Don’t get crushed by Rapid growth

Many businesses fail when they enter a rapid growth phase. Their leadership becomes overwhelmed and can’t keep up with the expansion. You don’t have to be one of them. In this month’s Growth, Leadership and Management tip I’ll tell you how to build the capacity to sustain growth and thrive.

Growth capacity begins with alignment, which means everyone inside of your business knows your vision, and they’re clear on what they need to do and how their position contributes value to the overall success of the business.

Establishing alignment requires that you know your Big Three primary functions:
1. You have to be good at what you do or the business will fail.
2. You must be able to clearly communicate your vision, direction and expectations.
3. You must build the capacity to scale so your business can grow consistently without stalling out.

Scaling your business relies on hiring enough capable people to handle the tasks that take you away from performing your primary roles. Don’t wait until you’re overwhelmed with accelerated demands – have a recruitment plan for bringing in new talent before you desperately need them, and build a quality execution team with the right people in place.

These three leadership functions are critical:
• Your clarity of vision sets the direction your company will take.
• The capability of each new hire determines your ability to scale successfully.
• Your systems for recruitment and onboarding must assure alignment and scalability.

Sustainable growth requires highly functional people, regular team planning, capacity for growth and systems that work. With these elements in place you can’t grow too fast to keep up because you are prepared in advance for every leap forward. You can now do the work that matters most and enjoy your 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.

Overcoming Fee Cutters

There will always be fee cutters competing against you, but you can overcome them by simply offering a better value. In this Coaching Tip I’ll tell you about differentiating yourself in the marketplace so your customers will gladly pay you what you’re worth.

It’s the worst feeling if you cut your fee to match an undercutting competitor and still don’t get the business. The fact is, if you don’t offer a better experience for your higher fee there’s no reason for a client to choose you over any other agent at any fee. This is where differentiation comes into play.

From the customer’s point of view skill and experience are less compelling than confidence and energy. You will win business by selling yourself better than other agents. It’s all about presentation, and that is based on how well you listen to your customer and relate your value to their needs.

By asking the right questions to get the information you need about your customer you can then offer them the features and benefits they desire. You also need to know what they’re looking for in an agent, what they don’t want, and why they decided to call you. This feedback will help you build your fee defence. The important thing is to get the appointment and then present yourself as their best choice.

If you don’t believe in your worth as an agent your clients won’t believe in you either. Get clear on what you believe you are worth and why, and stand firm in that estimation. Not only will you be able to sell that fee to most customers, you will also avoid having to deal with difficult clients who aren’t worth your time and effort.

Negotiating on fee never turns out well. It’s much better to negotiate on service levels that determine pricing. Using the fee approximation close you’ll set an anchor by stating your highest fee level first, and then dropping to lower fees based on what the customer receives at each level. Present yourself as the best value for the money, get an agreement and then move forward.

In our training programs you learn the Seven Steps to Better Fee Negotiation with dialogs you can use if a client persists in questioning your fee. Whatever your approach, overcoming fee cutters and receiving the fee you deserve comes down to believing in your own worth, demonstrating your value and presenting with confidence.

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

Ep 41 — Cold Appraisals vs. Ready to Go Appraisals

In today’s High Performance Podcast for Real Estate Agents Josh Phegan and Alexander Phillips discuss ways to handle cold appraisals and those that are ready to go. Alexander begins with progressing clients by asking the right questions, and Josh lists some important questions. This leads into a discussion of knowing reasons why people buy and sell so you can ask the best questions. Alexander then describes effective methods for listing presentations including instilling a sense of urgency, winning back a client, and leveraging the summary close. Josh closes with the importance of knowing how to progress each individual client according to their situation and motivation.

Controlling Your Vision and Cash

There are two things you need in order to get from barely scraping by to really excelling in your business. The key is controlling your vision and cash, and in this Coaching Tip I explain the concepts you must understand to put these elements in place.

To be the agent you aspire to be, work in your preferred marketplace, grow the business you want and live the lifestyle you desire, you must have a clear picture in your mind of what success looks like for you. That mental image is your vision. Without it you have no idea what you’re working for. Vision drives motivation and directs your actions, defines your systems and routines, and helps you maintain clear focus. Gaining clarity lets you see what is important and set goals whilst removing distractions so your time is spent on the things that will take you where you want to go.

It’s hard to have clarity in panic mode when all you can see is not enough listings or clients, and not enough money to cover setbacks. You can only focus on immediate needs. Cash is confidence, and if you don’t have it you can’t do the things that create success. Money in the bank offers you the sense of security you need to promote yourself through quality marketing, hire more assistants, take some risks to expand your business and explore possibilities.

Setting limits is crucial in getting and maintaining vision and cash. This is about knowing what is truly important and making sure you don’t dissipate your resources on flashy, attractive peripherals that pull you off the path to achieving your goals. Systems and planning keep you progressing, calm and stress free. Chasing after non-essentials leads to anxiety and distraction. Real estate is a rewarding and lucrative career if you pursue it with single-minded consistency the way successful agents do.

Here are some things to consider as you sharpen your vision:
• Identify the market you want to work in and set the fee you want to write
• Envision the team and the business you want to build
• Decide when to take holidays, where and for how long
• Think of people in your life you wish to spend time with
• Calculate the cash you need in the bank to make every part of your vision possible for your business and your life

Imagine the feeling of confidence and calm you will enjoy by controlling your vision and cash. Now you’re ready to move forward with purpose.

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

Ep 40 – Being a Great Assistant

In today’s High Performance Podcast for Real Estate Agents, Josh Phegan and Alexander Phillips speak to real estate assistants about being a great assistant and having a vision for your own career. Alexander opens with the realities of the business and how to set expectations. Josh notes the importance of experience gained on the job, and Alexander continues with the qualification process, essential skills you should learn, and what he looks for in an assistant.

Josh details his qualification process for new hires and Alexander talks in detail about basic administration skills his assistants must have and systems he uses to help them stay on track. Josh and Alexander discuss the assistant’s role in listing presentations and the necessity of maintaining the diary. Josh ends with the significant part assistants play in the business and advises maintaining good communication, attitude and energy.

Systems and Checklists

Forgetting some vital detail when you’re dealing with a client is an embarrassing rookie mistake. It means you don’t have functional systems in place, and that costs you time, money and integrity. In my Coaching Tip today I’ll talk about how to use systems and checklists to make sure all of your processes work smoothly and reliably.

You probably have plenty of systems for everything you do, so many in fact that you can’t keep up with them. The solution is to use checklists to make sure all the many details of your daily business are remembered. For example, a sales checklist will step you through marketing, presenting, negotiation, settlement — every step right the way through to putting up the SOLD sticker. An open for inspection checklist assures you show up at the right place and time with the client’s name and information, and with the key in hand. Missing a single detail can damage your client relationships or even bring serious risks into your business.

Your checklists need to change as your business grows and new steps come into play. I have two categories for checklist updates: “What works well” and “Even better if.” Every time something is missed or goes wrong in my business it gets placed into one of those categories and added into the appropriate checklist. Hitting a bump here and there is going to happen, but it should never happen more than once.

Another benefit of using checklists is that they are great training aids when you put on new employees. It’s a standardised map of all the systems a new hire needs to learn and follow, and puts them in sync with your entire organisation from day one. They will form the habit of double-checking the list and continue to do so throughout their career.

Wherever you have processes of two or more steps you must have systems for those processes to work fully and consistently. Maintaining checklists is the simplest, most successful way to do that. You may choose to use an application such as Asana to organize all your checklists in one place and have them readily available online, in office or mobile. However you do it, make sure you are using systems and checks inside of your business so you never miss a beat, especially in the smallest details.

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

Ep 39 — Personal Discipline and Effectiveness

This High Performance Podcast for Real Estate Agents features Josh Phegan and Alexander Phillips on increasing effectiveness through personal discipline. Alexander talks about his own daily regimens and ways he keeps his energy high. Josh observes that discipline comes from clarity and systems that keep you on track. Alexander details his daily routines and tells how he handles schedule changes on the fly to stay productive. They discuss how personal effectiveness determines the kind of work they will or won’t do themselves and, the importance of having committed team members you can trust to take care of those tasks. Alexander tells how he maintains clarity by making lists, and Josh closes on how time wasted in procrastination and confusion can be recovered by setting priorities and following through on them.

Focusing on the Numbers

Your numbers are the measurement of your business success, or failure. In my Coaching Tip today I’ll be focusing on the numbers that are most important: listings, open for inspections and appointments. If you’re not hitting these, you’re not going anywhere.

All of your numbers matter, but your most crucial number is listings. If you don’t list enough properties you won’t make the sales you need to realize profits. Listing consistently means selling consistently, and that gives you a consistent income. But you need a target number in order to list and sell enough to meet your desired income goal.

To set your target for listings you first need to know how much income you want to generate this year. Divide that amount by your average fee and you will have the total number of listings you need. Now you can break that number down into listings per month and per week to reach your goal. But remember all your listings won’t sell, so add a buffer to make sure your sales meet your target.

Let’s say you need to sell four properties per week. You’ll need five listings every week to make at least 16 sales for the month. In order to stay consistent you must track your progress. You can’t ignore this and hope it will all even out over time, because it won’t. If you’re not listing and selling enough each week then you have to change something to improve your outcome. Tracking helps you do that.

The second most important number is your open for inspections as they’re a primary lead source for callbacks and database entries. Visitors at opens are all potential sellers and market appraisals, and many are past clients you need to keep in touch with. Put those people in your funnel and work with them.

Your third key number is how many appointments you’re booking. If your diary isn’t packed with appointments you’re losing momentum for listings and sales. Target for at least 3 appointments a day because getting in front of people, building relationships, anticipating clients’ needs and providing value drives everything you do in your business.

Doing the work that matters is defined through focusing on the numbers you must meet or exceed for listings, open for inspections and appointments. Tracking gives you the opportunity to turn things around right away. If you aren’t making your numbers then change the way you work until you see results.

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

Ep 38 — Teaching People How to Use Your Time

In this High Performance Podcast for Real Estate Agents, Josh Phegan and Alexander Phillips offer insights on teaching other people the value of your time and being efficient. Alexander gives examples for scheduling calls, tasks and appointments around your energy cycles, and enforcing your schedule. They discuss keeping others accountable, being clear on expectations and working quickly. Josh points out that being direct without being rude is important, and eliminating time-wasting distractions is key. Alexander tells how he handles incoming calls and texts, and focuses on being fully present during direct interactions. They discuss setting intentions for others by setting an example. Alexander notes his sense of obligation to deliver quality service to his clients, and Josh closes with getting results through getting the work done now.

What If It Doesn’t Sell at Auction?

Sometimes a home doesn’t sell at auction. This is a crushing blow to the owner, and it can be for you as well as you still have to sell the property and there’s greater urgency now. In this Coaching Tip I will tell you how recover quickly from this setback and move forward to a successful sale.

Before you go to auction or enter the marketplace it’s important to make clear in your listing presentation that the first attempts to sell may not work. Setting realistic expectations for pricing and conversion from the start makes recovery from disappointing results much easier, so set the stage early for all possibilities.

The set to sell meeting is your next critical step in making the vendor aware of current market conditions and setbacks that may occur. Stress the importance of marketing for greater visibility and upsell as much as possible. Schedule regular meetings with owners so everyone stays on track and adaptable.

Call every vendor every day with updates and recommendations, especially if they have lost a buyer to another property that presented a better value for the price. Clients must understand there is competition and they must be responsive to opportunities. Your input is crucial to helping them make their best decisions.

Setting the reserve price for auction may require pricing compromises the vendor doesn’t want to make. Your task is to keep the vendor informed on offers that are being made on their property and pricing in the market for similar listings. Then advise them on how to align their expectations with reality. Bring in a neutral third party if necessary to offer perspective.

When a property fails to sell at auction you have an even greater responsibility to get it sold quickly whilst calming your vendor’s emotional state. Make sure you have a plan and can explain to your client what you will be doing to sell their home. You will have to work even harder to generate buyer interest and qualify those buyers so that when you do get offers you can make sound recommendations.

Failing to sell on auction day does not mean the process has ended in defeat. Keep calm, move forward with your plan and you’ll fulfil your commitment to get the property sold.

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