In this High Performance Podcast for Real Estate Agents Josh Phegan and Alexander Phillips tell how negotiation skills need to stay fresh and adaptable. Alexander starts with considerations that affect the way he negotiates, especially communication with buyers. Emphasising percentage over price and knowing how to motivate clients to make a timely decision are crucial skills. Josh describes the psychology of transaction vs. transformation, and how to employ humour with the percentage close. Alexander stresses getting the details of the transaction set so there are no delays once a decision is made.
Ego Fullfillment vs Financial Security
Are you investing in your confidence or your ego? My Coaching Tip today is about avoiding vanity spending and increasing your financial security so you can grow your business and your confidence.
When you first begin to see some success in your real estate career it’s so easy to feel that you deserve a flashy car and expensive clothing, especially when you see so many other agents doing it. It’s an attractive image and you want to present that way, too.
There’s nothing wrong with wanting those things and having them, but you’re going to feel a lot better about them if you’ve built a firm foundation for your business first. And true confidence will take you much further in your career than an overfed ego.
Confidence expands in direct proportion to the size of your bank account, and here’s why: The more money you have in reserve, the more you can do with no worries in your business and your life. Building a great business requires reinvesting some of your earnings back into it. Are you investing enough in your business, or are you putting your financial resources into cars, clothing and image to feed your ego?
There are 3 levels of financial stability: Safety, Comfort and Entrepreneurial. Getting barely into safety mode is not the time to buy a $130k car. Even at comfort level you’re just maintaining. It’s when you reach entrepreneurial status that your confidence can really carry you higher.
Once you have enough of a financial buffer that you can take some risks and cover your losses without really feeling it, then you can enjoy some of those high-level rewards. By then you’ve truly earned them.
So when you’re making those decisions around how to allocate your financial resources, consider whether you want to throw money into boosting your ego instead of investing in your confidence and financial security. Maybe today you’d be wiser to hire on your first assistant with those same funds so you can grow your business instead.
I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.
Ep 52 — Navigating an Election Year
This High Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips talk about navigating an election year. This can have local and global impact on real estate markets, and Alexander describes ways he maintains numbers when the political climate is uncertain. Josh reinforces knowing what’s coming up a year ahead and being able to adapt to any outcome. They discuss the use of fear and scarcity to bring clients to a timely decision, and also using election uncertainty in marketing headlines.
Alexander shows how working through times that other agents step back and wait gets you higher numbers, and Josh emphasises maintaining momentum before going on holiday and letting your team handle business while you’re gone.
Getting over Fear, Procrastination and Distractions
You know you’ve got potential, but you’re just not accomplishing as much as you should. In my Coaching Tip today I’m going to tell you how to overcome fear, procrastination and distractions with focus and momentum, and make every minute count.
A winning real estate career requires confidence, but when you’re operating from fear you’re not going to make it. You must have clarity around your goals, your purpose, and what success looks and feels like to you.
Let’s start by defining work time and holiday time. If you know you have time off at regular intervals it’s much easier to stay on task when it’s time to work. Schedule all your holidays 12 months in advance and stick to that schedule to make sure you have that time to re-energize.
You’ll utilise your time according to how you look at it. Procrastination takes hold when your time is undefined, so make sure you follow a daily schedule so every minute is structured. Not only will you get your work done, you’ll also have the time you need for the important things in your life.
Achieving focus and momentum in your work is really quite simple. Do these 2 things consistently:
• Generate leads
• Track your numbers
Our membership program includes tools that make it easy to measure critical numbers and realize consistent growth and performance. When you schedule your days make a task list for prospecting in the morning and meeting appointments in the afternoon, but also set times for exercise and nutrition so your energy stays high.
Your time is valuable so teach the people around you to respect your schedule. But first you have to take time seriously yourself. To end the cycle of fear, procrastination and distractions you need clarity around your goals and your vision of success because you can’t focus on what you can’t see. And you have to know what needs to be done before you can do it.
I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.
Ep 51 — Having a Great Business Life and Personal Life
In today’s High Performance Podcast for Real Estate Agents Josh Phegan and Alexander Phillips focus on building a great business life and personal life. Alexander tells how he maintains balance in his own life and business through planning. Josh notes that you need to know what success looks like to you and how you’ll know when you’ve achieved it, as well as knowing what’s most important to you in life. Alexander talks about the importance of eating well to maintain energy all day, and lists other activities he uses to stay sharp.
Josh advises getting intentional around how you spend your time as this determines what you can achieve. Alexander then outlines how he manages long-term success, relationships and personal development, and Josh sums up with systems that allow you blocks of time to slow down and enjoy your life.
Narrowing your focus
If you’re not enjoying your work every day then you’re probably not doing the work that’s important. My Coaching Tip today is geared to help you decide what your most important work is and how to make sure all the work gets done.
One of the hardest things for a lot of agents is letting go to grow, but with all the daily tasks that must be dealt with in your business you can never grow if you’re trying to do everything yourself. There are only a few crucial activities you should be working on, and you have to stay focused on doing only those things.
Lead generation is the most important part of your business, and prospecting is your number one task. It’s booking appointments and meeting with clients every day that drives your momentum and gets you listings. If you’re trying to do prospecting and client work as well as administrative tasks, you simply can’t build your business.
Doing too many tasks means you’re not very good at any of them. You have to specialize in prospecting, face-to-face work, and especially in listing presentation skills. You’ll then need to hire someone else to do the rest of the work that’s necessary, but that you shouldn’t be doing yourself.
Make a list right now of tasks you’re currently handling yourself and put those tasks into categories. List the work you enjoy most, the work that’s simply mundane, and then jobs you really hate. The only tasks you should be doing are the ones you truly love. The mundane and irritating tasks are the ones you’ll hire an assistant to do for you. It’s that simple.
Focus on doing the work that’s important, have other people do the rest, and you’ll easily maintain energy and momentum towards growing your business.
I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.
Ep 50 — Managing People
In this High Performance Podcast for Real Estate Agents Josh Phegan and Alexander Phillips discuss managing and working with people successfully. Alexander tells how he interacts with people and spends time with them. Josh states that understanding and helping people is key to communication and working relationships. Alexander talks about his organizational culture and core beliefs, and Josh talks about holding others to high standards and commitments. They agree that presenting yourself professionally and ethically is essential.
Discussion continues around the scarcity mindset and how to help people become coachable and experience success. Conflict resolution through direct communication is also key. Alexander tells how your attitude affects everyone else, and Josh talks about identifying your weaknesses and taking action to improve so you set a better example.
Why does Growth matter?
You know that growth is important for your business, but do you really understand it? In my Coaching Tip today I explain what growth is and why you need it to be successful.
There are actually two kinds of growth: incremental and exponential. All the little steps that take you forward drive your incremental growth. What you see come together as a result by year’s end is your exponential growth. It’s taking the right measurements and knowing your numbers that show you how you’re progressing.
The primary number you need to focus on is your listings. From that you can calculate your growth percentage for the year. Then if you apply the Rule of 72 you’ll see how long it will take your business to double at your current growth percentage. Not only is it important to know your rate of growth, it should also encourage you to make a few small changes to speed up that growth.
Other numbers to track on include fee increases, sales, and advertising frequency because those numbers tell you which small steps are moving your forward. Your next most important resource is talent. Every new hire adds to your momentum and effectiveness if you’re hiring the best people for your team.
This brings us to the fact that growth is going to cost you money, but you have to remember you’re making an investment in your business. Spending just 5% of your gross fees on quality staff and marketing will deliver far greater returns than the cost of your initial investment.
Once you understand the importance of growth to your business, always accomplishing more each year and never losing ground you’ve worked so hard to gain, you’ll be able to make the best decisions to ensure your continued success.
I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.
Employing Great People for Growth
Building the best business possible depends on employing the best people. In my Growth, Leadership and Management Tip this month I’ll tell you why the people you hire are so important to your business fitness, and how to measure performance for each position in your team.
Before you can recruit for any job position you have to define the role of that job. To clarify, you’ll evaluate the critical mission, the job scorecard and activities the employee will be responsible for.
The critical mission of a job is simply the primary function that position exists to fulfil. For example, a salesperson is going to list and sell as many properties as possible to drive market share in your target market.
Next, you’ll detail individual tasks and responsibilities into a job scorecard. The scorecard helps you determine and track measures of success for each role. You’ll use this list to evaluate employee performance through key numbers, develop critical skills through coaching, and manage growth potential for long-term success.
Each role’s critical mission and job scorecard will determine ongoing activities each employee should pursue to stay current in their job capacity, and grow into higher positions within your business.
As a leader your task is to measure performance, track results, and guide your people for their benefit as well as your business success. This includes the challenge of determining whether someone is a good fit for your organizational culture. You may need to open an underperforming position for someone better suited to it. Having these measurements lets you make an informed decision.
Using my framework of critical mission, job scorecard and other activities will help you clarify the roles inside of your business, and manage your people more effectively for greater performance and success.
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 49 — Delivering Price to Owners
This High Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips on delivering the best price possible to your owners. Alexander begins with determining the market value of the property with confidence and clarifying client expectations on price. Josh points out how supply and specific attributes of a property influence pricing. They discuss ways to talk with clients about their needs vs. market realities, and to make sure a property will be presented at its best. They discuss how to handle an early-campaign benchmark offer and how best to present an offer to your vendor.
Josh comments on the importance of timing once an offer is made, and Alexander outlines steps and conditions that must be dealt with to complete the process, and sums up with a case study.