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

Reviews: Your Name in Lights

Here in the digital world of the 21st century, let's give some thought to happy client reviews and, in particular, how we use them. Some salesp...

Know Your People, Encourage Your People

In his final ill-fated expedition in Africa, explorer Henry Stanley paid the ultimate price for straying from his usual practice - he didn't choose ...

Two Types of Salesperson

A change in the market has exposed many of those who looked like winners during the boom. Back then, it was easy to look like a hero - if you co...

A Deeper Understanding

In this short sales session, real estate agency profit consultant, Gary Pittard, discusses one major difference between the order taker and the prof...

Create A Success Environment

Real estate agency profit consultant, Gary Pittard, says, "Real estate agency owners have the options to build their companies into success environm...

Are You Sure It's the Market?

A lot of leaders and salespeople are complaining about the 'tough market'. But is the market really the whole problem? The advice I've been giving ...

Love Of Quality Work

Are you the type of person who does just enough to get by at work, or does quality work mean something to you? Real estate agency profit consultant,...

A Sure Way to Higher Profits: why coaching salespeople pays dividends

Many offices struggle and so do their salespeople. In the nineties, salespeople wrote on average $135,000 in fees. Since 2010 we have seen litt...

Your Number One Leadership Asset

The number one asset for all leaders is their integrity, their character. Real estate agency profit consultant, Gary Pittard, says that integrity...

Competence Doesn't Just Happen

Let me introduce you to Joan Carter, who retired on 30 June 2018, ending a successful twenty-four year career in real estate sales. Before real...

Work Is A Verb

"Bye Darling, I'm off to work". Salespeople say this every day, but what exactly are they talking about? Real estate agency profit consultant, Ga...

Out of Control: What to do when salespeople wont do the actions

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 pres...

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