Why What You’re Doing Isn’t Working

Too much training from too many sources can actually confuse your methodology. In my Coaching Tip this week I’ll show you why what you’re doing isn’t working using examples of mistakes I see too many agents make and show you how to discover what will work for you.

If you want to make a lot of money as an agent, you have to learn to play to your strengths. This is something most agents are completely missing, and I’ll illustrate with strategies for maintaining relationships with past clients, which most agents don’t do.

I’ll introduce you to the idea of strategy – measurement – adjust, and how those elements work together step-by-step. You may have a great strategy, but if there are no active measurements for it then you can’t make the adjustments needed to really make it work.

The reality is that business has not changed. Each well-served customer still leads you to your next customer. The reason why what you’re doing isn’t working is that you’re not focused on the right strategy. Find your best strategy by measuring results and making adjustments that will allow you to win and keep winning.

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

Ep 190 – Prospecting as Daily Routine

Today’s High-Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips on the importance of prospecting as daily routine. Josh notes that agents haven’t been prospecting enough to generate the leads they need, and Alex advises around how he plans ahead to make sure he always has stock no matter what state the market’s in. Josh states the reality that successful prospecting is about being consistent no matter what’s going on in your world.

Josh explains why every listing you get should be worth two, how to create opportunity by reviewing your pipeline, why starting your call sessions early in the morning is important, and how you’ll lead your market by simply doing the basics really well.

Branding Versus Conversion Campaigns

Two definitive things are happening on the inside of your business around marketing campaigns. In my Coaching Tip this week we’re going to discuss the roles of branding versus conversion campaigns, and why you should favour conversion over branding.

Branding is what you do to raise awareness around what it is that you do, but it offers no measurable results. Conversion, on the other hand, does produce measurable results from doing a specific thing and then evaluating the actions that come of it.

You can build the best branding possible and consumers still may not connect with it. To be really good you need to focus on conversion, so I’ll outline what a conversion campaign is and give a detailed example of how a campaign works.

One of the easiest ways to think about conversion is to compare it with an open for inspection, and I’ll step you through the measurable outcomes and results of that model.

The value of branding versus conversion campaigns really comes down to the quality of relationships. If you’re not focused on conversions then you’re not doing the work to determine who your customer is so that you can be relevant to them.

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

Resetting for a New Financial Year and why you should focus on Recurring Revenue

Right now is a great time for you to look at your revenue models and what your agency is doing with them. My Growth, Leadership, and Management Tip this month is about resetting for a new financial year by getting clear around revenue, pricing, and business valuation.

Your challenge is to make sure your recurring revenue is meeting fixed costs. That revenue is mainly coming from your property management business. I’ll give you examples of how this model specifically works in real estate.

I’ll show you how your property management department can decrease your debt and contribute to fixed overheads with a subscription payment model. Then we’ll look at how the recurring revenue model scales using the subscription model to generate additional revenue.

We’ll break down the percentages of your revenue streams from recurring revenue and from sales, I’ll explain the benefits of tiered fee structures, and I’ll show you how all of this works together to increase that revenue.

Resetting for a new financial year requires that you understand exactly what you’re doing with revenue, pricing and valuation. Getting this formula right will substantially drive the overall valuation of the business.

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 189 – Progressing the Sale

In this High-Performance Podcast for Real Estate Agents, Josh Phegan and Alexander Phillips discuss progressing the sale. Josh opens with points on specific performance, indicators of interest, and timing. Alex tells what he does to make the sale regardless of what stage of the campaign he’s in, and how keeping the vendor informed builds their confidence in your recommendations. Josh adds the importance of implied pressure for getting decisions made and necessary actions taken.

Josh continues around why specific performance is so important to timing and taking action, Alex weighs in on using dialogue that keeps the vendor moving forward until the transaction is finalised and secured, and never presuming clients know what to do.

Ep 188 – Alignment With Owners

This High-Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips on the stages of alignment with owners. Alex begins with pricing and expectations, and what agents should be doing to get these processes right. Josh notes some available tools and their relevance to current market conditions. Vendors look for direction and momentum, and Alex advises taking control and explaining to them what will work best and why.

Alex tells why case studies are important, and Josh advises making sure you leave no holes in the campaign and have the hard conversations with your clients early on. He then lists everything you need to get done to make sure you get the best sales result.

Peter Mosedale

Welcome to The Black & White Interviews, a Josh Phegan initiative to showcase the top agents we work within Australia, New Zealand, the UK and the USA. Our next Black & White interview series will feature Peter Mosedale, director at Upstate on the northern beaches.

  • Total number of sales in a year = 34
  • Most number of sales completed in one year = 110
  • Year started in real estate: 1999
  • 90% Auction vs 10% Private Sale
  • Average days on market is 45
  • 12% market share in the northern beaches
  • Advice for new agents: Find a mentor of a solid agent, learn from him or her, take the plunge – be an agent out on your own after 2 to 3 years – don’t wait any longer.
  • Overcoming challenges: Work harder

We wanted the opportunity to showcase the top agents we get to work with and share their secrets and insights of how they have become exceptional agents in their marketplace and made their way to the top. Each month we will feature a new agent. The full-length version of these interviews will be available exclusively to Josh Phegan Members, giving you a great opportunity to learn and grow from the top agents and their strategies for becoming million dollar agents.

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Beating Burnout

Working smarter, not longer, is the key to success. Diet, sleep, exercise and work routines all play an important part of staying at the top of your game.

 

We’d all love a few more hours in the day. More time to prospect, more time to list and more time to sell. But is burning the candle at both ends really the best way to succeed?

In the short term, long hours, little sleep, eating on the run and flopping down in front of the television at the end of another long day may help you achieve your goals. What you need to ask yourself is ‘Can I do this for the next five, 10 or 20 years?’ The answer is most likely a resounding no! This type of working lifestyle will likely result in one outcome: burnout.

As real estate becomes an increasingly competitive field, it’s important to have routines in place to ensure you’re working at your best and physically and mentally able to grasp the opportunities that come your way. This is especially important during August through to December, which is the bumper selling period where even more pressure will be loaded upon your shoulders.

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Diet:
What you eat and when you eat it plays a large role in your energy levels, ability to focus and your general health. Food is fuel and you need to refuel regularly to avoid stalling. Bad eating habits will wear you out so it’s important to eat every four to six hours or five small meals a day to keep your energy levels up. Drinking lots of water is also vital as it ensures your mind is fresh and clear.

Exercise:
Stress is a major contributor to burnout and one of the best stress relievers is exercise. Personal trainers can help get you moving and keep you motivated or you might prefer to go it alone and hit the gym, the pool or the road.

Whatever your choice, ensure you exercise on a regular basis to prompt your body to release endorphins, the feel-good neurotransmitters that have powerful stress-busting capabilities.

Sleep:
Burning the candle at both ends really is a short-term solution to a long-term issue. Eventually, a lack of sleep will render you ineffective. Instead set a designated bedtime and a solid chunk of sleep will have you doing more in less time.

Task list:
With your physical recovery routines in place, you will find your mental clarity and focus is greatly improved. With this in mind, you need to harness that focus and channel it so you’re as efficient and productive as possible. Keeping a daily task list will direct that focus and help you manage your workflow and stay on track.

Take a break:
Working in 45-minute blocks will help you stay sharp and focused. Set a timer if you need to and give your mind a rest every 45 minutes. You’ll soon find you’re getting more done in less time thanks to the break.

Emotional energy:
Keep positive people with great energy around you and forego negative distractions. Using things such as music or meditation to motivate or relax you can also help keep you in a positive frame of mind.

Goals and achievements:
Keep a list of your goals and achievements in your phone. Update them regularly and look at them often as a way to boost your confidence or sense of purpose.

This article first appeared on Elite Agent: https://eliteagent.com/beating-real-estate-burnout/

Ep 187 – How to start your career

This High-Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips on how to start your career as an agent. Alex offers his observations and insights for new agents around starting with the right person and in the right culture. They talk about making sure you get the training, support and mentoring you need. Alex notes the need for taking a long view, and Josh details the areas of experience you need to gain competence in as you work your way up.

Josh warns against thinking you know more than you do early on, and Alex describes how to build social proof. They advise taking it slowly and being prepared to do the work. Learn what it takes, master the routines, stay hungry and you’ll become a great agent.

28 Days or Less

No owner wants to have to do another open home or re-list their property if it doesn’t sell. Your job as their agent is to make sure their property sells in 28 days or less and in my Coaching Tip this week I’ll show you how to get that job done.

Too many properties are going back to the market for a second or third time because the agents handling them failed. And the longer a property is on the market, the more likely it is to sell at a discount.

One of the reasons we love auctions is that we can get the best buyers together to bid and buy, and then the owner can move on. The challenge is that too may people don’t know what to do before they go to auction, and how to get a property ready.

I’ll explain how you can get the property in the best position to sell, bring some potential buyers through before the auction, get some quality feedback, and possibly get an offer. And it’s in your owner’s best interest to get it sold as unconditionally as possible.

To sell a property in 28 days or less you need to do the appropriate thing for the market, the property, the owner, and for you as an agent. Keeping your days on market short lets you present a better customer experience and sell more property more often.

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