Want to know more?   Contact us today.

Get Rich Quick Is Not a Plan

Many people who open real estate agencies expect it to be easier than it eventually turns out to be. Many suffer from the Field of Dreams thinking, “If you build it, they will come”. That doesn’t happen very often.

It does not take long for agency owners to realise that Get Rich Quick is not a plan. Most times, business is a hard slog, which can be made harder by a lack of planning and a lack of training.

In almost three decades as a real estate agency profit consultant™, I have seen few agencies that have a business plan. While get rich quick is not a plan, neither is it smart to have no plan at all – at least if you want to become financially independent through your business!

The Challenges

  • Businesses with leaders who were good salespeople usually have leaders who get caught up listing and selling, instead of growing and developing their teams.
  • Businesses with leaders who were good managers often have leaders that are good at saying ‘no’ to everything, including expenses that might grow the business. Any fool can say ‘no’ to everything. Good management requires making decisions that grow the business.
  • Most businesses have leaders who hire either ‘by gut feel’ or by poaching their competitors’ salespeople. Neither are successful hiring plans.
  • Most businesses have no idea where their income will come from – what marketing sources will bring them listings and sales. This leads to haphazard marketing and inconsistent results.
  • Most real estate businesses need listings, but spend most of their marketing dollars to attract buyers.
  • Most businesses have no plans for finding, inducting and developing salespeople. Most salespeople in the real estate industry produce mediocre results (as is evidenced by industry averages).
  • Most businesses continue flogging the same tired industry practices (debit/credit reward schemes, high commission-only percentages, sales systems with no points of difference for example) despite evidence that those practices are unprofitable.

If by now you have realised that get rich quick is not a plan, and if you do not have a business plan at all, may I ask, are you happy with the profits you make from your residential sales department?

Now, take out your own PERSONAL PRODUCTION. Are you still happy?

If you are not happy, this means that your sales department would not be profitable without your own personal production. While you are in this state, you do not have a business, you have a job – essentially, as a salesperson in your own company.

Consider doing something different. Formulate a business plan – take control of the direction of your business.

And if you need a hand with a good plan, please do contact me.

Gary Pittard
Recent Articles

Marketing

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 yo...

The Forgotten Rookie Syndrome

Many salespeople either become sales managers or move into a leadership role as owners of their own real estate businesses. Gary Pittard, CEO of t...

Hard Tasks Pay

In 30 years I have interviewed countless winners, and have noticed one big difference between winners and their mediocre counterparts: ...

Make the Most of a Golden Opportunity

"This is truly a great career. I wonder how many real estate salespeople actually appreciate the golden opportunity their real estate career offer...

Think Profit

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 mo...

Succession Planning All Talk or All Action

In this short leadership session, real estate agency profit consultant, Gary Pittard, discusses Succession Planning. Many agency leaders talk abou...

Short Attention Spans

A common complaint from leaders is that their salespeople lack focus. It has a been constant theme in my 30 years as a real estate agency profit consu...

Ask for Price Feedback

Property sellers need accurate information from the market if they are to develop an understanding of the correct market price at which their prop...

Hiring Do's and Don'ts (Part 2)

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 Hir...

Sharpen The Saw

Real estate agency profit consultant, Gary Pittard, recommends that leaders give their salespeople knowledge tests, yearly at least. If you think ...

A Foundation of Honesty

Below are snippets are from surveys conducted by Roy Morgan over a 17-year period. I have been following these surveys for 25 years and note the posit...

Happiness Is Relative

In this short sales session, real estate agency profit consultant, Gary Pittard, discusses happiness and its relevance to real estate sales. Happine...

Want to reach your profit potential? Contact us now.

Pittard


Suite 71, Level 4
330 Wattle Street

Ultimo NSW 2007
Australia


Mailing Address
PO Box 2045
Strawberry Hills NSW 2012


: (02) 8217 8500
Fax: (02) 9281 4198
AUS Free call: 1800 663 600
NZ Free call: 0800 448 065
International: +61 2 8217 8500

: info@pittard.com.au

Contact Us