Simple Scales

You’ll build a great real estate career if you design your business from the start as though you’re already doing incredible numbers of deals. In my Coaching Tip this week I’ll show you the concept of simple scales, which means that the simpler it is to run your business, the easier it is to scale.

Building a big business requires putting systems in place that simplify what you do. When you’re just starting out 30 deals a year might seem like a lot. But if you work right now as though you’re doing 60 deals a year, it will change the way you run your business. You’ll learn to do 30-minute open for inspections and 10-minute vendor reports – you’ll simplify your business in order to get results.

A lot of agents consider their database to be their major lead source, but it’s really just the storage unit for those leads. Where did all those people inside of your database come from? Start weighing how many leads you get from buyer inquiries, past clients, people you already know, and people who come to open for inspections, as well as your social media sites. Discover where your greatest numbers of leads are actually coming from and spend most of your prospecting time supporting those activities.

Now, how you use those leads will determine the amount of business you can generate. Again, this is based on simple activities. For example, I send out these Coaching Tips every week and do a daily email. We make 50 connected phone calls every day, and we do podcasts regularly. But my number one staple is being great onstage. That means being great every time I’m in front of a client as much as being in front of an audience. For you, it means being good at what you do as an agent.

To achieve simple scales, learn to simplify the way you do business so that everything you do is consistent, reliable, efficient, and doable for everyone inside of your organisation, no matter how much business you’re doing.

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

Ep 112 – The Big Jump: Getting Fast Fee Growth

This High-Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips on the big jump to getting fast fee growth and how to get it inside of your business. Alex lists some of those things you need to do, advises having the confidence to do them, and encourages you to know your own worth. Josh details the process for setting fees and the different levels of service you can commit to deliver. Alex then advises on getting set up for growth in the next year.

They weigh in on planning and process, scaling your business and your team, and justifying your fees by demonstrating value. Alex wraps up with tips on helping an underperforming agent to get their fees up and giving your vendors more confidence around pricing.

Business is All About Intention

The Pareto Principle states that 20% of your actions drive 80% of your results. In real estate that 20% is all about the phone calls and other connections, you make that get you face to face with the customer. Business is all about intention and in my Coaching Tip today I’ll help you understand and take action around what really makes your business move.

We’re all time stuffed so we have to focus on those activities that influence people and profit us the most. That means getting your appointments up. Phone sessions every morning will get you in front of the client for sure. A lot of agents still rely on mail campaigns, but in the new economy people are no longer at their letterbox.

Be aware that the average Australian is, in fact, spending around 12 hours a week on social media like Facebook and Instagram. Many agents are finding they can make appointments through online communities now. If you’ve been avoiding exploring online opportunities it’s time for you to have a serious look at what you could do there.

Whether you’re interacting with customers by phone or through social media, it’s in the last 10% of the exchange that you push for the appointment, ask for their approval, and request an opportunity to come out and see them face-to-face. I’ve got some great little hook dialogues I’ll give you in the video to win that last 10%, and get you out to those properties and in front of the customer.

It’s when you really refine that clear understanding that business is all about intention – it’s about what you do, and don’t do – that ultimately gets the results you need and allows your business to scale.

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

Ep 111 – Agent Productivity and Where You Need It Most

In this High-Performance Podcast for Real Estate Agents, Josh Phegan and Alexander Phillips discuss agent productivity and where you need it most. Alex explores the areas where he needs to get the most productivity to keep things flowing inside of his business, and tells why it’s so important for agents to know what their lead sources are. Josh addresses the need for finding new lead sources, and Alex outlines ways to use productivity to improve buyer work and ensure sales.

They discuss focusing on what needs to get done, pulling your people up so they can be more productive and you can stay focused, and shifting your energy curve upward. Josh ends with knowing your priorities and avoiding distractions.

Simple Disciplines

It’s the simple things that will either take you where you want to go or bring you undone. My Coaching Tip today is all about those simple disciplines that keep you on track and progressing without having to think about it.

If you’re going to be good, then aim to be the best at what you do. No insecurities, no distractions, no procrastination. To perform at your best you need everything in its right place. Simplify daily tasks by creating a system to make sure basics are covered, like having your clothing clean and pressed, and having your food prepared and in the fridge. In my business we use the CAR method: set a cue, perform that action and you’ll get the desired result.

Planning your day is critically important and running to a routine makes that simple. Set a time to get to the office and make that first phone call, schedule meetings that follow a timed agenda, and get clarity on where everyone in your business needs to be. Prospect in the AM and do appointments in the PM every day. Set a day each week for specific meetings and caravans to view properties.

Change the way you think about those meetings, too. Instead of dreading them, see them as opportunities to influence your sales team to go out and sell every home you’ve got. Build that excitement, and make the connections around buyers and sellers in your marketplace right now.

Think about the areas of your business that stress you out the most and focus on relieving that stress. Do the work to get the appointments you need every week. Make sure you’re in control of your social media. Get help with your dialogue and delivery. Get clear on all you can do with the contacts and categories inside of your database. These are the simple disciplines – the systems and people – that make a massive difference to your business.

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

Growth By Choice

If you don’t see yourself as a professional then you’re in the wrong business. In my Coaching Tip today I’ll make it clear that you have to get growth by choice because it doesn’t just happen. You’ve got to want it and then go make it happen.

There’s a way to serve your customer right and you’re not going to manage it alone. You need a team just like all the top people in the industry have. That’s the only way to provide service to standard and better. There are many tasks to be done and each member of your team has a specific purpose. You need a lead agent to control the activities around prospecting, another person who’s great at EAs and marketing, and someone has to make sure all the admin level work is done to perfection every time.

You need that gun team so that you can do your own work – make those calls, meet those appointments and win those listings. Today’s customer is finicky, so you’d better be good at what you do. Nobody will hire you if you’re not. And for you to be your best, then your team has to be the best.

To build your team of teams, you’ll need to employ people who have a great attitude. Fast learners willing to step over barriers, read some books, and understand how you do things in your business. They’ll help you scale your brand by consistently using your forms, checklists, dialogues and visuals so mistakes don’t happen.

Real estate is no place for amateurs anymore. We get paid really well for what we do, and you earn that by working towards growth by choice, not by chance. Get clear and intentional about what you actually do, know how to grow and scale your people, and understand the importance of making a really high-quality profit. It’s profit that allows you to hire the very best talent, employ the best coach, access the best resources and own your market.

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

Career Progression

People leave your business because you’ve asked them to go, or because someone else has presented them with a more compelling vision for their future than you have. In my Growth, Leadership and Management Tip this month I’ll coach you on career progression and why you must have a plan for managing your organization’s growth.

What does a career path look like? Well, if you start someone in reception they may progress to leasing, then to a BDM or junior property manager, then into sales, or maybe senior property manager or department head.

For someone starting in sales, they can step up to sales assistant, become an agent and later join a team, then become a department manager or sales manager. Eventually, somebody’s going to be a director or an owner in your business.

This is not meant to be a quick or easy career path. Each step of the way will require time and work. You’ll need to set measurements for defined skill sets and KPIs at each level. One thing this structure does is to prevent people asking for undue raises or promotions. They’ll know there’s a path they have to follow. It also keeps you from panicking when you lose someone because you already have a replacement ready to step into that position.

Along with setting key skills for each role, you also need to employ wage banding so that each position has a set pay range. Whenever your people want to make more money, there’s a path in place for them to get there. Having a clear career progression plan establishes your vision for the people inside of the organization. They can see a future for themselves on the inside of this organization. They’ll have goals and know what has to be done to reach them, so they can do meaningful work on the inside of your business.

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

Simplifying Your Business

If you think your database is your dominant lead source, then you need my Coaching Tip today. I’m talking about simplifying your business, and the first step is knowing where your lead sources are and how to leverage them.

True enough, you look to your database to get information on your leads, but where did you find those leads in the first place? From over 600 estate agents across the world we found that their number one dominant lead source was open for inspections. But there’s an industry trend towards doing off market properties now, and that means we’re not meeting those future sellers and buyers in our marketplace.

Your next best lead source is your own personal network, but a lot of agents sense a “bridge of awkward” there that they don’t want to cross. I’m telling you that every one of your friends owns property. They should know you’re a real estate agent and you’re good at what you do. Why not be their friend and ring them up to let them know when there’s a great property deal? Put them in your database and keep them informed.

Also, don’t neglect your past clients. Every past buyer or seller will eventually have a bigger vision of where they want to go, or they’ll just be over where they are and be ready to make that decision to move. You should be regularly getting back to those past clients and doing annual checkups on their property. When they’re ready to find an agent make sure they think of you.

Now, we’re all focused on how amazing social media is, but I’ll bet you haven’t made sure that every person in your Snapchat, WeChat, WhatsApp, LinkedIn, Instagram and Facebook lists is also in your residential sales database. Really, success comes from simplifying your business, understanding your dominant lead sources, and sticking to the basics that will make you a great agent.

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

Ep 110 – Service Standards

In this High Performance Podcast for Real Estate Agents Josh Phegan and Alexander Phillips talk about service standards, what they are and why they matter. Alex tells how those standards set the expectations with the client and what they do for you as an agent. Josh explains the importance of getting clear inside of your business on what it is that you actually do to represent your brand. They discuss what six star service means and how to deliver it. They also speak to the necessity for clear communication with your team.

Josh lists some of the simple service standards that make a massive difference in how well you serve the customer. Alex shares how he maintains consistency as his business scales and lists his top 5 most important basic standards.

Ep 109 – Providing the Best “My Cafe” Experience

This High-Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips on providing the best “My Cafe” experience. Josh explains the customer experience with your brand as running a cafe with a team vs. running a cafe by yourself. Alex talks about agents’ limiting beliefs around scaling and how that hurts customer service. They address arguments against putting on an assistant and Alex recommends using a recruiter. Josh posts what it’s like to work for you, and lists mistakes agents make with their people.

They discuss the advantage of having an outsider help with hiring and give tips on improving the interview process. Alex ends on the benefits of investing time and attention with your people and supporting their personal and business goals.