I recently read about Jack Welch’s six key rules in Forbes magazine. Jack Welch is the CEO of General Electric. He has been instrumental in leading General Electric into a higher level of dominance in the marketplace. Let me share with you the real estate application to these six rules.
1. Face reality as it is, not as it was or as you wish it to be. This rule has a few key components for REALTORS®.
A. Today is the only reality you have. What are you going to do today to generate new business and provide higher levels of service to your customers? Last week, last month, last year is in the past. If you plan to be a successful person you must focus on the future and take one more step today.
B. Too often you don’t look your financial reality in the face. Financial reality is line 32 on your tax return. It doesn’t matter what you gross in commission. How many millions of dollars of sales have you made? Your business is contained on line 32 of the 1040 form. Don’t get sucked in to the gross income show.
C. Reality is some of the numbers in your business. You need to review these numbers monthly.
1. Gross income
2. Numbers of listings and sales
3. What you make per hour (Gross income ¸ hours worked)
4. Cost per transaction (Expenses ¸ units sold)
5. Number of listings that expire
6. Percentage of buyer sides versus seller sides
7. Where the business is coming from (i.e. referral, open house, sign call, and ad calls)
You have to know the reality of your business at all times to make sound decisions.
2. Be candid with everyone. Tell the truth to all people you work with. Tell the sellers they are over priced. Be truthful with the buyers if they expect too much. Tell them if the property they are searching for will be bought before they even hear about it. Don’t hope the news will get better with time. Deal with the problem or issue now.
3. Don’t manage…lead. Leadership is a lost art. Anyone can manage…few people lead. Managers are a dime a dozen. Leaders are a priceless commodity. Work to develop your leadership ability. You have to be able to lead prospects, clients, staff, and other Agents. Work on your leadership skills today.
4. Change before you have to. We are living in an economic time where change is a constant. Our only choice is to change or get out. There has been much change in real estate in the last 24 months. Here’s the question: is change going to slow down or speed up? Your answer to that question and application of your answer will cause you either to be in real estate or out of it in the next 24 months.
5. If you don’t have a competitive advantage, don’t compete. Many Agents and companies in the new millennium will have little competitive advantage. When they realize this fact they will be forced to compete via price. Work to develop your competitive advantage. Increase your level of service to your prospects and clients. Don’t assume because you may have a competitive advantage now that you will enjoy one in the future. People and companies have to work constantly to maintain their competitive advantage.
We have the competitive advantage over all other real estate coaching companies. I can assure you we are not sitting on our laurels. We are constantly creating new services and tools that help our Agents increase their revenue, profits, and quality of life.
6. Control your own destiny or someone else will. You can’t rely on your company, broker, or staff to shape your success. They are all looking to you to create your own success. The most successful Agents realize their success or failure is contained in their attitude, daily disciplines, plan for the future, and their implementation. The market has little control over your success. You can make money in any kind of market conditions.
If you place your destiny in other hands, you will receive what they have planned for you. Most of them have very little planned for you. They are never going to be focused on your success like you should be. There will be mentors and coaches who will help you tremendously during your life, but you are the one who needs to implement your plan for success.
If we all applied these six rules by Jack Welch, we would dramatically improve our life and income. Start the process with step one today.
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