinds of prices and results they desire, from open for inspections to final offers. This is also a fine opportunity to discuss marketing methods and effective tools you can offer them to connect their property listing to specific, interested buyers.

You can bring process and result to life for your clients with case studies of homes you have handled successfully. This gives them a complete picture of how you are able to deliver the results they want, and proof that you are capable of making it happen for them.

Whatever your competitors are doing becomes irrelevant once you capture your clients’ imagination, and excite them with the difference in services and outcomes you can offer them. Ask the right questions to discover what matters most to them, then prove you can actively deliver their best result.

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

Ep 15 – How to achieve consistency in Real Estate

This High Performance Podcast for Real Estate Agents presents Josh Phegan and Alexander Phillips on what it takes to be consistent. Alexander begins by outlining his daily routine and how it keeps him on track. Josh talks about distractions and how to avoid them. Alexander then lists some attributes of highly successful agents and Josh notes some of Alexander’s traits that have guided his success.

Next they discuss the importance of the daily diary and how diaries benefit you and your team. This leads into meetings, how to prepare for them, and time required for various meeting formats. Resilience is the next topic, and they share tips on how to weather disappointments and keep going. They emphasize the importance of time-outs and positive relationships, plus clarity of vision, to keep you energized, motivated and focused. Alexander outlines what it takes to achieve a decade of success, and Josh closes with the importance of adaptability.

Rapidly Growing a Business

You may have thought about setting up systems for your business, but if you’re not following through you won’t get the growth you need. In this Coaching Tip I will explain what a system is and outline how to set up simple systems to stay productive and reach your goals.

A system is an action you program yourself to do that will get you a guaranteed result every time. Simple, motivational systems assure your work gets done, like having a call list in your office when you arrive every the morning so you can immediately get on the phone and start prospecting first thing.

One area most agents are weak in is following up with past clients. You can arrange to have a call list of all clients who have an anniversary with you each month. Review your notes on each client and transaction, then get on the phone and call them around the anniversary date. Being consistent with this will maintain those relationships that are vital to your business.

Every time you list and sell a property there are a number of people connected to that transaction. If you have mapped each of your past clients, then you can call them up to tell them about new properties listed in their area. Share relevant information with them about when the property sells and for how much, and offer to visit them and give them a current appraisal on their own property.

This kind of consistent, relevant follow-up makes you a trusted advisor. It’s how you become the agent they call first when it’s time for them to sell and buy again, as well as the agent they refer to their friends and colleagues. That means higher fees, better marketing and more business.

If you don’t work with systems like this then you are dangerously behind the curve. Without consistency and action, you are in scarcity mode all the time and your results will be disappointing at best.

If you really want to be a great agent then systematize everything from your daily directions meetings to keeping on top of your schedule, and make sure your assistant’s daily tasks support those systems, too. Maintaining consistent performance is the only way to achieve the results your business requires for success.

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