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The past few years have brought unprecedented change and challenges to the real estate industry, but 2024 can be your year of opportunity when you adapt your mindset, strategies and operations to the prevailing conditions.
In this episode of the Elevate Real Estate Podcast, host Samantha McLean sits down with Tim Snell, CEO of Ray White New South Wales, for an insightful discussion about the market outlook and expert advice for agents and agency leaders navigating 2024.
Tim also delves into some of the fundamental principles from Jim Collin’s classic leadership work “Good to Great” and the Amazon classic “Working Backwards”. He explains Ray White’s application of the “flywheel model” for building momentum, examining the self-perpetuating pillars of recruitment, lead generation, stock management, and productivity.
- Key indicators and factors shaping the 2024 market
- How to “manage the controllables” through uncertain times
- The power of resilience and an abundance mentality
- Implementing Jim Collins “flywheel” model for growth & consistency
- Why call volume remains the #1 metric to focus on
- Fixing the “nurture problem” in your database
- Maximising the value of every client relationship across the lifecycle
“Measure yourself against your potential, not against your outcome. Did you make as many calls as you were capable of? Did you show up every day with the right attitude? If you take ultimate responsibility, you’ll unlock a lot of potential.” – Tim Snell
Timestamps:
- 2:45 – Guiding principles for navigating 2024
- 7:30 – Jim Collins “flywheel” concept for real estate momentum
- 16:20 – Call volume as the #1 key metric to fix
- 20:45 – The severe costs of not nurturing your database
- 26:00 – Adopting a holistic view of the client lifecycle
- 31:15 – Key message: Measure yourself against your potential
