Terri Cooper

Make More Money AND Have More Time Off!!

Is this really possible or just a myth?

Yes!  – it is absolutely possible!  If 6% of the agents sell 90% of the stock, then how do they do it?

This article will give you the clues – will take you to some strategies which the top performers use to skyrocket their sales results.

Clue No 1TAKE YOUR EYE OFF THE DOLLARS!

This may sound like a paradox.  Surely you are in real estate to make money?  Surely you need to track your commissions and know your income targets?

However, when your focus is constantly on the dollars – your anticipated earnings, somehow this focus comes across to your clients and is translated as your client seeing that your main purpose is to use them to make your fortune!  Research has shown that up to 85% of our communication is body language and intuition (which can be wrong) You need to ensure that your focus is OFF THE MONEY whenever you are speaking with clients and tracking your progress.

Think only of the targets, not the money.

1. Set your goals

2. Estimate how much income you will need to achieve these goals

3. Set your targets for how many sales you will need for this income target

4. Then … and here comes the important part …. Forget about the money!

When your focus is on the activities necessary daily, weekly and monthly to stay on track for achieving your targets, the money will take care of itself and your bank balance will automatically reflect these activities.

Don’t spend the money before you get it! Don’t calculate your commissions until AFTER your sale has settled!

I have found that the minute I start thinking of how much a particular sale may be worth to me, things start going wrong. I “take my eye off the ball” and find that the universe seems to stop cooperating with me!  Focus only on the numbers and the money will take care of itself.  Just wait till your sale settles, THEN check your bank balance – not before!!

Clue No 2:  SPEND THE MAJORITY OF YOUR TIME WITH QUALIFIED CLIENTS!

Remember the 80/20 rule -  80% of your business will come from 20% of your clients.

Develop check lists to qualify clients.

Qualify your buyers. Your job is to sell property, not spend your time running around buyers who cannot buy! There are clues as to which are the hot buyers, the ones ready to buy today if you can find them the right property.  These are the ones to contact every few days, to prospect for them if possible with other agents who will conjunct with you.  Remember if they are “hot to trot” and buy from another agent, most likely they will have a house to sell and the odds are “YOU WON”T GET IT!”

Qualify your sellers. I have been guilty of spending too much time and emotional energy with sellers whose price expectations are unrealistic.  Ask the question “What will you do if we can’t find a buyer at the price you need?’  and listen carefully for the answer.  THERE ARE CLUES!! If they are not ready to meet the market at this point in time, don’t lose them altogether – don’t give up and walk away.  They are still sellers, they have just not quite made the decision to go.  It may be that the next house has  not come along yet, their circumstances are not right for the move “JUST YET”   Keep them in your “nursery”  Keep in contact, make them feel you care, no pressure at all, keep the listing but low-key and when the circumstances change, they will want to sell NOW and guess who will get the business!

Service, service, service!! In the changing market it is the agents who go that little bit extra, who make the client feel they are really working hard to get a result for them, whether that is a sale or a purchase, it is these agents who will survive and I truly believe we will be the ones who prosper.  Hard times only serve to sort out the best from the mediocre and I think our level of service will be the factor that will cause us to be among the best!

Clue No 3: DON’T BE AFRAID TO BITE THE BULLET AND GET HELP!!

It is impossible to be all things to all people and be competent at everything.

One of the best decisions I made early in my career, was to employ someone on a part-time basis to help me with the overload.  It was great for my clients, they were amazed and happy to always receive follow up calls, and it took  a burden of guilt off me!! Most of my leads came from this follow up from my open houses, from my past clients, and it was worth every dollar I paid, as it freed me to be dollar-productive with my prospecting and my sales activities.

The next best thing I did was to finally make the decision to have a PA.  The level of stress that disappeared because of having my PA there with me was incredible.  A PA can handle all the administration which takes up so much time and energy. Again you will be able to concentrate on the things that matter the most; prospecting, listing, negotiating and holding sales together.

If you are serious about making a success of this career – sometimes you have to bite the bullet and get help.

Clue No 4: LOOK AT THE BIG PICTURE

When you think of the money needed to run your business, the clue is NEVER work it out on a weekly basis. Often when you do this, the amount of weekly expenses, the fear can paralyse you.

The trick is to allow a certain budget each month for overheads and running expenses, but apart from this, start to  look at every expenditure in the light of how will it increase your business?  If this expenditure or investment causes you to make even one more sale per month at an average commission of $8,000, then surely the expenditure is justified so proceed without fear!

If you change focus and view all expenditure related to your work as an investment in your business – not something I need to budget for weekly – your stress levels will decrease and you will be more focused on your activities, not your bank balance.

Short term vision will paralyse youyou must have a focus, a plan and be clear about where you want to be a year from now. This thinking will guide you in what you need to do and to spend to get there.

In summary, some of the most  important things you can learn from the top performers in the industry are:

To plan, focus, learn, prepare and most of all to be resilient and don’t focus on the small picture!

Terri Cooper

How To Stop ‘Wheel-Spinning’ In Real Estate

Spinning wheels and being consumed by “busy-work” costs you time – and money! The times you can spin out of control and lose the plot, are when your focus and your vision becomes too wide.

You tend think globally, you worry and stew about the listings you could have and should have got, the clients you should have serviced better and those you should have kept in touch with.

You drive to work and see all the other agent’s “for sale” signs, see the media advertisements that other agents have, and you can begin to lose confidence, feel inadequate and “less than”.

You beat yourself up and totally lose your focus. The “should” word takes over in a demoralizing way and your results start to suffer!

Real-Estate-Success-Tip

What to do when this happens?

Sometimes, the only way to get back on track at these times is to narrow your vision and focus only on the next thing.

Ask yourself – “Which is my next sale? Who is my hottest buyer? What can I find for them? Where is my next listing coming from? Who have I forgotten to ring?”

This is the time to stop, take time out and do what I call a “mind dump” , otherwise you can begin to spin wheels and feel burn-out coming on at a rapid rate! A mind-dump is a simple thing to do:

  • Sit somewhere quiet if possible with a blank sheet of paper.
  • Without stopping to analyse, just dump out on the paper all the tasks you think you have to do this day.
  • On another sheet, dump all the thoughts you are having about doing these tasks.
  • Then, go back to the first sheet and begin to read through slowly, prioritizing the tasks.
  • Then make a “to do” list with the top three priority tasks from the page.
  • Complete these tasks and repeat the process.
  • Take a break – then come back fresh and ready to go!

This technique was is identical to the one which transformed business for the multi-millionaire Charles Schwab when he used it to turn around fortunes of his steel company – incredibly simple but worth a $25,000 consultancy fee!

Why not model those individuals who have already achieved the levels of success we dream about?

Terri Cooper

The 5 C’s That Will Shape Our Future

What do you think will be the greatest influence on us as agents in the years to come?

I see change coming at a rate of knots and unless we get on board I think we will be swept onto the rocks! I have put together some thoughts and would love your input!

There Are 5 Main Factors That I Believe Will  Shape Our Future

Real estate professionals need to think differently about the future. We need to do more and we need to move faster. Like it or not – CHANGE IS HAPPENING!

Within the next five years the real estate industry will significantly have changed and my feeling is that brokers and agents (and trainers!) who don’t adapt now will not enjoy the benefits of the next economic upswing.

Many of the leading companies of the next few decades are already starting to emerge and the time to stake our claim is now. How do we do that?

Can we look in more depth at five factors that I think will characterize our future:

1. Change
Change is real. It is neither bad nor necessarily good. However it is constant and ever present. If we are not constantly evolving then it is likely that we will be left behind. We don’t need to look any further than the skyrocketing effect of Social Media which is now being utilised for business – a far cry from the banal chit-chat of early days.  Change in our industry is not something new, nor should it be deemed unexpected. It will however alter the way we do business, especially in regard to our client relationships.

2. Complexity
Most adjustments in life are usually hard and therefore we by nature resist them. We sometimes have to deal with many changes occurring at the same time that it can become overwhelming but I am beginning to see that to get on board with these changes is starting to bring me so much closer to my colleagues and clients but is freeing me up to embrace even more new things!

This is where leverage comes in – if the new technology (for example) is out of our area of interest or expertise, then we need to find someone who can fill this gap in our business strategy. Find someone who LOVES to do what you hate and that’s exactly what I have done by working with Greg Vincent.

3. Confusion
Change together with the complexity can create stress and confusion for us. We become bewildered by the new and often fixated with the idea that we cannot do something. As certain as there are new things we do not know, so also is the fact that we can master any new product, service or skill if we really want to – even if it involves finding someone to show us the way! If you don’t have any desire to master a new skill, then employ someone who can do it with their eyes closed!

4. Choice
I think that every scenario provides options and alternatives. Failure is more often than not self imposed barriers. Each problem, obstacle and impediment has more than one solution and we have the capability of discovering it. It just requires commitment, focus, time and execution.

5. Courage
If we resist change it seems to come and hit us in the face anyway! So why not welcome it? Make it work for us . Find the thread from the past that we can carry into the future – build on our existing knowledge by adding new knowledge, grow our skill sets by expanding our horizons and remain competitive by embracing innovation. Rather than resisting or fearing the change, why not be one of those who are helping to shape the future of the industry!

I see great times ahead!!