As the owner of a real estate business, you are its leader. Real estate agency profit consultant, Gary Pittard, suggests that, as the leader, you should know exactly where you are taking your company. Fail to plan and you run the risk of leading your company downwards. Where are you taking your company? Do you know?
An interview of William Danko, co-author of Richer Than a Millionaire with Richard Van Ness, will be released this month on Pittard’s streaming platform iTrain®.
In Professor Danko’s previous book, The Millionaire Next Door, co-authored with the late Thomas Stanley, the focus was on what it takes to become a millionaire. In Richer Than a Millionaire, the focus has shifted to two areas: what it takes to be wealthy, and what it takes to be well-adjusted.1 MORE
This is an important distinction. What’s the point of being wealthy if your spouse and kids hate you or have no time for you? What’s the point of being wealthy if you’re miserable or unhealthy?
I like this broader focus. True success is building not only a healthy financial life, but a healthy personal life too. You can be successful and have little money, and you can have enormous wealth and still be unsuccessful.
Many people labour under the mistaken belief that most people gain their wealth through inheritance. The belief that you must be born rich is mistaken. According to the research in Richer Than a Millionaire, most wealthy people developed their wealth in one generation. This should give hope to us all!
Another key to being well-adjusted and wealthy is a happy relationship. Divorce, the authors say, can set wealth creation back by decades. On a personal level, long-term loving relationships do wonders for life enjoyment and longevity.
Fundamentally, we all feel this is so. But I wonder how many people stop to appreciate what they have and work on both their personal lives and on wealth creation. According to Richer Than a Millionaire, we can and should do both.
If you would like to improve your relationship with your significant other, read The 5 Love Languages by Gary Chapman. This interesting read might make you rethink how you and your spouse can get the most from your relationship.
And if being wealthy and well-adjusted is your goal, read Richer Than a Millionaire. These two books together are sure to give you a new perspective.
Rich and miserable? That’s not for you, is it?
Real estate agency profit consultant, Gary Pittard, warns real estate salespeople that they must be sure to learn the REAL reason why property sellers put their properties on the market. “Motivation” can be elusive and is often misunderstood by salespeople, and the result of this can be a lot of hard work for no fee. Don’t let this happen to you!
It doesn’t take a genius to figure out when a salesperson is in a performance slump, although many leaders don’t appear to notice until the salesperson has been in the slump for too long – sometimes months.
In aviation, pilots have a saying, “Stay ahead of your aircraft”. There have been many pilots involved in serious accidents or killed because they were flying aircraft that were too fast for their skill. Flying fast aircraft requires thinking ahead especially when landing. Pilots must slow fast aircraft sooner, washing off speed early so that they don’t approach the airstrip too quickly. MORE
We could extend this thinking to real estate agencies – “Stay ahead of your business” and operate proactively, not reactively.
The art form that leaders must master is to recognise behaviour in salespeople that will lead to a slump. Correct the behaviour before the slump and you stop the slump.
A knowledge of each member’s numbers and ratios will help leaders to recognise which salespeople are heading for a slump.
Leaders must know their salespeople’s numbers and ratios in these key areas. These figures are calculated weekly, monthly and quarterly:
* Each sale has two Sides, the listing Side and the sales Side. One Side is awarded to the listing salesperson and one to the selling salesperson, when the contract has become unconditional. Salespeople who sell their own listings are awarded two Sides. Sides recognise the company’s good listers. If somebody has a low sales result but a high Sides result, their listings are selling.
Leaders often complain that they cannot get their salespeople to do the right actions, yet many of those leaders fail to measure the actions their salespeople are or are not, doing, and do not calculate their salespeople’s individual ratios. And so, slumps come as a complete surprise.
A major function of leadership is to look ahead, to anticipate.Ratios and numbers give leaders a glimpse of the future. If prospecting numbers are down, it’s only a matter of time before listing results fall and, eventually, sales and fees. It’s simple numbers.
Getting salespeople to count their actions is an ongoing battle that leaders must not shirk. Do you know your agency’s numbers and ratios? Are you regularly getting a glimpse of the future?
While the cartoon series, Dilbert, might be funny, real estate agency profit consultant, Gary Pittard, says that in real life, Dilberts can be anything but. He quotes author, Geoff Burch, who offers sound advice: Sack Your Dilberts!
You cannot watch, listen to, or read the news for long without being bombarded with bad news, gloomy forecasts and general negativity. Bad news sells.
Let too much of it into your head, and your performance will suffer. I believe that in life we get the ‘negatives’ for nothing. We must work for the positive. We must consciously seek out the good, the positive, focusing on what we can do instead of worrying about things that are beyond our control, much of which will never happen. MORE
And then there’s those little ‘voices’ in our head, the voices that tell you that you won’t amount to much, that you can’t do something, that real estate is too hard. Those negative voices are the committee in your head.
You may have heard the saying, “Feelings aren’t facts”. This is never truer than when it comes to listening to the ‘committee’.
You’re not stupid, you’re not a failure, despite what the ‘committee’ tells you. Don’t fall for it.
Understand that we all have our own committees and you can bet that yours is no more negative than anybody else’s. Replace the committee’s negativity with positive Affirmations. Change the inner dialogue.
When you think about it, why shouldn’t YOU succeed? Other people have succeeded, so why not you?
If you want an antidote to the committee’s negativity, develop a bigger picture of what you want from your career and your life. Set goals and write positive Affirmations that will change your thinking over time. Goals and Affirmations will help to quiet the committee.
Focus on the positive. Let the committee find another audience.
To succeed, says real estate agency profit consultant, Gary Pittard, we must be masters of our chosen fields. He quotes author Robert Greene, who says that we must grow to feel a profound connection to our work. Gary Pittard says that this profound connection begins with knowledge and leads to immense career satisfaction and a high income.
If you want to get your new sales recruits off to a flying start, first teach them the essential actions – those necessary to succeed – and then help them formulate a plan loaded with those essential actions. Then follow up and ensure they are being done.
Essential actions are non-negotiable. Do the actions, or leave. Never allow your salesperson to negotiate the actions downwards. MORE
This is exactly what happened with one of our leaders recently. She believed her recruit showed promise. But I wondered if he was just making the ‘right noises’. Until you see the essential actions being performed regularly, you can’t say the recruit is showing promise.
The leader had taken shortcuts with the recruit’s induction. I advised going back to square one, beginning with six essential actions to be carried out in the coming six weeks.
Those actions were:
You might think those actions are tough. Paying for mediocrity is tougher.
But the leader compromised, allowing the recruit to fall short of the prospecting numbers. The highest he got was 68 prospecting calls in one day.
The recruit told the leader it was too hard. He wanted to go into Sales where he ‘guaranteed’ that he would do well.
I told this recruit and the leader that under no circumstances should he be trusted with live leads. If he quit making calls because it was too hard, he would do the same at listing presentations, when the client told him that his fee was too high. He’d lower the fee immediately.
My reasoning? If you fold once when the going is tough, you’ll fold again and again.
This guy didn’t have what it took to be a salesperson, yet. Perhaps further down the track, but not today.
His leader was worried about being on her own. This was the only person coming onto her sales team. I told her this: Financially and for peace of mind…
No people is better than the wrong people.
The moment you compromise on the essential action with your salespeople, you doom them to failure.
You need to answer both questions if you want to build a great team.
There is a difference between threatening team members with dismissal for poor performance and applying positive pressure to perform. In this short leadership session, real estate agency profit consultant, Gary Pittard, says that winners thrive on positive pressure, while mediocre performers detest it. But do you want mediocrity on your team?
In an age where people can be quick to assert their rights but slow to live up to their responsibilities, we at Pittard advise our leaders to hold their people accountable. That is, accountable for doing winning actions, in large quantities, on a regular basis.
In Sales, there are right actions and wrong actions. The right actions lead to a listing, a sale, or a price reduction, and eventually to properties sold and fees received. The wrong actions are a waste of time and don’t lead to results. MORE
In my 25 years as a real estate agency profit consultant, I have had the privilege of working with many winners and I have seen that they share many qualities.
One of these qualities is that a great salesperson never waits for their boss to put pressure on them. They put pressure on themselves to do the right actions. They hold themselvesaccountable.
They apply pressure to themselves so that their leaders never have to.
Canadian trainer Brian Tracy says, “If it’s to be, it’s up to me”. Nobody is going to make you successful. Many people can help but ultimately you and nobody else is responsible for your success.
You have the choice to:
It all boils down to this: you can do, or you can be a person who doesn’t do. If you don’t, it’s nobody else’s fault.
Hold yourself accountable. Your success is in your hands.
It always has been.
Every time clients ask salespeople a question, they are trying to answer the big question they have in their minds, which is, “Why should I list with you?” They are testing you, and you have better pass or lose the business.
In this short real estate sales session, real estate agency profit consultant, Gary Pittard, says that most salesperson never reach a professional standard because they either shun training, or they do not study for understanding. The difference is success or failure.
Take a minute and look around your agency. Everybody looks busy, don’t they? But are you making money? Are they making money? If you’re not careful, you may mistake busyness with production. Remember – not all activity is created equal!
In all jobs, including yours, there are only two types of activity:
ACTIVITIES THAT LEAD TO RESULTS AND ACTIVITIES THAT DON’T. MORE
Leaders must be vigilant to ensure that time is devoted to productive activity. The art is to do so without micromanaging.
Activity designed to make people look busy is what we call PTBB – Pretending To Be Busy. To limit PTBB activities, leaders must ask questions like “What are you working on right now?”
If the question is met with a pause, or an “Um”, you have probably just caught out a PTBB. When you identify that a person is working on a PTBB activity, give them a productive task to do immediately, like prospecting.
Whether it’s your receptionist, a secretary, a BDM, a property manager or a salesperson, there are activities that will lead you closer to results, those that are routine, and those that waste time.
Results-linked activities are priority number one. Get these done first. Routine is second on the queue, but never at the expense of doing a results-linked activity.
Waste-of-time activities should not be done by anyone!
Often our offices are called ‘work’ – “I’m going to work” is a statement people use to describe where they are going – the office – but ‘work’ in this context is not a noun – it’s a verb. You don’t GO to work, you DO work.
Activities that waste time are not work. They are an indulgence that comes from unclear job descriptions and a warped sense of priority. Leaders, we must look out for such activities and stamp them out. We must get our people focused on results-producing actions.
That is, if we want to make a good profit.