Archive for May, 2010

Glenn Twiddle

How Much Money Did YOU Leave on The Table This Past Weekend ?

Article by Glenn Twiddle
Founder – QREAS Real Estate Agents Summit
Author of ‘Advanced Hypnotic Selling’

Hi there team,

A few weeks ago I ‘mystery shopped’ eleven agents’ Open Homes. (Well some of them may have recognised me so I didn’t do it myself, so I had a lovely woman go into the properties for me, while I waited in the car and took notes.)

The point of this exercise was not to disparage one agent from another, or even one office from another. I removed the names of the individuals, for legal reasons, and the fact is the ‘who’ here for our training purposes isn’t necessary. What is instructional is these were very real and randomly chosen open for inspections, and I wanted to comment on how we can improve our ‘front line’ service to the people who are effectively paying our wages, the clients.

Now, before you download this and analyse, I want to decribe what I did, precisely, so you can judge for yourself how you might have fared with these criteria.

The ‘follow up call’ criteria (which by the way, by Monday 5pm, out of everyone studied only ONE even called) was this…

Full points – if they called by the end of the day my ‘guest’ visited the open
Half point – If they call by end of trace Monday (I understand we’re still not there yet at the time of this posting)
X – if they don’t follow up by Monday 5pm at all.

The other criteria requiring explanation is the ‘quality of take home material’ heading.

Full points if their material is – a full colour, glossy and presentable flyer or booklet AND/OR is bound so has a spine and can’t be easily discarded with all the other rubbish.
Half points if it’s a full colour, but obviously printed in the office on standard paper, and isn’t bad, but is still not quite of the quality we might want representing our biggest asset
X – if it’s black and white, photocopied in the office, throw away as soon as you leave, rubbish.

That’s about it, the rest of the headings are self explanatory I hope.

This study is completely factual. The study was undertaken on April 17 in Brisbane. I have removed the names of the individual agents so as to avoid personal embarrassment, but seriously, the results here are not as gfood as they could be with a few minor tweaks and improvements.

Now, of course, my criteria might be different to other people and of course future sellers who visit your open house have their own criteria, but some of my recommendations for improvement might be food for thought for you who are reading this and want to improve.

I am putting a challenge out to all real estate agents, and I will be persoanlly inviting these agents, who by the way, aren’t bad, this is the standard out there. Some of these agents, in fact, in many ways, are as good or better than some of their competitors. (Well, not the ones who just didn’t show up….Yes 2 out of 11 were complete no shows to an advertised Open House !!)

But I will be inviting these people to come to an event I am taking part in called QREAS, the Real Estate Agents Summit. click the link for more info. Because I PROMISE them, I can double their commissions if they spend just one hour with me. DOUBLE !!! AT LEAST !!!!

Ok, here’s the results. Comments welcomed from agents.

Mystery Shopper Results  –  click or download this file.

Note after the fact – I note on my secret shop that we had a no show (well I note we had two). I just spoke with one of the agents who wasn’t there at the advertised time, and he had on his records 2pm and the Courier Mail printed in the paper 1pm.

From the sounds of it, following the discussion, the agent seems very competent and it’s a shame a mistaken Courier Mail mix up was on the day I did my investigation. (Better it was me though than a serious buyer or seller though)

Lesson here is – be brutally, brutally picky when it comes to proofing your ads amd setting up ‘game day’ because if I was a future seller, that mix up could have potentially cost the agent in question a commission, potentially $10,000 +

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Keith Barrot

Effective Prospecting

Why do you operate where you do?  (Third in a series)

This is an interesting question and the answer will always give an indication if the salesperson responding is operating like a business, that is, with an eye on profit.

Do they have a vision, goals and a prospecting plan how to get there or are they just treading water, treating every day as it comes using the luck and hope theory for one of the most important aspects of their business life.

Too many salespeople today are unfortunately not getting the full enjoyment from a profession that can deliver so much due to the fact they are frustrated with the hours worked, costs involved and the feeling of being a POW (prisoner of work).

By taking the time to understand what is involved in prospecting a business area, with the goal of sales today and in the future, they will soon dispel negative feelings and build an attitude of confidence through taking control.

To answer the question of why you operate where you do needs to be seen in commercial terms as it is only from this stand point will you assess the financial viability of your reward for effort.

Where ever you operate or the model you work under the market you are in needs to have the potential to deliver an income you are satisfied with and meet your sales and income goals.

Do the annual sales of the area and the price of the properties deliver enough dollar value to give the opportunity, through effective prospecting, of increased market share and a growing income?

Are you prepared to give up those areas that after careful analysis don’t offer the return you need to justify the time, effort and cost of maintaining a presence?

Interest-Rates-1

In the area you operate can you build the relationships needed through the effective prospecting that is required for long term repeat business and future re-sales in five, ten, fifteen or twenty years?

Will the expense of marketing in your area be cost effective, fit your budget and deliver the results you desire?

What level of market share in your area do you need to generate the income required based on the average sale price and the level of commission you can charge in that price range?

The common mistake made is to focus purely on turnover and gross sales, but it is the costs of obtaining the business in the end that will determine if the profit margin is at or above the industry standard.

Activity for activities sake results in a feeling over time that is similar to the mouse on the running wheel, after great effort, the long hours, time away from family and the expense the result at the end seems to be just not worth it.

This will result with the salesperson, who, was once satisfied with all the activity and gross sales looking back and seeing that the money in the bank is less than expected, overheads have diluted the profits.

It can be seen time and again where an agent will dominate an area by being extremely active, but after a time they disappear, they failed to do the basics of prospecting and building their business for the future.

Burnout in selling is real and many good salespeople leave the industry but with some careful thought and planning in where and how they operated they could have stayed the course and reaped the rewards.

When answering the question “Why do you operate where you do” your response has to be one that can spell out a clear plan based on sound market analysis and show a satisfactory financial return from your prospecting activity.

“Your future is in you hands, prospecting is the lifeblood of the salesperson”.

Greg Vincent

Yahoo!7 and Realestate.com.au Form A New Partnership

REA Group have just announced that they have formed a partnership with the Yahoo!7 site. Here’s a copy of this morning’s press release.

” YAHOO!7 AND REALESTATE.COM.AU ‘SHACK UP’ AND FORM NEW PARTNERSHIP

Addition of property listings means Yahoo!7 visitors can find everything ‘under the one roof’

SYDNEY, Australia, 5 May, 2010 – Australia’s largest property portal realestate.com.au and Australian online media company, Yahoo!7 have joined forces to launch the Yahoo!7 real estate channel. The content will launch on Yahoo!7 site today, in an increasingly hot property market.

Henry Ruiz, General Manager Consumer Marketing for realestate.com.au stated this new partnership with Yahoo!7 comes at an opportune time following the recent re-launch of the realestate.com.au website. The new channel will provide Yahoo!7’s 7.2 million visitors per month[i] with access to great new tools and enhanced features to help them find the right property to buy, rent or sell.

“We are excited to be aligned with Yahoo!7, as it further extends our reach which during the month of March 2010 realestate.com.au attracted over 6.5 million unique browsers.[ii] As a nation obsessed with property this is another channel to help consumers achieve the great Australian dream of home ownership,” said Henry Ruiz.

With this recent partnership with realestate.com.au Yahoo!7 has now strategically partnered with the top three Australian portals that provide listings for employment (SEEK), motoring (Carsales.com.au) and now property with realestate.com.au. These three partnerships with Australia’s top three listing sites are designed to deliver the best experience to Yahoo!7 users.

Emma Harrington, Director of Partnerships for Yahoo!7 said that the new partnership with realestate.com.au complemented the existing portfolio of classified offerings now available for Yahoo!7 visitors. “The partnership with realestate.com.au forms the final piece of a trifecta of listings agreements for Yahoo!7 encompassing employment and jobs, motoring and now property. Through this partnership with realestate.com.au our visitors will have access to Australia’s largest property listings portal.”

[1] Source: Nielsen NetView Panel, March 2010

[1] Source: Nielsen Market Intelligence, Australia, March 2010″

I wondered about whether Domain.com.au had experienced an increase in traffic since taking over the ninemsn partnership back in November 2008 after the REA Group decided not to continue their previous agreement with ninemsn?

Obviously, REA’s move away from ninemsn has had a detrimental effect on traffic to their site, to subsequently bring on this partnership with Yahoo!7.

At this early stage I can only see this as a positive move from both Realestate.com.au and Yahoo!7. But I’d be interested to hear Real Estate University readers thoughts on this move.


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