Less Selling, More Leading
Multi-tasking is a myth.
While performing two straightforward chores at the same time is easy – you can stir the custard while talking on the phone – it is folly to think that this transfers to complex tasks. The law forbidding texting while driving is for good reason – you cannot safely do both at the same time. Likewise, you cannot perform other complex tasks simultaneously.
One ‘deadly combo’ of tasks that should never be performed together is selling and leading – trying to lead a team while being heavily engaged in listing and selling. When you are selling, you are NOT leading.
If you own a real estate business, and are a principal who sells, you should examine your reasons for doing so.
Do you sell because you need to bring money into the business? If so, why?
- Are you selling because your team is not performing – your production is necessary to keep the doors open?
- Are your team members being paid too high a commission percentage, meaning that after commissions there is little left over to cover expenses?
- Is your sales team too small?
While I understand that you need to sell to keep the doors open, unless you address the reasons why you must sell, you will always be a slave to your business. Your business needs leadership, urgently!
Do you prefer selling over leadership?
If so, why have you got a real estate office? Leadership and Sales are different skills. If you are working hard as a salesperson and not making much profit, sell the business and work for somebody else.
Do you think you can do both?
Perhaps you can, and there’s an easy way to find out:
Examine your previous year’s income. Subtract the income from the Property Management Department and income generated by you. How much is left? What is the profit, or loss, on that income?
If the profit is low (under $200,000), or if there is a loss, clearly you cannot lead and sell. Your business needs leadership!
I don’t mean to offend you by making these statements, but too often agency leaders measure their success by how long they have been in business. This means nothing!
Measure your success by the PROFIT you make, profit generated by your Property Management Department and by your Sales Department, MINUS any fees generated by you. Your profit should exceed $400,000 per annum without you needing to list and sell.
If you’re not making this profit, there is room for improvement, and certainly for more leadership.
And if you want a hand to figure out a way forward, please let me know.