21 mistakes real estate brokers make and how to avoid them
TRANSCRIPT
Mistakes Real Estate Brokers and Managers Make And How To Avoid Them…
www.BusinessTechGuy.com
A FRESH Start!
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
Mistake #2
Failing to run your real estate office like a business.
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…
Mistake #2
Failing to run your real estate office like a business.
Tools To Grow!
© 2011 Council of Real Estate Brokerage Managers 12
Mistake #3Neglecting to have a written commission
schedule for your office.
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Commission Exceptions?
Mistake #3Neglecting to have a written commission
schedule for your office.
Mistake #4
Failing to have a written job description for your agents and staff.
Mistake #5
There is no written business plan.
Mission StatementValues, purposesProjected SalesWays to increase businessAnd more…
Mistake #6Failing to live and breathe by a
budget.
BusinessPlanPro.com
Make sure you update your plan annually, and monitor your plan throughout the year…
S.W.O.T.
Mistake #7
Failing to recruit on a regular basis.
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Mistake #7
Failing to recruit on a regular basis.
Mistake #8Having no knowledge of
the numbers.
39
Profit
Gross Revenue
- Operating Expenses
EBIT (earnings before interest & taxes)
40
Operating Expenses
Variable Expenses
Fixed Expenses
41
Analytical Income Statement
Gross Revenue
- Variable Expenses
- Fixed Expenses
EBIT (earnings before interest & taxes)
42
SLEEPWELL
GR $100
TC - 80
EBIT $ 20
EATWELL
$100- 80
$ 20
43
SLEEPWELL
GR $100F - 20TV - 60EBIT $ 20
EATWELL$100- 60- 20
$ 20
$ 90
- 20
- 54
$ 16
$ 90
- 60
- 18
$ 12
Tools To Grow!
© 2011 Council of Real Estate Brokerage Managers 44
Mistake #9
Failing to communicate to your staff
and agents on a regular basis.
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Presented ByJohn D. Mayfield“The Real Estate Tech Guy”
Working in the Cloud!
Mistake #10Neglecting the need to evaluate job
performance on a regular basis.
Job Performance
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
Accountability
© 2011 Council of Real Estate Brokerage Managers 64
Accountability
© 2011 Council of Real Estate Brokerage Managers 65
Mistake #11The lack of a written
marketing plan.
Game Plan?
Social Media?
BIG!
I Don’t Have Time!
HelloTxt = 1 Post Update
Use Twaitter
The Effects of Re-Tweeting
Twaitter
Twaitter
1 Post – Updates AllOf Your Networks
BIG!
Informational Ideas•Financing•Food and Dining•Your community•How to buy a home•Buying a 2nd Home•Free Reports•Other Helpful Tips
Show – Social Media Accountability Scorecard
Mistake #12
Difficulty in being a good listener.
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.
Did You Know?We listen at 125-250 words per minute,
- but think at 1000-3000 words per minute.
Did You Know?Immediately after we listen to someone, we only recall about 50% of what they said.
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
Mistake #13
There is no board of directors.
Proverbs 20:18
Every Purpose is established by counsel…
Proverbs 11:14
Where no counsel is, the people fall: but in the multitude of counselors there is safety.
Mistake #14Avoiding the use
of a mentoring system.
Mistake #15Remaining behind the curve with technology – (Intranet)
What is the future of real estate?
Always Be Ready for Surprises in Life…
Always Be Ready for Surprises in Life…
The Future…
Mobile?
What Do Real Estate Agents Want?
Want real estate productivity and enhancement tools for their mobile device
55%
Are You Mobile App Ready?
Auto-Play
Equipment
111
Then e-mail your notes to your sales staff!
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Practical Solutions You Can Use!
E-Readers….
ZMags
Desktop Author
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E-Readers
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DropBox
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The Cloud is The Future
Mistake #16
Failing to set
minimum standards for your agents.
Income Standards
Mistake #17
Understanding who your agents are and who you
recruit.
Begin here for effective
communication!
DISC
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
Mistake #18You do not take enough time
off.
Do You Take a Day Off?
Mistake #19
Failing to delegate work to others.
Mistake #20
Failing to look for additional opportunities.
Mistake #21Leading by pleasing.
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”
“You should not waste a moment of today on the rottenness of yesterday.”
Ralph Waldo Emerson
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