|
In This Issue...
Act on Your Thoughts... - Now
Most of us know what we should do everyday. We know many of the small steps we need to take to move our business forward. We know the steps to enhance our marriage or relationship with our kids. We just fail to act on those thoughts . . . NOW! We fail to implement change and improvement in little quantities over time. Implementation of action is the biggest barrier for most people. We all compare and keep score of others around us. We look at their production against their talent and say, “Hey, I can do what he is doing”. We know in our hearts that we can achieve just what they have achieved. We know that our talent and ability level matches or exceeds theirs. We wonder why we are not doing as well as they are. The simple reason is action. We are not acting on what we know. Knowledge without action is worthless. It’s not what you know; it’s what you do with what you know that matters. We all receive inspirational ideas. When the idea hits and the emotion is strong, put the idea into place. There is a law called The Law of Diminishing Intent. We must act when the emotion is high. If we don’t act now, the energy and emotion will diminish over time. Let’s say you decide to start prospecting today. A week from now, if you didn’t start, you will be less engaged in that thought. A month from now the passion will be cold. In a quarter, it’s a distant memory you ever had the thought. Use the emotion you have to your advantage. When you feel the emotion or passion, act on it. Apply that emotion to a disciplined activity. If it’s prospecting, pick up the phone and make the calls. If it’s a project that needs to be implemented, start planning it out on paper. If you need to show appreciation for your spouse, pick up the phone and order flowers just because, call and make him a tee-time, or stop at the store and get a card. Act on the thought now! If you can’t act on your thought, schedule a time to do so. We can be in situations where we can’t act. We must at least act to schedule an appointment with ourselves to move the thought forward. We must cement the future commitment. If we don’t, we are merely wishing that we could find time to do it. Knowing and doing are two different skill sets. One is not successful without the other. One of our struggles as REALTORS® is that we are Independent Contractors. Because of that status, we can ignore the need for more knowledge and skill. We can ignore the need to apply or do the activities daily that will grow our business. We must rely on ourselves in seeking knowledge and implementing that knowledge. We receive some help from our brokers, but they have many other challenges to deal with. The ultimate responsibility is up to you. The question is will you take on the responsibility now? Will you act on your thoughts and ideas now, rather than falling prey to the Law of Diminishing Intent? Taking action is the key to success. My friend Jim Rohn said, “Labor is the finishing miracle of life”. Putting into action or labor what needs to be done creates abundance. Applying your knowledge in action will move you ahead of the crowd. In coaching REALTORS® throughout North America, we combine the teaching and accountability to create quantum leaps in their production. The right combination of knowledge and action works every time.
To your Success, P.S. For information on Coaching, go here.
"Getting the Listing on
Creating a Team - A Successful OneBecause of the increase in required disclosures, inspections, and documents, it is becoming more difficult for Agents to handle all the functions of real estate on their own. The need to create a team of specialists is becoming more necessary for success in the real estate field. The three main reasons to create a team are: better quality of service for your clients, increase in production, and increase in quality of life. There are still a few Agents who advertise that they do not have assistants. They promote that they provide better personal service than Agents who have them. Giving better service is a commitment that you make to your client, whether you work alone or have assistants. I have seen both, Agents with large staffs and single Agents, who give good or poor service to their clients. The service you render is based on your service commitment and your definition of customer service. Usually, having a well-run staff of assistants can provide more service to clients than working alone. Based on the sheer volume of man-hours that are expended on administrative functions, freeing up the highly skilled Agent to spend more time finding the home for the buyer, looking for the right buyer to fit his listings, or finding new listings will provide better service. This increased time spent performing only “selling” functions will have a dramatic impact on their income. If we try their method of using the time freed by having an assistant to do more “selling” functions, we also can increase our income by as much as 100%. Most Agents spend less than 25% of their time in “selling” functions. My definitions of “selling” functions are prospecting, lead follow-up, going on listing appointments, and showing property. These activities directly relate to income earned on the bottom line. Agents have a tendency to spend far too little of their day in these functions. Even a 5% to 10% increase in time spent in these areas can equate to huge gains in commission earned. For example, assume you earn $100,000 using only 25% of your time in “selling” functions. Currently, for every 5% of your time you spend in “selling” functions, you are earning $20,000. The more you increase your “selling” functions time the higher your income will go. An increase of only 10% of your time will create for you an additional $40,000 or more. I believe the better you get at the “selling” functions, the more income you will make. The more you participate in the “selling” functions, the more skilled you become at selling. When your skills increase, you will need less time to achieve the same result. You may see a $60,000 to $75,000 return on your 10% increase in “selling” functions. A good staff can create more time off for you. If you structure your staff properly, you can create more time off with your family. I usually had a staff member “on call” daily, so I was able to enjoy time with my family without interruption. I could focus on my family completely without the distractions of deals, pages, buyers, sellers, and other Agents. My family time was sacred, and my clients were also serviced at a high level. Once you have decided to enter the world of assistants, you must decide on your team structure. By structure, I mean what tasks you are going to delegate, who will do them, how many people, and who reports to whom. You also must look long-term in this area. What you need today may change in the future. You must spend enough time reviewing this area. You do not want to have to reinvent your entire team a few years down the road. The more time you invest in this planning stage, the less frustrated you and your team will be later on down the road. Take the time to determine your desired production and schedule for the next few years with your team. All the people and job functions you should consider: Listing Coordinator: This person manages all the files from the generation of the listing lead through the time an offer is written. These functions include correspondence to potential and current listings, preparation of pre-listing packages and CMA’s, follow-up with sellers and Agents who show the property, preparation of all ads and flyers, and any tasks that fall between the generation of the listing lead until the time of a sales agreement. Escrow Coordinator: This person takes the file from the listing coordinator at the time the offer is made. This person handles all inspections, earnest money agreements, disclosures, lender issues, and title and escrow issues. This person is responsible for everything from time of contract through close of escrow. Field Coordinator or Runner: This person reports to both the listing coordinator and escrow coordinator. The runner handles all signs (putting up and removing), lock boxes, flyers, and delivery of documents and pre-list packages. This person does all the important activities in the field that we all hate to take the time to do. Buyer’s Agent: This person handles all buyers. They strictly show property and prospects for new buyers. Once they get a contract accepted, they hand the transaction off to the escrow coordinator and look for another transaction. They should be constantly looking for the next deal. Prospecting Agent: This person’s job is to prospect daily to find new listings. They should be on the phone or face-to-face with someone six hours a day. their whole goal is to set the appointments for the lead Agent to go on. They need to generate leads and, most importantly, generate appointments. The above structure would be for a highly specialized office, which your business may not be ready for at first. When you decide to hire your first team member, choose one to combine both the listing and escrow positions. You should be able to close 50 to 75 transactions with a highly efficient person in the combined positions. This person does not necessarily need to be a licensed real estate Agent. I would recommend even getting a part-time runner, such as a high school student, college student, retired person, or someone who wants to work a few days a week in the afternoon to earn extra income. This person will free up a tremendous amount of either your time or your other assistants' time. Your ability to select the proper structure for your team and then select the proper team will ultimately determine your success or failure. Studies have shown that 95% of success is determined by the initial selection of the team members. It is difficult to build a strong team around the wrong person. If you try to do that, you will eventually need to replace that person. Take your time to make the right selection the first time. Creating a good team can be valuable to your clients and yourself. Make sure to create the framework for success.For more on how you can build a great team, check out my newest book here...
Help Your FriendsIf you have friends and colleagues who would enjoy the Coaches Corner™ please forward it and invite them to subscribe. We appreciate your help since your recommendation is how we grow. Real Estate Champions is committed to partner with you to create abundance in your business and life.
REALTOR® is a Registered Trademark of National Association of Realtors, Inc. |
Being successful seems to be everyone’s desire. We all want to achieve what our definition of success is in life. Have you ever wondered why successful people are successful; why they seem to go from one successful situation to another, from one victory in life to another? There is one thing that separates the successful from the unsuccessful. It is not a huge thing; it is merely one small thing . . . successful people act on their thoughts.
Get More Information Now!
Forclosure Mastery
|
| Tele-Seminars Champion
Performer Series |
Success As a Real Estate Agent For Dummies® Dummies Now In-Stock!
Your 1st Year in Real Estate: Making the Transition
from Total Novice to Successful Professional
Jump Start Your Production: The key to success
and having a strategically strong year.
More
Real Estate Training Books• Getting the Listing on the 1st Appointment - October |
7 Smart Ways to Explode Your Production: Out
smart, out last and out performe your competition.
RealEstateChampions.com
is Hosted by
Web
Merchant Services |
|
• October 26th • October 19th • October 12th • October 5th • September 28th • September 21st • September 14th • September 5th • August 31st • August 24th • August 17th • August 8th • August 1st • July 25th • July 18th • July 11th • July 5th |
|
Real Estate Champions, Inc Thanks for reading! |
| Real Estate Training & Coaching |
| Coaches Corner™ - Tips, Tools, News and Articles for Real Estate Professionals |
| ©2006 Real Estate Champions, Inc |