Trigger Points of a Healthy Database

A great database becomes great by choice, and that means progressing people through those categories to each new stage next stage. In my Coaching Tip today I’ll show you how to understand trigger points of a healthy database to make those changes that are so important for successful prospecting.

We use a system called RFM analysis to sustain recency, frequency and monetization. Think about how recently you’ve contacted a customer, how frequently you contact them, and how likely they are to spend money with you. Looking at your categories, most of your customers came to you first as buyers. If some of those have since come back for a second appointment or second open for inspection, requested legal documentation, made an offer, or bid on a property, then they should progress into your buyer hit list.

Next, look at your potential sellers category to see who you can move up to market appraisals. These are people to contact for an appointment to visit and let them know the current market value of their home. From there you will be able to move some of them into your seller hit list. Taking action on this progression puts you well ahead of the curve.

One method to decide who to call next is lead scoring. Using RFM analysis again, think of customers you’ve been recently involved with, those you’re frequently involved with, and those you know are likely to spend money. Also look at your past clients who purchased a home from you because they will eventually be sellers. Be sure to call them up every anniversary of their purchase, and keep them informed of significant listing and sales.

It’s up to you to make that decision to be a great agent. By using these trigger points of a healthy database you’ll always be progressing your clients into new categories at the right times. Maintain that position as their trusted advisor and friend in the business. Whatever they do in real estate, make sure they choose to work with you.

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

LSN Take 5 with … Georgia Cleary

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In 1989 Georgia set out to become one of the Eastern Suburbs leading agents, taking on the industry with her down to earth, straightforward and passionate approach to selling residential real estate. She’s stood the test of time, succeeded in all types of markets and always maximised the sale price for her vendors through her attention to detail around styling, presentation, her frank upfront & honest communication and negotiation skills. She will be speaking at the List Sell Negotiate event on November 11.

 

What’s the best piece of advice you’ve ever been given?

The best piece of advice I’ve ever been given was ‘that a wise head holds a still tongue’-listen more than you speak. Through listening you learn so much more about your clients and certainly sometimes as difficult as it seems at the end of the day the client is more important so what they have to say should matter to you. Listening to your clients also builds an enormous amount of trust and empathy between parties. Once you understand their reasons for making the decisions they are, you are able to better manage and meet their expectations, manage their emotional well being and deliver the level of service they require. In doing so it also builds trust and trust builds long term relationships.

What does success look like for you?

Success for me is that point at which you feel the market place respects and values your opinion, your advice and your skills. Getting to this point takes many many years, the willingness to build long term relationships, the desire to act with integrity and the energy to back up everyday-to be reliable. Reliability is everything in business.

How do you stay hungry and inspired to achieve more?

I personally feel hunger is inside you or its not. You can’t turn it on. You have to want to get up everyday and achieve something-big or small. To do this you need to set goals, create lists and have ambition. The ‘more’ comes from reaching those mile stones each and every day that inches you closer to the bigger goals and the bigger picture! Inspiration also comes from feeling like you make a difference, that you add value in what you do in helping others achieve their goals too.

What’s the best thing about the real estate industry?

Most definitely the relationships and friendships made by the huge volume of people you have the opportunity to meet each and every day (and you never know where this may take you) and the flexibility of the working day. It means the industry is open to all – of course you need an enormous amount of self discipline to ensure you make a success of each and every day and do not abuse this aspect of the industry.

What one thought do you want to leave LSN attendees with?

That the quality of your service and business is just as powerful as the quantity of your business.

// Learn more about this year’s List Sell Negotiate event at listsellnegotiate.com.au

 

LSN Take 5 with … Simon Harrison

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Simon is an elite performer and one of Australia’s top selling agents, currently ranked 9 in REB’s national rankings. With over $900 million in real estate sales in the Lower North Shore property market and a remarkable auction clearance rate of 90 percent over the past five years, Simon brings a high level of expertise and prestige to his role as Principal at Belle Property Hunters Hill & Lane Cove. He will be speaking at the List Sell Negotiate event on November 11.

 

What’s the best piece of advice you’ve ever been given?

Always live above the line (responsibility) and not below the line (blame).

What does success look like for you?

It has changed a lot of the years. Success to be now is enjoying what I do, challenging myself and achieving my own personal and family goals, enjoying working with my team and helping them develop and achieve their goals.

How do you stay hungry and inspired to achieve more?

I’m excited by growth (personal, team and business) and I am always looking for the next challenge as an agent and as a business owner.

What’s the best thing about the real estate industry?

There are no limits and you genuinely get out what you put in.

What one thought do you want to leave LSN attendees with?

Take action. Build a list of all the great ideas you’ve picked up from LSN, prioritise this list based on what will have the biggest impact to you and your business right now, start with the top 3 and implement them immediately. When you’ve nailed the top 3 move on to 4, 5, 6 and so on.

// Learn more about this year’s List Sell Negotiate event at listsellnegotiate.com.au

 

LSN Take 5 with … Josh Phegan

He’s developed a reputation as the coach of some of Australia’s greatest agents who have built rapid and sustainable market share to become household names in the last 10 years. With over 204 speaking engagements per year in Australia, New Zealand, the UK and the USA, he’s the in-demand coach for rapid business growth. With simple systems and quick thinking he’s the architect behind some of the fastest growing brands and individuals. From innovative marketing to real world dialogue that helps you to win more business more often, he’s the go-to guy to get your business moving fast with simple systems that sustain year-on-year growth.

 

What’s the best piece of advice you’ve ever been given?

Travel – Spend at least two weeks a year in a non-English speaking country. It teaches you how to communicate and appreciate what you’ve got.

What does success look like for you?

Living out the purpose of our company – to inspire estate agents to achieve their potential and financial freedom.
The experiences you have and the people you get to share them with.

How do you stay hungry and inspired to achieve more?

I read a lot and have a virtual boardroom. I look for mentors in lots of areas, to challenge me, guide me and hold me accountable.

What’s the best thing about the real estate industry?

The people. A great estate agent helps people to make decisions. You should never underestimate the power of a conversation.

What one thought do you want to leave LSN attendees with?

There is more opportunity than you see and systems-driven business always achieves growth.

// Learn more about this year’s List Sell Negotiate event at listsellnegotiate.com.au

 

LSN Take 5 with … Andrew Keleher

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He’s the lead director in one of the most fiercely competitive markets in Melbourne. A tried and trusted performer with over 1000 transactions under his belt and the titles to match, including Jellis Craig Salesperson of the year from 2012 to 2015. He leads a team of dynamic agents to victory, keeping hungry, humble and well balanced. He will be speaking at the List Sell Negotiate event on November 11.

 

What’s the best piece of advice you’ve ever been given?

Set the bar higher and enjoy the ride. Early on in my career I became friends with some very successful agents. I couldn’t understand how they did so much business. As I got to know them better and studied their ways I realised it wasn’t that I didn’t have the skills or scripts but it was more my mindset. I didn’t set goals that challenged me. Once I did this and improved my structure and systems it was amazing how quick I exceeded my goals.

What does success look like for you?

Balance and great holidays. There is no point being the chook with his head cut off running all over town. Take a breath and stop for a minute because if you are this person the crash will be worst the short ride up. I learned very early in my career that to be a successful agent you must have a long sustained run of listings and not the rollercoaster ride of busy then quiet. Successful agents are consistently busy and build an amazing business on attracting clients through great results and always remaining hungry. To get balance in real estate which probably means a lot of different things to different people I believe you have to be as strong lister. This then allows you to control your market and build a team around you. once the team is in place you have leverage and the ability to have a break and switch off. This is just as important to you as it is to your vendors because it keeps you fresh.

How do you stay hungry and inspired to achieve more?

I stay hungry by staying fresh and taking lots of little breaks. I would be locked up in an institution if I didn’t. when you have a break you generally ring ever potential listing before you go to see where they are at as you don’t want to miss a listing and on your return you ring to make sure you didn’t miss the listing. an agent that has no breaks thru the year hates his job and hopes his phone would stop ringing and hasn’t spoken to this client once in that time. Who is working harder? I am goal driven and hate losing a listing so I chase hard and when flat I have somebody else chase it. I look at every listing as something monetary i.e. a $20,000 listing is the kids schooling paid this term. I’m not paying my new best friend is paying for my child’s education. That $30,000 commission has just sent my family to Hawaii and I am very grateful so why would l let the client sent my opposition to Hawaii. Fight harder.

What’s the best thing about the real estate industry?

The sky is the limit and you are only as good and relevant as your last sale. it doesn’t matter what you wrote last year as it is over. if you are prepared to be well trained and put the systems in place and create accountability in your business you could be Australia’s no1 agent in no time. It’s not what score you got at school because if it was we would all be poor but how well you can set up YOU Inc. Are you being serious about your business or are you a passenger. It’s all up to you.

What one thought do you want to leave LSN attendees with?

You are only worth what you ask your client to pay. You can’t expect to be paid full fees if you don’t believe you are worth it or prepared to show them why you are worth it. Just because the others drop their fees doesn’t mean you have too. yes its hard sometimes and you will have some losses but even the cheap agents lose listing. so why not get the ones that want to deal with you at what you are worth. I love talking about commission and it is my one pet hate in real estate. why should we all be the same fee. Lawyers aren’t and surgeons aren’t. do we try to negotiate with them? Why not. Because they don’t base their business around being the cheapest but more about winning or getting the job done. See you all soon for a great day?

// Learn more about this year’s List Sell Negotiate event at listsellnegotiate.com.au

 

LSN Take 5 with … Karl Latham

He’s the down to earth, knock about agent who’s scaled to the heights of success in regional Cairns. A real larrikin of the industry, he knows how to serve the customer and deliver an exceptional customer experience, whether they’re local or interstate clients. An incredible story of grit, determination, doing what it takes and growing from a sales cadet to owning the business he started in, just 8 years ago. He will be speaking at the List Sell Negotiate event on November 11.

 

What’s the best piece of advice you’ve ever been given?

No matter who you meet or talk to, whether it be a tenant, landlord or a phone enquiry from a first home buyer, make sure you service them like they are your best client. Going the extra mile to help someone even if you may not get directly rewarded will be both appreciated and remembered, you will be surprised how often it comes back around down the track in the form of new business or a referral.

What does success look like for you?

My version of success has constantly changed over the years as my career has developed and goals have been met as I am always raising the bar. I believe success is not a destination but rather a journey. However, you need to love what you do or the ride is no fun. Being able to balance a real estate career and enjoying the ride plus spending quality time with my family while the business is making me money in my sleep sounds like an awesome version of success to me!

How do you stay hungry and inspired to achieve more?

I am a competitive person by nature so I love a challenge and reaching my goals. Rewarding myself along the way when I hit my milestones always keeps me hungry. I keep a list of all my achievements (both big and small) on my phone and look at them regularly, it helps you appreciate all your hard work is paying off especially when you have your challenging days.

What’s the best thing about the real estate industry?

This industry is a phenomenal career where you can go from zero to hero in such a short space of time. There are opportunities available as big as you can dream them, all you have to do is believe, focus and commit. Every day is different and full of surprises and challenges which keeps you on your toes. The people, their situations, the property and negotiations are never the same.

What one thought do you want to leave LSN attendees with?

Are you confident in what your clients are saying about you when you are not there?

// Learn more about this year’s List Sell Negotiate event at listsellnegotiate.com.au

 

LSN Take 5 with … Dr Fred Grosse

With 40 years under his belt, working with and coaching many of the top realtors and entrepreneurs on the planet, Dr Fred has acquired a rich understanding of what makes successful people tick. He sees it as his soul’s destiny to help others first to identify and then achieve their goals and to have a magnificent life in the process. He will be speaking at the List Sell Negotiate event on November 11.

 

What’s the best piece of advice you’ve ever been given?

Stay with what you can control.

What does success look like for you?

Being able to design the life that I want and live it.

How do you stay hungry and inspired to achieve more?

It’s not a question of being hungry. I absolutely love what I do. If someone has to force him/herself to be “hungry” then they may want to find something they prefer to do.

What’s the best thing about the real estate industry?

You can make as much money as you want – if you focus on dollar-productive behaviour.

What one thought do you want to leave LSN attendees with?

Life will be over quickly. You decide what you want in this life. If you don’t initiate it, it won’t happen. There’s no tooth fairy.

// Learn more about this year’s List Sell Negotiate event at listsellnegotiate.com.au

 

Ep 72 — Why Business is the Ultimate Sport

This High Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips discussing Mark Cuban’s observation that business is the ultimate sport. Alexander describes his approach to business competition and Josh tells how proper training prepares you for each new season. They discuss having one shot to win with each client or listing, staying flexible and responsive as the game changes, and maintaining consistency by working ahead. They continue on setting goals and improving performance each year.

Alexander talks strategy and process for selling on or off market, and Josh draws distinct parallels between business and sport and how to leverage those similarities into an incredible business.

Setting the Pace as a Leader

Are you the kind of person that other people want to follow? In my Growth, Leadership & Management tip today I’ll help you answer that question and tell you how to be that leader. The fact is, you are a leader because you set the pace. But what kind of pace are you setting? Your people are following exactly what you do. If they’re slow, negative and uninspired then you need to have a look at your own performance.

Your energy as a leader is critically important because you’re the one who must instill your vision, your purpose and your expectations in your people every day. Being energetic and driven is attractive and influential. It’s a hallmark trait of great agents. But you have to make a conscious decision every day to be that high quality leader by staying focused on the activities that count.

Building a prospecting culture begins with setting that example for getting on the phones and calling customers, and helping people achieve their own success. Sometimes this means having difficult conversations to confront problems with some of your people. But those are the important conversations that keep those people on their career path and headed for success. There are times to be light and jovial, and times to be firm. As a leader you must know when to be friendly and when to take charge. But you must always be driven, energetic, and clear about what everyone needs to be doing every day to win in the marketplace.

Before you dictate roles for your people you must be clear and active around your own role in the business whether that’s income generation, career development, or driving the pace and tone of the company. You have to make that decision to be the kind of agent and the kind of boss you want to be. Live the values you preach, because people don’t follow your words, they follow your example. Make certain you’re setting the right one.

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

Can You See Your Opportunities?

A full service firm capitalises on every favourable option, but can you see your opportunities? Today in my Coaching Tip I’ll show you some of those immediate opportunities you’re missing.

One of the most overlooked campaign prospects is landlords. Usually agents only look at the investment properties landlords own, but what about their principal place of residence? The opportunity here is to call them up and offer them an appraisal on their own home. If their not looking to sell, they might still use the equity in their personal residence to purchase more investment properties.

Bear in mind that anyone who owns more than one property is a wealthy individual. Why would you hesitate to call that person and establish a relationship? This is an opportunity for you to become a trusted advisor to someone who is fed up with opportunists, and might want reliable advice on maintaining or increasing the value of their home and other properties. A big part of your role as an agent is to offer an informed opinion on the market valuation of properties and help your clients make better investment decisions.

One other big opportunity most agents miss is anniversaries. When was the last time you followed up on a past client? Even my grandpa knew back in 1972 to keep records of every transaction and call up those clients on the anniversary of that sale or purchase. He used exercise books, you have a database. Use that resource.

If you can see your opportunities you can expand your possibilities under any market conditions. The point is to have a system that works and follow it consistently. Call those landlords and follow up with past clients. Build a full service firm and be that agent that delivers.

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