Archive for the ‘Property Management’ Category

Darren Hunter

What is the biggest source of time wasting in Property Management?

The words ’time management’ I believe are misleading! Have you ever tried to manage time? I don’t know about you but my watch stops for no one, not even when the battery runs flat! It ticks relentlessly and no matter how hard I try to manage or change this, I can’t!

It’s the same issue for you and everyone else on the planet! So time management is not so much about controlling or extending time, but all about how we manage our tasks in the allotted time space we have available.

Time-ManagementI have studied time management in books and audio books and I have come to a conclusion that you can always do better! I will never come to a place where I believe I have ‘arrived’ with respect to mastering time management. Time itself I have learned is the most limited resource available. It is scarcer than money and even water, because money and water is replaceable. Once a period of time is used up, it is gone forever!

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Kevin Turner

REUNCUT is a Free Daily Real Estate Show For Real Estate Professionals

REUNCUT – www.reuncut.com – is a free daily update for agents that is packed with advice on new marketing trends and general tips on building a better and stronger business ……. and yes its FREE every day.

If you’re an agent and not currently tuning in I thought the Real Estate Mentors readers might like to watch a snapshot of some of what you might expect from our daily show.

(If you’re experiencing difficulty viewing this video click here)

This week we’ve just had John McGrath on as a Guest Mentor and he shared some terrific insights for agents who really want to succeed. We also had Robert Bevan talking on effective focus groups and lots more great interviews.

Each weekday, REUNCUT, features some fast facts from Robert Bevan as well as some of Australia and New Zealand’s leading trainers about what they are seeing and saying about the market, tips on running sales meetings that fit today’s market and loads more – all that packed into a fast paced 5 minute capsule.  All this delivered FREE to your desktop, iPod or mobile device through iTunes.

On top of all this we are currently running a competition which could mean that you and a friend could both win an iPAD.

To find out more about REUNCUT and how you could win an iPad… Click Here Now

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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!

Greg Vincent

REINSW forces changes to NSW Government’s Residential Tenancies Bill

In a Press Release issued on 4 June 2010 it would appear that the NSW government may have finally decided to listen to the industries concerns over some of the proposed new changes to the NSW Government’s Residential Tenancies Bill.

It was announced that, REINSW has forced the NSW government to make considerable changes to its draft Residential Tenancies Bill introduced into Parliament.

But despite the changes, REINSW is calling on the Minister to delay passage of the Bill until all stakeholders have had to the opportunity to review the new legislation.

“REINSW is pleased that the government has listened to our concerns and made key changes,” said REINSW President Wayne Stewart.

“But again the government is trying to rush this legislation through without sufficient time for proper consultation.

“We call on the Minister to take the time to get this right and not push ahead with unreasonable haste.

“Key changes which REINSW pressured the government to make include:

  • Abandoning a proposal to give tenants the right to break a fixed term tenancy agreement during the fixed term in return for payment of a ‘break fee’
  • Scrapping the compulsory proposal to cap a landlord’s damages (including loss of rent) if a tenant abandoned rented premises, and maintaining the current obligation on a landlord to mitigate their loss in such circumstances
  • Providing greater certainty for landlords when terminating periodic tenancies
  • Further limiting the government’s proposals to allow tenants to make ‘minor’ changes to the landlord’s property (e.g. painting is not a ‘minor’ change) or to sub-let the property without the landlord’s consent (which are both proposals the Institute still opposes in principle and will continue to lobby against)

“Unfortunately REINSW has not been provided with a complete overview of all changes to the Bill which means it has been impossible to review all amendments prior to the Minister introducing the legislation.

“REINSW understands that the Minister will try to pass the Bill through parliament by the end of the current parliamentary session which will limit the ability of all stakeholders to consider the new changes and their impact on the NSW property market.

“REINSW calls on the Minister to delay debate on the 2010 Bill until the next parliamentary session in late 2010 to allow all stakeholders a reasonable opportunity to examine the Bill in its latest, amended, form.

“It is inevitable that some of the amendments made may have unintended consequences and the Institute has already identified a number of issues which appear to be the result of unintended drafting errors. REINSW looks forward to working with the Minister to correct any such errors.

“REINSW previously lodged a comprehensive submission with respect to the 2009 Bill and it is very pleasing to see that concerns and suggestions raised by the Institute have been incorporated into the amended 2010 Bill,” said Mr Stewart.

Hopefully some common sense will prevail. If the NSW Government don’t pay attention to the stakeholders  within this issue then we will see lots more investors heading interstate into the future which will place even more pressure on our current rental crisis.

If they get this wrong, this important issue has the potential to put the last nail in the coffin for the current NSW Labour Government and could fuel an even greater landslide in the opinion polls. 

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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”.