21 mistakes real estate brokers make and how to avoid them
TRANSCRIPT
Mistake #1
Failing to surround yourself with good people.
You’re only as Strong as your weakest link….
John Maxwell
Mistake #1
Failing to surround yourself with good people.
Surround yourself with the best people you can find, delegate authority, and don't interfere as long as the policy you've decided upon is being carried out.
Ronald Reagan
Questions to Ask Yourself?
Do I know what my average desk costs are?
Do I know which agents are meeting those desk costs?
Am I taking the necessary steps to meet and exceed those desk costs?
Agent Desk Cost Split Break Even Profit – 1/2
Top Producer $ 30,000.00 90% $ 300,000.00 $ 450,000.00
Producer $ 22,500.00 70% $ 75,000.00 $ 112,500.00
Toddler $ 18,500.00 60% $ 30,833.33 $ 69,375.00
New Agent $ 15,000.00 50% $ 30,000.00 $ 45,500.00
Desk Costs and Profit…
How To Vote via Texting
1. Standard texting rates only (worst case US $0.20)2. We have no access to your phone number3. Capitalization doesn’t matter, but spaces and spelling do
TIPS
EXAMPLE
How To Vote via Twitter
1. Capitalization doesn’t matter, but spaces and spelling do2. Since @poll is the first word, your followers will not receive this tweetTIPS
EXAMPLE
Mistake #5
There is no written business plan.
Mission StatementValues, purposesProjected SalesWays to increase businessAnd more…
BusinessPlanPro.com
Make sure you update your plan annually, and monitor your plan throughout the year…
41
Analytical Income Statement
Gross Revenue
- Variable Expenses
- Fixed Expenses
EBIT (earnings before interest & taxes)
43
SLEEPWELL
GR $100F - 20TV - 60EBIT $ 20
EATWELL$100- 60- 20
$ 20
$ 90
- 20
- 54
$ 16
$ 90
- 60
- 18
$ 12
How Can You Do This Effectively?
• Ask them to evaluate their own job performance
• Begin with something positive about their work
• End with something positive• Set goals with the agent• Be Clear about expectations and outcome
• Set a new appointment for the next job evaluation before they leave
Informational Ideas•Financing•Food and Dining•Your community•How to buy a home•Buying a 2nd Home•Free Reports•Other Helpful Tips
Meeting ObjectiveTo help agents understand the need to be good listeners, and how to apply good listening techniques in their daily lives.
Did You Know?According to the International Listening Association: Most of us are distracted, preoccupied
or forgetful about 75% of the time we should be listening.
Be a Better Listener!
According to an article by Guy Harris, www.PrincipalDriven.com, there are five ways to become a “better listener.”
#1 - Listen to Understand, Not to Respond.
Be a Better Listener!
According to an article by Guy Harris, www.PrincipalDriven.com, there are five ways to become a “better listener.”
#2 – Be Quiet!
Be a Better Listener!
According to an article by Guy Harris, www.PrincipalDriven.com, there are five ways to become a “better listener.”
#3 – Let Them Finish Their Thoughts
Be a Better Listener!
According to an article by Guy Harris, www.PrincipalDriven.com, there are five ways to become a “better listener.”
#4 – Maintain Eye Contact
Be a Better Listener!
According to an article by Guy Harris, www.PrincipalDriven.com, there are five ways to become a “better listener.”
#5 – Ask Questions to EnsureThat You Understand!
“You can make more friends in two months by becoming more interested in other people than you can in two years by trying to get people interested in you.”
Dale Carnegie – American lecturer, author, 1888-1955
Closing Quote
Proverbs 11:14
Where no counsel is, the people fall: but in the multitude of counselors there is safety.
What Do Real Estate Agents Want?
Want real estate productivity and enhancement tools for their mobile device
55%
High D’s (Dominance)
Results, control oriented
Direct
Impatient, strong-willed
Quick
Takes Action
Hi I’s (Influence)
People-oriented
Optimistic
Recognition-seeking
Expressive & outgoing
Enthusiastic, energizing
Hi S’s (Steadiness)
Stable, predictable
Deliberate
Consistent
Good listener
Sympathetic
Hi C’s (Conscientious)
Analytical
Accurate and orderly
Deliberate
Correct & quality oriented
Systematic
Planners
Generation Impacts Attitudes Communicat’n
Style
Technology Preferences
Silent Generatio
n
Depression
WWIIDuty, Honor, Hard Work, Respect for
rules
Formal communicati
on styles
Telephone; Some use
computers-more
comfortable with written
letters
Baby Boomers
Era of Safety, Prosperit
y
Rebelled against
“hollow” society
Personal growth,
achievement, political
correctness
Learned computers
prefer conversation,
esp. telephone
Gen XSocial value
upheavals
Tough, pragmatic,
individualistic
Adaptive, balanced, comf. with
casual communicati
on
Emailers, Net =
source of information
Gen YGlobal
political unrest;
tech since birth!
Grew up in diverse &
multicultural society; ‘02 Census =
37.6% non-White.
Tech since birth! Family
& group centered;
Talk cell not in person!
Cell Phone-centric!
Texting, IM, cell
applications & net through cell phone
Re-Cap of Main Points
1.Surround yourself with “GOOD” people
2.Run your office like a “BUSINESS”3.Develop a “BUSINESS PLAN”4.“RECRUIT”5.“COMMUNICATE”
Re-Cap of Main Points
6. “EVALUATE” job performance regularly
7. Be a good “LISTENER”8. Set “MINIMUM” standards9. Take “TIME OFF”10.Look for additional
“OPPORTUNITIES”
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