WILL THE NEW DRONE RULES WORK FOR YOU? PAGE 18
HOW TO BEAT CALL RELUCTANCE PAGE 34
THE NEW REAL ESTATE BUSINESS MODEL PAGE 46
LEARN FROM THE BEST #12 AUG/SEP 2016
7
STEPS TO IMPROVING YOUR CONFIDENCE
SURVEY
WHAT HELPS YOU TO EARN MORE
MARKETING
IS THE SOCIAL WORLD GETTING CLOSER TO THE LISTINGS WORLD?
THE NOW GENERATION OUWENS CASSERLY
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s n a g o l s m o Fr , a i d e m l a i c to so y l u f a n e v e or publishedzine maga
Issue 12 Aug/Sept 2016
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Contents Regulars 010 EDITOR’S LETTER 012 READER PROFILE Christine Henderson 014 UPFRONT News from the Community 016 STATE OF THE PROPERTY MARKET Nila Sweeney 032 ASK THE COACH Claudio Encina 034 MINDSET CORNER Jet Xavier 036 DATA INSIGHT Eddie Cetin 038 BUSINESS DEPOT John Knight 040 PEOPLE PARTNER Alison McGavin
24
041 HEALTH SCIENCE Emily Schofield 050 PROFILE Domain’s Rising Star Winners Stasi Adgemis + Shane Sullivan 064 THE HOME STRAIGHT Mark McLeod
Everyone’s Talking About 018 DRONE RULES ARE CHANGING, BUT WILL THEY WORK FOR YOU? 020 REA: TECHNOLOGY AND TEAMWORK 022 WHAT REALLY HELPS YOU TO EARN MORE? 024 I S THE SOCIAL WORLD GETTING CLOSER TO THE LISTINGS WORLD?
First Person 026 FEE FALLING Josh Phegan
42
028 W OULD YOU HIRE A CHEF WITHOUT TASTING THEIR FOOD? Julie Davis and Neil Williams 030 TECHNOLOGY, BUT NOT FOR TECHNOLOGY’S SAKE Ian Campbell
Cover Story 042 THE NOW GENERATION Ouwens Casserly
Elite Agent 046 THE NEW REAL ESTATE BUSINESS MODEL Kylie Davis 048 DIGITAL INNOVATION AND THE ART OF STORYTELLING Steve Mallach 052 RENOVATION RULES Amanda Gould 054 DO THE WORK AND LOVE YOUR TODAY Susanne King
48
056 7 STEPS TO IMPROVING YOUR CONFIDENCE Tanja M Jones 058 LOOK AFTER THE LISTINGS YOU LOSE Ian Grace 060 MILLENIAL BUYERS WHAT ARE THEY LOOKING FOR Chloe Taylor 062 PROSPECTING: THE FORGOTTEN FORCE Milton Rendell
8 ELITE AGENT • AUG-SEP 2016
JOHN KNIGHT BUSINESS DEPOT 7 things top principals are doing to achieve great results
28
Where are you from originally and where do you call home now? I grew up in a little country town called Millmerran in South West Queensland [one hour south-west of Toowoomba] – don’t blink or you’ll miss it. Millmerran is best known for coal, a power station, lots of farming and the camp oven festival. Brisbane is now home for my family and me. Who or what inspires you at the moment? I am inspired by the entrepreneurial spirit of the business owners we deal with every day, but a book which really resonates with me at the moment is The End of Jobs by Taylor Pearson. Trend to watch in the industry? Offshoring is quickly becoming one of the top topics of discussion in the industry. I am interested to see when this works, when this doesn’t and how it intersects with improvements in technology.
38
CONTRIBUTORS 52 JULIE DAVIS AND NEIL WILLIAMS AGENT DYNAMICS Would you hire a chef without tasting their food? Who or what inspires you at the moment? Neil: Len Beadell, land surveyor and the last, true Australian explorer. He always inspires me! Julie: Neale Daniher for his efforts in raising funds and awareness of Motor Neurone Disease. What is the most important project you are working on right now? Neil: Developing employment advertising copy to attract candidates based on their innate talent or profile type. Julie: A leadership program exclusively for our clients. Trend to watch in the industry? Neil: The smarter agents focusing on humility rather than ego. Julie: It will be the agents who have a real point of difference that they can prove who will excel in the industry. Favourite quote or words to live by? Neil: “Don’t look down on those who look up to you” – Muhammad Ali. Julie: “Our doubts are traitors, that make us lose the good we oft might win, by fearing to attempt” – William Shakespeare.
AMANDA GOULD HIGHSPEC PROPERTIES Renovation rules: top 7 tips and trends for 2016 Who or what inspires you at the moment? I am inspired by fellow entrepreneurs that are smashing it! It pushes me forward. What is the most important project you are working on right now? An off-market DA approved, 121 unit development site in the North West corridor. Trend to watch in the industry? As property prices increase, I have noticed a rise in syndicate buying where there are four or more purchasers. Favourite quote or words to live by? If you change the way you kook at things, the things you look at change!
SUSANNE KING PEAK PERFORMANCE COACH, AGENT REPUBLIC Do the work and love your today Where are you from originally and where do you call home now? I am from a little place in the central west. Sydney is home, Manhattan Beach is my heart’s home. What is the most important project you are working on right now? Agent Republic. Trend to watch in the industry? Reality TV is where it’s headed. To do that and keep your heart in a place of service is key. Favourite quote or words to live by? You get who you are, not just what you do!
54
eliteagent.com.au 9
A EDITOR’S LETTER A QUESTION I HAVE been asked
a lot lately is about change and whether accelerated change is really possible. It stands to reason: it’s the topic I’ll be speaking on at ARPM 16 and something that is topical given the process that our sales ‘Transformers’ went through. Now it will be a similar journey for our property management Transform teams as well. The answer is yes. But only given certain conditions. Everyone is capable of change, whether it’s the slow, ‘one foot in front of the other’ kind of change or the extreme makeover experience that we give people in Transform. But it’s only possible if you’re open to it. I think it was Tony Robbins who said “Change happens when the pain of staying the same is greater than the pain of change.” And when you think about it, that is a pretty true statement; whether it’s your business (an employee who is not working out) or something personal (lose weight, get fit) the status quo is easier than doing things differently. One of the biggest lessons in sales Transform, and certainly one of the big lessons for me in our business, came up in Josh Phegan’s session where he talked about potential and capacity. If you feel you are at, say, 50 per cent of your potential but you’re at 100 per cent of your capacity (that is, you can’t physically fit any more into the day), then you are never going to get to your true potential unless you look at your capacity. Don’t look at capacity as simply your people, but look at yourself, your health, making more of the
10 ELITE AGENT • AUG-SEP 2016
hours you have in the day. Then look at the people and processes around you and see where you can increase those. Do you need to take some of the load off? (In real estate this is usually getting an assistant.) Or is something better served by a process that is repeatable – meaning it may take a bit of time to set up but then is easier to outsource. Now let’s come back to Transform. Transform was fun and everyone learned an amazing amount, but the tough schedule to fit all of that learning into such a short period of time is something that is definitely not for the fainthearted! I think all of our Super Six found that fitting that extra hour or two into their week was a challenge, given that time management for agents is something of a challenge anyway. And I think it does prove once and for all something that John McGrath always says: What got you here won’t get you there. We also learned that as a business we too had to increase our capacity remarkably as we started producing more content than ever before and had more people ‘following’ us than we’d ever experienced. Working 25 hours a day is never a solution; the only transformation that’s going to happen if you go down that path is not a positive one! So I think the big lesson is this: if you are going to change, if you are going to transform, you have to first be ready for the fact that you’re going to need to increase your capacity from day 1; something that our PM/Principal Transform teams will discover when they start their journey on August 7. We can’t wait to see
how they take on the lessons from the experts to implement in their lives and businesses and, hopefully, put them on the road to where they want to be. Part of Transform (for us) was determining whether the lessons everyone teaches in real
One of the biggest lessons in Transform, and certainly one of the big lessons for me in our business, came up in Josh Phegan’s session where he talked about potential and capacity.
Catch up with all of the action from AREC 2016 with our “On the Couch” series eliteagent.com.au/onthecouch
estate apply to all markets and all types of agents, and that was why the Super Six feedback was so important. They were all from different regions, different markets so it was interesting to see how they applied the same lessons, and yes the same lessons did kind of work! In addition to that, I worked with Claudio Encina and Jet Xavier to design a survey to see if there was a pattern among the ‘elite’ in personal success factors such as sleep, TV, prospecting habits and more, and whether they had an impact on GCI. We surveyed around 200 agents; you’ll see the results on page 22. While the survey wasn’t perfect (there are a lot more questions that could be asked!), it does show some interesting trends about how your capacity affects your income. Seeing these stats I think you
can safely assume these lessons are relevant to everyone, even if your market is different. The real battle, as I have witnessed, is the ability to ‘JFDI’. As Jet Xavier often says, “There is not a single person in the industry who doesn’t know how to pick up a phone and dial a phone number. So that’s not the reason people don’t do it. It’s a mindset issue, not a skillset issue.” So if you want to change, to transform… look at your potential, your capacity, and yep, you know the rest! Follow PM transform @ eliteagent.com.au/transform
eliteagent.com.au 11
READER PROFILE
LIVING THE DREAM Two years ago Christine Henderson gave up a job in executive management to switch to real estate and is now a property consultant at Hodges Mentone. A lifelong resident of beautiful Bayside, Melbourne, she has high ambitions, takes the trouble to write handwritten notes to clients – and somehow finds time to be a single mum too. How did you get started and how long have you been in real estate? I started in real estate just over two years ago; I had always had a passion, not only for property but for the local area. Previously I had worked for Tupperware as an executive manager, but I wanted a job where I could spend more time with my girls and have a better work/ life balance – and not be out every night of the week! I am extremely passionate about where I live and have been a lifelong resident of Bayside, Melbourne. I find it easy to
sell not only a home but the incredible lifestyle on offer. What have been your biggest challenges so far? My biggest challenge has been my limiting belief in myself. It’s all in my mind! I know I am capable of anything and I have huge goals. Who or what inspires you? I’m constantly inspired by the dynamic team here at Hodges, plus our two amazing and supportive directors. The whole team has a high work ethic and it motivates you to be your best.
“It was such a thrill meeting the Altman brothers. They were such gentlemen and so complimentary.” In your briefcase right now is… My ‘to-do’ lists, fineliners, highlighters and copious amounts of bulldog clips; my laptop and notecards (I love handwritten notes) and my copy of Think and Grow Rich by Napoleon Hill.
grateful to Elite Agent Magazine. I also loved their presentation – it was a good reminder that no matter your goal you should never lose sight of it. Work, live and breathe it, and anything is possible. They had huge setbacks but never gave up.
Something you couldn’t live without? My iPhone and my Lucy dog – always happy to see me no matter the hour.
What advice would you give to your younger self, or someone just starting out in real estate? Prospect, prospect, prospect. Every day! Door-knock and make sure everyone knows who you are, and listen. Also never stop learning and evolving your business. Be topical, not typical; be genuine and be yourself. I just wish I had started in the industry sooner!
What do you most enjoy about Elite Agent Magazine? I like learning what other agents are doing, and taking ideas and implementing them to be my own. Plus I love reading about trends in the industry. What was it like meeting the Altman brothers? It was such a thrill. They were such gentlemen and so complimentary. Going to the private cocktail party was a highlight of my year and I am so
12 ELITE AGENT • AUG-SEP 2016
Words to live by? “I’m too busy working on my own grass to notice if yours is greener.” Stay focused, tune out the noise around you and make it happen! And “Love the life you live, live the life you love.”
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VitrineMedia continues to lead in shopfront innovation VitrineMedia, a world leader in LED display technology dedicated to window solutions, has now brought even more light with less energy output to the real estate industry. In the last 12 months they have designed several new LED display panels to add to their collection to make the real estate shopfront really stand out. Speaking at AREC 2016, Global CTO Benjamin Champagne said, “This year we have been proud to showcase our new products which have been developed and refined over the past 12 months. We have new wall mounted products that take care of the interior space as well as the traditional window displays which can really lift the office.” Australian Managing Director Mike Toweel said, “The thing that absolutely blows people away when they look at it, is the simplicity of use. It’s all print media, so it’s transparency film that you print on with a laserjet or inkjet printer at your own office.” With dual illumination VitrineMedia displays are the brightest and slimmest in the market, claiming twice the brightness, yet only half the power consumption. “We’ve got some really innovative products now in interior visual marketing,” continued Toweel, “The new banners are brighter and we’ve gone up twenty per cent on where we were this time last year. We’ve got more efficient fittings, more efficient rails. You actually get a reduction in power consumption. So the solution is not only beautiful, but environmentally friendly as well.” And the environment is an area where VitrineMedia intends to maintain their leadership position in innovation. “As always the common point for everything is modularity,” says Champagne. “Ninety-eight per cent of the product can be recycled. It’s very important for us on the production side and we are launching a new department at VitrineMedia, to continue to develop our techniques.” “There’s a lot of things happening overseas, new and exciting things,” continues Toweel. “It’s hard to believe that it also gets better than this, so I guess just watch the space!” For more information visit VitrineMedia.com.au. 14 ELITE AGENT • AUG-SEP 2016
BizCover – saving you time and money on your insurance In the world of real estate, trading without Professional Indemnity Insurance is equivalent to a surgeon practising without Medical Indemnity Insurance. Although you’re not performing brain surgery, real estate is a complex industry, and as an estate agent you’re open to litigation involving breach of contract, allegations of misrepresentation, poor property management and a breach of statutory provisions - to name but a few. Whether you specialise in residential or commercial property, work in a company or act as a sole trader, having appropriate insurance provides essential financial protection against potential losses arising out of acts, errors and omissions for the professional services you provide. Finding the right insurance, however, can be a time-consuming and complex process, often involving insurance brokers who can take days
Congratulations to our #Hampersand Hamper Winners in our ongoing Instagram Snap and Share competition, @steveandtonymcgrath and @andreabonner_. You have won a Hampersand ‘Delight’ Hamper valued at $350; this sumptuous delight comes in a hand crafted wooden box, opened with an 18ct gold crowbar. Inside, Bollinger Champagne and a cornucopia of sweet and savoury delights, organic skin care and a charity donation. For more information about Hampersand, including luxurious gifts you can give your clients on settlement visit hampersandhampers.com.au.
to get back to you. BizCover are committed to helping small businesses get their insurance sorted, offering you the right cover at the right price without the hassle of going back and forth with a broker. As Australia’s No. 1 business insurance service, they have simplified the process of purchasing insurance for real estate agents. You can compare quotes instantly, and select and buy a policy from some of Australia’s leading insurers in a matter of minutes, saving you time and money so you can focus on what’s really important – selling real estate. They’ll help you with all of your insurance needs, including Professional Indemnity, Public Liability and Business Insurance packs, all meeting the requirements of leading real estate associations. It can be done online or over the phone with no tricky paperwork to complete, and your policy documents will be emailed to you instantly. And what’s more, should the unthinkable happen and you need to make a claim, they will manage the process for you whilst keeping you updated on its progress. To find out more visit bizcover. com.au or call 1800 816 471.
Domain launches Social Boost Last month Domain announced a new product offering, Social Boost, that helps agents increase reach, exposure and interest for property listings through targeted ads on Facebook. The new solution, available for Premium Plus advertisers, is said to amplify agents’ exposure and reach a more targeted audience to help sell properties faster. Morton Real Estate is one of the first groups in Australia to use Social Boost and has already achieved strong results. Sarah Fowl, Morton Real Estate’s Marketing Manager, commented: “Having Social Boost on our listing has really helped us increase exposure, resulting in more inbound enquiries to our property.” Domain’s Social Boost will showcase an agent listing as a Domain sponsored post on Facebook, and is currently available to agents in NSW, QLD metro, VIC Metro, WA Metro and will be rolled out to the rest of Australia later this year.
Domain’s approach to targeting buyers in Social Boost is based on current search insights. A GfK Home Buyer Research Report (2015) found that 58% of buyers are looking to move within 5km of their current address and 91% are looking to move within 40km of their current address, so Social Boost is designed to target both local and active buyers on Facebook in and around the location of the property. Domain search insights also allows targeting of buyers who have recently searched on the Domain website for properties in and around the location of the property being advertised. Social Boost reporting provides results on a whole host of metrics, including, 'engagement', 'views', 'enquiries' and 'Saves and Shares'. Every listing has an associated listing report accessible through Domain Agent Admin. Currently, the cost per Social Boost is: $750 + GST – for Melbourne Metro and Sydney Metro or $495 + GST – for NSW (except Sydney Metro), Brisbane, Adelaide and Western Australia (prices are based on Zones as defined by Domain). For more information contact your account manager or visit domain.com.au/group/agent-centre/social-boost.
12 CPD POINTS* FOR NSW AGENTS ONLINE AND READY WHEN YOU ARE FROM JUST $89
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eliteagent.com.au 15
PROPERTY MARKET UPDATE
STATE OF AUSTRALIA’S PROPERTY MARKET PROPERTY PRICES BOUNCED back
solidly in the June quarter after a weak showing in the previous three months. However, threat of oversupply is casting a dark shadow on the market’s growth prospects for the next 12 months. Nila Sweeney, Managing Editor of Property Market Insider, explains. Just when you thought Sydney had run out of steam, prices rebounded strongly over the June quarter, taking the lead once again. The latest statistics from CoreLogic RP Data showed that the median dwelling price in Sydney surged by 6.8 per cent to $780,000 over the three months ending June, amid renewed interest from investors. Melbourne also staged a strong showing, gaining by 3.5 per cent during the same period. The combined strong performance by Australia’s biggest cities lifted the Hedonic Home Value Index to a new record, according to Tim Lawless, CoreLogic’s Asia Pacific research director. “The June results continued to show a rebound in the housing market conditions after weaker results for the final quarter in 2015,” he says. Andrew Wilson, chief economist with Domain, shares similar findings and adds
that Sydney is set to continue to track solid price growth, albeit at a slower pace. “More investors are returning to the market after some jittery months towards the end of last year. The spectre of the change in negative gearing got the speculative juices flowing again for investors and we’ve seen a bounce back in activity.”
HOBART SURGES Following closely behind Sydney and Melbourne is Hobart, where the median house price jumped by 8.5 per cent to $360,500 over the past 12 months, according to CoreLogic RP Data. Unlike other capital cities where rental yields are falling as prices rise, Hobart manages to still enjoy healthy rental returns amid growing prices. “The strength in the Hobart market comes after a long period of under-performance,
CAPITAL CITY PERFORMANCE Region
Month
Quarter
Year on year
Median dwelling price
Sydney
1.2%
6.8%
11.3%
$780,000
Melbourne
0.8%
3.5%
11.5%
$587,000
Brisbane
-0.1%
2.2%
5.3%
$475,000
Adelaide
-1.3%
0.8%
2.2%
$420,000
Perth
-0.2%
-0.8%
-3%
$505,000
Hobart
1.8%
1.9%
6.2%
$341,000
Darwin
-1.6%
-2.5%
-1.1%
$510,000
Canberra
-1.1%
2.6%
3.9%
$560,000
Combined capitals
0.5%
3.8%
8.3%
$580,000
Source: CoreLogic RP Data June 2016
16 ELITE AGENT • AUG-SEP 2016
where home values in the city increased by only 1.4 per cent per annum over the past 10 years,” says Lawless. “Potentially, the Hobart housing market is being fuelled by the sheer affordability of housing and a renewed trend towards Melbourne and Sydney buyers unlocking their equity to make lifestyle housing purchases.” Not surprisingly, Angie Zigomanis, senior analyst with BIS Shrapnel, also sees potential in Tasmania’s biggest city. “Interstate migration is starting to come through again, and those who have left the state in search of jobs elsewhere are also returning,” he says. “There might also be some expats that are now moving back to Hobart, thanks to its idyllic environment which is conducive for raising a family.”
BRISBANE SET TO REPLACE SYDNEY AND MELBOURNE AS GROWTH ENGINE While Brisbane didn’t put on a breakout performance, it’s steady and set to gain momentum over the next 12 months, according to Shane Oliver, chief economist with AMP Capital. The current growth in prices is mostly supported by the activity in the lower-priced regions, which have been flat for a couple of years. “I think Brisbane has the most promise in terms of growth going forward,” says
With regard to the lower rate of population growth, Zigomanis says: “National population growth in 2014-15 was at its second lowest level since 2005-06, with net overseas migration falling from 229,400 persons in 2011-12 to 176,500 persons in 2014-15 – although there have been wide variations across the states. Nevertheless, with the majority of net overseas migration classified as ‘long-term overseas visitors’ – that is, temporary but not permanent arrivals – this reduction is likely to be impacting most on the rental, and therefore apartment, sector.”
“In most markets, particularly in Melbourne and Brisbane where it’s not just a high level of supply but also concentrated into the inner city areas, you have to compete with a lot of landlords for tenants.” Oliver. “There hasn’t been a lot of growth in Brisbane over the past few years. It should accelerate this year. It should pick up as it reaps the benefit of a lower Australian dollar, which outweighs the negative impact of the end of mining. I think it will overtake Sydney and Melbourne in terms of growth.”
NO UPSIDE ON THE HORIZON FOR PERTH AND DARWIN Perth continues to under-perform despite earlier signs that the market might be bottoming out, according to Wilson. “Even though I saw what I thought were signs of the market bottoming out towards the end of last year and early this year, that market shakeout is still continuing,” says Wilson. “There are no signs of bottoming out in the Perth market at the moment. Our rent report shows there’s another increase in the vacancy rate in the Perth market, where houses now have 4.2 per cent vacancy rate and units 4.8 per cent.” Wilson points out that the significant correction in the Perth market is now being felt on both price and rent. “Both areas are suffering from the oversupply of rental property. It’s a really bleak environment for investors at the moment, not just to find a tenant but also to find a buyer to move out of the market,” he says.
Perth dwelling values dropped over the first six months of this year by 3.9 per cent, making them 7.4 per cent lower than the high of December 2014.
THREAT OF OVERSUPPLY LOOMS While residential prices are forecast to remain relatively stable in the next 12 months, rising supply and weakening investor demand will see some markets suffer, according to Zigomanis. “We’re moving away from undersupply into an oversupply situation over the next 12 months, broadly speaking,” he says. “A record number of new constructions are taking place and apartments being constructed. A lot of those apartments are also locked in for the next two years. There’s no immediate way to absorb them, particularly given that overseas migration and population growth in general are now lower than they’ve been in recent years.” In fact, nearly all capital cities are building apartments at record rates on the back of the recent strength in investor demand, according to Zigomanis. “As these projects are progressively completed, it is likely that there will not be enough tenants in a number of cities to support rents and consequently values upon completion.”
On a national level, BIS Shrapnel expects a record 220,000 new dwellings will have been commenced in 2015-16, and this will translate to a peak in new dwelling completions in 2016-17. Once they reach completion, all states except New South Wales will be dealing with a situation of oversupply. “Perhaps in Sydney it’s not so much of an issue, but in most other markets, particularly in Melbourne and Brisbane where it’s not just high level of supply but also concentrated into the inner city areas, you have to compete with a lot of landlords for tenants,” says Zigomanis. Although he expects interest rates to remain low, and even potentially to fall further, the adverse demand/supply balance is likely to dampen price growth, with median house and unit prices in all capital city markets expected to be lower in real terms by 2019.
Nila Sweeney is the Managing Editor of Property Market Insider. Formerly the Managing Editor of Your Investment Property and Your Mortgage magazines, Nila has more than 10 years’ experience writing about Australia’s property market. For more information, visit propertymarketinsider.com.au.
eliteagent.com.au 17
EVERYONE'S TALKING ABOUT…
DRONE RULES ARE CHANGING, BUT WILL THEY WORK FOR YOU? PHOTOGRAPHY AND VIDEO shot with drones has
become relatively common in real estate marketing. Important changes to the safety regulations covering their use take effect in just under two months. From 29 September 2016 there will be a new category of commercial remotely piloted aircraft operations. People operating drones with a maximum takeoff weight of less than two kilograms will no longer be required to gain a certificate and licence from CASA. Operators will only have to provide one online notification to CASA well in advance of their first commercial flight and operate by a set of standard operating conditions. This change cuts red tape and costs to people operating very small commercial drones. They will not need to get a remotely piloted aircraft operator’s
18 ELITE AGENT • AUG-SEP 2016
certificate (ReOC) or a remote pilot licence (RePL) from CASA. The change has been made in response to research on the safety risks of remotely piloted aircraft that found very small drones posed a lower level of risk to people, property and aircraft. CASA’s Director of Aviation Safety, Mark Skidmore, said the changes to the remotely piloted aircraft regulations maintain appropriate safety standards while cutting red tape. “While safety must always come first, CASA’s aim is to lighten the regulatory requirements where we can.
“The amended regulations recognise the different safety risks posed by different types of remotely piloted aircraft. “People intending to use the new very small category of commercial operations should understand this can only be done if the standard operating conditions are strictly followed and CASA is notified. “Penalties can apply if these conditions are not met.” Anyone intending to fly a very small remotely piloted aircraft in commercial operations must always adhere to the standard operating conditions. These are: • You must only fly during the day and keep your remotely piloted aircraft within visual line of sight • You must not fly your remotely piloted aircraft higher than 120 metres above ground level • You must keep your remotely piloted aircraft at least 30 metres away from other people
• You must keep your remotely piloted aircraft at least 5.5km away from controlled aerodromes – these are the capital city airports and some regional airports – and clear of the flight paths at all other aerodromes and aircraft landing sites • You must not fly your remotely piloted aircraft over any populous areas – this can include beaches, parks and sporting ovals where there are crowds or groups of people • You must not fly your remotely piloted aircraft over or near an area where it might affect public safety or where emergency operations are underway – this could include situations such as a car crash, police operations, a fire and associated firefighting efforts, and search and rescue
This change cuts red tape and costs to people operating very small commercial drones.
• You can only fly one remotely piloted aircraft at a time. Importantly, a remotely piloted aircraft must not be flown in a way that creates a hazard to other aircraft, people or property. Autonomous flights are also prohibited as CASA is still developing suitable regulations for these operations. The standard operating conditions may still mean that drones cannot be used for commercial purposes – such as real estate photography – in many areas of major cities and towns. This could be due to being within 5.5 kilometres of a controlled airport, the need to stay more than 30 metres away from other people or the requirement not to create a hazard to people or property. There are no exceptions or exemptions to the standard operating conditions and they apply at all times. Anyone needing to operate a remotely piloted aircraft outside of the standard operating conditions – for example within 5.5km of a controlled aerodrome – will need to obtain a remotely piloted aircraft operator’s certificate and a remote
pilot licence from CASA and then gain additional approvals. There are more than 600 approved remotely piloted aircraft operators across Australia, with most providing aerial photography services, with a list of approved providers being available online. CASA will be releasing more advisory material on the new drone rules in the near future and is working to develop an app so users can be clear on regulations. However, if you are in doubt it is still best to use a licensed operator. “The regulation changes coming into effect later this year are somewhat of a concern to the licensed operators in the industry,” said Nathan Clarke of Top Snap in Central Victoria, a fully licensed drone operator. “Unlicenced operators may not have the knowledge and necessary skills to avoid getting into dangerous situations. Those holding licenses have completed comprehensive theory and flying tests and are insured for public liability and property damage.” Comprehensive information on remotely piloted aircraft is available on the CASA web site casa.gov.au.
Having goals is great, realising them is something else! I had a vision of where I wanted to go, what I wanted to achieve but I couldn’t easily see how to get there. A one off strategy session with Julie and Neil set me on a path to my biggest year to date and seven figures in personal sales income. They now play a permanent role in my goal and strategy planning and I couldn’t be happier. It’s the smartest move I have made in a long time.” Greg Vincent, One Agency
Want a custom built strategy that gets results? Call the team today and realise your profitability and business goals. Contact Julie on 0412 752 366 or julie@agentdynamics.com.au or learn more at agentdynamics.com.au
eliteagent.com.au 19
EVERYONE'S TALKING ABOUT…
REA: TECHNOLOGY AND TEAMWORK TRACEY FELLOWS took some time out at AREC 2016
to speak with Elite Agent’s Editor Samantha McLean. A digital innovator through and through, Fellows has enjoyed roles as Executive GM of Communication Management Services at Australia Post and as Microsoft Vice-President for the Asia-Pacific Region before joining REA Group as Executive Director and CEO. TECHNOLOGY AND INNOVATION S: You went to Silicon Valley last year to visit companies like Google, Facebook, Uber – what did you take away from this experience that relates to the Australian real estate industry? T: The biggest thing I took away was innovation and the imagination of people: it doesn’t take 100 people to have a great idea. Some great ideas have a really small start. Innovative people try something. If it doesn’t succeed, they change the idea – they repivot it. They didn’t start off with their final idea – they repivoted their original idea and came up with something great. REALITY BITES AND VIDEO MARKETING S: realestate.com.au does a lot of research on consumer behaviours, particularly when it comes to property advertising. What insights have you gained from that? T: You can absolutely see how different presentations of product appeal to consumers. Our Premier product absolutely grabs the eye. There’s a lot of science and research our teams put into the consumer experience. How do you make things less confusing for consumers, more appealing? We do an enormous amount of testing before we release any product, whether on desktop or on mobile. S: Virtual reality and augmented reality are becoming part of the property industry’s digital marketing landscape. Can you explain the difference between the two? T: Virtual reality is an image of the real world which you are immersed in by putting on a headpiece powered by a processor – a phone, for example. Augmented reality is taking something real and extending it to make it seem more real; it’s slightly confected. You don’t require goggles on your head to have an
20 ELITE AGENT • AUG-SEP 2016
“Mediums that let people be more in control, spend more time exploring where they want to be, look at things the way they want to are more appealing and more engaging for consumers.” augmented reality experience. Virtual reality can, unfortunately, make people a little dizzy and be a bit nausea-inducing. There is a small percentage of people who get this! S: Do you think virtual and augmented reality will take over video in property marketing? T: I think there’s still a case for video, because it offers buyers a broad perspective on a property. Over time, I think augmented and virtual reality have the potential to take over as a medium. Consumers want to be in control. With video, you’re only seeing what
someone has decided you’re going to see. We do see people bailing on lifestyle videos in five seconds – they really do. One part is cynicism and the other is ‘you are not showing me the things I want to see’. Mediums that let people be more in control, spend more time exploring where they want to be, look at things the way they want to are more appealing and more engaging for consumers. Many property videos are a bit like something on MTV: there’s music, crashing waves, but not as much substance. That is what they don’t like.
REA GOES GLOBAL S: REA has expanded into both Southeast Asia and the US with stakes in iProperty Group and Move as well as operating businesses in Italy, Luxembourg and Hong Kong, plus the Chinese language website myfun.com. Can you tell us about any other expansion plans moving forward? T: Yes, they’re pretty big expansions. The acquisition in Southeast Asia is the biggest acquisition we’ve ever made. Really, for us, right now, it’s how we expand those businesses in those countries, how we move into some of the areas that we are [currently] in, which they’re not in today; they are pretty basic listings businesses. Equally, how we help our customers reach consumers in those markets, which we think is a great opportunity, and even connect those experiences. That’s really the focus right now, versus into other areas. S: Is the Australian real estate industry more mature or advanced than those in Asia or the US? How do our industry professionals compare? T: I think we’re much more advanced. I don’t know quite why that is – perhaps it’s our obsession with property, but how we present properties, the digital awareness of our agents [is ahead]. How we present property for sale is certainly more advanced than in Asia. Consumers in Asia are absolutely online, they’re absolutely digital, but I think Australia’s real estate industry has really shown that the way we market properties, and bring them to life in print and digital formats, is way ahead of what we see almost anywhere else in the world. REALESTATE.COM.AU – WORKING WITH AGENTS S: You’ve made it clear that realestate.com. au plans to continue to work more closely with agents. How will you help agents bring bigger audiences to their vendors? T: The agents are the industry, and realestate.com.au feels part of the industry too. We’ve made investments to support
agents; for example, the AREA Awards we announced just a little while ago. We invest in educating agents digitally, and around Momentum events too. We want to help agents to digitally market themselves – that ‘digital interview’ is so important! We think there’s a great role realestate. com.au can play in this connection, because consumers are already on our site looking for property. When they’re thinking about
selling their property, we’re also a logical place for them to go. Realestate.com. au has the largest audience of property seekers – we want to help agents (on behalf of their vendors) reach this audience. Increasingly we can do that in Australia, but we can do so equally overseas. We know that Australia is the number one destination for 30 per cent of property investors in Southeast Asia.
RAINMAKER RULES S: At AREC this year, it’s all about rainmakers and people making their own rules. If there was a rule you could make right now, what would it be? T: I’m probably not really one for rules, but I think the best thing to do is to embrace the fact that there’s going to be new ways of doing things in the real estate industry. Sometimes the real estate industry is resistant to change – there’s almost a mistrust of it. In the world we live in, so much is changing so quickly. Don’t mistrust it. Think about how change can create a win for you, about how it can make something better. Whether it’s how you engage with your customers, new business opportunities, making something easier for you to do. You can’t pretend things aren’t changing and look away. Embrace the new ways of doing things. We live in a global world. We all have to be doing different things to keep consumers engaged. If we’re not, somebody else is! We’re better off thinking, ‘How do I lead it?’ rather than being caught flat-footed saying, ‘What do I do now?!’
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eliteagent.com.au 21
EVERYONE'S TALKING ABOUT… This could mean there is a diminishing return or more of a focus on work-life balance. Survey Takeaway: Five to six exercise sessions per week of around 60 minutes’ duration appears to be the optimal exercise range for earnings.
WHAT REALLY HELPS YOU TO EARN MORE?
IS SLEEP AND THE 5AM CLUB A FACTOR? By far the most successful agents in terms of earnings are those who get between five and six hours of sleep per night and start the day between 5am and 5.30am. The survey found that late risers or those who get more than eight hours’ sleep per night are the worst-performing people from a GCI perspective. Survey Takeaway: Tom Panos has been telling us to get up early for years; turns out he’s right.
MOST OF US HAVE heard the lessons: get up early,
invest in yourself and don’t watch too much TV (among others). While there are many professional elements that go into achieving the number on your group certificate – such as customer service, technology and branding – we wanted to find out about personal factors, the ones we can control like sleep, exercise, marketing and home life and how they may or may not WHAT YOU WATCH ON TV GCI or gross earnings. We surveyed more than VERAGE GCI impact BY AGE GROUP TV WATCHING AND IMPACT ON GCI Keeping yourself informed is an important 200 agents and here’s what we found. 40 part of being able to hold a variety of
conversations with your clients and prospects, although many coaches will stay But age wasn’t the 32 only factor in income away from too much TV in preference to success. Respondents who have been in the podcasts and self-education. But how much 28 industry for more than 10 years generate is really OK? roughly 50 per cent more The highest GCI bracket responded that 24 GCI than those in the one-to-five and five-to-10 years of they watched between three and five hours’ 20 service brackets. TV3-5per 0-2 hrs hrs week. We’ve made 5+ hrs a mental note for Survey Takeaway: Age is no barrier to next Hours peryear weekto ask about the type of TV being income potential, but experience can make watched too. SCRIPT PRACTICE AND IMPACT ON Takeaway: GCI all the difference. Survey We think this means 35 some TV is good to relax, but too many hours IS THERE AN OPTIMAL in front of the box won’t do much for GCI. 30 AMOUNT OF EXERCISE FOR EARNING? 25 Both men and women in our survey COACHING AND TRAINING 20 exercised roughly the same number of times The agents surveyed who have a coach 15 per week, but interestingly we found that generated about 50 per cent more GCI than 10 women exercised three times longer in the those who don’t. 5 gym than their male counterparts. Additionally, agents who practised their In terms of GCI, the 0$500k to $1m category scripts and dialogues at least once a day None 1-2 3-4 5+ averaged five to six exercise sessions per were generating on average 50 per cent Frequency per week week, but those who said they exercised more than those who didn’t. more than seven times a week were in fact Survey Takeaway: Get a coach. Practise in the lowest GCI category (less than 200k). before game day.
XERCISE ANDWHICH IMPACTISON GCI A BETTER PREDICTOR OF Duration
Frequency
< 30 mins
1-2 times
EARNINGS –Duration AGE OR EXPERIENCE? 30-60 mins part the 60-90 mins > 90 mins For the most under-25s, being the new entrants to the industry, were the group most likely to be building a profile or working as assistants. Their GCI results reflected this compared to the other age groups. The highest earners in our survey were the 25 to 35 year olds, with 70 per cent of them being in the 350k to 500k bracket. This group also had the highest number of respondents 3-4 times in the million 5-6 timesdollar-plus MoreGCI than 7 category. See the graph for the average Frequency commission for each age group.
Percentage
< 25 yo
THE BATTLE OF THE SEXES ENDED IN NO CONTEST Of the respondents we surveyed, men and women earned roughly the same numbers spread across the different GCI brackets. Survey Gender noyo 25-35Takeaway: yo 35-45 yo presents > 45 barrier to income Age potential.
Percentage
36
Wake time LEEP HABITS AND IMPACT ON GCI Sleep length AVERAGE GCI BY AGE GROUP Between 6-7am
WATCHING AND IMPACT ON GCI SHARE OF GCI TV TOTAL BY EXPERIENCE 40
After 7am
36
25
Percentage
Between 5-5:30am Percentage
Between 4-5am
Wake time 35Between 5:30-6am 30
20
32
15
10+yrs 28 43%
10
24
5
< 25 yo
25-35 yo
35-45 yo
20
> 45 yo
Age 5-6 hrs
6-7 hrs
7-8 hrs
8+ hrs
Duration Frequency
EXERCISE AND IMPACT ON GCI Sleep length Duration < 30 mins
30-60 mins
22 ELITE AGENT • AUG-SEP 2016 40 35
60-90 mins
5-10yrs 28%
0-2 hrs
3-5 hrs Hours per week
SCRIPT PRACTICE AND IMPACT ON GCI 35
> 90 mins
30 tage
4-5 hrs
1-5yrs 29%
25 20
5+ hrs
20
25 20 15
15
10
10 5
< 25 yo
25-35 yo
35-45 yo
Duration < 30 mins
30-60 mins
60-90 mins
Between 4-5am
> 90 mins
35
Percentage
30 25 Percentage
30 25 20
20
SLEEP HABITS AND IMPACT ON GCI
THE $500K – $1M EARNER… Wake time Between 4-5am
Between 5-5:30am
Between 5:30-6am
Between 6-7am
10
More than 7
4-5 hrs
Percentage
20 15
Wake time Sleep length After 7am
Male or female
Has a coach
25 to 35 years old OR has more than 10 years’ experience
10
Sleeps 5 to 6 hours a night
Rises between 4-5 hrsand 5.30am 5-6 hrs 5.00am
6-7 hrs
7-8 hrs
8+ hrs
Sleep length
AVERAGE GCI BY AGE GROUP
20
Maintains a ‘hot’ pipeline list
15 10 5
< 25 yo
25-35 yo
Exercises between 5 and 6 hours per week
35-45 yo
> 45 yo
Age
< 30 mins
30-60 mins
60-90 mins
Duration Frequency
> 90 mins
32 28
20 1-2 times
5-6 hrs
6-7 hrs
1-2 3-4 Frequency per week 7-8 hrs 8+ hrs
PROSPECTING AND FOCUS Our survey foundOF that maintain SHARE GCIagents TOTAL who BY EXPERIENCE a chase or hot pipeline list generate almost 70 per cent more GCI than those who don’t. Similarly, agents who followed a strict ideal day or ideal week were 30 per 1-5yrs cent up on the income of those who didn’t. 29% 10+yrs Significantly, clarity of goals resulted in a 45 per cent higher43% group certificate than those who didn’t have such clear targets. 5-10yrs Survey Takeaway: Those who practised 28% all three things generated 50 per cent more GCI on average than those who only did one or two.
25 20 15 10 5
0-2 hrs 3-4 times
3-5 hrs Hours per week 5-6 times More than 7
5+ hrs
0
None
1-2 3-4 Frequency per week
5+
FrequencyAND IMPACT ON GCI SCRIPT PRACTICE 35 30
SLEEP HABITS AND IMPACT ON GCI ge
10
None
30
24
15
15 10
SCRIPT PRACTICE AND IMPACT ON GCI
25
20
25 20
35
Percentage
30
Percentage
35
Duration
36
40
After 7am
Hours per week
WATCHING EXERCISE ANDTV IMPACT ON GCIAND IMPACT ON GCI 40
Between 6-7am
Percentage
Does more than 10 market appraisals per week
25
Between 5:30-6am
PERSONAL MARKETING AND BRANDING It was extremely clear that investment in personal marketing delivered almost linear results in any of the categories in our survey, Watches only 3 to 5 meaning that additional spend in marketing hours of TV per week directly TV WATCHING ANDcorrelated IMPACT ON GCI to an increase in GCI. Staggeringly, those agents who said they 40 Spends $10k+ pa in were investing $10k or more per year in their personal36marketing own personal marketing were generating on average twice as much GCI as those who 32 Mostly follows an were investing zero. ideal day28or week Survey Takeaway: Spending money on marketing and personal branding increases 24 your earning potential – but we suspect that comes with a caveat of ensuring 20 consistency and ROI. 0-2 hrs 3-5 hrs 5+ hrs
Practises scripts and dialogues daily
35
5+ hrs
Spends more than three hours prospecting
Is crystal clear on goals
30
3-5 hrs Hours per week
Sleep length
30 25
35 Between 30 5-5:30am
0
15 3-4 times 5-6 times Frequency
0-2 hrs
More than 7
5 15
1-2 times
3-4 times 5-6 times Frequency
Wake time SLEEP HABITS AND IMPACT ON GCI Sleep length SCRIPT PRACTICE AND IMPACT ON GCI Wake time
40
10
28
20
Duration Frequency
EXERCISE AND IMPACT ON GCI
32
1-2 times 24
> 45 yo
Age
Percentage
Percentage
Perc
Percentage
25
25
Wake time
Wake time Sleep length
eliteagent.com.au 23 SHARE OF GCI TOTAL BY EXPERIENCE
5+
EVERYONE'S TALKING ABOUT…
IS THE SOCIAL WORLD GETTING CLOSER TO THE LISTINGS WORLD? WITH THE THREAT FROM DISRUPTIVE technology at the
forefront of everyone’s mind, we caught up with Stuart Leo, founder of Blirt, a customer experience specialist. Stuart was a keynote speaker at the recent Property Portal Watch conference in Bangkok, and as a marketing and automation expert, we asked Stuart to give us his thoughts about recent innovations and what may be around the corner which could challenge the real estate industry including the portals. Firstly, can you tell us a little about Blirt? At Blirt we’ve spent the last 15 years in the world of the internet, where marketing and technology are really coming together due to the availability of huge amounts of data, such as that supplied through social media activity. The harnessing of that data has given birth to an entire new industry which aims to make it easier to reach and convert customers in amazing new ways. What we call the ‘experience economy’ is underpinned by the fact that it has become easier to find information. I can be playing around having a cup of coffee in a café of a
24 ELITE AGENT • AUG-SEP 2016
Saturday morning and updating my social media pages while still looking for that dream property – that’s really exciting and has profound implications for customer interaction. Our customer is in far greater control today than they ever have been. They can find out everything they need; the information is at their fingertips and, as we all know, knowledge is power. So the power has now shifted to the customer side of the equation. There are tools to help developers, people selling property, people looking for property and tools to communicate and make it easier to sell.
Can you tell us a little more about how things are changing? It’s 2016 and marketers are looking to influence and communicate beyond the lead conversion. We used to spend most of our advertising budget on big ads, billboards, television and radio as well as newspapers. But now we as marketers and communicators are looking to support a lead generation process through a customer journey. It might mean providing the lead with email updates or the relevant content in their Facebook feed. The property portals of today are all about just getting that lead conversion – getting someone to an open for inspection. But that is changing. There’s a global trend where the social world is getting closer to the listings world, whether through customer comments or advocates for that property, such as friends and family. It’s very easy for that content to be shared. We’re beginning to understand the customer journey and the portals need to look at providing the right content support through that journey. Will there be a time when agents could go straight to social media to market their listings?
If we look at other industries we begin to understand how digital platforms have allowed buyers to connect more easily. We are facing a world where there’ll be different methods of buying and selling; that might mean that the agent has less reliance on the portal and data from social media becomes more important. Similarly, the portals need to look at how they add value. How should real estate agents be marketing to stay profitable and relevant? I still believe people buy from people, so there will always be a role for the real estate agent in the future. Agents should be actively using digital tools to maintain relationships and perhaps a flyer in the letterbox isn’t the most effective way of doing that. Real estate agents ought to be collecting good data and understanding potential customers. So if there’s a trigger in the data to say ‘we’re getting married’ or ‘we’re having children’ or ‘I need this’ then that’s a trigger to an action that starts an automated journey. That logic can be preset, managed and run in the right way, at the right time, as opposed to dropping
Real estate agents ought to be collecting good data and understanding potential customers. So if there’s a trigger in the data to say ‘we’re getting married’ or ‘we’re having children’ or ‘I need this’ then that’s a trigger to an action that starts an automated journey. a flyer in ten thousand letterboxes at the same time; that’s just not efficient. So how does social media help real estate agents? Analytical platforms today are extremely powerful and it’s possible that the agent’s CRM system can tag information if someone they have an email address for has watched [for instance] a video on Facebook. That video might be about choosing a school. This should then start a CRM journey; the person is added to a targeted database for that particular life event; they get more relevant emails and marketing material because they watched a video on social media. The world of social listening is very powerful now. We often think that just
FACEBOOK – REACH YOUR PREFERRED AUDIENCE WITH SMARTER ANALYTICS Facebook have recently made more changes to their newsfeed algorithm, which again favours content from your friends rather than what you may be posting to attract new clients or buyers. But there is a way that you can more effectively target your content to the right audience on Facebook – whether it’s listings or other social content – using clever big-data analytics by Quantium and CoreLogic. Last year, when Elite Agent did the ‘Are you ready for 2020?’ thought leadership white paper we found that agents should be looking to target niches they personally identify with and to speak differently to those niches in a way that will appeal to them. A news piece about
babies or child care centres is not going to appeal to a farm area of empty nesters! But on places like Facebook how do you make sure you are getting it right when the potential audience is so huge? You want to be certain that you are sending the right messages to the right people. So now you can; enter some very clever analytics by companies like Quantium and CoreLogic. As it happens, there are big data companies out there who, as you are probably aware, are gathering data on us as consumers every second of every day – including our spending patterns in the supermarkets and other places, our takeaway habits, what we watch on
Foxtel, what we own and what we rent – thereby building up a picture of our habits online and offline. Companies like Quantium can take this raw data, crunch it up, anonymise it so that there is no personal information involved and offer these ‘audience segments’ on places like Facebook, which advertisers like yourselves can use for free. All you need is a Facebook business page, a Facebook advertiser account in good order and then apply to be whitelisted by Quantium to obtain access to this audience. With the recent Facebook algorithm changes this is already proving to be a much better, more costeffective solution for Facebook advertising. More information online at eliteagent.com.au/ facebook-quantium.
because we post on social media it’s private; it’s not. It’s a public space, and social listening tools can collect that information and go ‘here is information that fits’. Facebook taught themselves to go ‘this person fits a certain audience’; for example, a young-mother audience. Those social cues, things we say and do, put us into particular audiences that advertisers would want to talk to. Who are the companies to watch in this space? The big guys are doing interesting stuff. Realestate.com.au is doing interesting things. Domain has released a whole bunch of really interesting tools. We’re a great advocate for the salesforce.com platform. Anyone that can break down walls between dehumanised listings of property and gain more human eyes, social interaction and engagement. I think you’ll see really interesting work coming from some start-ups as well. iProperty Group, who are portal leaders now owned by REA, presented their business intelligence dashboard for developers with some great information. If I own a block of land in Asia, how many dwellings should I build, how big should they be, what price should I put on them? It’s not just about sales data but also search traffic data. One of the most interesting guys to present at Property Portal Watch had some interesting technology [myrealestate.com. au] which included artificial intelligence. If you are comfortable with a tablet or a mobile device, it’s much easier to say, ‘Show me this budget in this area’ and have a whole bunch of properties come back to you. I think voice activation and virtual assistants are all spaces that are on the edge right now, but will be mainstream for the future. Anything that makes the buying experience easier, less costly, more pleasurable, faster – that’s where the future is. We’re interested in delivering better customer experiences, so anything that helps that is a benefit to the industry. Words: Steve Mallach.
eliteagent.com.au 25
FIRST PERSON
Josh Phegan
Fee falling
proactive from the beginning. If you’re not confident in your ability, you can’t expect others to be. You have to set what you’re worth in the marketplace.
especially when someone tries to undercut you. High performance real estate coach and trainer Josh Phegan has some example techniques which will help you fight the discounters and maintain your fee.
FEE APPROXIMATION CLOSE Start your listing presentation by highlighting that agents charge fees anywhere from three per cent down to 1.5 per cent, and while you’re not the dearest or the cheapest you are known for having the best value. By starting with the larger fee you’ve used that as a base platform from which to jump. Later in the presentation and in summary, mention your actual fee and then switch to another topic. That way the customer doesn’t really get a chance to jump in.
NEGOTIATING YOUR COMMISSION CAN be a tricky business,
Fee cutters are a fact of life in real estate. You will never be able to escape them, but there are ways to overcome them. I’m sure most agents, if not every agent, have cut their fee at some point – only to have the competition score the listing anyway. It’s a gutting feeling. But the fact is, if you don’t offer a better experience for your higher fee then there’s no reason for a client to select you as their agent over any other person at any fee. Differentiation is the key, and in the absence of differentiation the customer will
always shop on price. From a client’s viewpoint, skill and experience count for less than confidence and energy. Therefore, to win business you need to sell yourself better than all the other agents; to do this you need to listen to your customer and relate your value to their needs.
ASKING THE RIGHT QUESTIONS The most important component of the listing presentation is identifying need. If you can identify the client’s needs then you can sell the features and
Differentiation is the key, and in the absence of differentiation the customer will always shop on price.
26 ELITE AGENT • AUG-SEP 2016
benefits that specifically relate to the client and where they are in the sales process. Find out: • What they are looking for in an agent • What they don’t want in an agent • How they will select their agent • What they already know about your company and yourself, and why they called you in. Asking these types of questions allow you to build a case for what you’re worth. One of my clients hit a major problem when potential vendors would hang up the phone if he mentioned a fee higher than one per cent. Instead, by highlighting that fees ‘started at one per cent’ they were able to get in the door more often. The next step is to build the fee up with tasks like open homes charged at an extra 0.5 per cent. That’s not being tricky or deceitful; it’s simply understanding that there are multiple fee levels. This client also started having agency agreements pre-written at 2.5 per cent including GST, and since then they’ve achieved that fee every time. I also get a lot of requests for fee defence scripts. The reality is, if you think you’re going to win on fee because you have a great fee defence then you’re in trouble. Rather than defending your fee I recommend being
DOLLAR DIFFERENCE This is another of my favourite techniques and it’s so simple. Estimate fee dollar difference between yourself and your competitors and suggest the difference is added to the reserve price. You still attract the fee you’re worth, but the vendors also feel they’re not paying too much out of their own pocket. CHEAP VERSUS QUALITY It’s also important to remind potential clients that in life you often get what you pay for and real estate agents are no different. Ask them, ‘Have you ever bought the cheap version of something only to have to go back and buy the more expensive version to ensure the job was done correctly? Don’t make that same mistake with your agent’. Josh Phegan is a high performance real estate speaker, trainer and coach to some of the best agents and agencies around the world. For more information visit joshphegan.com.au.
FIRST PERSON
Julie Davis and Neil Williams
Would you hire a chef without tasting their food? THE MOST IMPORTANT element of a real estate agent’s
business is without doubt their ability to list a property. If we all recognise the importance of a professional and competent listing presentation, why do we totally ignore this when we recruit or head-hunt experienced agents?
When was the last time you asked a prospective team member to do a role play of their listing presentation before being offered a position? The biggest database, the most effective generating, marketing and farming processes don’t account for a hill of beans if you blow it at the listing presentation. The listing table is where it all happens. It doesn’t make sense to put on a team member without knowing how they perform in the role. Why put them in your brand, load them up with your marketing material and place them in front of clients if you don’t actually know how they will present the most critical function of their position? The salesperson recruiting process usually follows a familiar path. Telephone call for a coffee, then a few catch-ups prior to presenting a proposal, followed by the usual horse-trading regarding commission splits, office space and car parking spots. The candidate often shows us a printout of the past 12 months’ commission payments as proof
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candidates will be more comfortable with role play than others, but if you make it the ‘non-negotiable’ of your recruiting standards you will be more confident in your decision-making and invariably recruit the best candidate. The benefit to the candidate is that when they are accepted for the position they know that they are equipped for the job and have the faith of the principal. When we assist principals with recruiting, we conduct a onehour listing presentation role play that is recorded for both the principal and the candidate. This allows for accurate and validated assessment of their performance and provides a benchmark for future assistance and development. When a business owner buys
When was the last time you asked a prospective team member to do a role play of their listing presentation before being offered a position? that they can make money, but unfortunately that is where our due diligence stops. So just how good are they? While their track record and GCI are significant, the most important factor is how successful the candidate is when measured against the competition. In other words, can they beat the other agents and get the business? We have worked with clients who have recruited salespeople based on reputation and charisma, only to discover that their past success was a result of handouts from the boss, or being part of a two-person team where the heavy lifting had been done by the other guy. There should be no short cuts when recruiting experienced team members for sales roles or BDMs for property management. Put a process around your due diligence; make sure that you’re getting what you’re paying for and that
your agency standards will be maintained or exceeded. Ensure that a listing presentation role play is an essential element of your recruitment process. Explain to candidates that you need a benchmark so that you can best integrate your company image and procedures into their presentation while retaining their natural style. Observe how they handle tough questions and how they validate their fee for service. You will also get a clear understanding of how they present their marketing material and discuss their VPA packages with the clients. If they can’t be with you in person, then do it via Skype or Google. It will also help to identify where they may need to upgrade or tweak their presentation to comply with your standards and increase their chances of success. It is true that some
a new car they rarely walk into a car yard and say ‘I’ll take that one’. They first do the research and before making any purchasing decision they will take the car for a test drive to see if it performs to their expectations. Handling, brakes, comfort levels all come into play and are assessed as to whether the car does what they want it to do. If we do this to buy a $50,000 car, then why don’t we mirror the process when recruiting a $500,000 salesperson?
Julie Davis and Neil Williams from Agent Dynamics have niched into providing specialist services to small and medium sized agencies, focusing on growth strategy, recruitment and leadership. They bring to the table a skill set developed ‘hands on’ as principals, trainers and mentors, supported by Neil’s 20 years’ military experience.
FIND THE ELITE
JOBS Instead of advertising your next role on a generic job site, advertise on eliteagent.com.au to an audience of real estate industry professionals. Visit eliteagent.com.au/realestatejobs for more info or contact us on (02) 8854 6123
FIRST PERSON
Ian Campbell
Technology; but not for technology’s sake Most real estate businesses today are full of technology, but you need to make sure that what you are implementing is at the right time and for the right reasons. You can innovate from within, says Ian Campbell of Console.
Technology and innovation usually go together, but not all technology is great innovation, and innovation can happen without technology. Innovation, to me, really needs to demonstrate tangible value to a customer. At Console, we recently completed an extensive research project into the future technology needs of the industry. One of the key findings was that the greatest fear that decisionmakers had in relation to implementing new technologies was that the change actually adds no value. There are many things everyone already has access to which are not used to their full extent. I think what needs to happen is that we need to remove the distractions of the ‘shiny objects’ and really focus on that short to medium term type technology that’s already here, and how it can be leveraged to improve service and quality. We don’t have to wait for the next technology or outside innovation to do this. Here are some ideas:
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FOCUS ON MAXIMISING VALUE-ADD ACTIVITIES FOR YOUR END CUSTOMER A value-add is anything that the customer, your end customer, would perceive as ‘that’s what I’m paying you to do’. In the case
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of property management, they’re paying you to do the inspection. They’re paying you to projectmanage a maintenance issue to completion. What they’re not doing is paying for your internal administrative processes; so if you are handling data manually start thinking about ways you can automate that – for example, scanning invoices and other documentation. Assess the technologies or add-ons that you thought were a good idea at the time but you’re not using as well as you could be. Ask yourself why you bought them in the first place and whether they have actually delivered on that expectation. If you can’t identify their purpose in terms of adding value to your clients, then question whether you really need them. If you think the potential is still there but you just didn’t implement it properly,
How usable something is varies greatly from person to person and often relies on our own perspective of the world.
it’s never too late to try again. All technology vendors want you to be 100 per cent satisfied with the value that their product provides.
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GET PROPER TRAINING Recently I purchased an Apple watch and, being always in a hurry, declined the offer of the salesperson to show me around my new toy. I know I’m not using it to its full potential and hence not capitalising on the potential return on investment. As a business, for every dollar you spend you need to be able to ensure a return on investment. Whether it’s a new piece of tech or a new employee, recognise that your ROI is nearly always dependent on you understanding how to get the most out of this new addition to your business. Our research revealed that one of the most critical things that technology had to deliver was ‘usability’. But how usable something is varies greatly from person to person and often relies on our own perspective of the world. There is significant turnover in the real estate industry. There are people coming in and out all the time, and so are in and out of different systems, processes and ways of doing things. Ensuring that your staff are adequately trained on your systems should be nonnegotiable. But just remember,
there are two factors to ensuring competency in staff: training and knowledge on the business systems, and training and knowledge about how to do their job. The vast majority of our support calls are actually addressing lack of legislative or accounting knowledge.
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DON’T BE A DIGITAL HOARDER De-clutter your systems. So many people we find are afraid to clean out their databases and they end up being cluttered, like an old house being filled to the roof with 20-year-old newspapers. Don’t be afraid to let go! Bloated databases affect return on investment, particularly with direct marketing. Recently I received a DL card from a real estate office via Australia Post, and the next day I received the same DL card via the regular mail. This is just one example of the considerable waste within the industry, and is one of the key reasons why the industry’s value is under question. The sort of client service you’re expected to provide is now significantly higher than it used to be. The industry needs to continue to innovate on consumer value proposition, as well as finding ways to gain efficiencies in service to allow for decreased margins in commissions. Technology can go a long way to solving problems or improving that bottom line; there is absolutely no question about that. But it’s also up to you to meet these demands by innovating from within. Use what you have to its fullest extent and don’t just implement technology for the sake of it. Ian Campbell is the Director of Sales and Product at Console and is currently heading up Console’s key project to deliver the next generation of cloud based agency solutions. For more information visit console.com.au.
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Q&A ASK THE COACH – Claudio Encina Real estate coach, keynote speaker and mentor Claudio Encina returns to answer your questions – this time in the areas of energy, balance and focus.
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Sometimes I feel like real estate just takes and takes from me. How can I avoid burnout? – Patrick Cosgrove, Raine & Horne Bondi Beach First, set some boundaries around work and life balance. Setting clear goals makes life so much easier, because you know where you are going and can control how to get there. Without clear goals you can experience feelings of confusion and frustration which can drain your energy and decrease your productivity. Your work/personal balance is all about flexibility, but to have flexibility you need a solid structure around you – both at work and at home. Structure is important because it brings certainty to the world; you know what’s going to happen and why it’s going to happen. Without structure, life is a bit more chaotic. You then find that you use both physical and emotional energy to bring meaning and clarity to different situations. Practise good time management by doing the right thing, in the right way,
at the right time and for the right length of time. To be able to do this, it’s necessary to establish your priorities and then focus only on those tasks that advance important goals – those goals that will bring in high payoff results. It’s important to aim for excellence, but not necessarily for perfection. When you aim for excellence you will achieve an excellent result, but when you aim for perfection you may never quite get there. A good time management technique is to make appointments – ‘morning’ is proactive, such as prospecting on the phone, and the afternoon ‘reactive’. And the best time management technique is to not think about it but to simply get started. Real estate is a journey, and with every journey it’s more rewarding if you enjoy every stage. Enjoy the sales and listings, the people and the opportunities. To enhance your work/life balance it is very important to enjoy what you do: play level 10 – work hard and play hard!
Remember, it’s how you make the vendor feel, not what you say!
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How do you deal with vampire, energy-sucking vendors? – Matt Marano, Oxford Real Estate Darlinghurst Some people can be difficult, including vendors, but if you have empathy you will be able to put yourself in your client’s shoes. Empathy is one of the key ingredients of top salespeople. Vendor empathy is a differentiator; it builds credibility, trust and helps you develop a long-lasting relationship. Empathy allows a salesperson to view the world from the prospect’s eyes to see where the problem is. But there are other reasons why empathy is important to the entire sales process. It builds trust. Successful sales agents will tell you it is absolutely necessary to build lasting relationships. Empathy shows that you care about the client and you want to help them. The more you show empathy towards their plight, the more trust you will build. Don’t underestimate the power of empathy in this regard. It’s a differentiator. Being empathetic will help you stand out from the other dozen salespeople that the prospect has already met. This is because you are showing them from the very beginning that you are here to help, not make a sale. Many agents use the heavy and aggressive vendor style management of bashing them down on price, which can leave a stale experience. Remember, it’s how you make the vendor feel, not what you say! It builds credibility. Showing empathy ensures that you take the time to listen and understand before offering a
solution to their problem. Lastly, I would say you want to be aware of your own emotions on the matter. Do you want to make this sale? Yes, absolutely. But that is short-term thinking. Long term would be helping the client and building a lasting relationship. Your emotions can distract you from the real reason you are there: to help them. Be mindful of that and you should be fine.
Q.
In my marketplace there are low levels of listings compared to other years. What should I focus on? – Sam Green, Forsyth Real Estate Willoughby One area you should concentrate on in this market is working the buyers. The market is definitely seeing a positive shift. People are tired of sitting on their hands and are prepared to sell or buy; but they remain cautious, expect great value and will punish any agent who waits for business to come to them. This is the perfect market; there are enough buyers to create the urgency you need, attract the right range of buyers and elevate the listing well above a growing level of competition. What’s hot right now? • Data • Delegation • Discipline • Deadlines And don’t forget: days off (you have to stay fresh when you’re this busy). This is a market to really enjoy and capitalise on.
To have your question answered email askthecoach@eliteagent. com.au. To connect with Claudio visit claudioencina.com.
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Mindset Corner Jet Xavier
How to beat call reluctance “Everybody lives by selling something,” according to Robert Louis Stevenson. But, for many agents, working the phones is still one of the most difficult tasks to face.
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n agent I was working with told me they found it hard to call people. When I asked why this was, they said they felt uncomfortable ringing people they didn’t know or had not spoken to in some time, including their buyers and vendors. Even though this person had a database of 1,200 warmer contacts, they still stumbled at what is the most valuable task for an agent: calling and staying connected. This had a major impact on their business. In fact, this call reluctance is one of the main reasons many agents fail. Agents know that it is important to do open callbacks, work their database, do anniversary calls, past appraisals, buyer and vendor management and a host of other business-building calls, yet most simply don’t.
to very high call and connect volumes via the phone. This is the heartbeat of their business and is the most consistent dollar-productive activity they produce. Leads, appraisals, listings, sales and referrals all come from an original connection point, mostly a call.
WHY DO AGENTS HAVE CALL RELUCTANCE? The fear of being pushy or intrusive with people. This fear is based on the assumption that people will not want to be contacted. Fear of what others think about them, being rejected or having conflict. This fear is an assumption based on the misconception in the public arena about real estate agents not being trusted. The lack of visibility management. This is the fear of letting people know who you are and what you do well.
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At the heart of call reluctance is the agent’s inability and fear of promoting themselves or making themselves visible. The fact is that every great agent attacks the phones every day to connect, and builds relationships and strong pipelines for future business in the process. Look at the majority of top performers and you will see a strong correlation
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Dudley and Goodson talk about this in their book The Psychology of Sales Call Reluctance, based on their studies over 30 years with more than 500,000 sales and non-sales people. It shows that at the heart of call reluctance is the agent’s
inability and fear of promoting themselves or making themselves visible. Agents don’t know what to say. This is very common; you would be surprised at the number of agents who don’t know what to say when calling prospects. The agent is not cut out for sales. It’s hard to say, but it’s true. For many agents who have trouble prospecting and have call reluctance, real estate sales is the wrong industry for them. It is not part of their DNA and they will always struggle.
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HOW DO YOU OVERCOME CALL RELUCTANCE? Understand the reward you get from not calling is actually stronger than the reward for calling. It sounds strange, but when you don’t make the calls you should you are actually getting a reward. The problem is it is a non-resourceful reward. The reward might be that you avoid potential conflict or rejection or failure, so it’s easier not to call. However, there is a greater reward in calling yet it is not as strong. You need to continually connect to the reward for calling – a possible new client or sale or lead or listing – and focus on the benefit to make the calling reward the strongest. Be prepared. It’s all in the set-up. Set a time and place with no interruptions. Plan whom you will call, how many calls you will make, what you will say and what
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outcome you want. Have a way to measure the calls and block out 45-minute call sessions at a time. Call with a team or a call partner. When you have structure you have purpose, and when you have purpose you execute at higher levels. Stop the negative head noise and mind game assumptions. Go from thinking ‘fear of failure’ to ‘potential opportunity’. Reframe the call to a positive, not a negative. Ask yourself, what is the best possible outcome from this? Get your mind and body into the game. Before you call, get yourself into a positive, happy state mentally, emotionally and physically. In other words, get pumped up and then start calling. Start your calls early. Rory Vaden, New York Times bestseller, talks about diminished intent in regards to call reluctance. The later you start calling in the day, the less likely you are to call at all. Start when your intention is strong in the morning. Start with the easiest calls first to get some confidence and momentum. There is an old approach that says you should start with the hard calls first. I think you need to start with the easy ones first to build confidence and get some momentum going.
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Jet Xavier is one of Australia’s leading Mindset Coaches for real estate sales professionals. For more information visit jetxavier.com.
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Data Insights Eddie Cetin
Connected agent: What does it mean? In our last edition, Eddie Cetin explained how to mine the gold in your database through targeted email marketing. This issue he reveals how you can rapidly grow a healthy database with little effort while positioning yourself to win more listings.
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’m hearing stories around Australia about how markets are tightening, and it is certainly becoming more challenging to keep your numbers up. The good news is that there is now more help than ever to enable you to be a gun at the fundamentals of becoming a high-performing agent. The fundamentals are: 1. Capturing all enquiries 2. Engaging at open houses 3. Follow-ups 4. Vendor reporting We all know that buyers are sellers and sellers are buyers, so how do we provide premium service to both in the limited time we have? Well, it all comes down to streamlining your processes and eliminating as many time-wasting activities as possible through technology.
ENQUIRIES This is one area where you can gain significant improvement quite quickly. An efficient open home starts by capturing property enquiries throughout the week. You can then use this information to not only speed up the data capture process while at the open house but to provide you with a better overview of the clients who attend and the clients who don’t. Most CRMs will now accept a direct feed of all buyer and tenant enquiries from realestate.com.au and domain. com.au straight into the database. This ensures that you are not relying on any manual
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entry from emails and links the contact to the listing for your buyer pipeline. Make sure that all phone enquiries are entered into a simple central form in your CRM and then distributed to agents for follow-up. All these enquiries would then flow into running an efficient open for inspection.
OPEN HOMES There is now a selection of mobile solutions to run an efficient open home. I admit it does take a certain knack to engage with people at the door while tapping on a tablet or phone, but those who make the effort do make
the most impact. It is increasingly becoming the standard for an agent to do so and prospective sellers are taking note. With all the enquiries streaming in prior to the open, it is the fastest way to capture details and welcome attendees through the door. As you start typing their name or number their details come up immediately. Below are the key advantages of using a digital open-forinspection process. • Ability to send a quick SMS immediately to everyone who attends • Record all feedback directly into the CRM (no time
wasted later) • Ability to send brochures and contracts instantly from your mobile device • Send your vendor or landlord a quick summary report instantly Look for a CRM that gives you live access to all aspects of your database and also has integration with popular apps, such as Homepass and Inspect Real Estate, which focus on improving the customer experience for you. The trend is to move beyond old-school paper at opens and deliver exceptional service through mobile technologies. This is the easiest way to leave a good impression.
It comes down to streamlining your processes and eliminating as many time-wasting activities as possible through technology.
Vendor reporting
Enquiries
• Quick to generate (5 mins) • Informative summary • Take to listing presentations
• Online direct feed • Phone captured in one form • Entered on the go
Follow up
Live online mobile database
• Efficient and focused • Computer or paper • Pipeline on mobile
FOLLOW-UP We all know that your success boils down to the follow-up and working your pipeline. The top performers certainly put aside time to reach out to every buyer and potential vendor, making detailed notes. Some CRMs have a dedicated screen tailor-made to running an efficient calling session on both a desktop and mobile – worth checking out if you haven’t seen the latest. That being said, it can be just as efficient to print out your pipeline from the CRM with history and notes, and conduct your calls without technology distractions. This is great to do if you have admin support to update the system afterwards. VENDOR REPORTING Providing regular updates to your vendors is considered by many experts to be fundamental to delivering a basic level of service. However, it’s surprising how many agents we meet every week who put this in the too-hard basket. Collating a comprehensive report can take more than 30 minutes, sometimes an hour to get something presentable together. After performing regular updates to the CRM as outlined above you should be able to generate an impressive
Open homes • Live check-in • SMS notifications • Vendor updates on the go
and informative vendor report within five minutes. Top tip: Some of our top clients are actually using these reports at listing presentations as a ‘carrot’, showcasing their service and the list of hot buyers looking for a listing just like theirs. The results and feedback are remarkable. Remember, open homes can often be the first impression you give potential new clients. As the leading source of potential vendors, open home attendees could be buyers who will sell after they purchase, or a nosy neighbour researching to sell their own home. Running world-class open homes can be key for an attraction agent, as clients will want you to run the same quality for their own property. Creating or refining habits around technology that support you in being more connected and efficient can be the key to achieving at least double your results in this new financial year.
Eddie Cetin is the Founder of Agentbox, the CRM of choice for most high performing agents around Australia. To find out more about how you can take advantage of the new technologies mentioned above, visit agentbox.com.au/ connectedagent.
g n i k a h S t up! i Tune into Agent Republic podcast
Agent Republic eliteagent.com.au 37
Business Depot John Knight
7 things top principals are doing to achieve great results There are always standout real estate principals who are ‘smashing it’ in one way or another, regardless of whether it is a tough market or not. John Knight pinpoints what these top principals are doing that makes the difference in their business success.
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f you are a business leader or owner, clarity on what is working is just as important as knowing what is not working. Challenge yourself to better your business every day and you will be ‘smashing it’ too. These are some of the things we see principals doing that are achieving great results:
EQUAL IMPORTANCE GIVEN TO RECRUITMENT AND RETENTION When the team is engaged, business becomes so much easier to manage. Recruitment is important for growth, but continually losing employees out the back door is a waste. Great real estate principals invest in the team and make a concerted effort to ensure everyone is on the bus, facing the front and knowing where they are going. FOCUS ON BEING A LEAN MACHINE IN GOOD TIMES AND TOUGH TIMES Smart principals tighten their belt in the good times so they can be opportunistic in the tough times. Running a lean machine with a low breakeven point – the difference between your known fixed costs and known fixed income – reduces risk if the market turns, and makes you more profit in the good times. A continuous
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improvement focus and a culture that does not tolerate waste is one way to do this.
and invest in non-technical skills too, both their own and their team’s.
NOT TOLERATING NONPERFORMANCE Usually this starts with everyone in the business knowing what is considered ‘performance’ and how to measure it. Great principals don’t work on gut feel to
EXPLORE PARTNERSHIPS TO GET INCREMENTAL PROFITS More and more I am seeing great results from introducing employees into equity, whether legal or notional, and entering into new partnerships that better target a segment
A culture of ‘no free rides’ means everyone pays their way and reduces the financial exposure of your business. judge business performance – they know their numbers and know who is not performing. This doesn’t mean they are sacking everyone who doesn’t reach budget; it means they hold everyone accountable and are always working on raising the bar.
of their market or add a new dynamic. The difference between success and failure with this, though, stems from the transparency with which they enter the partnership and the clarity of the arrangement. Shareholder or partnership agreements are essential.
TRUE LEADERSHIP Principals of great real estate businesses understand and appreciate the importance of transparent, authentic and consistent leadership. Leading by example (whether they sell or not) is a great start. They don’t pretend to know it all,
EMPOWER THE INDIVIDUAL AND MOTIVATE THE TEAM Great real estate principals have an uncanny ability to balance the focus between the individual and the team. A great team wants the business as a whole to succeed as much, if not more, than
themselves as individuals. This only happens when there is a strong foundational layer around the acceptable behaviours of the office and collaboration between divisions is the norm.
VPA RECOVERED UPFRONT I know I sound like a broken record talking about the importance of recovering VPA upfront, but it is critical to keep your business efficient – especially if tougher times are around the corner. A culture of ‘no free rides’ means everyone pays their way and reduces the financial exposure of your business. POD STRUCTURES I still love what I call the ‘POD’-style structures, where your top sales agents team up with PAs or sales associates (whatever you want to call them) to improve leverage and better deliver on your customer needs. Think of it as taking a smaller piece of a much bigger pie by honing in and matching roles with skills. The lead agent gets leverage and the associates or PAs learn from the best. John Knight is the Managing Director of businessDEPOT, a team of energetic accountants and advisors. Visit businessdepot.com.au.
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People Partner Alison McGavin
Lead from the top Investing in training for all staff is vital – starting from the top. Alison McGavin explains how principals need to show the way in their personal and professional development to inspire growth in their team.
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won’t be the first person you have heard bang on about how your staff are your most valuable asset, and I certainly won’t be the last. I also know that, as real estate agents, you will definitely understand when I say that investing in your most valuable asset is just something that has to be done to keep the asset growing and therefore producing. So what exactly does that mean? In this context, I am referring to training and development. In the wise words of
Brandon Travis Ciaccio, “The pursuit of knowledge is neverending. The day you stop seeking knowledge is the day you stop growing.” Both professional and personal development is something that needs to be a priority, for yourself and for your team. In fact, let’s take away ‘professional’ and ‘personal’ because, really, it’s one and the same, isn’t it? More than ever before, our personal and professional lives have collided and it is now just our world; there is no definition. Whether we are doing something for the benefit of ourselves, or our
business, it’s going to benefit us as a whole at the end of the day. Maybe when you think of training your team you’re thinking of having to spend an entire day away from the office, locked inside a room, listening to someone ramble on and speak at you, not telling you anything you didn’t already know. No wonder it’s so unappealing to some! It doesn’t need to be like that. In fact, it’s actually not like that any more. Training and development is now very attainable, accessible and worthwhile. We have so many resources at our fingertips. Think about webinars, online training, mentoring and coaching, networking – even something as small as signing up to one of the many industry-related social media groups, where you can share ideas, brainstorm and just connect with people in the same industry. These are all accessible and worthwhile resources that are very timeeffective with maximum return. In addition to these things that you can be doing on a daily, weekly or monthly basis as part of your development routine, there are amazing events such
When you are constantly growing and developing your knowledge, you will be a better leader and you will inspire others to improve. 40 ELITE AGENT • AUG-SEP 2016
as AREC and ARPM. Not only do these sorts of events provide a platform where you can be inspired and empowered by some of the thought leaders of our industry, but you are given the opportunity to connect with a wide range of people. These events are all about learning. And you can learn something from just about anyone. The benefit to you and your business will be phenomenal. When you have a team that is constantly growing their knowledge and developing themselves, you will have a team who are genuinely all about quality and improvement. You need to lead from the top. Be the change you wish to see. When you are constantly growing and developing your knowledge, you will be a better leader and you will inspire others to improve. Encourage people to attend training events; people often make the mistake of seeing this as an expense. Rather, look at the return that comes with investing in your most valuable asset. I’ll finish with a quote by Christopher Morley: “There are three ingredients to the good life: learning, earning and yearning.” Learning will lead to earning, which in turn will create a yearning to learn more so you can earn more! Happy learning!
Alison McGavin is a Senior Recruitment Consultant with Real+. For more information visit realplus.com.au.
Health Science Emily Schofield
What’s on the menu? Low energy? Fluctuating moods? Foggy head? Did you know that many of these symptoms are a result of your lifestyle choices and behaviours? Emily Schofield explains how these factors are things over which we have a lot of control.
M
any successful people are advocates of a healthy lifestyle, as they have come to realise through their own experience the impact of good health on their performance. Once the correct habits are implemented, positive change is usually quick to follow. The relief from brain fog, mood fluctuations and constantly being tired after a prolonged period of feeling this way is a light at the end of the tunnel for many. Our food choices play a huge part in our ability to be mentally focused. The right choices throughout the day will set you up for success; the wrong choices leave us feeling tired, bloated and unmotivated. Here are some ideas of what you should be eating to keep you performing optimally all through the day.
BREAKFAST This should consist of protein and fats. Choices like meats, nuts, eggs and green vegetables cooked with coconut oil or grass-fed organic butter are your best options. These food choices raise the neurotransmitters responsible for mental focus and attention span and are best first thing in the morning. I have had many clients say they experience much more mental clarity by following this breakfast.
MEALS BETWEEN These meals also consist of foods containing protein and fats. This warrants steady blood sugar which results in minimal fluctuations in mood and energy, helping avoiding the ‘3pm crash’. They could include foods such as salads, nuts, seeds, uncooked olive oil, fatty meats or fish, avocado and lowstarch vegetables. SNACKS Here are some of my go-to snack ideas: Tuna packed in olive oil, sardines, berries, olives, halloumi cheese, celery with the hollow portion filled with a nut butter or goat’s cheese, protein powder (providing it is good quality with minimal sweeteners). DINNER This meal should include foods that contain protein and carbohydrates. Our bodies are more sensitive to insulin in the evening, meaning carbs consumed in the evening are less likely to be stored as fat.
Our food choices play a huge part in our ability to be mentally focused. Carbohydrates also raise the neurotransmitters responsible for sleep and are therefore ideal in the evening. This meal should include a whiter protein choice for easier digestion, such as chicken, turkey or white fish. The carbohydrate source should come from starchy vegetables like sweet potato or beans. Brown rice is another good choice for the evening.
KEEPING ACTIVE Once food has been optimised, the other important factor to improving our performance is
exercise. Exercise makes us energised, keeps us in shape and helps our body deal with stress. Exercise improves our quality of sleep and reduces the time it takes for us to fall asleep. When we sleep better, we are more productive because we get more done when we are fresh. Exercise has a positive influence on brain health; it has been shown to boost certain hormones and proteins that act in the part of the brain responsible for learning and memory. Numerous studies show that exercise is protective against the negative physiological effects of high stress. Energy is the trump card to success. When we fuel our body with the appropriate nutrients and keep it strong and functioning optimally, it becomes easier to express your passion and commitment for your work or other aspects of life. I really enjoy working with clients and being able to have such a huge impact on their performance and how they feel. You may have the best intentions when it comes to your work life, but if you don’t have your health, chances are you won’t be performing as optimally as you could be.
Emily Schofield is an Exercise Scientist, having completed a Bachelor’s degree in Sport and Exercise Science. She is a Personal Trainer at Vision Personal Training, North Sydney. For more information visit visionpt.com.au/studios/ north-sydney.
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cover story
42 ELITE AGENT â&#x20AC;¢ AUG-SEP 2016
THE NOW GENERATION STARTING A REAL ESTATE business and growing it to
$10 million in five years is an amazing feat in anyone’s language. For Alex Ouwens and Nathan Casserly their out of the box thinking in terms of business structure, culture, marketing, technology and the future is what sets them apart in an ultra competitive marketplace. Story by Samantha McLean.
A
LEX OUWENS and Nathan
Casserly, above anything else, are the best of mates. They have shared similar paths; the two met briefly in their 20s and then reconnected when they commenced their real estate careers at the same company in 2006. After four years they went on to start their own business, Ouwens Casserly Real Estate (OC). Turning over $8 million in sales and $2 million in the PM department with 1,200 properties under management, they now have over 70 employees. And they both say they complement each other. Ouwens says he is more about the strategic and creative side of the business, the ‘ideas man’, while Casserly is the more structured of the two and spends more time on the operation of the business, people and culture. “Yes, we get along really well,” says Ouwens. “We’ve got different skillsets, but very much on the same wavelength.” OC has its headquarters in the CBD in
Adelaide, right on the fringe of the eastern parklands, and an office in the exclusive suburb of Henley Beach – the highest-priced coastal real estate in SA. “This office [Henley Beach] is a very local community-based office,” says Ouwens, “We have six or seven real estate agents working from there. Then from the city office there is a bigger spread of agents selling right across the eastern suburbs into the Adelaide hills and the city itself. Most of the property managers are located in HQ with, of course, touch points to Henley Beach.” Both in their mid-30s, Ouwens is also the youngest president of REISA thanks to his ambition to make more of an impact on the industry in South Australia. “Real estate is going through a big transition in the way that we conduct the relationship between vendors, agents and consumers, as well as landlords and property managers. We’re in an age of digital disruption; there has never been a period in real estate where there has been a greater change, and probably more to come over the next five to six years. So I
feel that someone of my generation is able to embrace the change quite readily, which is something that I bring to the REISA board.” And Ouwens says he enjoys his position as it helps the next generation along. “Speaking with Government to ensure that the real estate profession is looked after as best as possible is something that I feel is really critical, particularly in getting the right message out to the next generation of real estate agents. It’s probably a bit easier to connect with someone of a similar generation. REISA does have a great balance of ages and different parts within the industry; a good composition.” While the two are very clearly grounded in real estate sales and still are ‘selling principals’, they prefer now to help their teams grow and prosper by supporting them in campaign management, troubleshooting and negotiation. Says Casserly, “We still say we are actively in the scene and selling, but we’ve definitely transitioned away from doing a lot of the day-to-day tasks and involvement in each listing.” Ouwens agrees. “The business tends to suffer if we spend too much time in the field, so we’re trying to spend more time with our consultants and growing their individual businesses. We’re also very careful not to compete against our agents. “Our role is probably more lead generation and introducing the right agent or the buyer’s agent, or the specialist for the property or
eliteagent.com.au 43
cover story the area, and letting them run with the campaign. Achieving our goals means spending more time on the business and less time in the business.” OC has a reasonably flat management structure with a limited number of middle managers for a business of its size. Says Casserly, “It’s about getting good people on board who are good self-managers. Good people will look after themselves and there doesn’t have to be too much management, if that makes sense. We do recruit to a set of core values with a vision that the team created and we follow that fairly strictly.” The core values they speak of are what drives every decision in the business. Says Casserly, “Our values were created on day one back in 2011, where we had a look at how we perceive ourselves, then how we want to be perceived. That’s where the four words came out: authenticity, optimism, passion, precision. “Authenticity is about being real, who you
are. We all make mistakes. People make mistakes. That’s how we learn. No one’s perfect. “Optimism. I’ve never found someone or read a book where the key to success was being a negative whingeing moaner! I think a vendor or buyer will always appreciate someone who is upbeat and optimistic about life. “Being passionate: no one’s holding us to this job. We can do whatever we want in any field. So just be passionate about what you do. If you don’t [feel that way], then that’s OK; find something else to do. “The last one is precision. We need to execute our skills to world class standards. It’s one thing to be real, lovely, honest, charming, optimistic and passionate, but at the end of the day you still have a role to fulfil. That goes whether you are an auctioneer, a sales agent, a receptionist or a settlement clerk. Whatever your role, you have to execute it to world class standards.”
Those values lead to a clear vision for the whole company to be ‘recommended more’. Says Casserly, “Having the business get recommended more than any other business in our marketplace, we feel that’s pretty successful in real estate. And by being recommended more it’s not just the sales team; it’s everyone.” To drive the right behaviour, OC use the popular Net Promoter Score (NPS) to ensure that the real culture of the business reflects the vision and values. Staff also receive rewards and recognition based on this, and not just GCI.
When you deal with someone who’s authentic and who really wants to help you it’s different. Casserly explains, “If an agent is consistently selling a lot of properties but not getting good reviews from their clients, they are not really doing their best for the company’s vision. We like to focus differently, sell fewer properties, so that every single seller gives a nine or ten out of ten [NPS] recommendation score. We have a really high regard for those agents [who achieve this] – probably higher than someone who might write more in GCI but receives a lot of complaints. We would rather take a long-term view.” They are both pragmatic about this long-term view and even raise the topic of disruption, acknowledging that some form will happen in the coming years. Says Ouwens, “We think it’s really obvious what it’s going to be. It will be some type of digital interface that will try to jump in between the transaction.” But he adds that the difference between agents who will survive and those who don’t will be based on their negotiating ability, plus a focus on customer service, demonstrating true value. “A seller doesn’t want to see that they can get the same price by going straight to an internet platform. If I can’t demonstrate that I can add value by getting a higher price than they could have achieved on their own, then I don’t have a place in the industry. And it’s demonstrating that in the lounge rooms, using the skills in the field to get a buyer up from $1 million to $1.1, so there’s value in the real estate agent being involved in the transaction. There’s no room for complacency, but it’s actually a time of great opportunity.” The other part is customer experience,
4 4 ELITE AGENT • AUG-SEP 2016
once again their approach being deeply rooted in their core vision and values. Ouwens continues, “People want to deal with real, authentic people. Everyone’s BS meters are so high these days because there are some old-fashioned 1985-type real estate agents that still exist! When you deal with someone who’s authentic and who really wants to help you it’s different. “Gone are the days when settlement involved a simple bottle of wine and the keys to your new house. That customer experience is old school. Customer experiences need to give better value in the transaction.” OC are widely revered for being innovative in their marketing approach, but both Ouwens and Casserly say that being innovative isn’t all about technology. Sometimes it’s about simplifying the existing processes. “The role of the real estate agent hasn’t changed over the years,” says Casserly. “Our ‘innovation’, if you like, is about putting the property as the hero and putting other elements behind it. Your traditional marketing would have the agent’s headshot on signboards, on business cards, email footers – but we simplify the information we provide. An example is very simple icons and
text, online and in our newspaper prints.” On the technology side they have always been at the cutting edge and like to try new things. Says Ouwens, “A couple of years ago we met the head of IT and innovation at realestate.com.au in Melbourne, Nigel Dalton, and had a chat with him about 3D. We just happened to be in the right place at the right time and we were the first agency in Australia to use the 3D Goggles. “If you’re going to buy a home you’re probably still going to want to view the property in person. But if you were going to rent somewhere for 12 months then a 3D-tour is probably enough.” They are both of the opinion that technology presents an opportunity. Rather than looking at it negatively, embrace it and look at ways it can enhance your business. “For example,” says Casserly, “we’ve been on board with the Xero accounting software with apps on our phones. Every day, we’ll open it up and look at where the business is at; technology allows us to do that.” Ouwens adds, “But still it’s a balance of the fundamentals of real estate without getting carried away with all the tricks of the IT and innovation world.” Casserly agrees. “There’s a lot of noise out there which can
be distracting from the key role we have around negotiation, meeting people face to face and getting on the phone.” If we were to break down the success factors for OC it would be good financial reporting and accountability. Says Ouwens, “From a business owner perspective, my advice would be to ensure that you’ve got some really good financial reporting and accountability structure around your business. If you catch up with a financial adviser or a business coach once a month, bring your financial statements and your to-do list or your success list to keep you on track, and make sure your cashflow reporting is timely. “From a sales consultant point of view, if I was starting again I would be looking at building my database, recording my listing presentation every month for my first six months and getting feedback while checking my conversion rates.” For Casserly again it comes back to values. “What you stand for and what you believe in will guide you at times when you feel like your back is to the wall. Come back to those guiding principles and not only can you find comfort, it can put you back on the right path.”
To make the change, call Martin on 0422 924 303 or Tony on 0425 706 711
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leadership
THE NEW REAL ESTATE BUSINESS MODEL TECHNOLOGICAL DISRUPTION means anyone – including vendors – can
master the basics of property marketing. So the new value proposition for real estate will be agents as a coach, guiding vendors through a stress-free sales process. Kylie Davis explains.
46 ELITE AGENT • AUG-SEP 2016
T
he traditional business model for real estate is being seriously challenged. It is no longer enough for real estate agents to take photos of a property, write a description, post everything online (or in print) and turn up for the open for inspections, before negotiating a final price based on their gut instinct about the market and charging a full commission. In this new economy, it is not just about getting the expected – or better – price; it’s about outlining the road ahead for vendors, helping them understand key decisions they will need to make and circumventing challenges through the combination of a rigorous understanding of market data, a tested process and personal experience. In short, the real estate agent of the future is a local market expert who is equal parts counsellor, coach, advisor and coordinator, helping their vendors make confident decisions and allaying their fears and anxieties. They are truly a property concierge. A mind-shift that can help real estate agents think about this is described by Accenture as the ‘outcome economy’ – the shift from selling products or services to selling outcomes. Using this model, the role of an agent is not about getting a property sold – that’s a given; it’s about delivering a quality experience to the vendor around that process. This raises the question, though, as to whether the commission business model is the most appropriate way for agents to charge in the future.
TABLE 2: BUSINESS MODEL OF NEW SERVICE OFFERINGS Type of service
How much work client/agent does
Business model
Self service
Client does all the work themselves
Commission
Unbundled
Client selects which elements he or she would like the agent to handle
Additional fee per service on top of commission
Premium service
Agent manages all elements of the service
Additional bundled fee on top of commission, or completely bundled fee.
One alternative model now being flagged is to use the structure of your existing business to deliver additional services to vendors over and above what they can get themselves. If the outcome for home-sellers is to move onto the next stage of their life by selling their property for a premium price with the least amount of stress possible, agents are in the driving seat to offer a range of services. This includes assisting with finance, insurances, conveyancing, repairs and maintenance to prepare the property for sale, moving assistance, the shutting down and setting up of utilities including water, power, phone and internet, and so on. Typically, vendors have had to source all of these services themselves, but the question really is, why? They are generally dreaded and often complicated tasks which many vendors find time-consuming and stressful when they are already stretched and anxious. As such, these tasks more than qualify as the ‘pain points’ regarded as a key motivator in industry disintermediation.
TABLE 1: SERVICES NEEDED BY RENTERS, BUYERS, SELLERS AND LANDLORDS Type of service
Renters
Buyers
Sellers
Landlords
Find a place
Yes
Yes
Possibly
Possibly
Local area knowledge and contacts
Yes
Yes
Yes
Yes Yes
Finance
Yes
Yes
Moving and storage
Yes
Yes
Yes
Utilities setup/turn off
Yes
Yes
Yes
Possibly
Insurance
Yes
Yes
Possibly
Yes
New furnishings
Possibly
Possibly
Possibly
Possibly
Possibly
Yes
Pre-sale preparation
Yes
Possibly
Sales compliance (pool fencing, etc.)
Yes
Possibly
Repairs and maintenance
Conveyancing
Yes
Yes
Yes
Building and pest inspections
Yes
Possibly
Possibly
Building/architectural advice
Possibly
The real estate agent of the future is a local market expert who is equal parts counsellor, coach, advisor and coordinator, helping vendors make confident decisions and allaying their fears. The average real estate agency, in comparison, has experience in managing these elements through its property management division, and has contacts and knowledge of local trades and services that could easily be developed into referral systems. As such, the new business model for real estate agents could be a combination of commission for property sales and property management, plus a ‘clipped ticket’ or fee model for referring and coordinating valued-added services. Many real estate franchises have moved into this space, offering finance and mortgage help to clients, but it does not need to stop there. At Ray White, their Concierge service offers buyers follow-up services including insurance, depreciation schedules and conveyancing; but even this is the tip of the iceberg. Under this model, the value of real estate agents will be determined by the quality of the ecosystem of services they have been able to build up around them, and how they create signature experiences for their clients.
Kylie Davis is the Head of Marketing – Property Services at CoreLogic and the co-author of The Future of Real Estate Report (http://www.corelogic. com.au/reports/future.html). Follow her on Twitter @KDavisCoreLogic
eliteagent.com.au 47
marketing
DIGITAL INNOVATION and the art of storytelling ANASTASIA FAI, a media
industry entrepreneur who founded the video production agency Style & Image, is the creative force behind an interesting new video approach to property marketing. The short film ‘Sunday Blue’, produced for Besser & Co, showcases a day in the life of a listing at 4/24 Hyslop Parade, East Malvern, in Melbourne. We caught up with Anastasia to chat about her innovative approach, which also included casting one of the girls from SketchSHE in a lead acting role. 48 ELITE AGENT • AUG-SEP 2016
W
orking with a lot of creatives in both the music and fashion industries, Anastasia noticed a ‘template’ approach to real estate videos which included a videographer, a few hands and an agent talking to camera. But noticing ‘everything had started looking the same’, and ‘was no longer interesting’, she decided to try a different approach with forward thinking client Besser & Co. The impact of Anastasia’s video, which was showcased on Facebook, led to an auction turnout that was 71 per cent higher than the Besser & Co average for the last three months, garnering 11,000 views (over seven times the average) and generating 10 times more enquiries than usual – a great result.
Can you give us some background to this video? I had this idea of looking at what tech leaders like Apple and Qantas are doing. They’re moving towards a lot more of a narrative style of short-film video that
connects with viewers on an emotive level. And I figured ‘why not the real estate industry?’ So I approached a few real estate agencies and eventually formed a partnership with Besser & Co. I’d done maybe 10 videos for them before we moved into this, mostly similar to the industry standard. But my approach has always been ‘what’s the value it adds to the viewer experience?’ It has to be of good quality. The sound has to be good. The light has to be good. Think about the person who is going to be watching it. A lot of the advice given to Besser & Co showed how they could improve customer engagement, and from there they were a lot more comfortable doing this creative project.
The film showed a story that almost had a Neighbours-like feel to it. How did you come up with the concept? After Besser & Co came on board I went to about five inspections. Eventually we found a house they thought might be suitable. I went in. I spent maybe five minutes before something came to mind. What I wanted to do was showcase all these different areas in the house that I wanted people to see and feel. See how it would feel to work
from home, or to entertain, or to walk the dog, or to be on the veranda. Shop in the local shops. So we created a story around that. This one, I wanted it to be a bit more of a romantic comedy style, so the girl that’s playing the main part, she’s a comedian from SketchSHE, the group that do the car miming videos.
Are there specific types of property that suit this sort of approach? It’s probably not cost-effective for $200,000 apartments; the ideal property would likely be $800,000 and up. However, every property has a story to tell. The purpose of this sort of treatment is to showcase how you can make a home in this place. The other day, we were doing something else for just these two small apartments next to each other, and I thought “wow, you could totally have a story of a boy living in one, and a girl living in one, and bumping into each other all the time, and them being together or something like that.” So in some cases, the narrative kind of jumps at you. And I think every property has a story to tell. The purpose of doing this is always to show the light, and the positivity, and how you can make a home. If you wanted to do something like this, what’s the budget? For anyone planning their marketing budget, around $10,000 would be a good number to have in mind. But if you have some talented folk who can help you out, I’m sure you could do it for a lot less than that. It really depends on the team, and what you want to achieve as well. Showcasing a mansion with a big family and pets will obviously cost more. There are challenges; you have to be costconscious. In this case I felt that a cast of three characters showing each part of the house was more than enough.
Every property has a story to tell. The purpose of doing this is always to show the light, and the positivity, and how you can make a home. How long does the process take? Just one day’s filming and a couple of days for editing. Then there’s client feedback and preparation in terms of getting it right for the websites. Within two weeks from the day we shot it, it was live. I know a lot of people who are not familiar with the process might think it was scary and it’s going to take a long time and a lot of people, but that isn’t the case.
So what’s next? Is real estate going to be a focus area for you? Absolutely. It’s always great to challenge the status quo. Besser & Co were so happy with the result that we’re looking into doing another project like this. On a very, very, very nice property. Steve Mallach
Follow Anastasia on Instagram @ anastasiafai
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profile
Real estate’s rising stars fly high on tech TECHNOLOGY IS UNDOUBTEDLY THE future of real estate.
Domain Rising Star Award recipients for Victoria and New South Wales – Stasi Adgemis of hockingstuart Doncaster and Shane Sullivan of LJ Hooker Drummoyne – are relative youngsters in the real estate game, yet they’ve set themselves apart with their unique use of technology and a wise beyond years attitude towards ROI and customer service. Iolanthe Gabrie spoke with both talented award winners to find out what they’re doing right.
Stasi Adgemis
50 ELITE AGENT • AUG-SEP 2016
What technology do you consider a non-negotiable when it comes to your marketing? Stasi: “I think video intros for properties are important. Gone are the days when people want to go through 40 properties before they know what they want. Today they’ll do all their homework on the internet. They’ll go through all the video tours and make a shortlist of the properties they want to see, maybe eight or 10 homes. “Once upon a time, real estate worked by putting buyers in your car; they’d see 30 or 40 properties and then they’d be at the point of knowing what they like. Video property tours have really fast-tracked that process, giving people the opportunity to see more than one or two photos. The perception with property photos is that they’re never accurate. Buyers go ‘I went through this house, but it
Shane Sullivan
with decades of transactions under their belt? Stasi: “I think it’s about innovation. The old way of doing real estate still works, but there’s other avenues of getting buyers and vendors. Technology is constantly changing. Buyer behaviour has changed, too; potential purchasers are sitting on their tablets and iPhones looking at property day-to-day. Even
“THERE’S NOT A LOT YOU CAN OFFER AS A NEW AGENT EXCEPT AN HONEST APPROACH AND BEING HUNGRY, BEING WILLING TO WORK HARDER THAN ANYONE ELSE.” looked nothing like the photos.’ With video you can’t really hide anything. I think that’s pretty important for buyers. “I also do auction profiles – having my auctions uploaded to YouTube is great for potential vendors. People are timepoor and unable to take a full Saturday off to follow me around and see if I’m a good auctioneer. They might come to one auction, but they’ve got other things to do. My auction profiles are all professionally done – I’m happy to invest in media. “Market reports can be done by video too; we used to send market report newsletters out, but now a lot of our team create videos which we then email out to our databases. Technology makes us much more accessible for clients. They can watch the video in two minutes before they go to bed, or on the couch, rather than reading a newsletter which might take more time and concentration.” Shane: “Professional photos are non-negotiable. Social media is a non-negotiable in my opinion as well. In terms of media, videos
are also pretty important. Social media is not just about sharing what you’ve sold. It’s about being interesting, in-depth and maybe also a little personal. Being different. Everyone posts what they sell and list, so outstanding social media should be about local news, what’s happening in your suburb, your service and what’s happening in the media. “In terms of video, I do that quite differently. I have another agent interview me, asking me questions about the features and benefits of a property I’m selling. Instead of the old-school property videos where an agent pretends he’s walking through a home for the first time – which is kind of weird and awkward – this is more about having a frank and honest conversation. It’s unscripted and off the cuff; it’s my opinion about the home. I don’t think the video should be any longer than two minutes – any longer than that and people lose concentration.” How can new agents stake their claim on a market when competing against operators
if they’re not actively looking for property, they’ve still got the Domain app on their tablet. People are curious about real estate. “If I’m up against an agent with 10 or 15 years’ experience, my edge is always innovation. I’m prepared to use new media that works extremely well – I don’t just stick to the old ways of doing things.” Shane: “That’s a great question. To challenge the best, you need to know the market best. So yes – I am young, but I know the market
as well as anyone else. I need to know the market better than anyone else in terms of days on market, median price, what’s sold for what. I need to be able to roll those details off the top of my head. “Once clients see competence, they know that despite your age you know what you’re doing. And your energy matters too. There’s not a lot you can offer as a new agent except an honest approach and being hungry, being willing to work harder than anyone else. I don’t think anyone works harder than me – that’s a belief I have, and that is conveyed to my clients.” Does ROI (return on investment) matter when it comes to your investment in marketing? Stasi: “A lot of the stuff I do doesn’t offer ROI. I’ve always followed the philosophy that you have to treat people the way you want to be treated. Although estate agents don’t have a great reputation, you can really change that perception by showing the community you’re human. Sales and money and all that stuff will follow if you treat people right. Some agents just rely on their sales to win them listings – that’s fine, but the market wants more. “ Shane: “I believe that if you put good stuff out, it’ll eventually come back. I’m not looking for instant return. I’m looking for a return in five or 10 years’ time. I’m not concerned about what comes back to me now – I don’t care. I know that if I keep doing the right things – the right media and advertising – it will add to my momentum. It will put me in better stead for years to come. You just have to be a real human being. That will separate you from the rest.”
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sales
RENOVATION RULES:
Top 7 tips and trends for 2016 THE AVERAGE AUSTRALIAN HAS been given a whole new level of confidence when
it comes to renovating. Shows such as The Block, Renovation Rumble, House Rules and Selling Houses Australia have changed the way we look at the idea of renewing our homes and simplified the process so that anyone can do it. Sydney buyer’s agent Amanda Gould shares her top tips for gaining maximum ROI.
F
or 28 years I’ve bought and sold property in Sydney for my own portfolio. This passion for property led me to start my buyer’s agent business. We ensure our clients are armed with the knowledge and tools to make good decisions when they invest in Sydney property. As most of us know, Australians are mad for property; I recently learned that one in three property buyers are buying to renovate. Buying an old, run-down unit or house and adding value with a renovation before putting it back on the market has been the quickest way to build wealth that I know. It’s something I encourage my
52 ELITE AGENT • AUG-SEP 2016
clients, who want to build their own path to financial freedom, to consider. If your clients are looking to make some ‘improvements’ there are many renovation trends that have come and gone; but in my experience these seven tips are timeless.
1
CONTEMPORARY STYLE SELLS THE BEST
It is important to appeal to the widest range without being bland. First you must know your market; if you are renovating in an inner city location where most of the buyers are single or double income with no kids, a sleeker, more urban vibe appeals – that is, polished concrete, wide floorboards, darker tones, feature taps. If you are in the
suburbs where families are your market, light, bright tones, wide oak floors, marble or Caesarstone benchtops and open-plan living with an entertaining area has more appeal. Always do your research and see which renovated properties sell fast; speak to your local agent and ask what features the buyers have raved about. While I am an advocate for dark colours, which I believe feel more luxe and create impact, I don’t believe they work in all rooms and properties. Naturally it depends on the amount of light in the room. Why not think of using dark walls as a feature such as a fireplace, and then keep the rest of the colours neutral? A popular colour for internal and external walls is light grey;
most buyers respond well as it is deemed a more modern colour.
2
SCALE SOME FEATURES
One of my favourite things to do is use scale where possible. This can be used in a number of ways: pendant lights, kitchen islands, ceiling height, shower roses and tiles. I am a fan of using oversized tiles in bathrooms. The big trend at the moment is matte tiles and different shaped tiles, like hexagons. I always use 600 x 600 and 300 x 600 so if there are any left I can use them on the next project. If you use a basic tile on three walls and a feature tile on the fourth wall, it adds impact. Alternatively, keep the walls simple and add an interesting feature floor tile. I’m keen on tiles that have texture to create an instant emotional bond between the property and the potential purchasers. You want it to evoke an emotion and touch or feel is one of the best ways. An on-trend way to add the wow factor in a bathroom is with matte black or brushed metal taps, fixtures and shower roses. These days we are spoilt for choice: copper, brass, gold and rose gold. Once again size matters! Another trend right now is oak flooring. There are various colours and widths on offer; I always go for the widest possible, 190–240cm, in a lighter colour for smaller units and darker colour for larger spaces.
3
DRAMATIC LIGHTING
This is something you want to get right; it’s worth speaking to a lighting expert such as Beacon Lighting to help you map out a great lighting plan. I am a huge fan of pendants to create a feature, but always remember you have to have the ceiling height for a larger pendant. The main areas where I use pendants are over the dining area, lounge, stairwell and kitchen.
4
MAKE AN ENTRANCE
Whether you are renovating a unit or house, try and make sure the entrance is memorable. This can be achieved with colour, mirrors, art, wallpaper or a great light fixture.
5
UTILISE THE FLOOR PLAN
The cheapest way to add immediate value to a property is by reconfiguring the layout. Is there an under-utilised dining area that could be changed into a third bedroom? Could a large one-bedroom apartment be converted into a twobedroom apartment?
Always do your research and see what renovated properties sell fast; speak to your local agent and ask what features the buyers have raved about.
6
DON’T OVER-CAPITALISE
The important part of renovating is not to over-capitalise. If you are renovating a one-bedroom apartment, you wouldn’t put a $20,000 kitchen in. Why not think about using a Bunnings or Ikea kitchen and upgrade the taps, appliances and stone bench-tops to make it feel more luxe? If you are renovating a house, the rule of thumb is five to 10 per cent of the total value of the property. For a unit it is less, depending on the location and value of the property.
7
HIGHLIGHT ROOM FEATURES
A great tip I learned years ago at a renovating-for-profit workshop was to put a card in every room with all the features of the room printed out, laminated and stuck under every light switch. Buyers come through and see the card, which could read ‘This room features under-floor heating, Matte Black Caroma tapware and Italian marble tiles.’ I used these information cards in a number of past renovations and had great feedback from buyers. Hope these tips help. Happy renovating!
Amanda Gould has been buying Sydney properties for her own portfolio since 1988. HighSpec Properties Buyer’s Agents represents their customers, ensuring they are armed with the knowledge and tools to make good decisions when they invest into their slice of Sydney. For more information visit highspecproperties.com.au.
eliteagent.com.au 53
productivity
DO THE WORK AND LOVE YOUR TODAY FEELING UNMOTIVATED, or struggling with performance
issues? Susanne King explains how feeling the love can inspire you to hold yourself to a higher standard and reach a better goal.
‘T
he market sucks!’ Recently I caught up with a client who was complaining about how poorly their business was performing and how hard things had been. As I listened to the complaints roll in, I was surprised by the lack of enjoyment the client had towards their work. Don’t get me wrong – there are times when it’s not always a tonne of fun, but overall work is where you can do what you love and create something amazing for the people you get to serve, whether they are your vendors, buyers or team members. After a few moments of complaining, he asked, “What does it really take to be a success?” I answered, “It’s simple: set a goal that inspires you, know your why and do the work.” That’s simple to say, but not always simple to do.
SO, WHAT REALLY GETS IN THE WAY? He sat for a moment and said, “I get this intellectually, but how do I do the work every day?” Again, another simple answer – love. You have to bring love to what you do.
54 ELITE AGENT • AUG-SEP 2016
Think about it for a moment: when you love something, what are you prepared to do for it? Anything, right? A lot of the time we set our work up in ways that make us lose. We set rigid structures that are hard, have no points of celebration and lack love and passion. We live busy days, chasing a list of should-dos and never focusing on what really matters. We feel ashamed to stop and smell the roses, and beat ourselves up on any mistake we make. This is not only ineffective but a complete waste of time. The most important thing you can do for your business – and your life – is to find ways to love the activity you are doing. Now, notice I didn’t say ‘find what you love’. In actual fact, that advice annoys me because it presupposes that there is some magical unicorn, some
When I worked for Tony Robbins, a great tip I learned was to start the day by jumping out of bed with enthusiasm as soon as the alarm went off.
perfect work out there that, once you find it, will finally enable you to love the work and life you live. There is no such thing. If you want to win at life, you have to set a higher standard for yourself.
LOVE IS NOT A FOUR-LETTER WORD IN BUSINESS Successful people see things very differently. Successful people consistently first bring love to the table and use that love to fuel the work they are doing. They allow love to design their days, connect with their team and do work that matters. When you bring love to what you do it’s amazing how what you do transforms. Let me give you an example. I recently ran a workshop for a really awesome team. One of the girls wanted help finding a way to be better at doing follow-up emails. When I asked her what was preventing her she spoke of how time-consuming and annoying the job was. So I asked her to tell me about something she loved to do, and why. She said she loved creating magic moments for friends and family because she liked to see them happy. She also shared her love of competitive sports because of the joy experienced when beating the opposition. Bingo! What if she saw the contacts she needed to email as people to create magical moments for? She could have a competition as to how many magic moments she could create in a day. Immediately I saw her light up. As we continued to talk she started to get creative around how she could track her magic moments, and the rewards and fun
she could have bringing love to work. Sadly, though, most people don’t take the time or have the courage to set this kind of standard for themselves. Love is not something you find; it’s a standard you hold in yourself.
HOW DO WE CREATE THIS STANDARD? As crazy as this may sound, the first thing you need to do is decide. Make a decision that no matter what is happening you are going to find ways to love what you do. I remember setting this standard when I was working for a less than ordinary manager in Corporate Finance. This woman was, to put it politely, a nightmare; however, as I look back I am so grateful to have worked with her! It was during our time together that I disciplined love into what I was doing. Each morning I would ask myself, ‘How can I love today and go about bringing that love to everything I do?’. A was once told, ‘Stop analysing why you don’t feel like doing something and just decide that you will love what you do, no matter what.’ It works every time. The second important thing is to get yourself into a state where you feel great about your day. Most people start their
day on the back foot, rolling out of bed complaining of not having had enough sleep and going straight to emails or other demands. When I worked for Tony Robbins, a great tip I learned was to start the day by jumping out of bed with enthusiasm as soon as the alarm went off. I also learned to acknowledge three things that positively impacted my life. This is something I have recently started doing again, after a friend commented on how grumpy I was first thing in the morning. As soon as I did it he remarked, ‘What happened to you? You’re happy again!’ Not only was I happy, but it also set my entire day up for success. Finally, read your goals and mission statement multiple times a day. Having a vision you’re excited about and connected to is the fastest way to revitalise any activity, provided that activity is actually one that will get you a result. When you can see how the work you’re doing will lead you closer to the achievement of your goal, it no longer remains another thing to get done for the day but a point to celebrate along the way. Just make sure when reading your goals that you’re already in a good mood. We want to make our goals feel amazing,
regardless of where we are on the journey. A great quote I saw recently makes this so clear. “Working hard for something we don’t care about is called stress. Working hard for something we love is called passion” – Simon Sinek.
I DOUBLE LOVE DARE YOU I have a challenge for you. For the next 21 days, I challenge you to set a standard every day to find ways to love what you do, no matter what you’re doing – even if you have to pretend – and see what it does to your performance. As Steve Jobs said, “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”
With over a decade of business consulting experience and working as a Master Peak Performance Coach for Anthony Robbins, Susanne King is passionate about seeing real-estate agents create attraction businesses but love the life they live. For more information visit facebook.com/theagentrepublic.
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personal development
7 STEPS TO IMPROVING YOUR CONFIDENCE IT HAS BEEN SAID, many times, that the most
successful people are the ones who have failed the most. The difference is that they never confuse failure with being a failure. They are confident it is a lesson that helped them get one step closer to the solution or outcome they were seeking. Top mindset and performance coach Tanja M Jones outlines her seven steps to confidence and success.
T
homas Edison took more than 1,000 attempts to create the light bulb. During his journey, after nearly 200 attempts, a journalist asked him why he hadn’t given up. Thomas replied that he didn’t believe that he had failed 176 times; he believed he had eliminated 176 ways it wouldn’t work. He saw himself as 176 steps closer to the end result. Imagine if we all thought that way about our goals and desires! Perspective is everything. Consider that our definition is decisive and it completely determines our reality. It influences the decisions we make and the actions we take in business and in life, which then impacts the outcomes we produce.
FEAR OF FAILURE It is often our fear of stuffing up, or not being seen as perfect, that stops us from learning and growing. Many of us are consumed by what other people think of us and we put a lot of unrealistic expectations on ourselves
56 ELITE AGENT • AUG-SEP 2016
to have it all sorted. This is all before we have even given ourselves a chance to discover something new. We often compare our rough first draft with some else’s polished bestseller and that comparison completely paralyses the fulfilment of our potential. Many years ago I used to seek perfection until I realised, after much time wasted, how counterproductive it was. Now I relate to myself as a ‘perfectly imperfect constant work in progress’. I certainly get more done nowadays. As a coach I often hear people say, ‘I’m just not confident to do that’ and ‘I don’t know if I can do that’. The fact is we never wake up on Planet Confidence; we don’t magically go from one place to another without a few growing pains along the way. We often tell ourselves we’re not confident at something we have never tried before. This statement develops a subconscious reason to not even try, which becomes the handbrake to our personal evolution. So here are my seven steps along the path to confidence.
STEP 1. IDENTIFY A SKILL GAP Get clear by identifying an area that you lack confidence in. Is it cold calling, door knocking, writing copy, listing consultations, prospecting, leading or perhaps public speaking? Whatever it is, become acutely aware of the things you wish you could do but currently don’t have the courage
I used to seek perfection until I realised, after much time wasted, how counterproductive it was. or competencies to try. Take a moment to explore the difference it would make to your business and life if you became skilful or even masterful in that area. What positive impacts could this new ability bring? What potential revenue could you earn and how much time could you save as a result of increasing your efficiencies and capabilities?
STEP 2. MAKE A DECISION TO LEARN Many of us think about doing things but never take any real action. We spend time in consideration, which paints an illusion of progress; we get busy writing lists, but no rubber ever hits the road to advancement. How do you know if you have actually made a decision? Taking massive and immediate action usually follows the initial thought. Once you have identified the area you would like to develop, you must make a decision to do something about it, otherwise it will remain a dormant opportunity for growth. Decide to be a student and educate yourself; decide to take an action today to forward your own evolution. No matter how big or small, make the decision and pick up the phone, send the email, knock on those doors or write that article. Whatever it is – just do it!
Reach out and ask to take them to lunch or at least a coffee. Let them know you would love to learn from them. Humans generally love helping each other, so consider when you ask someone to help you are actually giving them a gift. You are recognising their greatness, identifying them as setting the benchmark and making them feel worthy by asking them to share their wisdom. If it goes well, you could also ask them to mentor or coach you; this will support you in remaining accountable.
STEP 6. CELEBRATE YOUR WINS
STEP 4. PRACTICE BUILDS COMPETENCE
STEP 7. CONSISTENCY IS KEY AND MOMENTUM IS A MUST
Be prepared to stuff up and fall over. Just pick yourself up, dust yourself down and keep going. The only way you will become confident is to build competency and the only way to do that is to practise, practise, practise.
Set yourself mini-milestones along the pathway to confidence. As you build more and more competency in the area you have chosen, take a moment to celebrate your achievements and accomplishments along the way. This is more important than you may realise, as each time you consciously do this you send a powerful message to your subconscious mind that you are successful and that you are achieving your desired outcome.
Be realistic; depending on the skill you are developing, it may take some time. Don’t expect too much too soon, as this is a catalyst for quitting. The key is to be consistent in your approach. Allocate time to practise your new skill and remember to have fun!
STEP 5. ASK ‘WHAT’ NOT ‘WHY’ STEP 3. ASSET MAP Time equals money, especially in real estate. Don’t reinvent the wheel; use your time wisely and ‘asset map’ your workplace, community and the industry to identify who is demonstrating best practice in the skill you would like to develop.
When we are learning we are bound to make mistakes. When that happens, don’t ask ‘Why me?’ but ‘What am I to learn from this? What is this teaching me?’ This will swiftly shift the focus off self and suffering onto the lesson to be learned and the progress to be gained.
Tanja M Jones is a Leadership, Mindset and Peak Performance Specialist. Her clients are usually real estate COOs or GMs who want up to 40 per cent more time to grow their business. For more information visit tmjcoaching.com.au.
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sales
LOOK AFTER THE LISTINGS YOU LOSE! EVERYONE KNOWS THAT
their existing customers should be regularly followed up after the successful sale to build an ongoing relationship. Ian Grace demonstrates how to take this further and follow up on the listings you never had.
H
ow often does follow-up happen, for example with a car salesperson? Not very often, most would say. But sadly, itâ&#x20AC;&#x2122;s the same with many real estate agents. Once the sale is over they have forgotten their seller and lose contact. This is very sad, because apart from possible repeat business, which realistically may be years down the track, a happy seller with whom you have built a trusting relationship can often be a great source of referral business.
58 ELITE AGENT â&#x20AC;˘ AUG-SEP 2016
So, let’s assume for a moment you are doing that religiously and maintaining and building relationships with your existing customers. Now you can take advantage of those other real estate agents who don’t follow through with their sellers. Most agents, once they have lost a listing, may never see that seller again. But those who think outside the box have struck a goldmine. The secret is, whenever you happen to lose a listing, treat those sellers as if they were your own customers and begin building a relationship with them – something virtually no other agents ever do.
TURNING A LOSS INTO A GAIN I’ll give you an example of an agent in Adelaide who, whenever he lost a listing, would follow up after the property was sold, congratulate them on the sale and make a point of finding out where the seller was moving to. He would let them know he would have loved to help them, but was very pleased that they achieved a good result and were happy with the outcome. He would then provide them with a welcome package for the new home, to make moving a little easier. It might contain all the local utilities’ phone
numbers and other handy contacts like the local police, out of hours medical centres, and so on – plus a voucher for pizzas or similar on moving night, so they wouldn’t have to concern themselves with cooking. He would then maintain contact with them on a regular basis, informing them of
a 60 per cent market share, meaning his competitors probably averaged about a five to seven per cent share each. How powerful is that? Just thinking outside the box and doing something that most other agents would never dream of. Put it into action and you can guarantee a
In some cases the sellers actually thought this agent, who was in regular contact with them, had sold the home for them originally. what was happening in the area regarding property, but also any other events he thought they might be interested in. It could be as simple as when the school fete is being held. After a while, the sellers, who had now just become buyers and would again become sellers down the track, would have completely forgotten about the agent who sold their home for them in the first place. In some cases, they actually thought this agent, who was in regular contact with them, had sold the home for them originally. Obviously, he was practising great customer service with all his existing customers as well. This agent had around
great outcome, merely by practising great customer service and capitalising on agents who tend to forget their clients. And you can guarantee you will be in a very small percentage of agents who ever follow up on listings lost – a paradigm shift in thinking, but a goldmine when put into place.
Known internationally as ‘Mr Real Estate Advertising’, Ian Grace is acknowledged as the world’s leading authority on real estate advertising and customer service. For more information visit iangrace.com.
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eliteagent.com.au 59
sales
MILLENNIAL
BUYERS
WHAT ARE THEY LOOKING FOR?
are first-time home buyers, who are wanting to own a home. The problem is that they are often reluctant to pay good money, as the majority of millennials have gone through the frugal renting period in life. In such a situation, a short-term rental could do the trick of gradually persuading them that the specific property is nothing short of a perfect buying choice.
A MATTER OF LIFESTYLE Like most other generations, millennials want to eventually settle down. One of the primary motivations for the millennial in owning their own slice of real estate is the ability to infuse their own personality into the property. This has several implications for real estate agents and vendors. First of all, homes that do not allow millennials to inject their
On-demand scheduling via apps and online property tours will grow in importance and pave the path to the future of the industry. IN A FEW YEARS’ TIME, millennials will make up over 40
per cent of buyers in Australia. And with an insatiable thirst for the sensational in all aspects of life, they are no different when it comes to the properties they hope to buy – and their method of buying. Chloe Taylor uncovers what millennial buyers expect in a home, and in their real estate agent.
T
he dynamic group of people labelled as millennials (aged 18–34 – also known as Generation Y) has been slow to enter the real estate market, but now that they have, it seems that nothing will be the same again. It is estimated that the number of millennials in Australia has exceeded four million, accounting for one fifth of the total population. What’s more, their spending power is considerable, and the need to acquire a new, sensational lifestyle is insatiable. In a few years’ time, millennials will comprise over 40 per cent of buyers in Australia. Hence, they are expected to shape the real estate market trends in 2016 and beyond, and spark
60 ELITE AGENT • AUG-SEP 2016
much attention in property circles. Millennials endorse distinctive purchasing habits and have a different mindset from their parents. Thus, home sellers, real estate agents and others prospecting in this market must make an effort to stay on top of the wants and needs of this group.
AT THE SUMMIT OF SUCCESS For millennials, owning a property is a top priority. Yet affordability is one of the prime concerns: some millennials have managed to leapfrog into investment property ownership, scoping out the market vigilantly, while others have not been so lucky. Still, both groups aspire to obtain financial freedom and fulfil the Australian dream. Now, 67 per cent of millennial members
personality and style into the space will fly under their radar. They are keeping their eyes open for places that will serve as a rewarding stage for renovating endeavours, ones that can be later sold for a profit.
FOR A PRICE As we have pointed out, the price tag is always important. Many younger buyers are burdened by personal loans or credit card debt, experience difficulties in being accepted for a mortgage, and are plagued by obstacles like saving for a deposit and having poor credit ratings. The ratio of median prices to average salaries is also something that pushes millennials towards lease. Furthermore, they do not shy away from purchasing previously-owned property, which is seen as a way to mitigate the impact on the budget. Now, although the new living environment can be as old as the hills (and ideally reasonably priced), there is a thin red line: its interior must not be outdated and unfit for the high-tech age of today.
STRIKING DISTANCE The neighbourhood plays a crucial role in millennials’ decision-making process. To be more precise, millennials are more partial to places near their jobs and ones that involve lower commuting costs.
Interestingly enough, they also prefer to stay within 20 kilometres of their previous residence. To some extent, these factors may even overshadow things like cost and condition of the home. As for the place itself, the millennial is intrigued by contemporary design, sleek interiors, functional outline and an aura of authenticity.
THE ESSENTIALS LIST In concrete terms, there are some musthaves no agent should dare to overlook. Younger, budget-conscious buyers will pay attention to the kitchen and bathroom, giving preference to rooms that have been upgraded with water-saving fixtures. When it comes to the kitchen, bigger is better, with an open floor plan stealing the show. Also, note that a substantial portion of millennials work at home, making home offices a desirable asset. One thing they steer clear of is an interior with high maintenance requirements, which means they prefer wooden floors over carpet, and adore granite countertops, as they are associated with both the visual appeal and low-upkeep. Energy efficiency is another key aspect for millennials, who are put off by clunky, energy-wasting appliances, shabby HVAC systems and poor insulation.
TECH MAGIC Tech-savvy as they are, millennials still want agents to explain to them market trends, and guide them through the labyrinth of negotiations. When hiring a professional, they mostly rely on referrals from friends and family, and are not keen on weighing multiple options. That being said, they are no strangers to conducting extensive research in order to assess the reputation of the real estate agent. Therefore, those seeking to procure millennial clients must maintain an updated, appealing website with content such as customer reviews and recommendations. Valuing transparency, human touch and honesty above all else, millennials will not put up with shady and rigid agents.
GO WITH THE FLOW Under the influence of the trends mentioned above, the real estate landscape is shifting. Millennials feel at home when using online listing and mobile apps, and are fond of email and text message communication. On average, they spend three hours per day on social media, and are 247 per cent more likely to be influenced by blog and social posts than their predecessors.
Time-saving features and ease of access to information are in the spotlight. On-demand scheduling via apps and online property tours will grow in importance and pave the path to the future of the industry. One thing is for certain: making a good first impression and maintaining the loyalty over a longer period of time is the best way for agents to prosper in the busy market of today.
JUMP AT THE OPPORTUNITY Being a large segment of the buyer population in Australia, millennials are a potent force in the market. Agents must do everything within their power to maximise the appeal and effectiveness of a property and infuse it with the features millennials are in the market for. So, stay up to date with the latest tech marvels, and make your business socialproof and future-ready. By accomplishing this, entrepreneurial agents can build longterm trust and move up the career ladder.
Chloe Taylor is an art historian obsessed with design. Her dream is to own an interior design company while writing for magazines and blogs.
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sales
IN HIS NEW BOOK, The
Real Steps to a Real Estate Sales Career, Milton Rendell identifies six essential steps to being a successful agent. Here he focuses on the vital area of prospecting, which follows after step 1 – goals, and step 2 – planning. As he explains, goals create your why, focus and planning create the when, how and what, but prospecting is the doing.
I
T TAKES COMMITMENT, persistence
and consistency to do well in prospecting. When an agent first starts there isn’t much else to do but look for business. Well, maybe for some there’s plenty of time to have a coffee and hope something happens, as they have not worked well on the first two steps I mentioned – but that’s a discussion for another day. Some believe that by watching others something will happen; this will enlighten you, but not make you money. You have a choice in life and in business: to be a spectator or be in the game to win. You need to be in the game of prospecting to be better than the next guy. The truth is that you have to make something happen as soon as possible. Later in your career you still have to have a system or systems constantly generating opportunities into your pipeline all the time. In the early part of your career you have to experiment to see what methods you can do best yourself, what you can hand on to others and what works in the demographic of your farm area to get your maximum return for effort. You need to work hard and long early on to experience as much as possible as best you can, so you can learn how to implement effective systems in the long term. You also need to review your actions constantly, with the support of a strong mentor, to ensure you are current to market conditions.
62 ELITE AGENT • AUG-SEP 2016
Prospecting
The forgotten force DON’T DROP THE BALL
MORE THAN JUST A DATABASE
Many of us start strongly with prospecting, or hunting, as I tell people I coach. Every day you need to hunt, because what you have today may not be enough for tomorrow. Ego can stop experienced agents from doing what is needed to be done; sometimes they fool themselves by saying, ‘I don’t need to do this any more; I’ve been around long enough and people know who I am’, and the list goes on. The truth is, people do forget who you are and what you have done for them unless you stay in touch and let them know you still care. You constantly need to be building your referral base; it is a matter of survival. Yes, we don’t like to pester people, but at the end of the day we are salespeople: we are meant to pester. You can automate some activities but you will still need to keep the human touch as part of the equation. Proactive activity will always outdo passive; that is, emails, letters and billboards. They create awareness, but the human side is very much part of decision-making.
Some of us kid ourselves that we have a database, but don’t be foolish enough to believe a few old phone numbers and email addresses is a database. It needs to be current and working for you every day, and you need to feed it like a hungry beast to keep it healthy and useful for your future as well as today. It’s funny; I have heard reps say, ‘How did you get that listing? They were in my database.’ My answer is, ‘Who cares? It’s obvious they didn’t have you in theirs!’ Past sales and listings don’t mean anything unless you have built a relationship with those clients where they think you are the only guy to help them. This takes time and energy, so that is where consistency comes in, using your personal marketing and database. Imagine you walked past someone you sold a property for five years ago and didn’t acknowledge them. It won’t matter how many emails they receive or billboards they see; they view you as rude because you ignored them. A smile is all that was needed to get tomorrow’s business.
When someone buys or sells they don’t sign an exclusive agreement to have you as their agent for the rest of their life. That right is earned through respect and time. That is why we have to be persistent, consistent and committed to keeping in touch. Your database needs to be something that is automated, but also organised into bite-size chunks for you to work through. You might contact, say, 20 people a day but maybe in different categories daily to keep the task interesting for you and make a balance for the business you are aiming to create. You may work on buyer follow-ups on Monday, past appraisals Tuesday, past sales Wednesday and so forth, but look at hunting regularly. Have targets that are not negotiable for yourself. I also believe you have to have a healthy mix of cold, warm and reconnecting prospecting so you are adding to your database, maintaining your database and increasing the understanding of your database on who you have in there. There certainly is a clinical part to prospecting when it comes to your database, in that you do need to classify it into categories – because your database will have sections with different needs and levels of attention.
Don’t be foolish enough to believe a few old phone numbers and email addresses is a database. It needs to be current, and you need to feed it like a hungry beast to keep it healthy. TAP INTO YOUR PASSION One of the important elements to prospecting is that you have to enjoy it. After all, we are in the people business and that in itself presents plenty of challenges. We do meet some interesting people at times, but that is the fun part and, to be honest, why I still enjoy real estate today. Every day presents me with new opportunities at times from places and people I didn’t expect. So, you have to be adaptable; whether you’re at an open, at a party or someone comes into the office, your prospecting hat is always on. Opportunity is everywhere; you only have to look around and be committed, turn it into a bit of fun when you can and enjoy it. Not all business is good business, but you need to get
the volumes to be able to work out the good from the bad. Don’t accept others’ low standards and commit to being better at prospecting; it’s your future you’re playing around with. Enjoy the hunt of finding new business as there are so many interesting people out there to meet – and yes, plenty of others as well, but that makes you appreciate the good people more. Successful people find opportunities more often because they look for them more often. It’s as simple as that. They find a way and do it consistently, persist when others don’t and commit to being better all the time. Prospecting is the engine to your vehicle of success. Happy hunting!
Milton Rendell is the founder and managing director of Real Estate Plus in WA.
MUSCLE UP AND RAISE THE BAR IN REAL ESTATE SPECIALIST REAL ESTATE ADVISORS AND ACCOUNTANTS At businessDEPOT, we’ve got a unique insight into what fuels the fire - this allows us to package specialist tax, accounting and business advice to raise the bar of your real estate business. Get in touch with John Knight and his team to #MAKEITHAPPEN. businessdepot.com.au
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The Home Straight Mark McLeod
Volume, consistency and quality Is it possible to find a formula for real estate success? Mark McLeod believes that in some strange way there is: volume multiplied by consistency multiplied by quality.
O
ver the years I have seen a significant number of agents attempting to build businesses without having each of these three aspects in place: volume, consistency and quality. This is a voluminous business, and he or she who communicates or interacts with their communities using many different mediums and channels always wins. Sounds simple, doesn’t it? Well, I believe it is. Pick up the phone and make more than 200 calls every single week. Ensure you make the contact be about the person you are calling, not about you, and watch your business grow. Conduct a minimum of five open for inspections every weekend and remember, they are your retail outlets. The more outlets, the more customers. Use text messaging to get cut-through messages to your customers and always make sure to make these messages informative. The key here is simple: talk to more people. This is a relationship-driven business and here is my favourite thought: make a list of all the people you have a relationship with whom you have never spoken to. Consistency is the fuel of growth and without it you are just hoping for success. The great ones know it and understand it. The lesser allow an ‘instant results’ mentality to break consistency down.
64 ELITE AGENT • AUG-SEP 2016
There are few reasons why agents become inconsistent: 1. Laziness 2. Lack of investment 3. Capacity kicks in (they are too busy doing stuff to get other stuff done) However, I believe the main reason is misguided expectations of the task. For example: ‘I did the letterbox drop and got no results from it. I made 50 calls and didn’t get a single listing.’ The only expectation you should have is the one of the task itself being consistently forever. Infinite patience generates measurable results. Now, quality. This is the part of the formula that seals the deal.
Ask yourself this question every time: is this piece of material I am putting out the best in market? If the answer is no, then you are probably running with the pack. Remember, marketing is not just about the document or image; it’s about the experience you give all your customers – buyers, sellers, landlords and tenants – remembering they are all the same person.
IS YOUR PERSONAL BRAND ONE OF QUALITY? Remember, we don’t judge Qantas by how the kangaroo on the tail of the plane looks but by the experience we receive in the lounges or in the air. These are only a few thoughts
about parts of the formula. Each thought on its own won’t provide a significant enough platform to build a great business, but combined they will thrust your business into the stratosphere. Who would have thought there could be a formula for real estate success? It sounds simple, doesn’t it? But, as I’ve said many times, simple can so often be extremely difficult!
Mark McLeod is the Ray White Group’s Chief Executive of Growth. He works alongside both agents and businesses across Australia, helping them reach their ultimate potential to achieve success.
Remember, we don’t judge Qantas by how the kangaroo on the tail of the plane looks but by the experience we receive in the lounges or in the air.
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KEYBOARD WARRIOR
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THE GIFT OF LISTENING and the power of presence
PREPARING FOR SPRING SELLING SEASON
IT TAKES TWO
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INSTAGRAM Every picture tells a story
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FIVE TACTICS TO ACHIEVE AND MAINTAIN ZERO ARREARS
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ANTICIPATE IS THE NEW EXCEED PAGE 28
IS YOUR DATABASE FIT OR FAT? THE AWESOME HUMAN MANIFESTO
THE TRUSTED ADVISOR
5 TRENDS THAT MAY INFLUENCE PROPERTY IN AUSTRALIA
Stefanie Dobro
COMMUNITY ENGAGEMENT
BEYOND BUSINESS DEVELOPMENT
THRIVING IN A TOUGH LEASING MARKET
HANNAH GILL
EXCLUSIVE INTERVIEW WITH RENT.COM.AU CEO MARK WOSCHNAK
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How to get what you’re worth
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THE NEW REAL ESTATE BUSINESS MODEL PAGE 46
AZINE FLIP MAGFOR OVER
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and the power of presence
PREPARING FOR SPRING SELLING SEASON
IT TAKES TWO
Michael Clarke & Cherie Humel
with Stuart Benson
INSTAGRAM Every picture tells a story
TACTICAL LISTING WITH JOSH PHEGAN PAGE 26
FIVE TACTICS TO ACHIEVE AND MAINTAIN ZERO ARREARS
LEARN FROM THE BEST
THE GIFT OF LISTENING
ANTICIPATE IS THE NEW EXCEED PAGE 28
5 TRENDS THAT MAY INFLUENCE PROPERTY IN AUSTRALIA COMMUNITY ENGAGEMENT
5 ways to build your profile
IS YOUR DATABASE FIT OR FAT?
THE AWESOME HUMAN MANIFESTO
THE TRUSTED ADVISOR
Stefanie Dobro
THRIVING IN A TOUGH LEASING MARKET
BEYOND BUSINESS FLIP MAGAZIN DEVELOPMENT OVER FOR E
HANNAH GILL
EXCLUSIVE INTERVIEW WITH RENT.COM.AU CEO MARK WOSCHNAK
A GUIDE TO THE ULTIMATE BRAINSTORM
WHEN SHOULD YOU BECOME A DOT COM? PAGE 24
How to get what you’re worth
LEARN FROM THE BEST
What your customers really think
TAKE YOUR EMAIL OPEN RATE THROUGH THE ROOF MAKE EACH DAY COUNT
Measuring property manager performance
31 May – 1 June, 2015 Gold Coast Convention & Exhibition Centre
LEARN FROM THE BEST
INSIDE: INDUSTRY LEADERS
Charles Tarbey Antony Catalano John McGrath Maria and Manos Findikakis
BEST NEW TALENT
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WHO’S BEHIND THAT DOOR?
MAKING INSPECTIONS EASY
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ARE DIGITAL PRE-LISTING KITS THE WAY OF THE FUTURE?
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NO SALES AWARDS
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STRONGER THAN STEEL
Clinton Knop
HAVE YOUR SAY IN OUR
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THE MEASURE OF SUCCESS MELBOURNE REAL ESTATE Dedicated to rental property
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PASSION FOR PEOPLE
Emmy Thies
INSID THE TOP COACHE
John McGrath • Josh Pheg Michael Sheargold • Tom Pan Caroline Bolderst
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CLOSE COLLABORATION Successfully linking PM and Sales
SKIMMERS, SCEPTICS AND SOAKERS Are you covering them all?
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