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
2
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
5
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
Hot Topics presents
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Hot Topics Magazine issue 01
TURNING POINT
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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.
with this professional.
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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