I recently read an industry article about remuneration for salespeople, discussing which was best: salaries or commission-only.
While I do not intend to argue that point now, a comment from an industry leader caused me concern.
This leader said that commission-only percentages varied widely, but the common rule of thumb was that the higher the commission, the less support the salesperson received from the agency.Continue reading Time, Attention and Care
With so many offices making record profits, everybody is busy. But for leaders, you can be busy making sales, or you can be busy running a business. What type of busy are you?
Leaders who spend much of their working week listing and selling can, if they are not careful, fall into the trap of being too busy to recruit effectively. Recruiting effectively doesn’t just mean finding help, it means finding the RIGHT HELP and coaching them. Continue reading The Right Help
The quality of a sales team should be the main priority for all agency leaders. Allow incompetence to fester in your sales team and the losses can be huge.
Many agency leaders express concern over their present teams. Leaders say that they wish their salespeople would prospect more, were better closers, would lose fewer listings to the competition. These skill and activity deficiencies are the primary reasons why business is lost to the competition, and the price is not just a lost sale, but a massive loss of income and profit. Continue reading The High Price of Business Lost to the Competition
No doubt you’ve heard of the saying, ‘Same same, but different’, but sadly this does not often apply in real estate. Most agencies are same, same, but not different.
If you’ve seen one real estate salesperson, you’ve often seen them all – they say similar things to win business. They recommend similar methods of sale. They push for expensive marketing campaigns. They offer similar advertising options. And, if you’ve seen one auction, you’ve seen them all – again, there is no point of difference. Continue reading Same Same, But Not Different
Stagnation. It is the last thing a leader wants to see happening with the team. Yet, in the absence of new challenges – focused activities that challenge the team, putting a month’s focus on high-intensity activity designed to boost results – stagnation is a real possibility.
For example, many offices across Australia and New Zealand are short of stock. Why not set a challenge with the team and plan an Operation Stock-Up? Continue reading New Challenges
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