Archive for the ‘Systems’ Category

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!

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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Glenn Twiddle

Real Estate Secret Shop Final Results

While I will continue, with my teams of clients around the country, to keep tabs on things, I am done with my year long exercise ‘secret shopping’ agents open houses because the results are in, and clearly, there is a winner….

And the winner is….

ANY AGENT WHO WANTS TO GET OFF THEIR BUTT AND DO THE WORK !!!

Yup, here are the final results. Over 14 months, and after visiting 102 Open Houses, we have the results of how the agents out there treat the properties entrusted to them by property owners.

We were looking for certain criteria. Now not all of the criteria we were looking for is necessarily the right and wrong way, they were just indicators that I was curious about, and of course some of them are absolutely critical to both the agents’ success in terms of their ability to get their sellers the highest price (their legal obligation to do), and in turn, their success in their own career. One cannot exist without the other.

So the critical ones, I believe, are these

- Follow up process – did the agent make one or several attempts to follow up with guests at the open? Did they use multiple media ie phone calls, sms, cards, emails to do so without being too annoying?

- Qualifying – Did they simply give a guided tour? Did they not even do that, did they meet at the door, tell you to have a look around and call me if you like it? Or did they ask you some, not too many too quick, but some probing questions to find out if you may be interested in buying the property, taking a second look, goodness, even flat out did they ask ‘You Want To Buy It???’

- Be Nice - We wanted to know how many of the agents were simply nice people in their character, rapport building etc. Some great customer service advice I got recently that I think many businesses have forgotten. BE NICE !!!

We measured other things into 3 CATEGORIES….

- Presentation of marketing and take home materials below average, average/ok and ‘Very Good or better’

- Presentation of the Open itself  including the agent’s presentation, signage, street appeal, extras, etc.

- Did the agent promote other properties other than the seller’s property before ascertaining that 100% this WASN’T the property for the buyer.

- Were there two people there from the agency? Were the buyers escorted or left to their own devices?

- What contact details were collected? Asked for?

 

So, after visting 102 open homes primarily in S.E. Qld but a few in Perth and Sydney, the results were these.

The secret shoppers were instructed to say ‘We own a house in the neighbourhood, and we’re just checking out prices.’

They were also instructed to give the agents whatever contact details they requested.

Some interesting (I am politely removing the word appalling here) statistics

• 72 made no follow up in any way shape or form

Goodness people. What are you doing to get new business? Even if you go by the this idea, ‘If the buyers want it they’ll call me.’ Ok, wrong idea, not in your sellers best interest so change the idea, but even if you do, what the hell are you doing to get a new client? Are you ignoring the people in ‘Real Estate mode’ and going back to your office on Monday and saying ‘boy it’s  a bit quiet today?’

Or even worse, are you ignoring these people and then going and being an ‘annoying pest’ making cold calls to people who AREN’T interested, while simultaneious ignoring those people who, in some way shape or form, ARE interested.

• 2 followed up on the day of the Open
So you have a chance to be in the top 2 agents to be considered out of 100 choices in your area, if you simply follow up on Saturday. (and you say the market is slow? NO, THE AGENTS ARE SLOW !! – not speaking to you if you are ticking all these boxes I’m describing, see my closing paragraph asd it may be ‘life changing’, or at least, ‘career changing’)

• 4 agents were complete no shows
Unacceptable. Goodness guys, it’s in the paper, it’s on RealEstate.com.au. I don’t care what has to happen, ‘SHOW UP!!!’ If you can’t, get somebody else to show up, but don’t leave me, and several groups of buyers standing on the footpath.

(It’s funny, I did have one Sales Manager call me up after this exercise about a year ago and thanked me for doing him a favour by drawing attention to the study so they could improve. Great attitude !! Initially I was also met with a lawsuit threat. It turns out this was a Principal defending his salesperson, and you know. I get that. What’s really interesting is the defended salesperson has since contacted me, initially a bit p____ off, understandably, but we had a good chat not long ago, and I tell you, while this stuy was not meant to reflect individuals one way or the other, nor to point the finger at any single agents, it did have the benefit of having one of the agents improve out of sight and continue to do so. Hats off to this individual.)

• 31 of the agents made our ladies either ‘feel unwelcome,’ neglected or they described the agent as completely arrogant
There are 10,969 bboks on Amazon on the subject of ‘Customer Service.’ Did we really need over one    million  pages (all of these books are well over 100 pages), at an average of 300 words per page. I mean do we need 300,000,000 wprds to say two……

BE NICE!!


• 83 of the agents made no attempts to move towards a close in any way
Kevin Turner, from Radio 4BC’s Real Estate Talk and RE Uncut, the show for Real Estate Agents, was most appalled by this statistic. In a market where many agents are struggling, to not investigate this is, in Kevin’s opinion, the worst stat of this exercise. I may think the follow up, or lack thereof is worse, but this one’s up there.

• 2 Followed up with an SMS the day of the Open
A good, cheap and impressive strategy, takes 10 seconds using a template or 20 seconds to compose one from scratch, and 2 out of 102 employed it.Don’t get all sexy with you ipads and your facebook pages or any new media until you effectively use the one you already have.

• 2 Followed up on more than one occasion

They say most sales happen, with a prospective client, on a contact between 5 and 19 contacts into a relationship (in this case I’m talking about a listing ‘sale’ because in my opinion, an agent doesn’t ‘sell’ a house, they market it, present it, follow up and negotiate on behalf of the owners, and of course, if a buyer ‘buys’ it, they may do so on the first contact. In this case I’m talking about listings.)

So if that’s the case, all of 2 out of 100 have half a hope in hell of being any better than ‘being tortured to death’ in this industry. There is NO WAY to be successful in any marketplace with this level of follow up systems and procedures.

• 1 Got more details than just a mobile

In this age, people have so many other ways to be contacted, so not to even ask for any other contact details at all, well, it’s a wasted opportunity. I have agents that ask for (AND GET) mobile, email, mailing address (by asking for a license for security condition of entry), and whether or not they are on Facebook.


• 1 had promo material better than a colour photocopied flyer, or booklet.
‘So you’re selling a home and you have promotional material no better than what you’d have to sell your fridge on Ebay for $500. Do you think I am going to entrust my $500,000 ASSET I have worked my whole life for to you, Mr ‘Black and White Photocopied flyer Real Estate Agent?’

That’s what your sellers are thinking. And I know what you’re thinking too…’Oh Glenn I can’t afford to get that fancy printing done, those booklets, CD’s, Video tours, DVD’s…..’

How close was I? Well you can and must, and get the seller to invest in these materials as well. Yes there are some that the office might do for you, or your business might supply, but if you haven’t got the skill to show a seller why they need some of these tools to get the highest price possible, then either get the skill or get out of the industry!! Harsh, but your job is that of a MARKETER and if you can’t MARKET, then when the market is tougher, you’ll be gone, and you’ll blame the market….NO, the reason you left is looking at you in the mirror when you wake up and shave for that Government job you had to go get.
Yeah, this article is getting harsh, well I quote Jim Rohn, ‘Don’t Wish It Was Easier, Wish You Were Better.’


So, if you’re a Real Estate agent….

you’ve probably thrown something at the PC screen, sent me a nasty email saying ‘How dare you Twiddle?’, swore at me under your breath, swore at your brand for not better equipping you (no, it’s not even the brand’s fault), maybe had a cry or at the very least, got upset and frustrated,  and thought of all the reasons why I’m wrong and this article was a waste of your time.

The bit about getting upset though….GOOD…if you got upset, then you deserve it, because believe me, the guys of my training who are kicking butt, would have read this article with the biggest grin on their faces in history. They know that by doing these things, and telling their appraisals to ‘secret shop’ before deciding on an agent, they KNOW they are in the top 1% of the industry if they consistently do this year in year out.

So if you are upset….GOOD….You should feel remorseful !! No one gets into this industry saying ‘I don’t want to be successful.’ EVERYONE WANTS to be successful. But very few people’s ACTIONS reflect this.

So go ahead, feel bad, go and look in the mirror, and believe me this will be hard, arguably the hardest thing you’ve ever done in your life, and say, this market, and my results, THIS IS ALL MY FAULT.’

In fact, until you feel bad, there’s a very high chance that NOTHING will change. So enough of the positive thinking, go and buy Larry Winget’s book, Shut Up, Stop Whining, and Get a Life or People Are Idiots and I Can Prove It! take responsibility for your career and get better.

You might also, at the bottom of your email to me after you’ve finished swearing at me, with a tear in your eye, ask me for a copy of my open home training, although after reading this article, you probably don’t need more training, but get in touch if you need to.

 

Glenn Twiddle
(yup still brave enough to sign my name to this)

About the author

‘I teach agents a step by step, 1-2-3, fill in the blanks system for becoming the number one agent in your area,
how to become a six, or even seven figure earner, in 3 years or less no matter where you are right now.

It’s worked for me, for my teams over the years, and now is working for many of my clients.
And if you learn the system, and apply it in the manner it’s described, there’s a good chance it will work for you too.

For a free copy of my best real estate training tip (other than this article),
which is my number one listing tip I’ve ever trained, go to….

www.RealEstateFreeGift.com

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Glenn Twiddle

How to Sell or List a Property every DAY by Some One Who’s Doing It

A note from Glenn Twiddle

(and a gift – download this interview with Chris, completely free – 25 min mp3 format.

Real Estate Training Tips – Chris Gilmour

click or right click and ‘save as’)

.

Rarely have I seen someone come along like Chris. Maybe twice.

And even rarer (ie never) have I had one of my serious hitters, someone who has had six figure MONTHS, offer to share, for an entire day, every secret they have, no holds barred, for such a low investment.

In fact, if he charged $3000, just half of one commission, it would be a bargain, but at the low price he’s offering to do this for, and with a double your money back guarantee, well suffice to say, if you’re not coming, you’re lfat out insane.

A guy who earned $135,000 in his first year and took that to $880,000 in his second, and in his third year, is on track to hit a million, well he DESERVES, no COMMANDS, your (and my) attention.

Visit www.ChrisGilmourTraining.com ,  grab a ticket, because this WILL sell out fast, and I look forward to seeing you there.

Input code ‘MENTORS’ and it will knock $200 off the ticket price, bringing it down to only $97.

Glenn Twiddle
www.GlennTwiddle.com.au/blog for a free gift

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Greg Vincent

Single Property Websites by HomeWebsites.com.au featured on REUNCUT radio show

HomeWebsites-Website

This week Kevin Turner from REUNCUT – a daily real estate radio show for real estate professionals featured our product HomeWebsites.com.au – where a HOME gets a WEBSITE of its OWN.

Kevin promoted the product as…

“a Sure-Fire Way to Win Sellers.”

 

The promotion of our Single Property Websites product occurred in yesterday’s show and if you’d like to hear the recording within the context of the whole show you can click on this link & play the show featured on Thursday 14/10/2010.

Or alternatively, click the play button below to listen to what Kevin had to say about our Single Property Websites product…

Single Property Websites by HomeWebsites.com.au featured on REUNCUT by Greg Vincent

If you’d like to find out a bit more about how you can create Single Property Websites via HomeWebsites.com.au don’t hesitate to contact us here or call 1300 780 869.

PS: You may also be interested to check out this recent case study about HomeWebsites.com.au v’s Realestate.com.au

Disclaimer: Kevin Turner is a great friend of mine, a fellow contributor for Real Estate Mentors and I appear regularly as a technology commentator on the REUNCUT radio show. Be that as it may, this recording done by Kevin was totally unsolicited and came as a complete surprise to me.

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