Category: Principals

Four Ways to Increase Your Market Share Now!
May
29

Four Ways to Increase Your Market Share Now!

Growing market share is a concept not limited to the real estate industry. Organisations around the world in a number of industries are striving to beat out their competition and win customers over in a bid to be at the top of their market.

In real estate, strengthening customer relationships, adopting smarter hiring practices, retaining skilled team members and increasing productivity are four areas that can assist you to increase your market share. Let’s break them down…

1. Strengthening Customer Relationships.

Walt Disney said it best:

“Do what you do so well that they will want to see it again and bring their friends.”

In today’s competitive business environment caring for your customer has never been so important. The positive word-of-mouth customer is priceless to your organisation and will ultimately lead to an increase in market share. This is why it is even more important than ever to create an excellent experience for your customers to help develop your company’s relationship with them.

What strategies are you currently adopting in your agency to ensure you delight your customers?

 

2. Smarter Hiring practices:

Companies with the highest market share in their industries almost invariably have the most skilled and dedicated employees – and the right number of them! It almost goes without saying that in order to increase your market share, you need to have the agents to do it. Work backwards and look at the market share goal for your organisation and ask yourself – how many agents will it require to get there?

But don’t stop here.

 

3. Retaining team members:

Hiring employees that will represent your brand well is just a start to creating a strong team. Next, you have to keep them. High team turnover will result is significant loss in terms of time and productivity and as such this is an area that warrants focus.

What tactics are you currently adopting to ensure you will be able to retain agents for years to come?

Here are a few ideas to consider:

  •        Offer a competitive benefits package.
  •        Make sure employees know what’s expected of them and how they can grow within your agency.
  •        Provide incentives to help keep workers motivated and feeling rewarded.
  •        Foster employee development.
  •        Communicate your business’s mission and ensure staff know how they fit in to this.

4. Driving productivity:

The measurement of productivity in real estate generally relates to number of transactions your agents are making.

How do you increase the number of transactions?

  1.      First and foremost you need to be at the table when listings take place.
  2.      You need to make it easy for the client to choose your agency – what do you have that your competitors don’t?
  3.      You need to have exceptional sell-through – make sure you deliver what you say you will deliver.

How do you drive this?

Driving productivity can ultimately be achieved through coaching and training. Agents needs to learn to become exceptional at all they do and coaching ensures your staff will have the skillset and drive to achieve the results you’re after.

Where to next?

The natural state of a business is to grow. In real estate, market share is the ultimate indicator of business growth. The four strategies we have highlighted above are just the tip of the iceberg.

Are you joining us at The Business of Real Estate in September? Visit the website now and register your leadership team.


michael-sheargold-coaching
May
17

4 simple ways to immediately become a better coach for your team

Ever have the same negative situations pop up within your business over and over again?

This is when you’re dealing with challenges in the same way repeatedly, and getting the same (unwanted) results?

I call it the Fly Strategy.

Fly Strategy

Think of a fly that enters a room through an open window. It flies around a bit, does fly things, and eventually decides it’s time to leave.

But, instead of flying out of the open window through which it entered, the fly chooses a closed window to make its exit.

Obviously it is unsuccessful so it tries harder to get through the window then flies around the perimeter of the (closed) window.

Check a few hours later and you’ll find one deceased fly.

The strategy killed the fly.

Whenever you find yourself taking the same actions in the same situations and getting the same result (it didn’t end well for the fly) it’s time to elevate your thinking.

Falling into the trap of trying harder to succeed with the same flawed strategy that failed previously is a dead end. We need to step back and see it from a different point of view.

When you are in the picture it is hard to see the frame

As performance coaches, we need to help our team see beyond what they are currently seeing.

To become a better coach we need to shift this thinking in ourselves first so we can lift up our team members to a whole new performance level.

If we continue to handle repeat issues in the same way and get similar (unwanted) results, remember the “fly strategy” doesn’t work for anyone.

Start by elevating your own thinking.

What do you want for your team?

A magic “shopping list” of skills and talents for your team might look something like this:

  1. Nurtures clients well;
  2. Able to embrace their ideal week;
  3. Deliver outstanding opens that build the company brand;
  4. Have superior product knowledge;
  5. Standout listing skill set;
  6. Handle objections brilliantly;
  7. Remarkable at pre-framing;
  8. Brilliant at lead generation;
  9. Exceptional at seller management;
  10. Brilliant at buyer management;
  11. Great buyer database management;
  12. Aware of upcoming opportunities;
  13. Great property presentation;
  14. Market properties effectively;
  15. Outstanding negotiation skills;
  16. Brilliant at sharing case studies at a listing appointment;
  17. Great at gaining testimonials;
  18. Strong ability to connect in a variety of situations.

This is a great set of skills and talents; but not every team member needs to possess every one, right now.

Rather than wistfully hoping someone will wave a magic wand –  shift your thinking: how can you use this list of skills & talents to elevate the performance your team – today?

michael-sheargold-coaching

 

Here are FOUR ways you can actively shift the performance of your team simply by changing your communication:

1) Like vs Respect

There is a difference between being liked and being respected; as a coach it’s more important to be respected than liked.

To become the best coach you can be, let go of an exaggerated need to be liked.

When you focus on being liked you’ll avoid the most important conversations your team needs to hear.

Intentionally shift your focus on being respected over being liked so that you can have tough love conversations that help move your team forward.

 

2) Framing

Effective communication is the most powerful influencing strategy and will make you and your team better negotiators, deal makers, and influencers.

The heart of communication is all about:

  •       Gaining (question and listening)
  •       Giving (statements we say)
  •       Content (the information and detail provided)

The level of quality in our communication has a lot to do with the frame we set around it.

Remember, when you are in the picture it is hard to see the frame.

There are three communications frames to consider in our coaching:

a)   Pre-frame: is how we set the scene of our coaching meetings. The quality of our communication has a lot to do with the quality of our pre-framing.

How to implement: Instead of popping questions to a team member out of the blue, schedule a meeting and let your team member know what you’ll be discussing so that they can prep ahead of time.

b)   Re-frame: when you’re in the middle of a discussion and you realise you are not on the same page, shift the frame of reference so you can approach the challenge differently.

How to implement: Don’t get caught in the drama. Change the perception of the communication (for example, is the problem truly catastrophic or is it relatively minor?).

c) Next frame: Where to from here? This closes the loop of our communication. That means we have agreed on the next steps and our team member knows what is expected of them.

How to implement: Always lead the next step; what needs to be delivered and when to effectively close the loop? Hold your team member to the agreement.

This isn’t micromanaging but we do want to ensure they follow through and take action.

The value is not in the conversation but in the implementation of the actions discussed.

Failure to Implement (FTI) is the biggest issue that needs to be addressed. Most of our team members know what they need to do but the challenge is moving from knowing it to taking action.

Get your team to become implementation legends with the next two steps.

michael-sheargold-coaching

 

3) Motivational Language

Juicy words have a motivational component when they are spoken and when they are heard.

Compare the words good, great, and exceptional. Which word has the most impact?

That’s right, exceptional.

Now compare, “Let’s talk about your goals,” versus saying, “Let’s talk about your goals that will make the next six months your most sensational year yet”.

Here’s a shopping list of words that evoke greater motivation (but only use the words that you feel comfortable using):

  •       Passionate
  •       Exceptional
  •       Brilliant
  •       Focused
  •       Awesome
  •       Sensational
  •       Unexpected
  •       Phenomenal
  •       Fantastic
  •       Epic
  •       Wow results
  •       Fabulous
  •       Extraordinary
  •       Outstanding
  •       Spectacular
  •       Motivated
  •       Heroic
  •       World class
  •       Premium

What we say to our team should be laden with motivational words; questions and statements that make an impact and immediately create a shift in the listener.

 

4) Presuppositions

Presuppositions literally pre-supposes or suggests something; similar to pre-framing a conversation.

If you were to ask a team member, “How can you produce outstanding results?” an issue immediately crops up because of the word choice pre-supposes (suggests) that you don’t think the person is already producing great results and is therefore underperforming.

This works in reverse as well. Supplement positive presuppositions such as asking, “How can you deliver even greater results” (the even more added in pre-supposes that your team member is already delivering great service).

The words, at least can also be used as presuppositions, for example, “Work towards a goal of listing at least four properties a month”.

Unlocking the greatness of your team’s potential is your responsibility as a performance coach. One of the easiest ways to start achieving that goal is by making the four simple changes listed above to become a more powerful communicator.

 

To engage with other entrepreneurial leaders, learn from the best in the business and step into a new level of leadership mastery – join us at The Business of Real Estate in September. 


Michael-Sheargold-Leadership-training
May
16

How performance coaching can up-level your real estate biz

Performance coaching is about unlocking a new level of capability in your team and helping individual members achieve the next level of greatness.

Your responsibility as a leader is to bring out the absolute best in your individual team members, and ultimately the whole team, which filters through the entire business.

It is also the most under achieved area in the real estate industry.

How can we truly maximize performance coaching in our businesses to mentor others to achieve the greatness they possess? Start by seeing your individual team members as your clients. Your job as performance coach is to increase their capacity to achieve, which will ultimately enhance the performance of the entire team.

  •       Performance coaching isn’t about providing appropriate “deal support” (although deal support is an important function)
  •       Performance coaching is about helping people to achieve their goals.

As a leader in the real estate industry you fulfil three distinct functions within your business including:

  •       Leading
  •       Managing
  •       Performance Coaching

Many people confuse the three functions. Is there a difference or are these descriptions simply three “job titles” that are interchangeable?
All three roles overlap and have similarities but they are three different skill sets that are valuable in specific situations.
But how do leading and managing differ from performance coaching?

Let’s take a look:

1. Leading

Leadership qualities are important for heads of any business but the objective differs from that of performance coach. We lead people in the direction of our vision; we inspire them to see and buy into our vision.
Great leaders have integrity, top communication skills, are loyal, can make the tough decisions, empower others, and are often charismatic.
A great leader will say, “This is where we are heading and how we get there”. Once you have your team turned on to your vision you can lead them to work in unity in achieving the goal.

2. Managing

The big difference here is that we manage projects and processes, not people. As a manager you are responsible for providing clear, concise focus on outcomes, deliverables, and deadlines to your team.
A term that often gets confused with coaching is “sales management” which is the focus on the numbers, processes, and projects but it leaves out the most vital part of success: coaching your people.  
Management happens the most often within a business but would you be surprised to learn that it’s not your most important function?
You may fulfil all three capacities in your business: leader, manager, and coach, but the real challenge is recognizing when to perform which task.

Michael-Sheargold-Leadership-training


3. Performance Coaching

Performance coaching is literally moving your people towards their goals. As a performance coach within your business you guide your team members in two ways: moving people towards an effective decision and helping people be in action towards their goals.

1) Moving people towards an effective decision

The root of the word decision literally means to “cut off”; in other words, committing to a decision removes all other choices.

Making a decision cuts off all other options.

The key to successful coaching is helping your team to cut down their options. We become overwhelmed by too many options, and most often why someone doesn’t move forward.
It may look like they are procrastinating.
It may look like they are being lazy.
But in actual fact they simply don’t have clarity.
When you cut off all the options you are left with only one thing to do:
so Just Do It.


2) Helping people be in action towards their goals


This is moving your team to achieve their goals, not your goals. Big differenceSetting the right goals creates a tension similar to the strain found as an elastic band is s t r e t c h e d.
Not enough tension and the band will go nowhere (ie: low goals that don’t generate excitement to achieve).
Too much tension (from being overly stretched) and the band will snap erratically or break (as in unachievable goals that are set too high).
Your role is to nudge team members with low goals and encourage them to increase their vision.
Alternatively, and this is often true with new people, you may need to guide them to lower expectations that are too high and are unachievable or they may burn out.

Team members who don’t know where they are or where they want to be will come across as underachievers and unproductive because they are unable to take any action.
Performance coaching is guiding your team to recognise their current reality (where they are right now) and their desired reality (where they want to be).

Right in the middle of their current reality and their desired reality is a GAP. Your job as a performance coach within your team is to bridge the GAP and together design an Action Plan to move them from Point A to Point B.

TIP: If a team member seems unmotivated it may be because there is no GAP between where they are and where they want to be (the tension of where they are and where they want to be is too slack).

Your task is to work with individual team members to achieve a different desired reality that creates a challenge; a tension that motivates them to achieve.

As a coach to your team you want to:

  • Build on strengths
  • Increase confidence
  • Learn and grow
  • Empower beliefs;
  • Help to make great decisions;
  • Empower action
  • Develop habits
  • Support change
  • Create brilliant results       
  • Create accountability

We can evaluate the long term success of our coaching sessions by measuring outcomes in each particular area in which our team members are being coached. I hope you enjoyed this article about How performance coaching can up-level your real estate biz! Get to it.

If you are a leader wanting to seriously take charge of your future results and the success of your business, check out The Business of Real Estate coming up in September. 


michaelsheargold, success, real estate coaching, training, leadership strategies
Apr
15

The Success Formula – a simple solution to create lasting success

Understanding what creates success is vital in today’s fast-moving, competitive environment. But leaders are often inundated with so many strategies and theories that guarantee “success” that the very thought can be paralysing.

The success formula is a refreshing concept in that it is a simple yet highly effective formula that can be implemented easily (and quickly) in order to have a more lucrative, productive and fulfilling business.

This is the formula in its basic form:

Success = Mindset + Skillset + Strategies + Energy

Mindset – Your mindset is the ultimate predictor of success. Unless you have belief in yourself the level of success you are capable of will never be achieved.


Skillset – When you achieve the right combination of mindset and skill set the results can be fierce.


Strategies – It’s not enough just to know the strategies that will take you to the next level you must adopt them. Ask yourself: How are you building your business? How are you growing your business? What strategies have you put in place to achieve that?


Energy – This is the #1 thing people buy. You need to bring 150% of yourself to the table in all your dealings. Find that thing that enables you to bring you’re a-game to the table.

 

The success formula is an ideal framework for those committed to transformational results.  

It works as a snapshot to see where opportunities lie and provides a practical way to make the changes needed that will cascade down in to great success.

For more information about how you can implement the Success Formula in to your business please contact the team on 1300 273 785.


Momentum pulse check - are you moving in the right direction, michael sheargold, leadership, real estate
Apr
09

Momentum Pulse Check – are you moving in the right direction?

The word “momentum” conquers up a vision of success, of winning, of moving forward. It is particularly important in business. When you experience momentum in your business, you seem to accomplish much more – your team is motivated, your customers are happy and the results will speak for themselves.

How do you know if your business is experiencing healthy momentum?

There are five key questions that can help you identify whether or not your business is experiencing a level of healthy momentum. How well you can answer these questions will be the underlying indicator of success:

 

1)     How effectively are you bringing your best self to work?

Like everyone, your work performance can be affected by external influences – family, friends, partners, life in general!  

Best to quarantine those influences and come to the field bringing your best self. This is particularly important as a leader because your team will look to you for guidance on the general business and team energy.

An acronym for CEO is Chief Energy Officer so quickly check in with yourself and think back over the last few weeks – have you been bringing your best self to work?

 

2)     How well have you mastered your routines?

Routines bring results! When something works, share it, document it, create a system around it and implement it. Look back over the strategies which have created the best results for your business and team over the last 12 months and turn them into habits asap!

 

3)     How effective is your leadership?

Every single person in the business needs to take ownership of their leadership. What are you doing to enhance your leadership and set you apart? 

 

4)     Are you fully embracing client experience (CX)?

CX is the new differentiator and the currency which will keep your business relevant. You need to be outperforming all service providers in your market (and you can aim to outperform not just those in your industry). To read more about CX click here.

 

5)     How well are you looking after you?

Are you eating right? Sleeping right? Relaxing right? You can be a much stronger leader if you feel strong and healthy. If you are feeling stressed and overwhelmed chances are it’s affecting your performance and results. Find your healthy mix and nail it.

These five questions, together with our success formula will give you the Momentum Pulse Check you need and your ultimate framework for success.

To find out more contact the team on 1300 273 785.


How do I start coaching my team to get better results?
Oct
11

How do I start coaching my team to get better results?

You’re a leader wanting to coach your team more effectively – awesome – now what?

Coaching will take your team from where they are now to where they want to be…

Read that again: where they want to be.

You see, coaching is about bringing out the best in others and helping them step closer towards their ultimate goals.

In terms of coaching your team as a real estate principal, you ideally want your team’s goals to align with your goals: to help more clients achieve their real estate goals and buy and sell more real estate.

Which means: more revenue for your team and for you.

Say you want to coach a new recruit on your team.

They’re eager and you can see potential in them to become a sales star and a true leader in your business.

The first step to establishing a coaching relationship with your new recruit is to get to know them…

Understand their motivations, their personal goals, their family situation, their core beliefs, what drives them – also – understand why they are passionate about real estate.

Take the time to learn how they think and what their current reality looks like.  

Check in to see if they are they holding onto any limiting beliefs like: “I will never be a top agent”, “I won’t ever earn a million dollars” and “I’m not cut out to lead a team”.  

All of these factors are invaluable when you step into a Coaching mode with your recruit.

You will be able to have more powerful conversations and give more targeted advice and coaching because you understand what they need from you to be able to step into their next phase of real estate mastery.

Most importantly, you will be able to create a compelling future vision together based on all the information you have – and this forms a powerful tool in your coaching process.

How do I start coaching my team to get better results?

Here’s some dialogue to get you started with helping your new recruit create a compelling future:

“The best way to predict the future is to create it, design it, plan it and set the goal. So let’s start by planning the future you want to see.”

Then you can ask some questions to help create that vision:

  • What’s going to make the biggest difference to your life?
  • What are the biggest upgrades you want to see?
  • Ideally, how would you like your business/life/relationships to look?


Once you have created this future vision and gained their commitment to trying to achieve that future, then you can get to work on building the action plan and working towards accountability.

This is the time for you step into your coaching zone and really be present for your team.

Remember: Helping people get to where they want to be is the fastest way to get where you want to be.

For more coaching success strategies I’d love for you to join me at Coach the Coach my upcoming, ultimate empowerment program. Check it out here.


How do I hold my team accountable?
Oct
04

How do I hold my team accountable?

It’s a polarising word: Accountability.

Some agents love being held accountable because they know it drives them to achieve more.

Some agents loathe accountability because they feel they need to be organised and planned and structured to truly be accountable.

As a Coach here’s the biggest lesson I can share around accountability:

You cannot hold someone accountable for something they’re not committed to!

Which is why the initial phases of establishing a coaching relationship with a person on your team is so important.

During these initial phases, you start to:

  • Understand what drives and motivates someone
  • Understand why someone is passionate about real estate
  • Understand what is holding someone back from success

When you can get a clear understanding of these matters from each person you are coaching you help them to create a compelling future and then commit to it.

Only when you have this commitment can you move into the accountability zone with them.

Here are some tips around accountability:

  • People don’t want accountability
  • People need accountability
  • You must ask permission for accountability
  • You create an agreement for accountability with your client
  • Reward when your client is performing
  • Non-reward they are not performing

How do I hold my team accountable?

 

When you’re struggling to gain accountability with a team member you’re coaching you can ask this question: 

“What’s going to need to happen for us to not have this conversation again?”

Also, remember your own accountability in the relationship. And what I mean by that is..

If you’ve committed to a meeting, turn up.
If you’ve committed to a coaching relationship: be present.
If you’ve asked them for something, acknowledge when you receive it and give feedback plus next steps.

Remember: Coaching is a two-way street.

When you step into a new level of coaching mastery you can empower your team to also up their game. Together you can create the results you want to achieve and see your team and your business thrive.

For more coaching success strategies I’d love for you to join me at Coach the Coach, ultimate empowerment program. Check it out here.


michael-sheargold-real-estate-training-australia-the-best-meetings-to-regularly-need-in-your-agency
May
09

The 3 Important Meetings Your Team and Agency Needs

One of the best ways to plan for your results and plan for your success is to actually spend time working ON your business.

You can do this through “ON MEETINGS”. In this article, I want to take you through the best ON MEETINGS to have with your team and the difference between ON MEETINGS and IN MEETINGS.

Special note: you are in a perfect position now to structure your next 6 months. Once you’ve read through this article, straight away go and set these meetings in your calendar.

What is an “ON MEETING”?

An “ON MEETING” is a meeting where you as the leader and your team together are focused ON the business direction and goals.

The 3 most important ON MEETINGS

  1. An example of this is your annual strategy meeting. Depending on the structure of your business this can be a 1 – 2 day meeting and it’s the time to plan the next 12 months of the business. A good base to start with is a review of the last 12 months and a preview of what is coming up for the next 12 months. It’s about bigger picture business items and not about any small team issues or clients issues (that comes later).

    Now if you skipped or missed your annual strategy meeting in December – now is the perfect time to schedule one!michael-sheargold-real-estate-training-australia-the-3-important-meetings-your-team-and-agency-needs-3
  2. So after your annual strategy meeting, you have a plan for the year – which you can break down into quarterly goals. You then set in the diary quarterly team meetings that must occur each 12 weeks.

    Big tip there: set it in the diary – these are progress and momentum meetings.

    At these quarterly team meetings, you can talk about the themes for each quarter, the training schedule for the next quarter, culture, key events, community events; things like that. These are a half-day meeting and it’s really fast tempo and high energy.
    michael-sheargold-real-estate-training-australia-the-3-important-meetings-your-team-and-agency-needs-4

  3. Also each quarter, you can also have a meeting with each individual team members. These are the meetings where you can find out where they’re at, what they need, where they’re heading. You can leverage your time here by empowering your sales manager or another senior team member or leader in your business to help you out here if you have a massive team.

    So this meeting is a team member strategy, not a business strategy; think of it as a GPS meeting: Goals, Plans, Support.michael-sheargold-real-estate-training-australia-the-best-meetings-to-regularly-need-in-your-agency-2

 

There you have the 3 most important ON MEETINGS: annual strategy, quarterly team meetings and quarterly team member meetings. They are so important to your business; if you have not yet scheduled these and implemented them into your business please do it now! 

Word of wisdom for ON MEETINGS

It’s uncommon to have an excellent strategy session in the office. Take it off site and change the energy! Why? It’s a mindset shift. Take the team out of the office and they can focus more on the big picture without being ‘in’ the office. Also, you can organise the half-day quarterly meetings in the afternoon and then have a team dinner or bbq or drinks with the team after the meeting. If your team is travelling for the quarterly meetings then add some training and learning into the day (then it can become more of a full day as opposed to a half day) the key is to be flexible with your team and find what works for you.

The Difference between an ON MEETING and an IN MEETING

An “IN MEETING” is a meeting where you and your team are focused on what’s really happening on a day to day basis in the business. So, your weekly and monthly team meetings.

These meetings are where the nuts and bolts of what is going on in the fast-paced environment of the team can be discussed. You can review what coming up for the week as an agency, what the team has coming up, what events or competitions you’re running that month, sales results, client issues and any big wins.

Your  “IN MEETINGS” are just as important as your “ON MEETINGS” to help your team stay on track as they have a format and a structure where the team feels empowered and comfortable.

Your  “IN” the business will take all the time it gives you which is why you need to schedule time working “ON” your business. It’s amazing how much you realise you need the “ON” time when you take the time to do it! Get to it and post any questions or feedback you have in the comments below.


blog_160909
Sep
08

Great teams are made of extraordinary people

Why a happy team is essential for a successful real estate agency

When it comes to your real estate agency team, a great saying to remember from Real Estate Leadership expert Megan Jaffe (Ray White’s #1 office in the world) is this:

“A good business contains great people, but a great business is created by extraordinary people”.

The business of selling houses attracts like personalities. During my years in this industry, I’ve found that at its best this can make for an enthusiastic, dynamic group within an agency. These are the agencies that really fly. At worst, there can be clashes between people who are vying for the same results in a commission-based field.

In any agency, whether it’s a small family owned venture, a franchise outlet or a boutique brand, you need a team that works well together in order to be successful. A happy working environment allows people to focus directly on their work. It can be challenging for an agency principal to establish the right agency culture, but it’s by no means impossible.

Over the years, I’ve noticed 4 key tactics that successful real estate principals and directors use to build and cultivate a successful team:

1. Hire With Care

When recruiting a new agent, don’t base your decisions entirely on merit. Evaluate any candidate’s attitude and ask detailed questions about their philosophy towards selling property in order to ascertain whether or not they will be a good fit.

Consider consulting with the other members of your team, including other agents and the business managers who will be working closely with them. They can give you their opinion on whether they believe the person will meet expectations while adhering to your agency’s values.

2. Get Together Regularly

I know all too well how easy it is to get caught up in your daily tasks. But holding regular meetings allows your team to share ideas, celebrate wins and reconnect with each other as colleagues – and as people.

Schedule a weekly, fortnightly or monthly catch up and make it casual by holding it in a local coffee shop. As well as talking about business, have discussions to refine your company mandate and encourage contribution from everyone on your team.

Don’t forget – not all gatherings have to be about work. Organising quarterly or biannual drinks allows everyone to relax and connect with each other off the clock.

3. Define Roles

There can often be overlap in the tasks for people around the office in a real estate agency, which is why it really helps to clearly define each person’s role in writing. Eliminating the confusion around who does what means that everyone understands what is expected of them and will be able to get through tasks quickly and efficiently.

For agents, you may find that to prevent them from competing with each other to win listings, there needs to be a strategy for dividing work by area or demographic.

4. Lead By Example

To foster a group that works together, is supportive and that celebrates each other’s’ successes, you have to present yourself as enthusiastic and every bit the team player. Focus on communication and display respect for everyone you come into contact with on a daily basis, regardless of their position on the team.

Transactional or relationship based? What kind of business do you want yours to be?

Learn how you can create your business to be more successful, enjoyable and impactful at Principal BootCamp.


Aug
30

Why leadership is your ultimate competitive edge

Are you only pushing for results, or are you leading your team to success?

One of my favourite quotes is “Your business will never out-perform your leadership.” This is always true in real estate, where a strong crew is universally the result of having the right person steering the ship.

I’ve seen more than my fair share of agencies during my two decades working with real estate leaders. Along the way, I’ve taken in exactly what those performing at an exceptional level are doing. I’ve also been able to review the flaws within the businesses that are struggling to remain relevant.

When I reflect on what I’ve seen over the years, it’s fair to say that the quality and consistency of leadership really is, is the deciding factor in whether or not your agency has the edge. This is because it is up to the leader to set the benchmarks for everyone to strive towards. These benchmarks are set in all areas of your agency.

As a real estate agency Principal, the overall performance of your business should always be on your radar. Here are ten questions to ask yourself that can give you an understanding of how well your business is doing.

10 Point Business Reality Check

1. Does your agency have a strong focus, with consistent vision and values?
2. How steady is your performance culture?
3. Are you effectively positioned for positive momentum in your market?
4. How good is your recruitment and how quickly do new team members hit their stride?
5. Is there a constant drive for productivity and accountability?
6. Does your team have access to training and coaching?
7. How well does your agency retain talent?
8. Do you regularly recognise and celebrate achievement?
9. Could you describe your systems and procedures as “excellent”?
10. How effective and productive are your sales and team meetings?

(Hint: if you’re a great leader, your answers should be along the lines of “Yes”, “Very well” and “Never better”)

All these points are driven (or jeopardised) by the strength of your leadership. Each area needs to be locked and loaded. Yes, it means a lot of work for you as the person in charge, but the payback can be extraordinary.

In a buoyant real estate market, it is easy for a leader to become complacent. But nobody can tell what is around the corner. Want to know how to always pip the competition to the post? Stay rock steady on the above ten points. This means you and your team will be able to deliver above average results in any market conditions.

At The Business of Real Estate, you’ll get up close and personal with some of our industry’s leading thinkers and performers. These people are the cream of the crop in their respective markets and they never lose sight of doing things better. I’ll be there throughout the two days, helping you to maximise the value of the experience and showing you how to grab the top 10 leadership habits and make them work for you. Book your place here.