Business has been good for many agents in 2020, despite the COVID-19 pandemic, but it’s not forecast to stay that way. Experts are forecasting difficult times in 2021 as the economic fallout of the pandemic bites.
Agency leaders often complain that they can’t find good people. This mindset can lead you to tolerate poor performers. And if you don’t believe you can find better people, you won’t try to replace them.
COVID-19 has certainly made business interesting, but many agencies are still reporting good sales results. Not all, I might add.
Prior to the pandemic, agencies were complaining of a shortage of listings. Those complaints died down as agency leaders had bigger priorities to focus on, but once things settled down the same complaint returned: “Listings are tight” is again the common cry. Continue reading Who’s Making the Excuses?
There is an old saying which says, “If you want to be successful, just do the opposite to what the majority is doing”. My experience has been that this is often correct. Following the crowd can be unprofitable.
There is much business uncertainty surrounding the COVID-19 outbreak. This follows on from a prolonged drought, an unprecedented bushfire season and then floods in some areas. It would be an understatement to say that business confidence is low. If you doubt that, just look at the share market. Continue reading Saying ‘Yes’ When Others Are Saying ‘No’
I couldn’t begin to estimate how many times real estate agency leaders have commented about another team saying something along the lines of, “She is lucky – she’s got a great team”.
It’s almost as though they think that all you need do is stick your head out the window and whistle, and winners will come running. You don’t whistle for winners, and luck has nothing to do with building a winning team. Continue reading You Don’t Whistle For Winners
When the market turns down many agency leaders wisely cut expenses. But there is a right way and a wrong way to do this. Cut the wrong expenses and you will quickly lose profit.
Some expenses can be cut without affecting your income. We call these ‘fat’ expenses. Things like publications you don’t read. Stop expenses like this and you will be more profitable. Continue reading Marketing
With another financial year behind us, it’s a good time to ponder: “Are you happy with your profit?”
Stating the obvious: Profit is the money you keep after expenses are paid. I’m compelled to mention this because the real estate industry and its systems focus on turnover. Turnover is not profit. Continue reading Think Profit
This is a two-part article on the Do’s and Dont’s of hiring. Last month, we discussed the Hiring Don’ts. This month we look at the Hiring Do’s.
The Seven Do’s of Hiring
Hire for attitude
If you hire somebody with a bad attitude, this will poison your team. Author of Winning the War for Talent, Mandy Johnson, says that people with bad attitudes are hardly likely to suddenly develop a good attitude once they join your company.
Frame your questions around testing attitude, for example, “Can you give me an example of what you think is a good work ethic?”
This is a two-part article on the do’s and don’ts of hiring. In this issue, we will discuss Hiring Don’ts. Next month we will cover Hiring Do’s.
First a question: Do you believe successful hiring is an art or a science?
Many real estate agency leaders will say that hiring is an art. Without effective hiring and induction systems, they’d be right. But with systems, you have more certainty of finding and developing winners, moving hiring from art to science.Continue reading Hiring Do’s and Don’ts (Part 1)
Leaders often complain that their salespeople won’t do the right actions. It’s one of the biggest complaints that leaders make. They fear putting pressure on their salespeople to do the right actions out of fear they will leave.
These leaders have no control, and without control they will never develop winning teams.
A large part of this problem stems from the reward structures these agencies use – commission-only definitely, but debit-credit is no better. When salespeople are in credit, they are fundamentally the same as commission-only salespeople. In their minds, they work for themselves and will resist leaders asking them to do any actions they don’t want to do (like prospecting). Continue reading Out of Control: What to do when salespeople won’t do the actions
You may have read about the highly publicised court case in South Australia where Harris Real Estate and agent Arabella Hooper were ordered by the court to pay $750,000 in damages. The judgment cited that after leaving Toop & Toop for Harris Real Estate, Hooper used data to develop business using data taken from her former employer.
It’s refreshing to see that the courts are now taking data theft seriously, but if you find yourself overly concerned with this, ask yourself, is data theft a disease, or is it merely a symptom?Continue reading Data Theft: Disease or Symptom?
Pittard clients are spread across Australia, New Zealand and South East Asia. It stands to reason that they are operating in different markets. Some are in booming markets, some in static markets and some in down-trending markets. But no matter what market they find themselves in, we give all the same advice: