Page 1

Jason Boon

why relationships are key to his success

stretching yourself with

Real Estate Pilates

your greatest move Revolutionary Prospecting Ideas

what to say, what to send with Lee Woodward

what’s happening in real estate Autumn Events and Training

issue 1. autumn 2010


Hot Topics presents

Hot Topics Magazine issue 01

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Hot Topics presents

Welcome Hello and welcome to Real Estate Hot Topics The Magazine, I’m Lee Woodward. This magazine has been created so the agents of Australia and New Zealand can see the written information being offered by people who appear on the Hot Topics program. The audio program has been going for nine years and we have been asked many times to provide written content and information around what we do so, due to industry demand, our magazine was born. This magazine would not be possible without the support and energy of all the industry service providers who have believed in this publication and helped it to become a reality for you, the reader. In professional practice there is no right or wrong way. Each of our views is neutral and has been covered in these very marketplaces at some time or another. Some people go out there to say this is the right or wrong way, but there is no such thing – it depends on the state and country you operate in and many other factors, but I think Hot Topics brings a neutral environment in which to see all these great stories. In the nine years the Hot Topics audio program has been running, it has changed the lives of thousands of dedicated real estate professionals and helped lead the way in what it takes to be a great industry professional. On our contents page you will see some fantastic sections and we’d love your feedback for the next edition. Each edition we want to bring you fresh, new information from the people in our industry and service providers who make everything possible for us to deliver the great experience that is required by the consumer.

04

Your say

24-25 Improving the profitability of your rent roll

04

What’s your story?

05

What’s on?

28-29 Professional words

06-09 Feature story Professional Connections - relationships are key to success with Jason Boon

10-11 Market news Practical tips for sales professionals by Paula Irvine

12-13 Business mechanics behind the scenes with Carlie Barnett

15-16 Prospecting corner Your Greatest Move with Jamie Doman

with Lee Woodward

31-32 Making sales in a tough market with Bill Kington

34-35 Winning the business

with Lee Woodward

36-38 Business & performance management

where are you at? by Warren Campion

39

Kickstart your year

with Real Estate Academy

40-41 Earn your stripes 17-18 What to say, what to send

with Lee Woodward

20-21 Real estate pilates

with Peter Clements

23

Leading property managers of Australia

forums 2010

Enjoy the magazine. Regards

by Bob Walters

with Dan Walker

42

On the move

44-45 Services directory 46 Lee Woodward’s Coaching tips:

The highway concept

Lee Woodward Published by

Suite 1 Victoria Court 36 - 40 Victoria Street East Gosford NSW 2250 Tel: (02) 4322 7559 Fax: (02) 4323 2237 Email: info@milestone-belanova.com.au www.milestone-belanova.com.au

In association with

Managing Editor: Barbara Ketley Graphic Design: Milestone-Belanova Editorials: Johanna Baker-Dowdell, Strawberry Communications Advertising enquiries: Janice Wells on (02) 4322 7559

PO Box 6348 Kincumber NSW, 2251 Phone: 1300 367 412 Fax: (02) 9225 9477 Email: sales@realestateacademy.com.au www.realestateacademy.com.au

This publication is copyright. No part of this publication may be copied, reproduced, stored or transmitted in any way including but not limited to electronic transmission, mechanical transmission, photocopying or recording without the prior permission of the publisher. Disclaimer: The publisher and/or Real Estate Hot Topics cannot be held responsible for the accuracy of statements made in advertising or editorial in this publication, nor for the quality of services or products promoted. The publisher has taken every care in the production of this publication but does not accept any liability for any errors or omissions that may have occurred. Opinions expressed throughout this publication do not necessarily reflect the view of the publisher or Real Estate Hot Topics and, whilst every effort has been made to ensure the accuracy of information published, neither the publisher nor Real Estate Hot Topics take any responsible for relying upon the information provided. The publisher and Real Estate Hot Topics disclaim all responsibility for any loss or damage suffered by third parties and/or readers in connection with information contained within this publication.

Hot Topics Magazine Issue 01

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Hot Topics presents

your say I wanted to congratulate you on the Hot Topics series.

I just thought I would share a recent incident relating to your audio cd’s my company supplies me with on a regular basis. I was listening to the last cd received where you discuss the topic of “pushing” the client. I took note of the fact that I would be doing my purchaser a disservice if I didn’t push him into making the purchase of a property last Friday. I have been showing him houses since 10/03/09 and have finally committed him to paper. I used very similar dialogue to what your guest speaker had used and it worked! Thank you for the input you and other successful agents share with us. It continually makes me “question and reinvent myself”.

I began listening to your program early last year and the points and topics you discuss are very helpful for agents on the ground. Through the use of your scripts and dialogues I have increased my business exponentially since early 2009. Last year I sold more than $100,000,000 worth of property and I put that down to the amount of vendor paid marketing campaigns that went to market. In 2009 I was able to secure more vendor paid marketing campaigns and sell more properties than anyone else in our company (circa 200 agents in NSW).

Regards Ps: Keep up the good work!

I use your CD’s in our fortnightly training sessions (role plays etc) which all the team enjoy and get value from.

Tony Bestel Allens Goode Leith Realty

Thank you again and I look forward to another edition of Hot Topics! Daniel O’Brien CB Richard Ellis South Sydney

Subscribe to Hot Topics Series 9 now by calling Robyn McCaughan on 1300 367 412.

Real Estate Hot Topics is the best audio training and education material in our industry. The people who appear on the show are practitioners who are on the tools working hard at their profession. My company has subscribed since the early years and we continue to listen keenly each month to the recordings. We recommend Hot Topics to everyone within our industry. Hot Topics is as much about attitude as it is about words. Chris Hanley Byron Bay First National Real Estate Lee Woodward is the absolute industry ‘guru’ when it comes to real estate training; combine his knowledge with his contacts and you have an unbeatable combination. He has an amazing ability to draw out the very best information when he’s interviewing outstanding real estate performers across Australia and it’s these interviews and tips that provide invaluable inspiration and ideas to all of our sales people. Hot Topics is an absolute “must have” for any office or sales person. Amber Werchon Amber Werchon Property

Have your say! Email your letter to yoursay@milestone-belanova.com.au

what’s your story Real Estate Academy success

Congratulations to Real Estate Academy gold member

Matt Angilley for continued implementation.

Go Mat

Thinking of Moving?

Matt Angilley and the

The Real Estate Academy had their largest ever Complete

proud team at Real Estate Partners have just unveiled their

Salesperson Course on 3 & 4 February 2010 when over 170

new Client Courtesy Truck. This truck is supplied FREE of

agents registered for the Sydney event!

Charge to Clients who Sell, Buy or Lease properties through

The next Complete Salesperson Course will be held in Brisbane

Real Estate Partners. The only cost to you is the fuel that you

on 17 & 18 March 2010. For more details, contact Robyn

use. At Real Estate Partners

McCaughan, Events Manager of the Real Estate Academy

We’re Helping You Move!

on 0408 294 258 or 1300 367 412.

If you have a story to tell, let us know. Email us at editorials@milestone-belanova.com.au

4

Hot Topics Magazine Issue 01


Hot Topics presents

feb

what’s

march april Location

3rd/4th 9th 10th/11th 11th 15th 16th 16th 16th 16th 17th

Event

ON

Event

february

Date

may Location

Sydney The Complete Salesperson Course - Real Estate Academy Camperdown Building a Foundation for Growth - BWT Queanbeyan Continuing Professional Development - Kaplan Sydney Continuing Professional Development - Kaplan Melbourne Agents Representative Program - Kaplan Sydney Personal Assistant Sessions - Real Estate Academy Sydney Super Coach Workshop - Real Estate Academy Newcastle Termination & Tribunal (CTTT) - BWT Auckland,NZ Property Management, back to the Future - BWT Wellington,NZ Property Management, back to the Future - BWT

17th 18th 18th 23rd 23rd 23rd 23rd 24th 25th 25th

Sydney Intensive Licence Program - Kaplan Christchurch,NZ Property Management, back to the Future - BWT Perth Continuing Professional Development - Sales - Kaplan Melbourne Super Coach Workshop - Real Estate Academy Sydney Continuing Professional Development - Kaplan Perth Cont. Prof. Development - Licensees - Kaplan Melbourne Property Management, back to the Future - BWT Adelaide Property Management, back to the Future - BWT Brisbane Super Coach Workshop - Real Estate Academy Camperdown Inspecting your Landlord Client’s Investment Property - BWT

Date

Location

Event

Date

Location

Event

1st 3rd 3rd 9th 9th 9th 9th 10th 10th 11th 11th

Brisbane Queanbeyan Sydney Adelaide Fremantle Perth Sydney Perth Melbourne Brisbane Brisbane

Intensive Licence Program - Kaplan Intensive Licence Program - Kaplan Ignite 10 - Guru Group 10 Super Coach Workshop - Real Estate Academy Cont. Prof. Development - Property Management - Kaplan Intensive Licence Program - Kaplan Property Management, back to the Future - BWT Super Coach Workshop - Real Estate Academy Agents Representative Program - Kaplan The Listing Magnet Workshop - Guru Group 10 Property Management, back to the Future - BWT

15th 15th 17th/18th 16th 18th 18th 18th 23rd 23rd 24th/25th 31st

Adelaide Melbourne Brisbane Perth Sydney Fremantle Darwin Sydney Hobart Queanbeyan Sydney

Intensive Licence Program - Kaplan Intensive Licence Program - Kaplan The Complete Salesperson Course - Real Estate Academy Property Management, back to the Future - BWT Continuing Professional Development - Kaplan Continuing Professional Development - Sales - Kaplan Property Management, back to the Future - BWT Continuing Professional Development - Kaplan Property Management, back to the Future - BWT Continuing Professional Development - Kaplan The Listing Magnet Workshop - Guru Group 10

Date

Location

Event

Date

Location

Event

14th 14th 15th 15th 16th 16th 17th

Melbourne Sydney Brisbane Sydney Sydney Sydney Sydney

Super Coach Workshop - Real Estate Academy Intensive Licence Program - Kaplan Super Coach Workshop - Real Estate Academy Continuing Professional Development - Kaplan LPMA Agency Principals Forum - BWT LPMA Property Managers Forum - BWT LPMA Agency Principals & Property Managers - BWT

19th Brisbane 20th Sydney 20th South Perth 21st Melbourne 21st/22nd Melbourne 27th Sydney

march

Date

april

Intensive Licence Program - Kaplan Continuing Professional Development - Kaplan Continuing Professional Development - Sales - Kaplan Agents Representative Program - Kaplan The Complete Salesperson Course - Real Estate Academy Super Coach Workshop - Real Estate Academy

Location

Event

Date

Location

Event

6th

Perth

Cont. Prof. Development - Licensees - Kaplan

27th

Brisbane

Legendary Listing Presentation - Guru Group 10

Hot Topics Magazine Issue 01

may

Date

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Hot Topics presents

C

Professional

onnections

RELATIONSHIPS ARE KEY TO SUCCESS Lee Woodward interviews Jason Boon for Hot Topics and reveals what it takes to become one of Australia’s best agents. A back-to-basics approach netted real estate agent Jason Boon one of the best months of his career with 12 sales in the range of $800,000 to $13 million, despite reports of a sluggish property market. After putting in a lot of legwork and making the time to really listen and read buyers, the Richardson & Wrench Elizabeth Bay/ Potts Point agent started seeing dividends for his efforts. He said he knew he had the stock in hand and was more conscious of making time to talk with and see buyers. “I’d developed being a specialist in the area and I had the stock,” Mr Boon explained. “I felt the market change a little bit prior to that month. I felt there was more enquiries coming in and decided to be more mindful and focus on the call coming in and then identifying what the 6

Hot Topics Magazine Issue 01


Hot Topics presents

buyer wanted, asking some key questions

afternoons. “I’d pick the buyers by filtering

Asking the right questions at the beginning

in relation to what they were after and then

on the Monday and Tuesday morning

saves time in the long run and shows a

making times to see them face-to-face.”

and then I’d spend my remaining week

buyer that the agent knows their market

The system honed by Mr Boon started first

building relationships with buyers who

well.

thing on Monday morning when he arrived

were going to buy in my area of Potts Point

Working in an area with higher-end

at the office and made calls to all the

and Elizabeth Bay in the next month,” he

properties for sale, Mr Boon said he had to

vendors on his list. On Monday afternoon

explained.

approach buyers differently and take the

he called all his buyer contacts and, if

relationship further than just sending them

appropriate, made appointments to spend

Reading the Buyer

one or one-and-a-half hours with them on

With total career sales of more than

when they called his office. He also works

Tuesday, Wednesday or Thursday

$100 million, it is clear Mr Boon knows

with a lot of referral-based business, which

to the open day the following Saturday

“I decided to be more mindful and focus on the call coming in and then identifying what the buyer wanted.” what he is talking about when it comes

demands a more personalised approach.

to buyer management. He said he reads

“That first phone call that you receive from

the buyer by listening for a certain pattern

someone who is buying in that range

of behaviour through the telephone, or

needs to be taken seriously, and you need

watches for cues when face-to-face, but

to ascertain what they want from you and

mostly it came down to asking questions.

whether they want to go out and look at

“People say things along the way that give

real estate or whether they want to meet

you key questions. They say we’re ready

with you,” he said.

to buy now, we’ve just sold, we’re looking

“For me every call I take is about building

for a certain type of property, there’s a

some sort of relationship with that person;

particular type of property I saw which I

not so much selling them something.

missed out on,” he said. When faced with

Some of the best relationships and

these cues, Mr Boon’s response is to ask

referrals I have got in that area are from

questions like these:

some people who never bought through

• You don’t have to tell me what you want

me.”

to pay, but is there a certain range that

Real estate agents facilitate people buying

you want to buy in?

and selling property, he explained, which

• Is there some sort of building that

may even include telling buyers about

you’ve seen around the area that

a property not listed with your agency.

you like?

“The reality is helping people in your area,

• Have you been in an apartment with a friend that you liked, or had dinner at? Asking questions about property type, style, character, size, number of bedrooms and even the ceiling height a buyer is looking for helps to narrow down the selection. “I know pretty much every

building relationships and doing what a person needs to do each day to show real estate.” Backing up this point, Mr Boon talks about his client “Brian” who he has invested a lot of time with, but has never bought from him. There is a flip side to this coin, though. “This guy tells everyone to use me. I’m a part of the community.”

building in the area, so it allows me to get a visual or an image as to what they’re thinking or seeing and to direct them towards what they may fit in to,” he said. Hot Topics Magazine Issue 01

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Hot Topics presents

Listing Presentation The Jason Boon Experience When thinking about the number of living rooms he has sat in and discussed real estate during his career, Mr Boon said he has different ways of communicating with the person/people in the room. The ways he deals with people depends upon a number of factors, including whether he has an existing relationship with them or not or whether someone has referred him. He goes by the feeling in the room while there. Common questions he will ask at this initial meeting are:

“Whatever the questions let’s get involved

being able to do that and to talk to people

in their life, find out what are they thinking,

about their lives, their money, their creed,

what do they want. Do they have some

their wealth, what they want and who they

ideas they don’t want to give me, are they

know,” was something that has stayed with

being upfront, are they being withdrawn,

him. This experience allowed Mr Boon to

are they not telling me things – these

compare different behaviours and patterns

are the things that you get through

in vendors and learn from the experience.

watching and asking questions,” Mr Boon

Buyer management is the key to a great

explained.

agent because it shows their caring side.

From One Extreme to the Other The area Mr Boon works in is home to many of Sydney’s rich and famous residents, including some who have bought and sold through him. One such vendor was a successful, but “controlling and straightforward” businessman who owned a penthouse worth $10 million. The

Vendors want to work with someone who has built good relationships with them and potential buyers, as well as someone who is part of the community and is willing to help others. Mr Boon said it made sense that people who were attracted to an agent to buy property, would also be attracted to them when selling property. “I get up every morning and go to work in my area and I’d

“I get up every morning and go to work in my area and I’d like to think people are attracted to using me to sell and also to buy. If I put it out there, it comes my way, but I’ve also got to back it up.” conversation Mr Boon had with this man

like to think people are attracted to using

was less about him listing the property

me to sell and also to buy. If I put it out

and more about the man’s thoughts on the

there, it comes my way, but I’ve also got to

building, the area, Mr Boon and what he

back it up,” he said.

envisaged would happen. “Another time, another place, he probably would have

Seeing it Happen

expressed and done the same things with

Taking this idea a step further, Mr Boon

• Where are you hoping to end up?

another guy. It wasn’t personal, but it was

explains he provides a platform for people

• What are you hoping to do?

interesting to watch,” he added.

to buy and sell and believes if he visualises

• What is your journey?

As he left the penthouse he received a

• What do you want to achieve? • Where are you going to?

phone call from a contact he had made through several open days – a gardener who had just been married and lived in

• Have you liked living here?

the same building as the businessman.

• Do you like the area?

He met with the newlyweds immediately

• What area are you thinking of

after to discuss selling their property. “The

going to? • Are children the reason you are thinking of moving? • What are your reasons behind selling? • What do you need from me? • Do you have an image in mind about your next home?

apartment upstairs was $10 million and the one downstairs was $700,000 and to get the experience of the two different people, or rooms, on totally different spheres and characters was a great experience.” This dichotomy between the penthouse and ground floor apartment provided Mr Boon with a great deal to ponder. “I wasn’t so focused on whether I would get either of the listings, but the experience of

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Hot Topics Magazine Issue 01

what he wants he will make it happen. “I visualise doing well on a daily basis,” Mr Boon said. Starting small, he visualised selling five properties and he sold five, and then another five, so he started visualising selling seven, eight and nine properties. “If you start to think about it, you’ll probably start to feel it, and then start to do it,” he said. This visualisation technique also works with vendors – spending time with them explaining how he sees the sale progressing helps them visualise Mr Boon selling their property. This is a powerful tool to use to seal the listing. Visualisation is an equally powerful tool in personal success. Mr Boon said he does not “see boundaries on my visualising,”


Hot Topics presents

so the sky is the limit! “I did the work that

the young man inside the office while they

needed to be done to provide a platform

waited for the ambulance to arrive. Two

for these properties to sell and these

weeks later the meter reader came back

people to buy, regardless of what market

to the office and explained his father had

I sat in, and I was going to sell those

died and he needed to sell his property.

properties because I did the legwork.”

He asked Mr Boon to look at the property

Doing this work included a number of

because he was the only agent he wanted

factors coming together such as having

to use. “It’s just one example, and I’m not

the stock to sell, spending time with the

saying it’s too spiritual, but it’s just part of

buyers, building relationships, showing

the whole situation, and that comes back

buyers what they wanted to see, building

ten-fold, I believe,” he said.

trust and negotiation, but it paid off.

In taking the steps to becoming a more

Being community-minded is also another

successful real estate agent, Mr Boon

technique in Mr Boon’s toolbox. “I did a

advises going back to the techniques

lot of promotion in the beginning and I

learnt right at the beginning and start

still do a lot of promoting, but promoting

forming relationships with buyers and

can be smiling, saying hello and having a

sellers. “Have a desire to do what you

chat to anyone generally.” His good nature

want to do, or be where you want to go,

goes further than the old smile and hello,

visualise it being done. You don’t have to

though. Recently a young man overdosed

be feverish or greedy about it, but be a

outside the Richardson & Wrench office

person who can provide that service, turn

and Mr Boon found him when he arrived

up every day and do what a person needs

at 7.30am. Luckily the electricity meter

to do to get to that visual you want,”

reader was close by and helped to move

he said.

Hot Topics Magazine Issue 01

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Hot Topics presents

Marketnews by Paula Irvine, General Manager – Real Estate, Kaplan Professional

Risk Management: Practical tips for salespeople Risk management may seem like a horrible topic for an article but unless you manage associated risks, how can you ever achieve success? Follow the checklist below so you can be confident of satisfying the client and achieving sales time and time again. 1. Keep your knowledge current by reading relevant journals and publications such as Hot Topics.

3. Constantly update your market knowledge - by physically inspecting

- your duty is to provide them with

properties and conduct thorough

the best possible return from the

research before giving any advice or

sale of their asset under prevailing

price estimates. Use data companies

market conditions. Always put their

such as RP Data, subscribe to their

interests FIRST. Remember your duty

updates. Check your market regularly.

at law is to all parties involved in the

4. Continue to learn and grow by undertaking regular training and professional development.

8. Ensure your instructions are

of protection. Ignorance is no excuse!

the client. Confirm everything in writing signed by the client. Check wherever possible the accuracy of all information received from the client.

developments likely to impact on your

If they felt your work, they’ll give you a chance.

receive up-to-date information and

Inspect the property carefully and note any defects or disadvantages that are evident. Identify all relevant legislation and regulations that affect

advice.

the transaction. Do not assume

2. Network - with fellow professionals such as valuers, accountants,

vendor’s asset at all times. understood - by both you and

reports regularly and note issues or

association such as REINSW to

transaction. Protect the security of the

Knowledge is power and a great form

Check newspapers and television

marketplace. Join your professional

7. Vendor (client) always comes first

5. Communicate - stay in touch with

property researchers, solicitors and

your vendors, customers and any

so on. Discuss the market so you

prospects. Discuss market trends,

stay abreast of the latest trends.

developments or any areas of concern. Explain the process with all parties so they understand what they are involved in, beforehand. 6. Use systems that make your job easier - and quicker but DO NOT compromise on quality of service delivery. Follow them consistently and update as and when required.

anything; pursue any doubt to your satisfaction. Record every detail carefully and re-check for accuracy. 9. Client approval on advertising and promotions - is absolutely critical. Always obtain the client’s consent and signature on the original advertising, marketing schedules and any required additions or alterations. (This includes getting them to sign on proof copy and draft adverts.) Stick to the set budget and ensure it matches any reimbursement stated in the schedule and on the agency agreement. Don’t make unsubstantiated claims about the property and use a disclaimer on every page of any promotional material.

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Hot Topics Magazine Issue 01


Hot Topics presents

10. Representations - think before you

or undertaking exchange of contracts

the vendor and liaise with their legal

speak and record everything. Stick to

remember there is one contract

representatives, as this should be

your instructions. Note any queries

consisting of two copies (one for

addressed under the conditions of

and NEVER guess the answer

the seller and one for the buyer) and

the contract.

to any question. Diarise all dates

they must be thoroughly checked to

and times and record all relevant

ensure that they are identical.

points discussed with any party

13. Check and re-check your reports

16. Records - keep copies of all relevant documentation. Use a diary as a record of events to act as a

involved in a transaction. Undertake

or presentations for accuracy - and

memory jogger if required (manual

thorough research before making

use checklists. Have someone

or computerised). Keep general

any predictions or price estimates.

else check and countersign as

records of all transactions. Maintain

Have a reasonable basis for any

a precaution. Use appropriate

a neat and orderly filing system. Use

representation that you make. This is

disclaimers but do not rely solely on

a checklist for every listing and sales

a legal requirement! Think, be careful

them.

file. Use a complaints register and

and record everything relevant. 11. Documentation - use standard

14. Auctions - check all documents thoroughly. Clarify all procedures

client/customer satisfaction surveys to refine and improve your service.

forms and letters for consistency.

to be followed and stick to them.

Remember adherence to a risk

Take great care when completing

Don’t bait prospective bidders with

management system will go a long way

agency agreements or any contracts.

a low price estimate – it is illegal.

to protect you and your business.

Accuracy is vital. Identify parties,

Have the client sign any change or

However, the greatest form of risk

describe both them and property

setting aside of the reserve price.

management is always keeping your

accurately, date correctly and check/

Before suggesting any method of

clients and customers satisfied. After all,

confirm deposit/settlement details.

sale, ensure that it’s in your client’s

happy people don’t sue!

Fully understand and follow legislative

best interest. Always exercise sound

requirements for agency agreements,

judgement in your recommendations.

consumer guides, cooling off periods, etc. 12. Contracts for sale - have in place

15. Make sure you collect deposits remember contracts for the sale of land must be evidenced in writing and

Paula is a highly respected real estate agent with over 25 years of experience across the real estate industry and in property education and training.

as required prior to promoting

no amount of money will guarantee

residential property. Check any

a purchase prior to exchange of

special conditions. Make sure you

contracts. If there is a problem in

understand them - obtain legal

collecting a balance of deposit after

advice if required. If participating in

To contact Paula email:

exchange, it’s important to notify

paula.irvine@kaplan.edu.au

Hot Topics Magazine Issue 01

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Hot Topics presents

Business It is not too much of a stretch to say Carlie Barnett has real estate running through her veins. Working in an agency while studying for her HSC (Higher School Certificate), Ms Barnett investigated other avenues when she finished school, but real estate was already part of her life Ms Barnett has recently started as the Business Unit Coordinator for Ray White East Director Arthur Perdis, a role she has held since November 2009 with the aim of stamping her mark on it within the next 2-3 years. Starting in the industry eight years ago, Ms Barnett began working as an agency receptionist and helping out with property management. She quickly worked her way up the ranks, choosing roles carefully to ensure she was always making a gain. “Every job I’ve taken on since I left high school I’ve just progressed up the ladder. As I’ve gone along, with every move I’ve made sure I’m going to be stepping into a new role or learning more, or I’ve changed areas, or changed companies,” Ms Barnett said, explaining she moved from the NSW Central Coast where she had worked for four years with McGrath to Sydney’s Eastern Suburbs for her current role. “The market is so different here from the Coast, so as I’ve gone along I have learnt new things and new challenges have presented themselves.”

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Hot Topics presents

Mechanics

BEHIND THE SCENES with Carlie Barnett

Working with four people means a lot of communication and trying to coordinate all of that is a really big challenge In her role as Business Unit Coordinator,

team focused on the target the members

Just settling in after less than three months

Ms Barnett is responsible for ensuring

agreed on for the year ahead, based on

at Ray White East, Ms Barnett said she

every day runs smoothly for her team,

the KPIs (Key Performance Indicators) and

“would really like to feel I own this role

which includes Mr Perdis and two sales

business plan they have written together.

and set this up as a blueprint for other

associates. Each day begins with a

To help keep everyone on track rewards

Business Development Units within the

10-minute briefing meeting where the team members discuss calls they will make, emails to send, appointments they have set in their diaries and marketing that must be approved. “We have two meetings a week where we meet for an hour and talk about various things in our business. One meeting is for working on our business

real estate network”. She plans to use the

“If I’m not holding them

skills she has developed in her career with those of her current role to set up a similar

accountable, then I’m

business model for other agencies that

not playing my part in

The business training model would be

reaching that goal.”

want to appoint assistants. offered to agencies with physical and electronic training manuals, she explained.

and the other meeting is for working in our

“I’d like to give them some electronic

business,” she said.

material and then sit with them and

The role also includes managing Ray

implement the program.”

White East’s incoming calls and emails

Further into the future, Ms Barnett has

and coordinating tasks to be completed

her sights sent on real estate industry

for the team. “Working with four people

presenting roles where she can share

means a lot of communication and trying to coordinate all of that is a really big challenge,” she said. As one of the first points of contact for all phone and email communication coming into the office, Ms Barnett must act as a gatekeeper and deals with many queries on the spot. “Whatever I can’t deal with I will speak to Arthur and I forward it on to him. It’s the same with office enquiries – I’ll forward them on to the two other associates in my team if I can’t deal with it, but normally a lot of the enquiries come through me.” Another part of her role is to keep the

have been set for reaching monthly,

her knowledge through seminars and

quarterly and annual goals, but equally

speaking engagements. The beginning

there are consequences if team members

of this goal was realised when Ms Barnett

don’t reach those goals.

spoke at the Real Estate Academy

“I’m responsible for my team and I’m accountable for them reaching their targets. We’ve got a goal for 2010, which is a dollar figure that we want to write in total commission. Making sure

Professional Assistant Breakfast in February. Using her own career as a case study, she shared her experiences and thoughts on business practices at the Sydney breakfast meeting.

we are on track to reach our goal is the

After making such a strong impact on the

ultimate challenge. If I’m not holding them

industry in a short time, there is no doubt

accountable, then I’m not playing my part

Carlie Barnett is a name that will feature in

in reaching that goal,” Ms Barnett said.

the future.

Hot Topics Magazine Issue 01

13


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14


Hot Topics presents

PROSPECTING

CORNER your greatest move

JOHANNA BAKER - DOWELL INTERVIEWS JAMIE DOMAN OF MCGRATH REAL ESTATE, CENTRAL COAST

When considering the last home you will

with a retirement home,” Mr Doman

live in, many people find the process

explained. “I’ve got a long-standing

daunting and even scary, but it does not

relationship with people who make the

have to be that way.

decision to move into a retirement village

After three years of building relationships

and most of them have a property to sell.

with vendors selling their homes to move

I identified that a few years ago and I’ve

into lifestyle villages, Jamie Doman from

built those relationships.”

McGrath Central Coast joined forces with

The CD includes interviews by Real

think and are they going to shut

the Real Estate Academy and Tarragal

Estate Academy owner and founder

themselves off from the world. I talk

Glen Retirement Village to create an

Lee Woodward with Tarragal Glen sales

about how we can project manage

audio CD program to help people in

facilitator Tracey Frost, Tarragal Glen

their sale and liaise with the village

this position.

residents Bob and Cecily Roberts, whose

in order to make that transition from

“It’s all designed to assist people moving from A to B, with all the steps along the way,” Mr Doman said. “The Roberts talk about how easy they found the process and all the fears they had – are they too old, not old enough, what will their family

residence to lifestyle village,” he

WE’RE JUST CUTTING OUT THOSE OTHER 49 AND GOING STRAIGHT TO THE ONE PERSON WHO IS INTERESTED IN DOING IT. This audio program was launched in early

home was sold by Mr Doman, and the

February with a marketing campaign in the

agent himself. Ms Frost explains what is

local newspaper Central Coast Express

available to prospective residents and

Advocate, on Radio Five-O-Plus and in

talks through the process involved in

more than 50 seniors’ clubs throughout

buying a 99-year lease within the village.

the Central Coast region. AMP Capital

The Roberts touch on their experiences,

Meridien Lifestyle, which manages Tarragal

including their initial fears about moving

Glen, will also distribute the CD at four

into a lifestyle village, as well as their need

lifestyle village expos throughout 2010.

to downsize and how easy the process

Interested parties can register for a CD

was once they had committed to it. Mr

via the Your Greatest Move 1800 number,

Doman explains the process in selling a

website or at the expos.

home and how he can help his clients into

“The CD was born out of my relationship

their chosen village as quickly as possible.

added. Excited about the new direction his business might head as a result of Your Greatest Move, Mr Doman said it could mean big things for him as he could potentially expand his database of sellers in new areas. “I see it being a massive boost in the way that it may be a marketplace I may not have been able to tap in to. We might pick up a couple of people who have waterfronts at Wamberal or beachfronts further down the coast that I might not have come across. I think a lot of these people might have older homes that have not been on the market for 30 years,” he said.

Hot Topics Magazine Issue 01

15


Hot Topics presents

Although produced by the Real Estate

This structure was developed bearing

Academy, McGrath and AMP Capital, the

the older market in mind. Many people

Your Greatest Move CD is not branded, so

considering selling their home to

it is seen more as an information product

enter a lifestyle village do not have an

than a sales tool. “It makes it a bit more

understanding of current property sales

passive,” Mr Doman explained. “Fingers

practices, as they may have lived in the

crossed it fills up their village as well as

same property for 30 or more years.

gives me new clients. If it sends me 15

“When they first bought that house 30

clients in addition to my business, or if it

years ago there was no Internet, no

sends me more, great. If it sends me one,

sign boards, no market campaigns. The

it’s one more than I had. If I get one lead

agent just took a sign out of the boot of

every two days, to me it’s a success.”

his car and sat in his office and waited

When playing the numbers game as real

for someone to come in,” Mr Doman explained. “Things have changed and

IT’S ALL DESIGNED TO ASSIST PEOPLE MOVING FROM A TO B

THINGS HAVE CHANGED AND WITH OLDER CLIENTS YOU DO HAVE TO TREAD A BIT SLOWLY estate agents do, speaking with warm

with older clients you do have to tread a

prospects is a much easier scenario than

bit slowly. They need some education and

cold calling. “I can sit on the phone for

someone to hold their hand and walk them

three hours and make 60-70 calls and

through,” he added.

not get one lead. They’re calling you,

Instead of making the move to a lifestyle

so they’re lukewarm already. They’re

village an overwhelming and dreaded

thinking of selling,” Mr Doman said. “The

experience, this CD explains the process

reality is, you make 50 calls to get a lead,

and shows prospective sellers that it can

depending on the quality of what you say.

be their greatest move.

We’re just cutting out those other 49 and going straight to the one person who is interested in doing it.” The Your Greatest Move sales process has been developed on a 90-day strategy and will be managed from the McGrath office. “When someone rings in I put their details in and the computer looks after the rest. It tells me what I have to do to make sure that follow up is done consistently. The village just gets an email to say on Day 7 you have to call and on Day 12 you need to send an information pack out,” Mr Doman explained. Prospects receive 6-7 contacts in the first 30 days and then one contact every three weeks. The contacts are strategically from both Mr Doman and Tarragal Glen, offering information and answering queries.

16

Hot Topics Magazine Issue 01


Hot Topics presents

say,

send

Winning questions

An excerpt from Lee Woodward’s renowned book on scripts and dialogues

A successful listing presentation from a

5. When were you hoping to see the

14. Have you had a property on the market

real estate agent will effectively provide an

property advertised? The answer to this

before and how did it go? The answer

owner with a business plan for their sale.

question helps set an expected timeframe.

to this question will show the agent any

The best listing presentations focus on a

6. Are there any photos that you would like

previous experiences an owner has had

potential client’s actual needs, not what

to include in the campaign? This shows

and explore their expectations.

the agent perceives as their needs. A

an agent’s attention to detail and gets the

15. That is going to take a little while. How

professional presenter will guide the owner

owner involved.

are you going for time? Again, this looks at

towards listing their home through the

7. Do you have a spare key or should I

the owner’s timeframe.

quality of his or her presentation. The most

have one cut? This helps to progress the

16. Do you have a good solicitor for

effective method of achieving this goal

meeting to the next level.

handling real estate? This question

8. Have you met any other agents? May

explores the timeframe and establishes

I ask why you haven’t appointed any of

common ground.

them? This question will help to explore

17. How do you feel about having your

the owner’s expectations of what they want

home open for inspection? This can be an

in their agent.

opportunity to express empathy, but it also

9. Do you know very much about our

explores the owner’s motivations.

company? This gives the agent credibility,

18. What are you looking for in a marketing

shows community feeling, tests the

agent? The answer to this question will

is to involve the owner in the decisionmaking process by asking them a series of winning questions, which have been designed specifically to result in success for the agent. These questions are outlined below and are applicable at all occasions to help the agent win the listing:

owner’s perception and allows the agent

again show the owner’s motivations and

1. What would you like to achieve from our

to present their agency profile.

allow the agent to express empathy.

meeting today? The strategy here is to set

10. If we achieve a price that delights you,

the agenda by putting the owner in control.

where will you move to? This adds to the

2. Can you tell me about any

expected timeframe points.

improvements that you have made, that

11. Would you like me to estimate the

you consider have added to the value

change-over cost for you? By asking this

of your home? This question shows the

question, it is showing an agent’s expertise

agent’s empathy, thoroughness and gives

and helping to establish the feasibility of

the chance to explore the owner’s price

the sale.

expectations.

12. Have you seen a marketing strategy

3. How do you feel about having a

recently that has caught your eye? This

signboard outside? Again, another

establishes the owner’s preferences and

expression of the agent’s empathy.

the agency’s point of difference.

4. Do you think your home would suit

13. If you were a buyer, would you see

a morning or an afternoon photo? This

the benefit in that? An agent will gain

question shows the agent’s attention to

acceptance by asking this question.

detail and expertise in listing property. Hot Topics Magazine Issue 01

17


Hot Topics presents

19. Is all this making sense? An

21. If all the agents charged the same

23. Has anyone explained the law of

opportunity for the agent to empress

fee, would you list your property with us?

selling? This is the final close, where

empathy and the owner’s motivations, this

This explores the owner’s motivations and

the agent gains acceptance and

is also a chance to revisit anything that is

isolates any concerns they may have.

demonstrates product knowledge.

niggling for the owner.

22. Suppose that I am working with a

24. Is your feeling today about winning

20. The agent you choose will have a

buyer who likes your home and is in a

or is it about engaging the very best

major effect on the price you will receive.

position to make you an offer. However,

agent? By asking this question, the

How will you know that another agent

they say that they have seen some

agent reinforces their credibility, shows

can negotiate effectively for you? This

other homes and would like to think it

understanding and confronts the fee issue

allows the agent to explore the owner’s

over. What would you like me to do? A

head on (if it is an issue).

expectations and previous experience,

way to establish an agent’s credibility,

The question that comes after these 24 is

but is also a chance to give an example to

this question also shows the agent’s

the closer, where the agent has sold the

highlight what they are saying, or engage

understanding of their duty to complete

feeling and the owner commits to selling

in a role play.

the sale.

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Hot Topics presents

core strengths

In the same way that Pilates is an exercise

achievable figures to his work, making

also been working more productively and

style where muscles are trained to improve

him more accountable to himself, but also

communicating more effectively with his

posture and alignment by focusing

more in control of his results.

team, particularly his PA, which has added

on core strengths, real estate agents

“Paul has a target to work on and he

to his success. “I’m learning to become a

must constantly work on their own core

gets paid on the increases. There’s a real

team player now, which I haven’t been very

strengths while stretching and challenging

financial interest in him helping me out.

good at in the past because I’m a bit of a

their sales skills to improve results.

Having someone monitor you each week

control freak. My PA sends me an email

Peter Clements from Caporn Young in

- that paid buddy - is exciting for me as

every night of what she’s done. I used to

Perth had allowed himself to become

well,” Mr Clements said.

be concerned about what she was doing

complacent after years of fantastic results,

“It was really getting back to basics and

but was reinvigorated by changing

realising the things I had done that had

his focus, learning to communicate

worked, such as 120 phone calls a week

with his team better and adding some

so I can rematch buyers and sellers again,

structure into his campaigns. One of the

getting out on the streets, dropping my

most important changes was making

own flyers and having a look at houses.

himself accountable to a list of KPIs (Key Performance Indicators) on a weekly basis.

and not getting on with what I should have been doing, which was listing more and selling more. The reporting system that’s been created allows me to empty my mind,” he explained. Breaking out of the comfortable cycle

“When the fire gets going you can do anything you want.”

“A lot of the work I’ve been doing at the moment is about resetting goals, putting

“I’d got lazy. In a sporting event you warm

business plans together, getting some

up and stretch if you want to be the best

great KPIs. We’ve just started a sales

you can possibly be on the field; you don’t

manager and he is putting a focus on

just take off your tracksuit and jump on

things that I’m not good at,” Mr Clements

the field. I think, to a certain degree, I was

explained.

just running on the field every day and

Being Accountable Caporn Young’s sales manager, Paul Slaughter, has stopped Mr Clements

selling real estate and expecting it all to just happen without stretching myself, and knowing how far I could stretch.”

he’d entered and putting plans in place to achieve the results he wants has fired up Mr Clements’ energy levels again. “I’ve developed a fantastic sheet, like a dashboard, that I can look at every moment of the day. I know once I’ve finished and completed that sheet I’ll be making my two sales a week and listing 3-4 properties,” he explained, adding that he was on track to making - and even

working on energy alone and got him

Communicating for Success

smashing - his goal of $1.5 million in gross

to outline selling strategies and attach

Backing up these results, Mr Clements has

fees this year.

20

Hot Topics Magazine Issue 01


Hot Topics presents

real estate

with Peter Clements

Pilates In a sporting event you warm up and stretch if you want to be the best you can possibly be on the field;

Future Strategies One of the moments that forced Mr Clements to re-evaluate his methods and stretch a bit further was thinking about his future and where he wanted to finish his career. “The end result that I want is really clear – there’s a retirement plan in place and it’s given me a drive that I probably wasn’t that clear about before. With clarity now it’s relit the fire, and when the fires get

• Space for his name at the top - so he can find it easily at any time of the day • New listings – with two spaces to fill in each week • Past client calls – phoning 5-10 a week to gain more listings • Pipeline seller calls – 50 per week

you don’t fill in the sheet this week, you’ve got to fill in one-and-a-half the following week, and it’s the catch up you do in real estate that kills you, but if you can keep on top of it, it becomes manageable and you can have the lifestyle you want,” he said, saying that once he has achieved his two sales for the week he can enjoy himself

• Pipeline buyer calls – 50 per week

surfing, playing golf or doing whatever he

• Buyer appointments – 14 per week

feels like. Looking beyond the $1.5 million goal and

going you can do anything you want.” Setting himself the goal of stretching for

This information is stored electronically in

into the future, Mr Clements plans to run

$3 million in gross sales last year, Mr

the office, but Mr Clements also prints a

a team of people - “a tribe” - who support

Clements realised there was no substance

copy to keep with him at all times so he

each other. He aims to have a partnership

behind his goal and it was “just a number”.

can make notes and can pull it out at any

where he finds the listings, his partner

His revised target is now based on real,

time, like when he’s having a coffee or

makes the sales and they split their fees.

quantifiable sales figures. This is where the

meeting a potential client. “If I fill in all my

“It’s 50-50 down the middle, so we’ve got

doubled-sided A4 KPI sheet comes into

50 pipeline seller calls on a Monday, that’s

a fantastic lifestyle, we pay our PAs a lot of

play.

done and if I do my other 50 pipeline buyer

money to create a life where all we really

calls on a Monday and I show 14 people

have to do is focus on what we’re really

through houses over the week I know that

good at, rather than focusing on running a

After spending time with his sales

it’s actually going to turn into two sales,

business, which to me is the real drag of

manager and working out the numbers

because we’ve worked out the stats,” he

real estate,” he said.

he needed to achieve to get the sales he

explained.

Mr Clements has discovered stretching

wanted, Mr Clements has created his ideal

Mr Clements knows if he doesn’t fill in his

is not always about aiming for something

KPI sheet he won’t achieve the two sales

beyond our reach, but is sometimes

he has set himself, and will have to work

working with strengths to support the

even harder to make up the figures. “If

weaknesses, resulting in a stronger and

Motivating Numbers

motivation tool in the KPI sheet. It has the following fields:

more effective agent.

Hot Topics Magazine Issue 01

21


LPMA Agency Principals and Property Managers Forums 2010

Learn how to grow your Rent Roll by more than 300 properties in just ONE year! At the Leading Property Managers of Australia Forums 2010 you will hear how an Australian real estate agency did just that… and more. Listen to the success secrets of the “best of the best” in property management—more than a dozen speakers and panelists including: Brett Rutledge - Internationally acclaimed communications expert and winner of the World Championship of Public Speaking Greg Watson - the owner of New Zealand's Property Management Company of the Year Chris Rolls - the owner of one of Australia’s fastest growing property This will be the management businesses premier property

• • •

• Rob Farmer - CEO of Australia’s largest residential rent roll • Bob (the Rent Roll Builder) Walters - international property management expert • Chris Hanley - owner of a powerful NSW real estate business with 30%+ market share • Emily Sim - passionate about property management and the face behind apmasphere.com.au • Amy Sanderson - one of Australia's leading property management trainers/consultants • Patrick Bright - licensed real estate agent, financial advisor and property investment author • Darren Hunter - well known international property management trainer

management professional development event of 2010!

Every session will deliver practical take back to the office messages to improve both business and individual performance. Network with the cream of Australia’s property management operators.

The Forums will be held at the:

Dockside Convention Centre, Darling Harbour, Sydney from 16-17 April 2010.

For more information contact Dixie Walters on 02 8507 2428, or dixie@lpma.com.au or visit www.lpma.com.au.


Hot Topics presents

Leading Property Managers of Australia Forums 2010 The Leading Property Managers of

• LPMA Agency Principals and Property

Australia (LPMA) is an elite group of

Managers Combined Forum –

specialist property managers and property

Saturday 17 April 2010 (for all property

management businesses across Australia

management practitioners).

who provide the highest level of service

There will be a great line up of Australasian

and professionalism to investment property

property management expert practitioners

owners and tenants.

and professional speakers to ensure

Membership of LPMA is only available to

unequalled “take home” knowledge and

firms across Australia who are prepared to

an unbeatable opportunity to network with

commit to LPMA’s strict Code of Practice, a

your peers.

Code defining benchmark levels of service

Speakers and panelists for both Forums

and business practice over and above

have been selected for their real world

those required for statutory licensing.

experience in property management, real

LPMA is dedicated to keeping its

estate, business leadership, information

members at the forefront of Australian

technology and communications. Every

property management practice through a

session will deliver practical ‘take back

comprehensive professional development

to the office’ messages to improve

Speakers at the Forums include: • Brett Rutledge - Internationally acclaimed communications expert and winner of the World Championship of Public Speaking • Greg Watson - the owner of New Zealand’s Property Management Company of the Year • Chris Rolls - the owner of one of Australia’s fastest growing property management businesses • Rob Farmer - CEO of Australia’s largest residential rent roll • Bob (the Rent Roll Builder) Walters international property management expert • Chris Hanley - owner of a powerful NSW real estate business with 30%+ market share • Emily Sim - passionate about property management and the face behind apmasphere.com.au • Amy Sanderson - one of Australia’s leading property management trainers/ consultants • Patrick Bright - licensed real estate agent, financial advisor and property investment author

program and the country’s only specialist

business and individual performance. The

property management credentialling

networking and social opportunities will

scheme.

also assist to foster long term associations

The LPMA 2010 Annual Forums will be held

and trusting relationships.

at the Dockside Convention Centre, Darling

LPMA 2010 could be the best property

Harbour, Sydney from Friday 16 April –

management professional development

• Plus more than a dozen industry practitioners representing leading companies such as:

Saturday 17 April 2010 and are open to all

event you will attend in 2010!

- McGrath Estate Agents (NSW)

industry practitioners across Australia and

LPMA was conceived with a clear

- Independent Property Group (ACT)

New Zealand.

mission - to give the Australian property

- Davey & Co (WA)

The Forums will take the following format:

management industry annual forums to

- Crockers (NZ)

• LPMA Agency Principals Forum – Friday

learn, share ideas and grow our own and

- Stockdale & Leggo (Vic)

16 April 2010 (for business owners and department managers) • LPMA Property Managers Forum – Friday 16 April 2010 (for all property

our industry’s successes. It’s about real people who’ve developed real strategies for success in their businesses sharing them with their colleagues.

management staff) For more information about the LPMA 2010 Forums, visit www.lpma.com.au or contact Dixie Walters at dixie@lpma.com.au

• Darren Hunter - well known international property management trainer

- ReMAX (Qld) - Raine & Horne (SA) - plus others... The LPMA 2010 Forums will culminate with the LPMA Annual Awards Dinner on Friday 16 April where LPMA members will vie for the elite performance Awards on offer.

Hot Topics Magazine Issue 01

23


Hot Topics presents

IMPROVING the of your

The vast majority of Real Estate Agency Principals I have met want to grow the number of properties on their Rent Rolls.

by Bob Walters

• buying a rent roll without doing any serious ‘due diligence’ • taking on all properties for

on gross annual revenue, you would really need to question why you are in the property management business at all.

What I find surprising with this quest that

management, regardless of their

Many Agency Principals regard property

so many Agency Principals have to be “the

condition or the demands of the clients

management as a “baby sitting service”

biggest rent roll in town”, is so little focus

• doing anything to retain the properties

on improving the profitability of the Rent

they manage – reduce fees, accede

regard their Rent Rolls purely as a balance

Roll rather than just growing the number of

to client’s unreasonable demands and

sheet asset that they can retire on, without

properties.

often they are held to ransom by their

any real focus on its ongoing financial

Numbers of properties don’t dictate a rent

staff.

performance.

for their real estate sales businesses or

roll’s value. It is more profitable to manage

No agency is involved in property

In focusing on improving the profitability

200 properties at an average rent of $400

management for the sheer fun of it. The

of your Rent Roll, I would like to make the

per week than 400 at $200 per week. The

property management business must have

following statements:

same income, but the smaller one would

a profit motive and its financial results

1. Poor quality properties are more

take less staff to manage and would

should be calculated accurately.

expensive to manage

However, many Agency Principals either:

2. Target market your services towards

• do not have a separate Profit and Loss

better quality properties or properties in

therefore be more profitable. In my view, to go only on a quest to build numbers is foolish in the extreme!

In my view, the goals should be to: • maximise the income from existing properties under management • constantly look for new ways to improve productivity through systemisation and technology • achieve economies of scale • expand the number of quality properties and clients under management. Sadly, there are a many Agency Principals who have a “mine is bigger than yours” attitude and will do anything to increase the number of properties they manage by:

24

Hot Topics Magazine Issue 01

Account for their Property Management

better quality neighbourhoods in your

business and as such, have no idea

service area

whether that part of their estate agency

3. Kiss your unprofitable clients goodbye.

practice is profitable

Yes, you know who they are!

• have created a separate Profit and Loss

You can easily spend 80% of your time

Account for Property Management, but

with 20% of your clients and they’re

have fudged the indirect expenses to

probably the least profitable ones.

give a false profitability reading.

The trouble is, most Agency Principals are

In my view, to go only on a quest to build numbers is foolish in the extreme! When you look at the asset value of

sales people. They think like sales people,

the rent roll and the high labour cost in

don’t they? They say things like “every

property management, it is reasonable to

client is a good one”, or “they might sell

expect a minimum 20% profit return on

one day”. It’s like every listing is a good

income generated.

listing, isn’t it.

In my view, in today’s economic climate if

No! Replace them with full fee paying

you are not achieving at least 20% profit

clients.


Hot Topics presents

NS5239 0110 132075.indd 1

21/01/10 3:38 PM

Fee Packages

Maximising Income

Today’s clients are looking for services and

Go for the top end of the market. As stated before, it’s better to have 250 properties at

fees that are customised to their needs,

$500 per week than 500 properties at $250 per week.

rather than the outdated “one size fits all”

New properties you bring on for management should generate more than your current

approach that many agencies still persist

Average Income per Property under Management, and continually strive to increase

with.

averages.

What are the benefits of property

Why Increasing Income is often Better than Rent Roll Growth!

management fee “packages”? • Profitability - input the percentage

• Your Workload Increasing a rent roll size increases income, however bringing on new properties

into your software system and you

increases our workload. Increasing income with current clients adds no new

only have to ensure rents are kept

workload.

maximised. No need to keep reviewing other fees! • Fee Charging - no fees missed, not charged ‘accidentally’ and no free services given out by the property manager without your knowledge

• Your Overheads With growth comes new overheads as staff and resources are added to cope with new growth. Increasing income creates no new overheads. • Your Rent Roll Value Rent Roll Value is not based on property numbers, but on your income. Increasing income increases your Rent Roll Value without adding numbers.

• Rent Roll Value - your rent roll is largely based on management fee income, and ‘other fees’ affect the value of the multiplier to a lesser extent.

If you would like to utilise my consultancy services to assist you in improving your property management income and profitability, contact at bob@bwt.com.au.

Hot Topics Magazine Issue 01

25


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eview gives you the freedom to write your own destiny, be your own boss and have the support of the best people in the business. The eview model is changing the landscape of real estate, the time is now! Jamie Before working at eview, it was a struggle getting motivated to go to work, now I’m up before my alarm goes off and I just can’t wait to get into work where there are like minded and positive people who ALL want to succeed together. Noel Working a business within a business gives you freedom and opportunity to have some spare time for family and do what needs to be done & it also gives you the opportunity to work as hard as you like and really reap the rewards. Katherine Working at eview gives me the freedom to reach and exceed my career targets. The positive energy from the supportive circle of agents and directors helps too. Stuart Working with eview gave me the opportunity to work with ethical, like-minded individuals who work for themselves but not by themselves – a partnership in every sense. This unique approach to business ensures that the competition commonly seen amongst agents within a traditional agency simply doesn’t exist. In its place we find uncompromised value, an unsurpassed knowledge of the area and a feeling that you are dealing with people who genuinely care. George

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Hot Topics presents

Professional

with Lee Woodward Instead of clamming up when faced with

money as you can.

marketplace changes daily. If I sold six

vendor or buyer objections, there are

“But this is where the challenge comes in

homes like yours for around the $169,000

winning words real estate agents can

- the other company is stating a price you

mark, six months from now the same

use to prove they are the consummate

will receive, as if it is the same as the price

home will be valued based on that sale

professional at all times.

you would receive from our company. With

price. There is isolated valuation based

Real Estate Institute owner and founder

a 56 per cent market share, over every

on the snapshot of time and that figure,

Lee Woodward has prepared a list of

second house in the area is sold by us.

and then there’s the current sale value.

questions asked by real estate agents

“They’re stating price, but we’re creating

he has worked with, and provided the

price. We couldn’t create that price without

answers needed to avoid your mind going

the level of marketing, amount of sales

blank at the wrong time.

people, all the cars we run and being the

Q We are the biggest and best agency

The valuation is in yesterday’s timeline because the comparable sales associated with your home could be three or four months old. I would say:

agency that creates those results. You

“Once we sell here, are you going up the

in our area with over 50 per cent market

can’t just replicate that with a cheap deal.

range?”

share, but a competitor is offering a flat

If there was a shortcut to do it, we’d all do

“Yes.”

$4995 + GST commission. Even though

it, but there is no shortcut and you can’t

“What price is the home you’re buying?”

we can explain why we are the best

afford to find out that the house should’ve

agency, a lot of the vendors still go with

gone for $20,000-$30,000 more, but the

this company on price.

shortcuts didn’t return on that. All I can say

Lee Woodward This is an interesting

is we create the price, they’re stating the

one because you’re holding such market

price.”

share, which means the consumer is

Q

obviously thinking all houses sell. What I

market for $179,000. We’ve had 43 groups

would do is break it down and I’d say:

of people through the property in the last

“The other company is offering you

5-6 weeks. We think it sits on the market

that deal because there’s really nothing

at $169,000, but they have a registered

else. They can’t offer you the same size

valuation of $180,000. How do I get the

company or the same level of marketing;

price down?

all they can really do is say ‘we’ll give you

Lee Woodward A registered valuer

a cheap deal’. That’s attractive to you as

is looking at past sales of surrounding

an owner, because your objective is to

properties. What you’ve got to

sell this house and move on with as much

communicate back to the vendor is the

28

Hot Topics Magazine Issue 01

I have a vendor whose house is on the

“Probably about $220,000.” “That would have been valued around $345,000 three months ago because that’s come back in price too. By reducing the percentage that we have to at $169,000 we’ll get a sale price. You haven’t lost $10,000 - the other one’s come back $20,000 – you’ve actually gained $10,000, because that’s the marketplace we’re in. “It’s impossible for a valuer to value today when they look at the sale price of yesterday. We’re in today’s marketplace, so I appreciate the documentation - it’s great - and I would provide this to a purchaser, saying ‘look at the valuation, you’re getting such a great deal’. It always


Hot Topics presents

comes back to this same thing – do you

gone back financially.”

watching the prices and seeing what

want to move?”

“Yes, but I am moving next week and I

things have sold for. I just feel it’s going to

“Yes, but the house next door to me was

need income from the property straight

bottom out in six months.”

valued two weeks ago for the same price

away, so either I have to sell it today, or get

“I think that would be a scary thing to do.

and has just sold today for $180,000.

tenants into it today.”

In my time in real estate, which is 15 years,

It’s a very similar property to mine, if not

“Let me tell you the sale price it would go

the only time we know a market’s gone

inferior.”

at today, and then at least the transaction

down, is when it’s gone up. People think

If I was the agent in this situation, I would

is complete and you can move on with

the prices will come down and down, but

find out who that purchaser was and ask

your plans. The figure where we’d need to

suddenly the prices go up. That’s the only

did they see this one? Because if that

be is $X.”

indication we ever get - when it’s gone

purchaser came through this home and

You actually make their rental request the

they preferred the other, now we’re talking

reason for the price reduction, because

“So it seems to me, you’re waiting for it to

about personal choice, not value. Personal

price equals time.

go up, whereas the right time to buy real

choice will always outweigh value.

Q

estate is when it fits in with your lifestyle

Q

I’ve got a property the owners want to

A lot of the buyers are saying they

believe the market is going to drop further

take off the market and rent out because

in the next six months, so they want to wait

we can’t get the price they need to sell the

before buying anything.

property.

Lee Woodward This is a common one, where the vendor thinks if I rent it I haven’t been hurt. You’ve got to go past the sales price and say: “You mentioned you’ll take the property off the market. Do you really want to be a landlord?” “Not really, but if I don’t get the price I need, I have to rent it out.” “A tenant will never look after the property the way you have. We can look at the rent you’ll achieve over 6-12 months, but the appearance level drops $10,000, so we’ve

Lee Woodward This is a common objection, and I’d say: “This is a fair price, would you go ahead with this one?” “I think if I wait a few months they’ll get a bit more desperate and I might be able to pick up the property a little bit cheaper than what it is now.” “How did you arrive at that information? What makes you think that’s definitely

down, it’s gone up.

and you need a property. I haven’t seen the prices this good in a long time, so I’m now waiting for the next curve and that’s an up. Can you really afford for it to go up?” “No.” “We need to buy now.” You’ve just got to get into the psychology of the buyer and ask how do you know? They’ll say this person, or this person, but we can’t rely on their information. In real estate history the only way we know it’s gone down, is when it’s gone up.

going to happen?” “The media, my finance broker advised to wait six months and I’ve just been

Hot Topics Magazine Issue 01

29


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h t gems Hot Topics presents

From the archives

MAKING SALES IN A

with Bill Kington

ToughMarket Starting up a new real estate agency in

if rejected. This game of chip and

the middle of the Global Financial Crisis

chase doesn’t stop at the vendor’s

(GFC) was a gamble, but one Bill Kington

first “no”, but the agent keeps

and Stephen Cromarty were willing to

chipping away until suddenly the

take when they launched Love Realty in

vendor realises maybe this figure

Newcastle, NSW, in 2007.

is the best they will be offered. The

The GFC, interest rate fluctuations and

added benefit of this technique is

media reports about the real estate market

the relationship an agent can build

Getting Down to the Nitty Gritty

dropping have produced a market where

with the buyer. By asking the buyer

When it comes down to final negotiations

buyers are willing to wait around for a

to resubmit their offer several times,

with buyers, it can sometimes pay to raise

bargain. These buyers need to be inspired

it shows the agent is considering

their hackles a bit. Mr Kington asks buyers

to move forward with a sale, instead

their needs, Mr Kington explained.

if the offer is their final price, and if they

of sitting on their hands waiting for the

would pay anymore - even $500, $1000, or

market to drop further.

Key Words in Buyer Management

Moving Buyers to Commit

Use open questions when talking

you if I find a better offer?” He explains,

Mr Kington said he asked buyers like

to buyers to direct the conversation

“What if someone came in straight

this a series of questions to get them

towards negotiation. “You’ve always

away and wanted to sign a contract?

thinking. “I ask ‘Where will the market be

got to ask the buyer what else

The owner’s happy, the buyer’s happy –

in five years? Is the population increasing

they’ve looked at, and why didn’t

where do you fit into that equation?” This

or decreasing, have we got a housing

they buy it,” Mr Kington said. The

technique tends to get a rise from the

shortage or abundance? Are rents going

common answer is they did try to

buyer and pushes them to the edge of

up or down?” After giving buyers time to

buy the property, but someone else

their price range. “We’ve got to understand

process the answers to these questions,

came in with a higher offer. This is

when a little bit of anger comes out from

he follows up by explaining the market is

the agent’s opportunity to explain

the buyer you know you’re getting to the

going to change and they need to act now.

this scenario will happen again if

end of their game.”

Still resistant buyers are then asked how

they don’t act.

they know the market is still dropping and

Another similar method is the

when it will rise again?

Transparency Technique, where the

Using the Law to Your Advantage

$5000 - to secure the property. His clincher is: “You’re OK with me not getting back to

Top 5 Vendor Tools

agent calls all the buyers in front

1. Property Enquiries

of the owner and lets them know

Love Realty is based in NSW, where

Keep a copy of last week’s paper with the

what the other buyers are saying. It

legislation stipulates all property offers

number of enquiries for each property.

can be a powerful tool, showing the

must be put in writing. Mr Kington uses

Mark 0, 1, 2 or however many enquiries

vendor and buyers there is a party/s

this legality to his benefit by asking buyers

received on each listing. This technique

who wants to buy and someone who

to put offers in writing and then resubmit

gives the agent an opportunity to discuss

wants to sell.

price as a blockage after the owner sees a

Hot Topics Magazine Issue 01

31


Hot Topics presents

number of these sheets, particularly

5. Stock Sheet

when other properties of similar

This is a printed list of all the vendors an

price, or lower price, are receiving enquiries.

2. Marketplace Reports from Complete Data This one-page report shows the number of Internet inspections, how many ads the vendor has and

agency is currently looking after. Scan between appointments or in the car to see who to call. “It might be just a quick chat, because one out of every 10 contacts equals a price reduction. You’ve got to put the effort in. If they felt your work, they’ll give you a chance,” Mr Kington explained.

• “What are we going to do with the money here? You’ve got $480,000 and we’re going to put it on the kitchen table and look at it, or are we going to do something with it. What are you going to do with it, just remind me again?” • “I know you’d think it was ridiculous if I said let’s put the property on the market for half the price, but it’s just as

the agent’s opinion of value, which

Winning Sentences for Vendors

Mr Kington advises to fill in as per

All agents have sentences they often use

around, because if it was half the price

with vendors and here is Mr Kington’s list

there would be plenty of buyers around.

of winning words:

So let’s work out where between half

• “Guys this is the buyer we’ve been

price and where we are now we’ve got

the vendor slips. For example for a property listed by Love Realty for $380,000, Mr Kington put a range of $360,000-$370,000 in the opinion field. (You can download a copy of the report from the Hot Topics website).

3. Internet Hits and Face-to-Face Meetings Using the Marketplace Report, Mr Kington adds Love Realty’s Internet hits to the inspections figure, along with hits from realestate.com and

waiting for.” • “I have a duty to tell you it might get lower.”

ridiculous to say there are no buyers

buyers.” • “Why don’t we take this offer as insurance while we look for someone else?”

Final Action

domain.com websites on the back, which can quickly add up to hundreds. “It really grinds the point home that it’s a lot of activity,” he said. Every Monday Mr Kington goes through his vendor list and grades them into A, B and C. “The A’s we want to see every 2-3 weeks, the B’s probably almost as often and the C’s hardly ever.” C-grade vendors receive

If an agent has used every technique they have in their armoury and the owner

communication from the agency,

is still resisting accepting a good offer, Mr Kington suggests sending “The

but are waiting to come up the ranks

Everything Letter”.

before they receive face-to-face

“When they’ve got an offer and you just know they should be taking it. If they

attention.

don’t sell it there’s just disaster ahead for them and you’re lying awake thinking of

4. Sales from Past 18 Months Include all properties sold in the previous 18 months with a testimonial or case study, the last advertised price, what the property sold for and the time it spent on the market. Using group intelligence snapshots and this data helps agents work with vendors to bring their asking price and acceptance price closer together. 32

Hot Topics Magazine Issue 01

all the reasons they should be selling it?” he explained “Well get up and write them all down and put it in a big, long letter. Think of everything you can, hit them with it and then shut up. “If the answer is still no the next logical question is, ‘Do you really want to sell?’” Mr Kington said. “If the vendor agrees their agent is competent enough to sell the property, the next question is, ‘Do you think I’m competent enough to nominate the price that’s going to get you sold?’ and state the viable price.” These techniques have proved to be a winning formula for Bill Kington in his 20year career. Take some tips from this successful agent and secure more listings, more sales and quicker deals.


with Lee Woodward Super Coach Workshops Attendance at a 4 hour power workshop on one focussed topic is a brilliant way to learn as is interacting with dedicated agents because it gives you the opportunity to extract skills, views and strategies that may not be commonly used in your own area.

FEBRUARY

MARCH

APRIL

16th February 2010 Sydney, NSW

9th March 2010 Adelaide SA

14th April 2010 Melbourne, VIC

23rd February 2010 Melbourne, VIC

10th March 2010 Perth, WA

15th April 2010 Brisbane, QLD 27th April 2010 Sydney, NSW

25th February 2010 Brisbane, QLD

Investment per workshop Gold & Silver Members Bronze Members

$495 no charge $445.50

TO BOOK PHONE 1300 367 412 WEB. www.realestateacademy.com.au PHONE. 1300 367 412


Hot Topics presents

Winning the Business

with Lee Woodward

A listing presentation is a bit like a job

If a vendor signs with a cheaper company,

property.”

interview for real estate agents, with the

that agent has sold the benefits and

A professional agent’s role is to showcase

chance to use their full repertoire - and

feeling of the cheap rate. To sell their

a property so buyers see exceptional

sign the contract at the end.

feeling, an agent needs to ask the right

value, otherwise any agent can make the

Real Estate Institute owner and founder

questions, Mr Woodward said. “There’s

sale for “market value”, which means the

Lee Woodward said most listing

24 winning questions and the 25th is the

vendor just takes what is on offer. “My

presentations were “pretty good”, with

closer.”

role is to extract the maximum amount of

strong foundations and clarity in the agent’s intention and meaning. However, many needed modification to the wording and order of the phrases used to ensure the features and benefits were explained at the right time and the closing seals the presentation. “When we win business, it’s a crescendo of information that leads to this point at the climax, trying to get a ‘yes’. Many people say I lost the listing over this, or that, and this company offered cheap rates, but there’s only one reason we ever lose a listing – our inability to sell the feeling,” Mr Woodward explained.

34

Hot Topics Magazine Issue 01

Opening Comments Knowing how to deliver opening comments, is knowing how to deliver pricing. “Pricing isn’t a figure, it’s a strategy,” Mr Woodward said, when explaining there were two prices for each home - a mathematical figure and an emotional figure. “The mathematical is based on surrounding values, room sizes and the

profit,” Mr Woodward said. An owner must see it is beneficial and profitable to be with an agent, by feeling the agent’s consultative manner, expertise and knowledge will get them a greater price. Without these points, an agent is just one of many who can simply sell. “Anyone can sell a house, but a brilliant agent or the professional, will maximise price,” he said.

features and benefits of the home. The

Winning Listing Presentations

emotional is the premium price that I can

All the essential information within a listing

get someone to pay from the marketplace

presentation should be contained within

by selling the transference of the feelings

a couple of phrases, not hours worth of

of the home to them being in their new

material. “You’ve got to know how to cut to


Hot Topics presents

the chase and learn to work in what we call

time, with the right graphic, and the right

Learning to Dance

tracks or chapters. We’re transferring the

question, what’s the difference between

Phrases like those above are part of a

feelings into a story so that the owner buys

an amateur and a professional? John

professional agent’s language system,

into your strategy,” Mr Woodward said.

McGrath gave the answer when he said,

and this system allows them to move on

A good performance can always be

‘five minutes of courage’,” Mr Woodward

to features and benefits of their company,

honed to what Mr Woodward calls an

explained. This is the point where the close

something Mr Woodward refers to as

agent’s “greatest hits”. The greatest hits

is crucial. “What you say in this next five

“platform dialogue”, where an agent is

performance will include “power hooks”,

minutes makes you a professional,”

platforming something to go somewhere

or phrases where an agent speaks and

he said.

else.

people think, “Wow, nobody else has

The key to listing is “knowing how to

mentioned that to me”.

dance”, because every listing appointment

“You know that’s track three of your

will not go the same way. An example

greatest hits. A great presenter has a skill

of this is when an agent is walking into

of breaking the complex into simplicity,

a property and passes another agent

where people think ‘I get it’,” he added.

walking out. Mr Woodward recommends

Winning listing presentations take

always looking surprised and saying, “Do

confidence and enthusiasm in the system.

you mind if I ask, is there any reason you

An agent must believe in the presentation,

didn’t appoint that company?”

otherwise there is no point using it. “The

The answer to that question will be crucial

key to a brilliant presenter in a lounge

to the presentation. If the response is,

“There’s only one reason we ever lose a listing – our inability to sell the feeling.” room is when you make it a chat,” Mr Woodward said. But this isn’t a casual chat – it is premeditated because there are a number of facts an agent must know by the end.

Closing the Presentation Closing is a personal thing, and the one aspect of the listing presentation many agents dread. Mr Woodward has worked with agents who shied away from closing

One such question is, “Before we get

strongly because they didn’t want to

started and I show you what we do, can I

seem pushy. His solution is these two

ask what would you like to achieve out of

statements:

this meeting?”

• “Mr and Mrs Williams I really feel

There are four answers to this question:

uncomfortable. I’m here to get you to

• What is my property worth?

sign documents and ask you to list with

• How long is it going to take to sell?

us, but I always feel like you feel I am

• What are the changeover costs? • How will an agent market the home if we decide to move? Instead of offering the same tired and stilted presentation to every vendor, focus on being natural. “People want to know you, but as soon as you lose that essence you become the impostor and that’s a problem,” he said. Use the tools of successful agents to reinvent as a professional. “When you use the right close, at the right

pushing you.” • “Mr and Mrs Williams, you’re my client. You are the person who employs me

“That idiot wanted me to pay for the marketing!” an agent can say, “Did he, can you show me around?” knowing marketing has been the pain point. The vendor might say, “I just don’t like men”, which is difficult with a male agent, but shows where the meeting could head. “That’s what I mean - you’ve got to learn how to dance,” Mr Woodward said. Having a list of polished phrases and essential questions will point to the difference between any real estate agent who works for market price sales, and the professional who strives for the maximum profit.

to sell your home and you’re the one person I feel funny getting to say yes, because you’re engaging me, but you put me in front of a buyer and I have no hesitation in extracting that yes from anyone who is capable of buying a property, because that’s what I do. I get those people to say yes. But I need your authority to represent you. Do you feel comfortable with me going ahead?” Hot Topics Magazine Issue 01

35


Hot Topics presents

Business & Performance Management

where are you at? by Warren Campion Over the past 12 years I have had the

in Sydney started the national growth in

pleasure of visiting many agencies across

home grown sales trainers and took our

Australia, New Zealand, South Africa and

training events to a new level and this

England. Covering over 250 real estate

development gave new salespeople the

operations from large cities to country

platform for our industry to be global

towns, single operations to national

leaders in real estate sales performance.

franchise networks, investigating how

Today’s sales training events cover in

people list, sell and more importantly

depth ‘in the field knowledge’ and provide

(for me) how the office is run and what

workable solutions for the mastery

profits it produces. Profile does not

of; listing presentations, prospecting

necessarily mean profit. Owners of real

methods, negotiation strategies, time

estate businesses have a great asset

management, buyer network marketing

surrounding them and I often liken it to

and personal profile building. Yet a lack

owning a V8 racing car. With it you can go

of education and training in business

fast, you can have fun but it costs money

acumen for; financial modelling,

each time you place the key into the door

leadership training and human resource

and similarly it is so easy to run off track

management skills has left our business

and have no result at the end of the day.

management methods back in the 80’s.

My research has found agency principals often have less profit left in the company each year (when not counting their own direct input) than what the lowest earning salesperson made.

been learnt and is gaining momentum in its knowledge pool, yet attention to constructing sustainable business models or control systems which generate regular

or owning an agency, is a great lifestyle

income (without the input of those who

once mastered and should deliver

own the business) is often spoken about

financial rewards for you and your family.

but with little or no follow up action.

and managed and this is one area which needs developing for the advancement of our industry and the ultimate realisation of great real estate business models which can produce calculated returns and be used across Australia. A real estate office is a business and as such should by definition create profits for the owners of the business above the salaries required to run the operation. In the early nineties a training company

Hot Topics Magazine Issue 01

marketing and listing. The internet has

Real Estate, whether being a salesperson

The business needs to be understood

36

The industry is mastering the art of

Business owners will need to address this issue and search for solutions or continue on the well worn pathway of dwindling profits and accelerated monthly costs forcing principals to list and sell just to keep the business afloat. Principals should and take a quiet moment and consider these questions and then decide to implement action: • Do you have a business; or is it just a place where you pay bills and at times earn a great income due to your


Hot Topics presents

own listings and sales rather than the

1. Yearly Targets: - Most agencies

agency’s productivity as a whole?

operate on a calendar year cycle and have

• What is it you expect to gain from

a yearly target for gross income, yet few

owning a real estate agency? Financial

can tell you in advance where the business

rewards, lifestyle, freedom of choice: if

will come from each month and what the

so to what level?

budgets are for listings each month based

• Has your cost base risen and profits reduced over the last decade; what action can be taken to change this before 100% is going out? • What return on investment you are

on seasonal fluctuations and staffing levels through out the coming year. What should occur based on the past history this year? How does it look and what is required to fill any gaps to meet this years targets?

after? Will more staff / selling agents increase profitability or just increase

2. Income v Team Size & Performance:

costs?

- Looking at gross income predictions

for 2010 what are the number of sales

4. Area Listing Map: - Do you have

required? After finding out the list-to-sales

an area map which shows the agency’s

ratio in 2009, what are the number of

erected signboard placements? This

listings required to meet the sales target

highlights the agency’s physical footprint

which will generate the desired income?

on the landscape and more importantly

Now compare this with the team and what

highlights areas of no presence or transit

2. Database - implementation and creating

they did in 2009 and what they want to

corridors which are not displaying the

leverage from its use.

achieve in 2010. Is the business in need

agency brand. When a farming area is

I have found there are seven areas that cause the most confusion and frustration: 1. Business Model - which to operate under and what are the strategic foundations that make it work.

“Is the business on track already or already behind? If behind - PANIC NOW! ” 3. Systemisation - employee and

of recruitment or training or performance

hit with a marketing wave, is this being

technology / system alignment.

management to reach its 2010 financial

reflected in more signboard and quality

4. Recruitment - A sustainable pipeline and

goals? Is the business on track already or

listings?

induction process.

already behind? If behind - PANIC NOW!

5. Database Use: - What method do

Better to raise the alarm with 10 months

you have in place to monitor and stay

left and get in front than wait for another

in contact with all the past buyers of the

quarter to slip on by.

agency listings? Do you have a multi level

approach with the information you send

3. Listing Source / Marketing ROI:

out or does your agency’s social network

- Where did the last 12 months listings

get the same, regardless of having moved

come from? What marketing methods or

into a property 6 months ago or 6 years

prospecting produced the best results?

ago? And whilst we are talking about

Can these be amplified? What areas

databases, can the office segment the

are not being covered? Is your agency

future prospects into lists of when the

database set up to record the listing

salespeople have a ‘feeling’ the property

sources? Where do your buyers find out

may come on the market? Having a large

5. Agency management, reporting and accountability. 6. Marketing / brand / internet strategies. 7. Cost control and commission percentages payouts. Managers / business owners get caught up in doing day to day activities and accepting how the business is running and market conditions. The speed of each week and the pace of every month seems to fly by stealing our time and focus away from looking at the path we are on.

about your properties? Are the stats in

contact list is important, but knowing the

In setting up a starting point for

place for each salesperson and the team

activity ‘hot spots’ and potential selling

performance management an organisation

for: average listed price, average sales

zones is the magic that makes the data

may consider the following:

price, average days on market, average

dance.

buyers new to the market per month, average buyers per price range? Hot Topics Magazine Issue 01

37


Hot Topics presents

6. Systems and Office Audit: - Is your

and yearly vision in profit. Does the office

product vehicle is our people and for the

office full of systems which gather dust?

have a set of actions which must occur

service and vehicle to have fuel for supply

What changes need to occur to have the

each day like: obtaining an exclusive

and marketing, the business needs to

electronic office management system

listing, negotiating a sale, erecting a

have a financial structure in place which

aligned to work in partnership with printed

signboard, distributing marketing material,

creates wealth for both agency and

forms, salespeople prospecting methods

contact / prospect list prospecting? How

salespeople. The decade of commission

and data collection processes? This area

many listings are booked in over the next 5

percentage splits rising, like oil prices, is

alone can create the largest profit growth

days for the team? How many are booked

not sustainable. The current real estate

area with minimum cost. All it requires

in today?

agency business practices in the area of

is a simply desire and dedication on

Many real estate business models operate

financial structures, lead generation and

implementation.

with little return to the shareholders of the

reward systems must change if we want to

company. A monthly drive for listings and

do more than just survive.

7. Business Performance

sales with little energy placed on strategic

Management: - What KPI’s are set for

implementation of better, effective, more

To book Warren for an in house business

your business model? What is the break

sustainable business practices and

health check or consultancy, contact

even point, minimum profit level per month

procedures. Our service is selling, the

Real Estate Academy on 1300 367 412.

Christian Barlett Half Page Ad Haden Real Estate To come

38

Hot Topics Magazine Issue 01


Kickstart your year Begin with the end in mind

DESTINATION STATEMENT A Destination Statement is a summary of your current position based on the assumption that you have arrived at the place you want to be in your professional and personal life (i.e. you have achieved your vision). With the above definition in mind, complete the following 10-point executive summary of your Destination Statement. 1. Since adopting and utilising the right formula and systems in my real estate business, I have been earning gross fees of

____________________________________________________________________________________________________________

2. With this level of income, I have followed a plan of investing in_______________________________________________________ 3. The following staffing structure has assisted me to achieve the success I have in my business

(outline your ideal staffing structure):_____________________________________________________________________________

4. My time away from my real estate business has been spent with_____________________________________________________ 5. My working week is regularly structured as follows: MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY SUNDAY 6. My hobbies and interests outside of work are ___________________________________________________________________ 7. I have achieved a manageable weight of _______________________________________________________________________ . 8. My Continued Professional Development and Learning has its focus on_____________________________________________ 9. With my level of professional knowledge, I regularly contribute back to the real estate industry by _______________________ 10. I have been asked to share my story on Real Estate Hot Topics, the specialty topic being._____________________________ The TOP 10 tasks I undertook to achieve the above Destination Statement are: 1. Took 2 days leave to attend a planning and thinking retreat. 2. Learnt Complete Data. 3. Reviewed all Mapping Processes from the Complete Salesperson Course. 4. Reviewed my assets. 5. Consolidated my finances and firmed up my investment goals in order to create passive income. 6. Completed my ‘Marketing Sticky’ communication document and prospecting program. 7. Started a ______________________________________________ project/course to further my progress towards the

achievement of my professional development goals.

8. Identified, employed and trained a younger staff member to join my tribe (micro business). 9. Issued a letter to all the relevant local businesses in the area inviting them to be part of my ‘Marketing Sticky’ program. 10. Sent this document back to Lee Woodward as promised. For help in reaching your destination, call Real Estate Academy on 1300 367 412 or visit www.realestateacademy.com.au


Hot Topics presents

EARN YOUR STRIPES

with Dan Walker

No matter what level of success a

soon elevated to a sales position. “I went

been in it for a long time. They didn’t seem

real estate agent has achieved in

from a cadet role straight into sales, which

that pumped about it, but I got in there

their career, they all had to start at

was a little bit out of my depth. I’d just

and I was pumped.

the bottom and work their way up the

finished my HSC and didn’t have a real

“You’ve got to be excited about what

ranks to earn their stripes.

grasp on the industry and how everything

you’re selling. That’s what sales is all

Without climbing up these levels, an

worked,” he explained. “It was a good

about, isn’t it - transitioning from the

agent would never get the opportunity

and a bad experience; I had to learn very

emotion of the products to the person

to experience the vision and passion

quickly and I probably learnt some things

you’re selling it to,” he said.

required to be a professional sales

quicker than I would have in a year as a

person.

cadet.”

Dan Walker started his real estate career

While he enjoyed his sales role, Mr Walker

but used the experience to hone his skills.

as a 17-year-old work experience student,

understood the importance of believing

“Most of the clients were older. It was

learning the ropes with First National. He

in what he did. He realised not all agents

what you’d call your ‘bread and butter’

then went on to become a cadet, fired up

felt the same passion for their job as him.

area; there was not much variance in the

after his initial taste of the industry.

After training at the Real Estate Academy

marketplace as far as pricing and what

and listening to people he admired, such

you could and couldn’t sell,” he explained.

“My first impression was that there is great potential in the industry and you can go as far you want. I just wanted to get involved and thought this was the industry for me,” Mr Walker said. As an eager 17-year-old cadet, Mr Walker grabbed every opportunity and he was

40

Hot Topics Magazine Issue 01

as John McGrath and Lee Woodward, Mr Walker said he realised, “There are two classes of people – those who are really switched on and people who have got very complacent.”

Working in a fairly traditional area, Mr Walker found his work was predictable,

Deciding to put his career on the track he envisaged when dreaming about the industry while at school, Mr Walker took a chance and stepped backwards to another cadetship, this time with McGrath

“The brand I was with and the principals of

Central Coast. “I wanted to work with that

the group were fairly complacent and had

brand because I had a connection with


Hot Topics presents

it and what it represented as far as the

back, because the experience gave him

technology and the client service that they

a completely different perspective of what

gave,” he explained.

it took to be a top performer. “I am so

“It wasn’t an easy move, because I did

blessed that I did stay on and I did stick it

ground myself in that original office,

out because the work ethic I have gained

but I could see long-term this was the

from that position has set me up for life,”

best thing for me to do - to work for Mat

Mr Walker added.

[Steinwede] and Jamie [Doman] and

Now responsible for sales in the sought-

work in the culture that they’d built in that

after beachside suburb of Terrigal, Mr

office.”

Walker’s potential sales vary greatly

Mr Walker freely admits his first months

from where he started in a suburb with

in the cadet role were difficult, saying he

homogenous properties. “The area I’m in

thought about leaving several times – and

now has units starting from $300,000, up

was on the verge of being sacked just as

to beachfronts worth $3-4 million.”

many – but decided to stick it out because

From the bright-eyed work experience

he knew it was where he wanted to be.

kid eager to jump into the industry, to a

“The first couple of months were very

professional sales person who was willing

interesting and a little bit rocky, where I

to take his career back a step to put it on

was on thin ice,” he said, adding it was

the right foot; Dan Walker has earnt his

very different going from sales where he

stripes in the industry.

“You’ve got to be excited about what you’re selling. That’s what sales is all about, isn’t it - transitioning from the emotion of the products to the person you’re selling it to

could decide what to do and when, to being told he had to pick up contracts at a certain time, make deliveries or even drive to Sydney and drop off a newspaper and commitment letter by 6am in the Eastern Suburbs, which was a two-and-a-half-hour drive away. “So it was a bit of a learning curve.” Thinking back to the tasks he had to complete to earn his stripes, Mr Walker said he realised how important it was to go the extra mile. “Every year Mat gives out gingerbread houses to his elite clients. My first year I was driving around Sydney for 10-12 hours dropping off gingerbread houses from Vaucluse, over to the Northern Beaches, to the Castle Hill area, so there is no length they won’t go to impress,” he said. But the gamble paid off. “After a few months I started to see the success and how much people really appreciated what they [McGrath] were doing and the different relationship they had with their clients, compared to your standard, average 9-5 real estate agent,” Mr Walker said. Joking about his minimum wage as a cadet, he said once he saw where his career was headed there was no turning Hot Topics Magazine Issue 01

41


On the move Steve Grimbas Principal, Place Estate Agents Nundah With over 18 years experience in the real estate industry, Steve is recognised as one of Queensland’s top sales agents. He has sold over 1000 homes & apartments and has received multiple awards for customer service and excellent sale results.

Steve Grimbas Principal

Steve specialises in the northern suburbs where he grew up. His ‘secret’ to success is old fashioned loyalty, hard work, honesty and integrity. Steve is committed to delivering his clients with the highest possible sale price for their property and providing outstanding customer service in the process. Mob: 0413 731 231

Formerly ELDERS REAL ESTATE PYRMONT now Kho & Lee Property Group What’s In It For You? - Growth Opportunities and Awards for your Successes Kho & Lee Property Group provides an environment which facilitates your continuous learning and growth opportunities. In return for your hard

Patricia Kho Partner

work, we give you the recognition you deserve and award programs as an integral part of your growth. Ph: 02 9566 1566 Mob: 0402 246 905 E: info@khoandlee.com.au

www.khoandlee.com.au

QLD Sales (residential or commercial) $35-40K (Brisbane CBD & Surrounds)

available

candidate

0405 190 330 Lee Scott

With almost 1 year’s experience working as a PA to a commercial sales agent and currently working as a retail leasing consultant 10 hours per week, this young gentleman is keen to pursue a career in either residential or commercial sales. He is not afraid of cold calling / canvassing and thoroughly enjoys networking. He has good communication skills and is excited about commencing a successful career. He has enrolled to do the Certificate of Registration and is highly recommended for any entry level position you may have. Ph: 0405 190 330 E: ls@sharonbennie.com.au

www.sharonbennie.com.au

QLD Senior Property Manager (North Brisbane) $60K Possessing 6 years real estate experience, this candidate in her late 20’s comes with outstanding references and 3 years in property management. Capable of managing all duties including business development and trust accounting on Rest or Console, she is dedicated, reliable and passionate about what she does.

available

candidate

0413 381 381 Sharon Bennie

Ph: 0413 381 381 E: sb@sharonbennie.com.au

www.sharonbennie.com.au

NSW Property Manager (Sydney Inner West, CBD or East) $65K Commencing her career in real estate as soon as she had left school, this candidate comes with 8 years real estate experience and loves the industry. Beautifully presented, possessing a calm nature and coming with a strong work ethic, she has managed portfolios up to 250 and is available to commence immediately.

available

candidate

0413 381 381 Sharon Bennie

Ph: 0413 381 381 E: sb@sharonbennie.com.au

www.sharonbennie.com.au

NSW Sales Executive (Flexible on Location) Responsible for writing up to $450,000 CTB p.a., this agent has been courted by some of the best agencies in Sydney but is seeking something a little different. With 10 years of real estate sales experience and demonstrated loyalty through only working with two agencies in this time, he is a top quality candidate who would be excellent in a start-up, franchise or head office position.

available

candidate

0413 381 381 Sharon Bennie

Ph: 0413 381 381 E: sb@sharonbennie.com.au

www.sharonbennie.com.au

ACT Property Manager / Business Development (Flexible on Location) $52K + Company Car

available

candidate

0405 190 330 Lee Scott

Advertise in On the Move for ONLY $250!

This switched on and honest candidate comes with 3.5 years experience working in property management. She is systematic and dogmatic with arrears and believes her greatest strengths are her communication with stakeholders, negotiation and organisational skills. She ensures she documents all notes and enjoys problem solving and motivating other staff. She is keen to secure a Property Management / Business Development role. Ph: 0405 190 330 E: ls@sharonbennie.com.au

www.sharonbennie.com.au

Have you recently moved and need to let people know where you are now? Have you moved to a new area and are looking for a new position? Or do you have a position in real estate that you need to fill? On the Move is designed to help real estate agents who are in the moving process. To advertise, contact Janice Wells at Milestone-BelaNova on (02) 4322 7559.


Services Directory Kaplan Professional Kaplan Professional is Australia’s only national provider of education and training for the real estate industry offering Registration, Licensing and Continuing Professional Development (CPD) programs. Designed and delivered by leaders in their field, you have access to the most up-to-date and sought-after real estate training in Australia.

rpdata.com Property data and analytics

eview Property Sales and Property Management

RP Data is the leading provider of property information, analytic and solutions to the Australian and New Zealand property industry. Through our sophisticated systems, innovative products, outstanding service and global links, we are able to provide our customers with the power to confidently transact, finance and manage property assets.

Rather than employing real estate salespeople, eview is made up of a group of ethical, like-minded individuals who work for themselves but not by themselves – a partnership in every sense. eview is the agency built by agents for agents. It enables agents to be self-employed and earn what they deserve whilst benefitting from the support, training, marketing and infrastructure of the eview group.

6 Eagleview Place, Eagle Farm, Qld 4009 Ph: 1300 734 318 www.rpdata.com

Ph: 1300 4 eview (1300 438 439) www.eview.com.au

The Bob Walters Team (BWT)

Atherton Group Dane Atherton

Stockdale & Leggo stockdaleleggo.com.au

The Bob Walters Team (BWT) is a group of experienced real estate practitioners with a track record of success at helping real estate agency owners maximise the performance of their businesses and at helping property management teams reach new levels of performance.

As the Director of Atherton Group, Dane has coached hundreds of real estate sales people across Australia including many of the business’s elite performers. Dane draws from his experience of over 6000 transactions while working and coaching sales people of all levels. From his 90 days to success students, who are green to real estate, to his elite mentor group members who want to go from good to great, Dane offers coaching programs and strategies to a wide spectrum of real estate professionals.

Stockdale & Leggo Real Estate are one of Australia’s leading real estate groups comprising over 95 offices throughout Australia. For over 75 years, our strength and growth is a result of our highly trained staff, and our on going commitment to provide outstanding customer service.

Ph: 02 8507 2400 www.bwt.com.au

Ph: 0412 182 582 www.daneatherton.com.au

Ph: 1300 99 SELL www.stockdaleleggo.com.au

Rockend The leader in property software

Bartley Pre-listing DVD

Rockend is the market leader in property management software solutions. Our prime purpose is to provide customers with solutions to build their business, grow profits, automate mundane tasks and continually deliver the best experience for their customers. Property Solutions that make your life easier!

All sellers engage a real estate agent to obtain the best possible price along with the best possible experience.

Customer Service Institute of Australia - State and National Award Winner 2008

Your business will benefit from an increased appraisal to list ratio, increased selling fees and more time to talk about price & marketing.

Ph: 1300 798 006 www.kp.edu.au/hottopics

We offer cutting edge systems, products, training and consulting services unsurpassed throughout Australia and New Zealand.

Our pre-listing DVD concept is designed to offer your potential sellers a very strong taste of that experience before your one crucial appointment –The Market Appraisal.

Customer Service Institute of Australia - State Award Winner 2007 Ph: 1300 657 700 www.rockend.com.au

Yong Real Estate Group The highest ranking real estate agency in Queensland amongst the state’s top 400 private companies is now franchising so that others can benefit from YONG’s unique success model for a balanced life, wealth and real estate career. The launch of Peter’s autobiography in 2009 was also the official launch of the franchise network with franchises being opened from Mackay to Melbourne and interest being received for Master Franchises from Interstate and Overseas. Ph: 07 3373 9808 www.yong.com.au

Stockdale & Leggo have excellent opportunities available for licensed agents to join our network, where you will benefit from the expertise of a highly respected national brand which has stood the test of time!

One Agency brings the dream of business ownership, and serious wealth creation within the reach of any successful agent. A revolution in Real Estate. A simple Licence agreement with no territories offers, fast set up (a few short weeks), and a surprisingly low set monthly fee. Included are state of the art technology, stunning branding (featuring agents identity), latest marketing tools and property searches (whole state). Make the move to One Agency, it’s a dream come true.

Ph: 0410 695 325 christianb@hayden.com.au

Ph: (02) 8249 4644 www.oneagency.com.au

AMP Horizons Financial Group

Laguna Signage Specialising in Real Estate Signage

AMP Horizons Financial Group is a financial planning business and a division of AMP Financial Planning with offices in Sydney, Melbourne, Adelaide, Brisbane and Perth. We provide financial planning services to clients including advice and products in superannuation, retirement, investment, and insurance. We are committed to making our clients better off by providing them with great advice.

Laguna Signs & Screen-printing was established in 1990 to provide quality Australian made signs, quickly and efficiently at competitive prices. With up to the minute digital technology and automatic printing presses, Laguna Signs is committed to making the experience of ordering signs a simple & painless exercise, whether you require a single PhotoBoard installed on site or 10,000 large point of sale signs. We offer an efficient ordering system and will assist and co-ordinate layout and designs of your artwork.

Ph: 1300 069 770 www.horizonsfinancialgroup.com.au

Ph: 07 5449 8066 www.lagunasigns.com.au


Services Directory A Way With Words Phaedra Pym

Websites, marketing, press releases, property ads, letters and more.

As Lee Woodward’s writer and editor of his best selling book ‘What to Say, What to Send’, my copywriting services allow you to connect more effectively with your vendors, buyers and landlords. What’s more, I can save you valuable time and effort, allowing you to concentrate on what you do best. Get the edge over your competitors with advertising and marketing that sells. Ph: 0438 684 689 pp65@bigpond.com

Property Smarts Consulting Your partner in People & Performance Management So you think you can sell real estate? What about hiring, firing, motivating, monitoring and effectively managing your team and business?

Sharon Bennie We are a dynamic team of experienced recruiters specialising in Property & Real Estate. We support offices primarily with growth through recruitment, and can also advise on staff structuring, advert writing and strategy of how to attract the ‘best in industry’ in to your teams. Roles we specialise in include: General & Regional Managers / Sales Managers / Sales Consultants / Prospectors / Copywriters / Property Managers / Mortgage Brokers / Building Managers / Marketing Staff / Letting Executives / Business Development / Strata Managers / Bookkeepers / Trust Accountants / Receptionists / Assistants etc. Ph: (02) 9361 3000 www.sharonbennie.com.au

Codisc Pty Ltd Multimedia Company

Music and Data Compact Discs CD, DVD, book and packaging manufacture

Codisc provides audio and video and multimedia production services, from recordings through to DVD authoring and disc reproduction. In addition we offer conference audiovisual support with sound systems and data projection.

MAD CDs provides high end replication and printing services for CDs, DVDs, books and packaging. We work with small to medium business, advertising agencies, real estate, education and training businesses and institutions, musicians and software firms among others. We pride ourselves on our attention to detail, customer service and our high quality products.

PO Box 684, Springwood NSW 2777 Ph: (02) 4751 1654 www.codisc.com

Unit 10/2 Bishop St, St Peters NSW 2044 Ph: 02 9557 9622 www.madcds.com.au

Real Estate Academy’s Complete Membership Program Instead of paying a lump sum for training and professional development, The Complete Membership Program from Real Estate Academy allows you and/or any number of your team members to subscribe to REA’s all-in-one membership system. For a minimal weekly investment, subscription to The Complete Membership Program will deliver all your training and development needs for the entire year and keep your training and coaching budget under control! Call Cristian on 1300 367 412 to find out more!

Hot Topics Series 9 audio program Real Estate Hot Topics is Australia’s leading audio coaching program for sales professionals, managers and principals. Entering its 9th year of production, Hot Topics continues its tradition of delivering ground breaking information relevant to the industry. This year’s lineup has been constructed around the information our agents most want to hear and learn about.

Complete Data effectively carries out administrative functions and assist you in managing your time more efficiently, allowing you to focus on selling while it handles the rest. The secret behind the success of Complete Data is the strength and reliability of the product and its outstanding support team. Call Cathy on 1300 367 412 to arrange your free demonstration.

1300 367 412. www.hottopics.com.au

Absolute Wisdom Real Estate Success Coaching

iWON Data Systems

Absolute Wisdom are leaders in real estate success coaching.

We are so confident you will get outstanding results, we give a 3 month 100% money back guarantee.

iWON Data is your leading Australian company backed by industry professionals who design key programmes for your local market. Online sales data systems for Agents, Offices or National Networks. Products operating on the internet allowing you to take advantage of social networks and community expectations in simplistic data capturing methods. Looking for cost effective web based real estate solutions for today’s technology - iWON Data Systems gives you the winning edge. Technology working with people.

Ph: 1800 68 98 58 www.absolutewisdom.com.au

Ph: 02 8858 9800 www.iwondata.com

We have been in your industry since 1989 and know the challenges you face and how to overcome them.

The software package for the true real estate professional

To subscribe to Hot Topics Series 9, contact Maree on

www.realestateacademy.com.au

We have the tools and systems to get you through whatever blockages that continue to hold you back.

Stop reading résumés - they are bad for business! Find out if candidates have the inherent attributes to sell real estate. 120 business owners in 12 months can’t be wrong!

PO Box 428 Newtown NSW 2042 Ph: 0449 179 919, Jon Tilyard www.salesinventoryprofile.com

For all your Human Resources and business coaching needs, call Florence. Suite 12/66 Osborne Road 2095 MANLY NSW Ph: 0400 644 833 florence@propertysmarts.com.au www.propertysmarts.com.au

Sales Inventory Profile Recruitment Services - Can they sell?

www.completedata.com.au

Promote

service

your to

9,000 real estate industry professionals for ONLY

$250 per issue!

To book your space, contact Janice Wells at Milestone-BelaNova on Ph: 0438 684 689 7559. (02) 4322 pp65@bigpond.com


Hot Topics presents

Coaching Tips with Lee Woodward CEO Real Estate Academy

Dealing with a vendor who has not been offered their preferred price is hard enough, but trying to convince someone to lower their price below the amount they paid for the property themselves is a task agents don’t want to face too often. Real Estate Academy founder and CEO Lee Woodward breaks down this scenario in his role play of ‘The Highway Concept’, likening the situation to driving along

Th e

Highway Concept the highway, about to run out of fuel and wondering whether to take the safe exit, or

value elsewhere, and he asks whether it

to take a chance and keep going.

really needs to be sold. “If you can hang

In this scenario, Lee has asked his vendor,

on to it, hang on to it, but if you want me to

something Lee explains is not set in stone.

Don, to drop $40,000 from his asking

sell it I’m saying that’s where it needs to be

“I’ve still got to find the service station;

price, which had been set at $480,000.

at this time.”

I’ve got to find you a buyer and when that

Don bought the property a year ago, and

This is when the ‘Highway Concept’

buyer comes forward, they’ll make an

paid $495,000.

comes into play. “We’re driving along;

offer; they may pay your price,” the role

Lee uses key phrases to put his point

you and I are in this car together and

play continues.

strongly but compassionately, so as not

you’re asking me questions, I’m giving

“We don’t know until we get to that point,

to alienate the vendor, but to get him to

you guidance, but your fuel light’s just

but that’s a conversation you and I will

understand the situation from another

come on, meaning we need to take drastic

have in another couple of weeks time,

point of view.

action – we’ve got to fill up the tank. And

but now you give me permission to reach

in this case, that action means to sell this

a completely different marketplace and

property,” Lee said.

that’s what we need to do and I look

“We’re coming up to an exit and the exit

forward to getting started on that,” Lee

says ‘$440,000’ and I’m saying to you I

said.

think we should take this exit because if

The scenario ends with Lee explaining he

we keep on going and run out of juice we

can give advice but Don does not have to

might not make the next exit…The next exit

take it, while warning him that not acting

is a long way away – it’s called $390,000

now could mean having to accept even

and then we’re in real trouble and I can’t

less for the property down the track.

“Don, I don’t want you to put it on for $440,000, I need you to put it on for $440,000 to get it sold,” Lee explains. “Your reasons for selling it are your reasons for selling,” he says, while explaining people usually keep property for longer than a year before selling it on. “I can’t change what’s happened…but I’m engaged to get the property sold and with all the work we’ve done, if you want the property sold, that is where we’re going to see some activity in the marketplace, because I’ve traced right back from $490,000 right through to $440,000.” As reasons for dropping the house by $40,000, Lee explains every enquiry he has had regarding the property has ended with buyers saying they have found better 46

Hot Topics Magazine Issue 01

leave you stranded on the highway. I’m saying we take this exit. Otherwise we go your direction and we keep on going, but if we keep on going, Don, you must bear that risk – you’re not taking my advice otherwise.”

This is always going to be a difficult conversation to have with a vendor, however using an analogy like the ‘Highway Concept’ makes the vendor consider the issue from a more logical angle, rather than allowing their emotions

Faced with these facts, Don agrees to the

and frustration at events not going their

price reduction, but is determined he will

way to take over.

get no less than $440,000 for the property,

Contact lee.w@realestateacademy.com.au


Real Estate Hot Topics Magazine  

Real Estate Magazine for Real Estate Sales Professionals