POWERED WITH LOVE MAGAZINE VOLUME 9

VOLUME 9

08/2022

WE CHALLENGE YOU -

OPERATION WIPE OUT!

ARE YOUR LEADS

DRYING UP? “ THE BEST VIEW COMES AFTER THE HARDEST CLIMB” Powered with LOVE Stephen Cromarty

CONTENTS. 1. MATCH BUYERS AND SELLERSFORGET ABOUT PRICE 1 2. IS IT THE ENVIRONMENT, THE MARKET OR THE PERSON? 2 3. ARE YOUR LEADS DRYING UP? 3 4. CUT THE FAT AND GROW 4 5. WE CHALLENGE YOUOPERATION WIPE OUT 4 6. VENDOR MANAGEMENTA PLAN THAT WORKS HIGH TRUST= HIGH SALES 5

MATCH BUYERS AND SELLERS

FORGET ABOUT PRICE

DURING THE FALL AFTER THE FIRST BOOM IN, WE SAW PRICES DROP TENS OF THOUSANDS OF DOLLARS EVERY MONTH AND, AS A CONSEQUENCE, SALES STALLED RIGHT UP AND DOWN THE COAST PARTICULARLY IN OUR LOCAL AREA. Yes, we had our normal sales strategies and plans, some of which we have shared in our POWERED WITH LOVE articles over the last few months, but the most powerful was matching the buyers requests, or features with the available stock regardless of price.

What resulted was the company we worked for at the time, Creer Property, becoming the example on stage at real estate conferences that trainers revered as how to make sales in a changing market.

The sales at the time went through the roof, and then of course what followed next was boards breeding boards. As a result, this company’s market share dramatically increased in a very short time frame. In a stalled market, sold properties stand out to sellers!

So, here is what happens; Buyer’s features, wants and needs are matched with the homes available. This is regardless of price. What happens next is, either the buyer is wrong with their perception of value, or the seller is wrong with their price perception. One thing is for certain, you will increase your offers, increase your sales opportunities and ultimately, the sales results will follow.

If you would like further assistance on how this strategy is applied reach out to kate@loverealty.com.au to organize your 45 minute consultation.

1

IS IT THE ENVIRONMENT,

THE MARKET OR THE PERSON? I OFTEN WONDER, IF ONE OF MY PEOPLE WERE IN A DIFFERENT OFFICE, WOULD THEIR PERFORMANCE CHANGE? Someone once said to me, “PEOPLE ARE DIFFERENT WITH DIFFERENT PEOPLE”.

So here is what recently happened that meant we got to test this theory…

A client’s failing team member came to our office for one week, in his agency that he has been employed at for over 12 months. He had achieved around 30 listing appointments for the whole year so far (7 months).

He arrived at our office on a Monday and attended our team training session that started at 7:30am each morning. He attended our regular sales meeting, and he was buddied with one of our team members to work alongside.

Whilst in our office he logged into his agency’s database / CRM and prospected. He also had a few short catch ups with me of no more than 15-20 minutes and we focused on several quick chats around psychology on goals and expectations of targets.

In just 3 DAYS HE ACHIEVED 14 LISTING APPOINTMENTS from his agency’s data base.

The very same database he works within in his agency environment every day, the same database that he had produced 30 listing appointments from in 7 months.

So, what is it besides geography that changed here?

The following changed: 1. Standards 2. Expectations 3. Energy (environment) 4. Structure 5. Value Add / Value Subtract mindset When you look at these 5 areas, these are the critical elements that have the capability to influence your team member’s performance, energy, and results.

What is happening, is that ultimately the current market is starting to call out lazy agents, however my question for principals to consider in their own business is: “Is the agent not getting results being lazy, or is it the environment that has created that ‘lazy’?”

My next question is “What is the energy like in your office?”

Finally, are your team members being given something to believe in and / or follow, or are we just all going through the motions?

2

ARE YOUR LEADS

DRYING UP?

MOST PEOPLE I SPEAK WITH ARE COMPLAINING ABOUT THEIR LEADS DRYING UP. I TELL THEM THE OBVIOUS PLACE TO START IS WITH THE FOLLOWING QUESTIONS; 1. What’s your company letter box dropping strategy?

2. What’s your digital marketing strategy?

3. What’s your data base strategy?

4. What’s your door knocking strategy?

5. What’s your agent minimum performance plan?

And the reality is, if you were to score yourself out of 10 on execution of the above, I’m fairly confident that the teams that are lacking leads will score low with these five questions. If these things are in place, perhaps consider how much you have increased your activity by? If the market has contracted, then wouldn’t it make sense to expand / grow your lead generation strategy?

The size / frequency of your plan is in direct correlation with the amount of leads you and your team are producing. The biggest mistake leaders are making are: 1. Not having the areas handled 2. Shrinking their expectations on lead production 3. Not rewarding the behaviours and actions they are looking for in their people SOLUTION – 1. Create a simple plan within these areas. Here is some good news; what we do is very simple, so stop trying to re-invent the wheel.

2. Reward the behaviours and actions your want to see. If you want them to be on the phones, reward them for being on the phones. If you want appraisals, reward them when they create appraisals. If you want an APA drive, you guessed it… reward them to achieve the desired targets.

3. It sounds simple, and it is simple.

It is a case of having a plan people can follow and feel good about doing. In essence, you are duping them into being successful!

CUT THE FAT

AND GROW TYPICALLY, A ‘CUT THE FAT’ MEETING IS WHERE WE LOOK AT THE EXPENSES AND WHERE WE CAN TRIM TO SAVE MONEY. BUT WHAT IF, INSTEAD OF ELIMINATING THESE EXPENSES WE RE-POSITIONED THEM TO MAKE MORE MONEY? I would like to challenge your thinking with these three areas in relation to your business expenses.

1. Are we able to meet these expenses?

2. Are these expenses people in non-dollar productive positions?

3. Are the expenses in things that we don’t need?

If you answered yes to the first question, let’s look at the next two this way.

Non-dollar productive people – There are two options here: 1. Find a way to make these people dollar productive. This means assist in the production of listings/new managements.

2. Keep the salary change, the person and the position.

This is straight up a reinvestment of funds in a different direction in the area of lead generation.

So many businesses believe they don’t have the funds for growth or expansion. However, in most instances, the ability to grow and the funds to invest in this are already available to them. All they required was a DIFFERENT PERSPECTIVE.

WE CHALLENGE YOU -

OPERATION WIPE OUT

NOW IS THE TIME TO START PREPARING FOR SPRING. DON’T WAIT TO COMPETE WITH THE SPRING RUSH AND BE CAUGHT UP WITH THE TYPICAL REAL ESTATE HYPE “SPRING HAS SPRUNG CAMPAIGN”.

Start now with a strategic plan around growing your listing bank ready for the seasonal sales market! Here is the thing, now is a great time to be chasing listings, the price squeeze is assisting us agents with a self-regulating motivator with influencing people to sell.

I have written a plan for an OPERATION WIPE OUT once before, however this time I am inviting you to join a POWERED WITH LOVE CHALLENGE! For one week we will all work the same plan, we work together on the OPERATION WIPE OUT mission and prepare for the spring market together !

If you and your team would like to participate, please let Kate know at kate@ loverealty.com.au by the 5th of August.

VENDOR MANAGEMENT - A PLAN THAT

WORKS HIGH TRUST = HIGH SALES

THE STRENGTH OF YOUR RELATIONSHIP WITH THE VENDOR DETERMINES YOUR ABILITY TO INFLUENCE YOUR VENDOR

TRUST

INFLUENCE HIGH

HIGH

MEDIUM

LOW LOW SAY. the point where trust is the highest is TRUST IS BUILT ON WHAT WE DO NOT WHAT WE SAY, at the time of signing the agency however, what typically happens is the longer it takes to sell the harder it is to maintain trust and secondly the more go- wrongs the owners re looking for!.

If you want to be able to influence your owners to adjust their price or accept a lower offer you need to be able to answer two questions; 1. Have you done everything in your power to sell my home?

2. Is there any more money out there?

Typically, most agents ‘ANSWER’ these questions, however high performing agents have generally already ‘DEMONSTRATED’ these answers in their actions.

Here is a simple plan which will create high trust and give you the ability to work with your owners in a manner which will see your time on market decrease and list to sell increase.

HIGH TRUST VENDOR MANAGEMENT PLAN

On the day of listing: Call your sellers for the next five days with quick chat updates as to what you are doing behind the scenes, this is when most agents disappear.

Plan for next five days: 1. Thank you for listing, contract update 2. Brief on data base buyers available 3. Advert/ photography booking (what did you want to see) 4. Market update what’s happening internally, these are the things we will be doing 5. Discuss launch plan, set firm date for the launch and confirm points of contact By contacting your owners for the first five days, it shows your work ethic and creates what’s called emotional bank account credits.

5

The next milestone meeting is the “WE ARE ON THE MARKET, NOW WHAT” meeting.

This is where you discuss: 1. Early offers 2. Data base buyers 3. Market place buyers 4. How to read feedback 5. Properties for sale in competition 6. Properties sold (that start to influence the possibility of a low offer) Now, ‘we are on the market what’s the plan’ meeting.

Here is what the leading agents around the country are doing to educate their owners, and in doing so, MAINTAIN / BUILD HIGH TRUST and reduce the time on market for their owners.

1. EMAIL WEEKLY PERFORMANCE REPORT a) Phone enquiries b) Email enquiries c) Feedback d) Comparable properties e) What we have we done to look for buyers 2. PHONE AT LEAST TWICE A WEEK WITH a) Overview of their home / inspections b) Overview of what we are doing c) Overview of office enquiries, sales and negotiations 3. VENDOR MEETING FACE TO FACE EVERY 10 DAYS: THIS IS WHERE WE HAVE A DEEPER DIVE INTO THE DATA ALREADY MENTIONED 4. REMOVE THE EXCUSES! NOW WE HAVE BUILT TRUST AND REMOVED DOUBT, THERE IS ONE MORE THING WE NEED TO BE ABLE TO DO - REMOVE EXCUSES. HOW DO WE DO THIS? YOU CHANGE THE FOLLOWING AS QUICKLY AS POSSIBLE, SO THERE IS NOTHING ELSE TO CHANGE OTHER THAN PRICE; a) Heading b) Photos c) Advert / text d) Re-Launch / change advertising e) Change the price Here is what I know having worked through all market conditions over 22 years: I understood that the strength of the agent’s relationship with the owner determines the list to sell and time on market ratios, not the market!