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.

The Art of Negotiation

Negotiation is an art that separates the top agents from the average. Getting agreement on price between buyer and seller is the point that makes or breaks the deal. In my Coaching Tip today I’ll help you learn to negotiate with the best so you can be the best.

People are basically driven by fear more than any other emotion. It’s the fear of loss, or of not getting what they want, that influences both buyers and sellers. If you understand how this works you can use that heat in the deal between offer and acceptance to bring your clients to the decisions they must make in a timely manner.

Make sure you’re clear on the terms and conditions of the agreement you’re negotiating because that contract will be binding around the buyer’s name, solicitor, deposit amount, inspections, finance clauses, date of settlement, and of course, purchase price.

Negotiation is best done face-to-face. Because decision-making is emotion driven you must be with the client throughout the process to read them and respond accordingly.

A basic tactic is the yes, no and maybe situation in which you encourage your client to make a decision by explaining how a “maybe” is actually a yes or no. Pivot negotiation is based on pricing the property at market value with no room for reduction so the buyer is more inclined to make their highest offer right away.

Your most effective approach is to simply be the trusted advisor so your clients feel comfortable following your lead and taking your advice.

The desired outcome is to negotiate the best current market price possible for buyer and seller. To help your clients maintain perspective always talk in terms of percentages rather than dollars. $50,000 sounds like a lot of money, but it’s only 5% of a million-dollar property. Don’t let them miss a great opportunity over a 5% difference.

Leverage positive emotions as well as sense of urgency. A little humour in the right place can alleviate indecision. You also need to remain neutral so the deal is about the clients, not that you desperately need the business. These are the elements of negotiation that result in a maximum sale price. Be straight, be clear, be consistent, and make your clients feel like winners.

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

Ep 48 — Everything Price Reductions

This High Performance Podcast for Real Estate Agents covers everything price reductions, beginning with Alexander’s explanation of when and why they sometimes need to occur and how to have that discussion with the vendor. Josh notes how inadequate market knowledge leads to poor pricing recommendations, and Alexander tells how he stays ahead of his market. He describes how vendors set their pricing expectations, ways to guide them to a more realistic view, and how to effectively have that conversation. They discuss the importance of producing prospective buyers once a price reduction is decided. Alexander lists ways to find and engage all possible prospects, and Josh reinforces the necessity for action. Alexander explains why he expects to see broader price ranges and more overpriced properties. Josh wraps up with the advice to become an adaptable, knowledgeable specialist around your market.

Where are the big opportunities in your business?

Instead of spending time and energy chasing new business, why don’t you pay some attention to the existing opportunity on the inside of your business? That’s the focus of my Coaching Tip today because if you’re not doing this you’re missing your best opportunities.

If you’re not a completely new agent you really don’t have to do any cold-calling at all because you’ve already met hundreds of people. Think about where they each might be in their lives right now. Then think how you could leverage those relationships as their trusted advisor and friend in the business.

First, make a list of the first 15 people you know from memory who are most likely to sell property in the near future. Now, call up those people and book appointments with as many of them as possible just to see if they might be coming to market soon, and to maintain them as key referrers.

Next, think back over your career and list your all-time top 20 clients. Take those people to dinner every few months and maintain those valuable relationships. These people are also key referrers as well as potential repeat clients. And don’t ignore the rest of your past clients, either. Call them on the anniversary of their transaction. Meet with them, evaluate their current property value, and make sure they remember you when they need an agent again.

Your past market appraisals are also prospective clients, so give them a call, ask them how things have progressed and offer your help. Yesterday’s buyers are tomorrow’s sellers, so follow up with your past buyers and find out if you can help them sell that property now.

Get intentional about your business and remember, your best chase list is derived from the opportunity on the inside of your business already.

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

Ep 47 — Selling Vendor Paid Marketing

In today’s High Performance Podcast for Real Estate Agents Josh Phegan and Alexander Phillips focus on vendor-paid marketing. Alexander explains how vendor-paid advertising can solidify vendor commitment. Josh describes how most junior agents approach entering the market and Alexander outlines his own strategy for pre-launch. They discuss recent changes in marketing costs and how to sell the most effective marketing during the listing presentation. Alexander details the elements of a successful marketing campaign and how to help the vendor make the best decisions for presenting their property. Josh warns against underselling marketing to secure a listing and tells how to use the auction bidding record as an example of what works. Alexander talks about misconceptions around international buyer influence on local markets, and Josh closes with understanding what’s truly happening in your marketplace so you can be the trusted advisor.

Being Consistent and Persistent

Marketing only when your business takes a downturn is too little, too late. In my Coaching Tip today I want to talk to you about being consistent and persistent with your marketing, and tell you how to set up systems that allow you to do this easily.

Your marketing should never be an indicator of how well or poorly your business is doing. Consistency will ensure that you are always visible and relevant to customers whenever they come into your marketplace. What it takes is a decision to set a marketing plan and follow it on schedule, all the time.

You may have concerns about spending funds for marketing, but how much are you willing to invest in building a million dollar business? Start thinking about content, not cost, and how you want to deliver your message to your customers.

You could do a short video each week, a quarterly direct mail update to past clients, and regular email market updates to targeted categories in your database. The key to streamlining the process is building templates. Not only do templates make the process faster, they also maintain your branding and ensure you’ll be persistent in sending out your marketing on schedule.

Relevant content is necessary to maintain customer interest. Some topics to include are current volume of properties in comparison to this time last year, how many people are coming to open homes, how many bidders are registered for auctions, and noteworthy news such as changes in legislation or real estate industry trends. Keep the conversation interesting and fresh, and people will read your messages.

Every person in your marketplace has a brief moment in time when they will be looking to buy or sell a property. Your goal is to make sure you’re being consistent and persistent in your marketing so that person will see you and contact you when they’re ready to choose an agent.

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

Ep 46 — Doubling Your Business

In this High Performance Podcast for Real Estate Agents Josh Phegan and Alexander Phillips discuss ways you can double your business. Alexander maintains momentum, growth and goal-setting double his numbers each year. Josh notes the important numbers to watch and Alexander elaborates on how those affect your business and lifestyle. They discuss recent increases in average sale price, and Alexander compares factors of price and volume noting how adaptability expands your profile. Josh explains how switching markets as trends change keeps momentum and volume high. Alexander shares his preference for fast-paced business and Josh describes the Rule of 72 formula for growth. Alexander describes the rigors and rewards of working in the industry today, and Josh ends on staying hungry for a better future.