webinar nov 2010 power point day one with copyright 2010

Business Planning

2010 & Beyond!

Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, eProMissouri Association of REALTORS®

© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®

Meet Corky Hyatt•Coach, Educator, & Instructor since 1988•REALTOR since 1978 with more than 75 sales a year before turning her attention to full-time training•Broker in both KS and MO•CRB, CRS, and GRI designations•REALTOR of the Year, 1990, Johnson County Board of REALTORS•WCR Governor, 2002 & CRS State Pres., 2004; KS CRS of Year, 2001•Distinguished Service Award, Kansas Association of REALTORS®, 2007


Meet John Mayfield

•Received his real estate license at the age of 18 in 1978•One of the first sales associates in his board of REALTORS® to reach the Missouri Association of REALTORS® Million Dollar Club…interest rates were record highs and ASP $25,000.•Practicing broker since 1981 and he owned and operated three offices in Southeast Missouri, and managed over 30 real estate agents.•ABR®, ABRM, GRI, CRB and e-PRO® designations•CRB Instructor and Senior GRI Instructor•Published author & national speaker!

“It is impossible to predict the future.

Being caught off guard is just foolish. Why would you fight the future? The future is coming, no matter what.”

• What are my numbers?

• Units closed this year?

Annual increase in the past 3 years?

• Average Commission?

• My average listing inventory

Seller inventory

Listings sold/year?

Percentage of listings taken/listings sold?

Where Am I Now?


Sources of Business?

• Whom do I prospect for seller listings, buyer clients?

• How many contacts do I make a day?• Am I still mailing instead of contacting? (throwing

$ at the business?)• How many property or buyer listings do I take

each month?• How many contacts (How many presentations)

does it take to sign a seller or buyer listing contract?

• What’s my GCI? What’s my annual expense %? What’s my profit %?


What’s My Bottom Line?

• GCI? (Gross Commission Income)

• Expense % (gross profit before taxes)

• Profit? (gross profit before taxes)

• Am I pleased with my numbers?


Numbers eExercise• Units not volume – duplicatable! (Sides=best)

• Low number of personal contacts with

– COI, PC’s (past customers), Raving Fans

• Number in your COI (too many or too few?)

– Ideal number=250 so that you can contact them 6X/year (250X6=1500/50 weeks/5 days = 6/day!

• Few using business plan

• Virtually none using business budget!

– Thought question: How can we be in business without a business budget?

• Email signatures: It’s feast or famine!


S.W.O.T.

• Strengths

•Weaknesses

•Opportunities

• Threats

My Strengths

What are my business advantages? What are my core competencies?

Where am I making the most money? What am I doing well?

My Weaknesses

What am I avoiding? Where do I lack resources? What am I doing poorly?

Where am I losing money? What needs improvement?

My Opportunities

Any beneficial trends? Niches that competitors are missing? New technologies? What

the new needs of customers and clients? What opportunities do I see that are not

described here? How am I using “social networking” to build my business? Ability to

communicate with all personality types?

Ability to work with all Generations?

Threats

Obstacles to overcome? Aggressive & successful competitors?

Negative economic conditions? New brokerage models and alternative pricing models?

Government regulation? Changing business climate? Vulnerabilities?

What threats do I see that are not mentioned here? Inability to work with other

personality styles? Inability to work with the other generations?


SWOT… How will I …?

• Maximize my best “S” [strength] and “sell” it to consumers?

• Overcome my greatest “W” [weakness] and what specific action will I take NOW to overcome it?

• How will I take best advantage of my greatest “O” [opportunity] in the next 90 days?

• How will I specifically deal with my greatest “T” [threat] in 2008? How will I address each of the “outside” threats/issues in my business planning?


• Mission

• Vision

• Values & Beliefs

• Goals

• Strategies

• Action steps

• Evaluation

• Refinement & Redirection

It’s Not Magic!


Mission Statement

Ralph Roberts Mission:•Customer Focus•Personal Growth•Leadership•Team Concept•Profitability

Mission Statement Ideas

• “To maintain the high standards exemplified in the NAR Code of Ethics”

• “To attain a high level of expertise in the most up-to-date information, techniques, technology, and tools for marketing properties and for home-finding services.”

• “To promote the availability and affordability of housing.”

• “To build personal financial independence, growth, and stability through serving the wants and needs of motivated, qualified sellers and buyers.”

• “We will give the same level of care and attention in the sale or purchase of your home that we would use in buying or selling our own home.”

• “Our goal is to make lifelong clients, not sales. We stake our reputation on each and every transaction!”

• “We provide customer-centered service to exceed our clients’ real estate expectations.”


View from the Top?

Your “vision” is a vivid, 5-sense description of your business when you’ve accomplished your goals!


Vision Examples!• My past customers call me whenever they hear of someone wanting to

buy, sell, or trade real estate.

• My email contacts forward my emails to their centers of influence because they find them so valuable.

• I use state-of-the-art technology, especially my computer systems.

• My past customers and center of influence use my web site to find everything they need to know about real estate, housing, and related fields.

• Agents copy my email stationery ideas and web site ideas because I’m leading the field!

• My office functions beautifully, my workspace models organization and systematization, and I can find information and documents quickly.


More Vision Examples!

• My car, while fully outfitted for business, squeaks of cleanliness, smells fresh, & provides a comfortable place to work for me & to see properties for my clients.

• Prospects ringing my phones, happy voices, and appreciative smiles surround me daily!

• My real estate “team” and I provide the best information, service, and support available in my market area.

• My wardrobe and business equipment/accessories speak of quality and success.

• I’m known for being an excellent listener and for focusing on the needs and desires of my exclusive clients.


Differentiation?

The opposite of differentiation is to

blend in & “bland out!”

• Tom Peters, world-renowned lecturer & author, has a seminar entitled

"Be Distinct

or Be Extinct!”

To

m P

ete

rs

Don’t Become Extinct!


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© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®

Generation Impacts Attitudes Communicat’n

Style

Technology

Preferences

Silent

Generation

(1922-43)

Depression

WWII

Duty, Honor,

Hard Work,

Respect for

rules

Formal

communication

styles

Telephone; Some

use computers-

more comfortable

with written

letters

Baby

Boomers

(1943-60)

Era

of Safety,

Prosperity

Rebelled aga.

“hollow”

society

Personal

growth,

achievement,

political

correctness

Learned

computers

prefer

conversation,

esp. telephone

Gen X

(1960-80)

Social value

upheavals

Tough,

pragmatic,

individualistic

Adaptive,

balanced, comf.

with casual

communication

Emailers,

Net = source

of information

Gen Y

(1980-

2000)

Global

political

unrest; tech

since birth!

Grew up in

diverse &

multicultural

society; ‘02

Census = 37.6%

Tech since

birth! Family &

group centered;

Talk cell not in

person!

Cell Phone-

centric! Texting,

IM, cell

applications &

net thru cell

phone

…when a client truly believes nobody else can do the job the way you can do it, price

is no longer an issue!


Questions - Structure & Organization!

In which legal identity do I choose to work? Sole proprietor, partner, S or C Corp, or LLC?

Which “role” do I choose to play with prospects and clients? Salesperson or consultant?

Which organizational structure do I choose for my business? Agent alone, computerized; Clerical staff;

buyer agents; seller agents; CEO

In which areas of my business do I need additional systems & check-listing?

What is my “exit strategy” & what am I doing to put it in place today?


webinar nov 2010 power point day one with copyright 2010

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