Statistics and Ratios – How can they help your Real Estate Career?

During my 14 year Real Estate Career I have always set and reviewed goals that I’ve targeted generally at the beginning of the year and what I have found to have helped me is the use of statistics, ratios and even graphs to track my progress. This has also enabled me to get a handle on how I have procured appraisals and listings in particular. There are certainly some negatives with being too statistical in your approach.  At the end of the day there is nothing quite like getting the job done and actually doing something. (As that great Hawthorn Football Club Premiership Coach John Kennedy would say, ‘Don’t think. DO!)

With any great project comes planning and with any important plan you need information at your disposal and one or many objectives that you would like to achieve. I know there is a statistic that says that only 3% of the population have written goals and therefore the other 97% of the population are merely wishing but let’s delve a bit deeper into what the 3% can do to become the 1% or even .5% of the population.  After all a job worth doing is not only worth doing well but brilliantly I say! So the question becomes. If only 3% of the population set goals then what % of the 3% actually perform study around their goals in order to improve them? And, do we know where our results are coming from?

I can’t say that I’ve always done this but recently I decided to create a graph of all my sales in my patch, farming area or territory (or whatever you prefer to call it) My reasons behind this was that I was curious to analyse how I had met the 57 sellers that are now my past sellers and from this I went on to graph the change in median price in this territory of approximately 1500 homes. The information generated has made me feel far more confident in presenting listing presentation in my area and I hope this has taken me a bit closer to becoming the trusted advisor for the Oatlands Estate in  Narre Warren. It shows that the median house price sale till the end of March 2013 is $361,000 according to realestate.com.au current data. My data as seen in the graph below shows that the latest median price generated from combining all of my sales for the year so far is running at $466,300 and over the last 5 years inclusive of all 57 sales the median runs at $380,800.

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These statistics are very important if my main objective of becoming the trusted advisor in the area is to be realised. I already feel more confident when I go into a listing appointment, especially within this my territory as I am coming from an angle of experience gained over the last 5 years. I’m sure that there are indeed components of this data that can be improved upon but for now it shortens my preparation time because the majority of sales information relating to the area has already been captured.

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Knowing your main KPI’s-

There is a brutal honesty that comes with knowing your statistics it’s a situation that you can choose to either hide from or to ultimately analyse and improve upon. Each year I track each and every appraisal that I do in an excel spread sheet. So far this year I’ve been able to compile the following information about myself and my results;

  • Appraisals from Jan 1st 2013 till May 15th 2013 = 91
  • Listings till May 15th 2013= 32
  • Appraise to list ratio = 35.16%
  • Sold till May 15th 2013 =15
  • List to sell ratio = 46.88%
  • Sold own listings = 9 out of 15 = 60%

I don’t track sales data as vigorously as I believe that listings are the lifeblood of my business and as such if I am able to list enough saleable property that my goals and objectives become so much easier to reach.

Some people may look at the aforementioned ratios and information and draw a total different conclusion to what I would. The same goes for you and your goals, and at the end of the day it only really matters what the data means to you and what you think you can do with it. For instance 1 conclusion that I draw is that I am doing a lot of preparation appointments instead of listing appointments as I certainly don’t mind meeting up with my prospective vendors 1, 2 or more times before they are ready to come to the market proper. Certainly I’d like to organise a higher % of ready to go listing appointments but just so long as it doesn’t compromise my relationships negatively.

Then, further to this study I have tracked where my appraisals have come from so far this year. This in turn will allow me to focus on prospecting methods that appear to be more effective for me going forward. The graph below indicates the data;

 

 

It will be interesting to do an analysis of this data and compare January – June 2013 with July – December 2013. One of my main objective leading into the 2nd half of the year is to really focus my efforts into my territory in Oatlands and to do regular Direct Mail letters and sold result emails to all of my contacts in the Oatlands Estate that have furnished me with an email address. Fortunately obtaining email addresses has been a strong focus of mine it is all implementing what I know works well. In other words; I will take Mr Kennedy at his word and actually DO!

Larissa Reed

How to Get into a Career in Real Estate

I’m relatively new to Real Estate after spending a majority of my career in IT. I’m now starting to get questions from other people who are also thinking of making a career change, about what I did and how I did it.

For my entire adult life I’ve been interested in property. I bought my first house when I was 19 thanks to a huge amount of encouragement from my mother and financial help from my boyfriend’s mother. We bought a tiny one bedroom terrace in Zetland, next to a factory, which was in truly original condition. The whole family helped us do it up and for five years it was my pride and joy.

How To Get Into A Career in Real Estate

That was the start of my love for anything and everything property. Unfortunately my day job in IT paid way too well for me to consider leaving. So I bought and sold houses, read everything there was to read on design, decoration and property investing, and stuck with the career that paid but didn’t stimulate.

When I was lucky enough to get a redundancy from my IT job, I decided that this was the time to make a big change and start doing what I was passionate about. Rather than jump in head first, I took a part time IT contract which would cover the bills, joined the Real Estate Institute of NSW and gained my certificate in real estate.

I then started working part time at a Real Estate agency as a casual. Learning the ropes in a small agency meant that I was involved in many aspects of the business from leasing and property management to marketing and sales. This gave me a great insight into the entire business and allowed me to work out what it was that I loved best. After a few months I did the accelerated license course to get my full real estate license. I sold a couple of houses and absolutely loved it.

Once I was nearing the end of my IT contract, I started looking for a permanent role in sales in a larger office. I searched domain.com.au for all the real estate agencies in the area I wanted to work, then approached the ones who had made the most sales that year. I also spoke to the three major real estate recruitment agencies so that they could represent me. I met with several of the agencies, and found that Payne Pacific seemed to be the best cultural fit for me.

Choosing The Right Employer

When looking for an employer, it’s easy to think just about whether you are going to be accepted by them, but it’s equally important for you to decide whether it’s the sort of place you would feel comfortable. Investigate whether they will support your career growth, whether they are reputable and whether they have good training and processes. There is a lot of turnover in the real estate industry. If you already have maturity and experience from a previous career, this will be a real advantage and will make you an attractive prospect. If you are also passionate about property, you’ve got it made.

I’m lucky because my husband and family completely support me making this change, despite the fact that it was difficult at first financially until I built my client base. They can all see the happiness on my face whenever anyone starts me talking about my job, and they know it’s what I should be doing.

I’ve also been amazed at the support I’ve had from the real estate industry as a whole. I joined some Facebook real estate groups early on and found them to be an invaluable source of help and advice. I know that real estate agents have a bad reputation, somewhere slightly higher than used car salesmen, but this is not the impression I have received. The people I’ve met have been a lot of hard working professional people who are trying to make a difference to the industry and its perception by the public. My boss is the president of the REINSW, so he is one of the best examples of the modern day estate agent. He does things by the book and leads his team to do the highest quality job possible.

My only regret is that I didn’t do this sooner – I would certainly advise anyone who asked me, to make that change, jump into that deep water, and do what you love.

Zac McHardy

My Recipe For Real Estate Success – Top 5 Ingredients

When I started in real estate four years ago, I honestly had no real idea what I was meant to be doing. I was working as a PA for a leading agent in the area and noticed that vendors were always calling to list with him. At this stage, I thought the real estate game seemed really easy, and wished I had entered it sooner. Then I stopped being a PA and opened a new office nearby and realised it was not that easy. It took me a while to figure it all out but slowly, ingredient-by-ingredient, I was able to put it all together and build a successful business.

INGREDIENT 1: KNOWING WHAT YOU WANT

Everyone talks about goals all the time but do they really believe them and follow them? Do they have them written down? Do they look at them every day and visualise them? Unfortunately, most people don’t. There was a massive change in my career when I looked over them every day. I had them in my wallet in my bedroom, in front of my laptop at the office and any place I would look when I was not focused or stressed. Only a short time after, I could see the movement towards them and the focus was much higher.

Top Tip: Write your top five goals, laminate them, put them in your wallet, and look at them three times a day.

There is a secret to prospecting that only a few agents seem to have a grasp on – consistency and discipline.

 

INGREDIENT 2: PROSPECTING.

I stick to four types of prospecting in my core area. Cold calling, warm calls (contacts I have made over the time), letterbox drops, and open homes. There is a secret to prospecting that only a few agents seem to have a grasp on – consistency and discipline. Prospecting takes up about 60% of my day and the rest will fit in. You need to feel comfortable about your prospecting and have a plan. Follow your numbers and see where you get the most leads. For me it is open for inspections. I generally get about 60% of my leads from this. Therefore, I put most of my time into this style of prospecting.

Top Tip: Make a prospecting plan and stick to it. Make it your priority. Follow your numbers and see what is working for you. Do not start with something then stop only 3 weeks later.

Having time for yourself and your family is vital.

 

INGREDIENT 3: WORKING HARD AND TIME FOR YOU.

I loved working seven days a week running around chasing the deal (and I still do). However, I worked myself to the ground. I now only work five and a half days each week. I have a 5am start on a Friday and then head home around 1pm to wash the car and relax for show day on Saturdays. I also do not work Sundays. This is something new for me but I can already see the difference. Real estate can give you a lot but it can also take much away if you let it. Having time for yourself and your family is vital. You need to constantly recharge and be fresh. I recently came back from fantastic two months in Vietnam, Cambodia, and Singapore. I was able to get my mind off the day to work and look at my business from a different perspective. On return, I implemented new systems that are already working for me.

Top Tip: Book your breaks on the calendar now and look at it every day. You will be amazed how much you will focus on making sure that time away is the best you have had.

 

INGREDIENT 4: TRAINING AND IMPLEMENTATION.

Time after time, I went to conferences, seminars, and in house training. I always walked out pumped up and keen to get it all going. Even though I picked up at least 10 ideas from each session, I still noticed that nothing was really changing and I could not understand why. Then I realised I was not implementing anything. A great idea picked up from a friend and mentor of mine is implementation Thursday. Make a list of everything you want to start doing or implement into your business and work on that once a week for two hours on a Thursday. Since learning this very simple skill, I have implemented over 35 new ideas into my business.

Top Tip: Make a list of 100 things to implement. Go back through all your notes from any training you have done to help you make your list. Rank them from easiest to hardest and work on one easy one and one hard one.

Just like a good recipe, it can take time for everything to blend but the sooner you start the quicker you get to eat your cake.

 

INGREDIENT 5: KPI AND ACCOUNTABILITY

One of the best things I have implemented, and continue to do today, is taking time to analyse my numbers. I have been doing this for just over a year now and it really shows you what you are doing or not doing. Grab any one of the KPI forms from the Internet and start with what numbers you want to do per week. I currently use an iPad app for mine, as it’s mobile and easy to download a report at the end of the week to see how I have gone. I have now implemented a “Buddy System” with another agent and we compare numbers at the end of the day/ week and keep challenging ourselves. If we do not achieve our numbers, we try to figure out why.

Being accountable has been a great way to ensure I reach 100% on all of my KPIs. Don’t try to put numbers in that are unachievable. Be realistic, but push yourself.

Top Tip: Talk to someone you trust. They do not have to be in your office (mine isn’t) and send them a text each day or a quick call to let them know how you went. Book in a fortnightly lunch. Sit down with them and talk about any issues you have had during the past two weeks. Another person’s advice might be just what you need to help you get to you achievements.

 

This is my recipe. It has been great for me, and so far in my career it has been a fantastic ride. I think if you follow these five steps, you will see a big change in your business in only a short amount of time. Just like a good recipe, it can take time for everything to blend but the sooner you start the quicker you get to eat your cake.

 

Keen to hear your thoughts…

I’m putting together a Top 10 Ingredients for Real Estate Success and I’d be really interested to hear from Real Estate Mentors readers if you have any other ingredients that you feel should be included.

Thank You in advance. I hope you enjoyed the insights I shared within this Top 5 Ingredients article.

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This article originally appeared in Sold Magazine.

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Graeme Mills

The Best Motivational Movie Ever, 2013 – GET RESULTS

It has been a long held belief of mine that one has to be motivated in all walks of life or the world becomes a different place. Life without effort is a life full of regret.

Family, health, fitness, education, finance, business, employers, employees, the law, etc., etc., all test the mind and its normal functioning. There are times when it all appears far too hard and it is natural to question one’s own inner strength. If one is not motivated these items will destroy normal functioning of many brains with, sadly too often, devastating consequences.

“Believe in yourself, because if you don’t, no others will”

 

With this in mind I thought I’d share this truly inspirational video with agents:

Don’t let others tell you that you can’t achieve your dreams. If you have a dream then ‘GO AFTER IT’ and inch forward towards your own goals, NOT those of others.

Set your own desires, live your life on your terms and go after what you want…and stop getting in your own way with self-limiting beliefs and freedom-sucking fears that always appear just at that moment you were about to take the next step towards your goals and stop you. We all have fears. Some cripple us into non-action, whilst others excite us in to achieving incredible against the odds results.

Make a vow to yourself to…

Take Control of Your Fears

…and RUN TOWARDS YOUR FEARS!

Remember what Henry Ford said,

“whether you think you can or you think you can’t, you’re right”

This statement applies to life in so many ways.

We often associate motivation with sport and there are truly some great sportspeople with stories that will motivate the slowest of all. The desire to achieve or win is paramount to the whole position of motivation. In the movie we see a football team being “coached” to play inch by inch, play by play and fight their way back from a losing position. It is when all the inches are added up that the difference will be recorded as winning or losing. The team is propelled to “die for each inch” and to never give in.

Above is the inspirational cartoon that you may have seen before (involving the frog in the mouth of the pelican, about to be swallowed with the frog holding to the throat of the bird with grim death in order to restrict it from letting that happen). How better to be motivated – life or death.

Understand That Your Personal Determination and Mental Toughness Will Be Questioned Continuously!

Mental strength is vital to motivation in order to take you to the top. If you want something badly enough – go get it.

In this video, Mrs. J. K. Rowling (bestselling author of “Harry Potter”) noted that

“… some failure in life is inevitable. It is impossible to live without failing at something, unless you live so cautiously that you might well not have lived at all.”

How true!

Personally, adversity is the greatest disruption to a normal life. Health, injuries, death, breakdowns in business practice, deceipt within close quarters and financial stresses really place many pressures upon one’s mind. It is difficult to get motivated at times. As an agent I turn to sport or a hobby such as fishing. Time allows for clear thinking and the appraisal of one’s values in life.

A “repulser” is a handy instrument to the clear mind. Have a physical object or item that you can view when you need to straighten out.  For me, in the past, that merely involved a paper twenty dollar note that was inside the front cover of my diary. This reminded me of some issue of the past and gave me the drive to make sure that it did not happen again.

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“If you’ve gotta dream, you’ve gotta protect it”

As an agent you face many obstacles that will deliver volumes of adversity to your surroundings. Many buyers and vendors are making decisions, big decisions, based on adversity. Results are required by desire, death, family situations unknown, the bank, investment requirements, locations, etc. It is how you face and deal with these obstacles that will deliver your desired goals. You need to be motivated or the people with whom you are dealing will pick up on your down day and you will pay the consequences. You will not be the appointed agent or you will not observe the motivation factor of the party and miss the business.

Live in the moment! and…

Get Out There And Give It Everything You’ve Got!

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Success requires a deal of effort. But it’s worth it. Most humans invariably choose the path of least resistance and this is where a top performer will take advantage of set-backs or any situations with competitors… You are your greatest competitor! Take action, keep motivated and never give up on your dreams.

ACTION STEP: Watch this video! Get inspired and commit to taking action on something you’ve been putting off…

Love to hear your thoughts about this video and what part resonated with you the most!

 

Greg Vincent

My tip for the Big Race is…

When picking the winner in the Melbourne Cup, you’ve only got a field of 24 horses to choose from, whereas when a Property Seller is trying to Pick Out an Agent, they now have a whole lot more choice than that…

…and whether you like it or not, the internet and Social Media has now changed our real estate industry forever!

You see, as my great friend Tom Panos said yesterday on Twitter…
“Internet and social media means customers know as much about your business as your employees. You simply can’t fake it. Its so fair now.”

Nowadays the web has become like the Seller’s Online Form Guide for ‘Picking the Winner’ amongst Real Estate Agents…

So how can you increase the odds that you’re THE AGENT selected?

This Thursday morning, Join-in on this FREE ‘LIVE’ Webinar on…
‘How To Guarantee That You’re THE AGENT Who Gets Called-In To Lots  More Listings’ — AUTOMATICALLY!!! -
Click http://www.XFactorAgents.com/Back-Yourself to Grab Your Spot

Real Estate is Your BIG Race and…

…all you really need to do to win the Real Estate BIG Race is BE THE AGENT who gets called-in to more appraisals.

My tip for the BIG Race is ‘Back-Yourself’

You Are YOUR BEST BET!!!

You CAN become the winner you always knew deep down in your heart that you could be (and to achieve it is really simple once you know how)…

To find out how, make sure to tune-in on this High-Impact, ‘LIVE’45 Minute Session that could Change Your Real Estate Results Forever…
…as I open the gates to sharing ‘The 7 Key Accelerators – Guaranteed To Get You Called-In To Lots More Listings’ — AUTOMATICALLY!!! –
http://www.XFactorAgents.com/Back-Yourself

Wishing you all the best in Your BIG Race

Here’s to Your Fast-Track Success

Warm Regards

Greg Vincent
www.GregVincent.com.au

PS: One last tip: You’ll need to jump out of the gates fast to register for this webinar, because Spots are Strictly Limited.

Grab your spot by clicking the link below now…
http://www.XFactorAgents.com/Back-Yourself

Discovering How To Get-Called In and be the first agent past the post at Lots More Listing Presentations will definitely have a MASSIVE impact on your real estate career in 2013 and beyond.

I look forward to catching up with you on Thursday’s FREE webinar.

PPS: Always ‘Back Yourself’. It’s the best bet you will ever place!!!
http://www.XFactorAgents.com/Back-Yourself

 

 

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