In Issue 08 of Elite Agent we had six experts provide their top tips for 2016 in our special feature 30 top business boosting ideas. Here are the top five from Maria and Manos Findikakis of eview group.
1. UNDERSTAND THE POWER OF COMPOUNDING WHEN IT COMES TO ACTIVITY
In our business planning sessions, one of our favourite topics is demonstrating the power of numbers. I start with an example of the power of compounding.“If I were to pay you one cent per day and doubled it every day for 30 days, would you come and work for me?”A loaded question; however, if you were to say yes, I would be writing you a pay cheque for over $10.5 million dollars on day 30!The lesson here is that you need to know how many prospecting calls and/or activities you need to make for every appraisal booked, how many appraisals to secure one listing and how many listings to secure a sale. The same can be applied in all areas of your sales business and, when measured, can help predict your future results.
2. VOLUME IS VANITY; PROFIT IS SANITY
Too many agents and agencies we have worked with have focused on generating sales, with little concern for actual profit from each sale. Selling 35 homes at $14,285 average commission is a lot more profitable than selling 50 at $10,000 per sale commission. At 50, you will need more human resources to cope with the volume of appointments, client gifts and prospecting activities.Calculate your net commission from each sale after your office split, franchise fees and other associated costs which may be deducted before your net payment. As the saying goes, not all business is good business; so focus on securing high value clients and establish an absolute baseline that you will not fall under when negotiating your fees. Plan for profit.
3. DO FEWER THINGS WELL
Whenever we are asked to be keynote speakers, we always finish our presentation with the following quote: “My goal in 2016 is to complete my goals for 2015, which I should have completed in 2014 because I promised myself I would achieve them in 2013 which I had written down to do in 2012!”I’m sure many of us can relate to the quote and have fallen into the trap of making too many promises around completing too many activities to make the upcoming year a success. When applying the ‘less is more’ principle, instead of working on 10 marketing activities pick only your top three that generate the best return on investment and become a master at those.
4. THINK LIKE ROBIN SHARMA AND BECOME A MASTER OF WOW
We live in an age of disruption, with fast and massive digital change. Our belief is that as more technologies are ingrained into our day to day lives, the more the human dimension is needed. That’s where you can stand out from the crowd by ‘Mastery of Wow.’A phrase coined by the famous Robin Sharma, it means simply living by a standard of uber-excellence and service, going beyond what is expected in everything you do and ‘wowing’ every person you come into contact with at every opportunity. There is no better industry than real estate, which provides so many opportunities to interact and create raving fans by identifying each touch-point along the selling timeline and simply turning up your ‘Mastery of Wow’ service levels.
5. YOU INC. AND HYPER-LOCAL: YOUR GREATEST COMPETITIVE ADVANTAGE
The three fundamentals of real estate are: 1. He who makes the most calls wins. 2. Face-to-face appointments 3. Build a database of raving fans. These fundamentals have been the cornerstone of every agent’s business; but wait, there is one more! The consumer of today demands authenticity; that is, You Inc. and what you stand for. Yes, the brand you represent is important, but the consumer looks beyond the company for your personal brand.Your digital footprint is today’s new business card; available to anyone, anytime. You must have key elements in your marketing focusing on your individuality. Being hyper-local with a focus on building a personal brand in your marketplace is your greatest competitive advantage.
FREE eBook: Email julie@eview.com.au for a copy of the complimentary business goal book which eView agents use to double and triple their businesses.
