Setting Yourself Up For 2018

You will write more fees this year than ever before if you set your intentions right from the start. That’s why I’m talking to you in my Coaching Tip today about the importance of setting yourself up for 2018 with the right mindset and the right routines from the start.

How you navigate new market conditions over the next 12 months will have a massive bearing on your ability to build a bigger business this year than last. The 3 critical numbers you’ll need to think about are the average sale price, the volume of transactions, and average fee. And it’s what you do when the market stops working that will make all the difference.

You’re going to negotiate a much better sale price if you’ve already got a strong relationship and high level of trust with the buyer. They’ll take your advice and negotiations will go smoothly if you’ve established your relevance and consistency with them.

Getting intentions right is also about deciding to make this a year of growth, not only in your personal skills, but in really getting those intentions set. And that means setting routines to start your call sessions early and then head out to get those calls to happen.

I’m not going to talk about “prospecting.” In 2018 we’re going to call it “service” because you’re going to get on the phone and call people with important information they can benefit from, like open for inspections, new listings, and market appraisals.

Remember there are holidays in the first quarter, so get active around open for inspections and lead generation. Think about the volume of listings and sales, and put on new people so you can scale. You can only do five or six open for inspections on a Saturday by yourself. Build that team that can take you to twelve.

Setting yourself up for 2018 is about setting up for success. Set your intentions, set your routines, build your team for growth and you’re going to have a phenomenal year.

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

Traction Series – Part 3

In Part 3 of our Traction Podcast Series Josh Phegan and Alexander Phillips continue around asking the right questions to book the appointment. Alex emphasizes understanding why you’re meeting and how to progress the customer. They discuss the build-work-convert concept and Alex explains how to build your database beginning with good buyer management and playing the long game.

He shares what he teaches his team about building a pipeline and making it convert for you. Alex then tells how to pitch to win in the listing presentation by understanding the needs of the customer.

Alex lists some of the reasons customers decide to go with him instead of his competitors, he tells why he takes notes during the listing presentation, and why cases studies are such an important part of that presentation. They continue discussion in Part 4.

The Do and Don’t Do list

There are good solid foundational principles that we follow, but some old school practices just don’t work anymore. The world has changed over the past 10 years and agents need to change with it. In my Coaching Tip this week I’m going to give you the Do and Don’t Do List for finding your best lead sources, and explain why it’s important to the way you do business.

Clearly, there are things you know work, and there are old industry standards and dogmas that don’t. Technology, and the mobile phone, in particular, have revolutionized people’s relationships, expectations, and the way we all live. So why believe that old-school cold calling and door knocking is still effective?

In his book, Bottom Line Change, Ari Weinzweig describes the Change Formula, which simply states that change begins first with dissatisfaction. Next, there’s a vision, and last is the action of taking first steps. As you start thinking about how to get in front of more customers more often, consider why people make changes in the first place.

Will you see a greater response from cold calling or door knocking people who aren’t actively looking to buy or sell? Or will you have a better chance with customers who are dissatisfied, looking for a change, and/or taking action? There are already hundreds, even thousands of people inside of your database. Why are those contacts there if you’re not going to use them?

If you’re a new agent, work inside of someone else’s team to build your social proof, meet buyers at opens, learn about the stock and pricing of your area, and build on those existing relationships inside of the firm’s database. The goal here is to use the Do and Don’t Do List to generate your best leads with those customers who clearly want a change, have a vision and are taking steps to work with you.

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

Simple Numbers, Big Results

When an Olympic swimmer is in front of the yellow line they’re in a position to break the world record. The same is true inside of your business, and in my Growth, Leadership, and Management Tip this month I’ll explain simple numbers, big results, and how that relates to you.

Let’s start with a “report card” for your productivity. Divide your total annual sales volume by the number of salespeople inside of your team. You’ll likely get a number around 1.5 transactions per month, per person. That may seem low, but remember that average is affected by new people who aren’t as productive yet.

Now, what if you could boost productivity to 2 transactions per person per month? Again, that may not seem like much, but it can actually represent around a 33% increase in total sales volume. What I’m doing in executive coaching is doing that report card on a rolling 12 months of what each agent is achieving. We look at average sale price, volume, fee, and annual leave days taken. Then have one-on-one conversations with each agent around their report cards and get really intentional with them about success.

For me, the most important thing you can do to drive volume, performance and productivity of your sales team is to track the number of listings each week. Just like that Olympic swimmer, you want to be a quarter of the way to your goal by a quarter of the way through the month – halfway through the month, halfway through the target – three quarters of the way through the month, three quarters of the way through the target. Simple numbers, big results that you can see and work with.

You have to be willing to have the hard conversations. Call people out on poor performance, and reward those who are highly successful. Being that brave and bold leader is the way you’ll increase the productivity of your people.

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

Traction Series – Part 2

This is Part 2 of our Traction Podcast Series featuring Josh Phegan and Alexander Phillips. Alex states that how you manage your diary is how you manage your life. He describes his normal Saturday of open for inspections and the importance of his team in making that happen, and emphasizes why opens are necessary.

He tells how to overcome the fear behind call reluctance, develop your phone skills, get in the rhythm of making those calls, and build your personality with confidence around interacting with consumers.

Alex notes the importance of database management, building rapport with your clients by consistently providing them with relevant information, and being on the phone or face to face with them often. Discussion continues in Part 3.

Traction Series – Part 1

This begins our Traction Podcast Series, a special edition of our High-Performance Podcast featuring Josh Phegan and Alexander Phillips. Traction is an in-depth look at top agent Alexander Phillips’ career and success. He describes how he started, how he grew the business, his prospecting fundamentals, and his year-on-year growth methodology.

Alex and his team sold over $500 million this year. In this series he and Josh will give you the basics of what it’s taken for him to become number one in Australia, starting with a definition of the job we actually do for the real estate consumer.

Alex continues around developing your identity in the marketplace, why you should start out in the market area you want to end up in, choosing a big enough market for growth, and choosing a demographic you’ll appeal to. Discussion then continues in Part 2.

Ep 126 – Expired Listings

This High-Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips talking about expired listings and how those can put your business at risk. Josh outlines some reasons properties don’t get sold especially around the end of year holidays, and Alex offers some things agents should be aware of, including lead source opportunities and client expectations. He notes the disappointment an owner of an unsold property experiences and your role in reinvigorating their motivation, starting with great dialogue.

Josh tells what to do with marketing that hasn’t worked and re-pitching the property. They discuss the legal and ethical components of transitioning respectfully from the last agent to you and making sure you get the job done for them.

Starting to Plan For 2018

If you’re going to be great in the New Year you need to start thinking now about how you’re going to make that happen. My Coaching Tip today will get you starting to plan for 2018, so pull up your calendar and let’s get started.

Your first auction days are in February. You want to get going early because the later you start your auctions the less you’re going to sell in the first quarter. For auctions in February you’ll be doing open for inspections in January, and there’s no reason to wait for any holidays, like Australia Day, to pass first. The sooner you get started, the sooner you’re in business for the year.

It’s important to consider all the upcoming holidays, like Easter and Anzac Day, as well as school holidays, and that means long weekends for several weeks. This is where you really need to understand the rhythm of your marketplace and have your campaigns listed well before time to get to market.

Start thinking now of ways to get your clients to market. Get photos taken before Christmas decorations go up. Make sure legal documentation is ready before you take a property to market. Ask customers when they want to sell and when they want to settle, and get a basic agency agreement signed. Be ready to talk now with your clients who sell in November and December about forthcoming auctions in 2018 when they’re going to be looking to buy.

Some agents don’t sell any properties in January, but you can if you list your stock well before the first of the New Year. There are strategies and tactics you can use to make sure you maintain momentum right through the holidays. Starting to plan for 2018 now is critical because if you don’t, with all the upcoming holidays you’ll only have four weekends to hit your entire target numbers for the first quarter. The key, then, is to list consistently, sell consistently, and write consistent numbers.

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

The Secret to Success

Success – it’s all up to you. That may be blunt but it’s the truth.

You’re the only one that can carve out a successful real estate career for yourself. The trouble is many people don’t succeed and here’s why; they’re scared to. They’re scared of failure and, surprisingly, many are afraid of going all in and being incredibly successful. But there are some things you can do to ensure travelling those unchartered waters is a little easier.

The first is changing your mindset and realising that failure is not something to be feared. Rather than holding back and not attempting anything new because you’re worried you won’t succeed, give it your best shot.

The more you fail the quicker you learn and the quicker you learn the more you earn.

It’s important to have a real passion and drive and to understand that every no you get is another no closer to receiving a yes. Push past rejection and people hanging up on you and you’ll discover that asking great questions, such as ‘what are the next steps’ or ‘how can I help’ and ‘if I had a buyer could I show them your place or should I sell them something else’ can unlock the customer.

This develops a confidence so it doesn’t matter what the customer says you know to focus on them and their situation.

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When changing your mindset it’s also vital that you leave all of the emotional issues, challenges and distractions from your everyday life at the front door when you walk in the office, this makes connecting with the customer so much easier. One thing I’ve discovered training my clients is the power of the past and how trawling past market appraisals and clients can be a goldmine for fresh vendors.

After asking those key questions you suddenly discover you’ve booked marketing appraisals and they turn into listing presentations and they become listings. Then you discover you’ve got open for inspections and potential buyers to call back and your confidence soars. The trouble is no one tells you that for the first handful of transactions you’re going to be as shaky as hell.

The key is to ride that choppy surf and sail into the calm water.

But don’t think you’re safe just yet, all could go pear-shaped if you don’t look after yourself. It’s not unheard of for real estate agents to find themselves rocking backwards and forwards at the bottom of the shower unable to deal with all of the stress and pressure. The secret to getting past that is to look after yourself and that means eating well, exercising and getting enough sleep.

On the work front, you need to work from a task list, manage your time well, have a start and end time for the day and implement systems to maximise your abilities and capabilities. Once you know these systems and can teach them to others all of the stress and anxiety starts to evaporate.

The key is, once you reach $30,000 GCI three months in a row you can hire an assistant, which will force you to have those systems in place and make your business more successful.

This article first appeared on Elite Agent:https://eliteagent.com/the-secret-to-success/

Business Growth

Too often business leaders fear rather than celebrate the swift growth of their business. Management becomes overwhelmed and bogged down in processes that hinder rather than aid expansion.

However, the one area you should never get too afraid of is business growth and the pace at which it is building. Business growth should never be about speed but, rather, your capacity to understand who your next employee is and the systems needed to keep up with that demand.

Building your capacity for growth starts with alignment and ensuring everyone on your team understands the business vision, what their role is and how that contributes to success.

To keep everyone on the same page you must first know and understand your Big Three primary functions.

  • You must be good at what you do in order to succeed. If you’re mediocre or worse, the business will fail.
  • You must clearly communicate your vision, direction and expectations.
  • You must build capacity of scale so your business can grow consistently without stalling.[optin-form title=”Looking to subscribe?” description=”Sign up to get all Josh’s articles and more sent straight to your inbox”]

To foster and cope with growth great business owners must employ great employees. They need to let go of non-essential tasks and find the right team members with the right skills and right attitude to take care of important tasks and do them well. This allows you to focus on your primary role and performing it well.

The key is to have a recruitment plan in place so you’re hiring ahead of time and not waiting until you’re overwhelmed.

Three critical leadership functions include:

  • Your clarity of vision sets the direction your company will take. Know where you’re going, what markets you will serve and determine your product and service mix.
  • The capability of each new employee determines your ability to scale successfully. Forget about snazzy titles and think about what each potential employee can bring to your business. What is their value? What are their strengths and will they strengthen your business? You’re much better to have a really good quality office manager that can take ownership of key business tasks and allow you to focus on scaling the business.
  • Your systems for recruitment and onboarding must ensure alignment and scalability. One of the most important roles in any real estate business is deals support. Who do your sales consultants go to for advice on their latest listing or sale? Failing to provide focus and clarity on such a big factor can lead you to scale too fast and that creates stress and a desire to have a much simpler business.

Sustainable growth requires highly functioning people, regular team planning, capacity for growth and systems that work.

With these elements in place you can’t grow too fast as you’re well prepared in advance for every leap forward. 

This article first appeared on Elite Agent: https://eliteagent.com/aint-no-mountain-high-enough/