ELITE AGENT Issue 09 Feb Mar 2016 [FULL] by Elite Agent

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EFFECTIVE SALES MANAGEMENT How to get the most from your team

THE TOP 10 MISTAKES OF NEW PRINCIPALS 8 STEPS TO OWNING YOUR MARKET IN 2016 BATTLE OF THE SEXES

Who’s better at selling real estate – men or women?

THE REFERRAL SYSTEM THAT REALLY WORKS YOUR SAY

Our 2016 Sentiment Survey

LEADING THE CHARGE

Glenn Curran

STARTING OUT RIGHT

The road to success

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Issue 09 Feb/Mar 2016

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Editorial Submissions

The publisher welcomes editorial submissions from individuals and organisations within the real estate profession. The publisher reserves the right to edit, modify, reject or contribute to the content of the material provided. Some opinions expressed in Elite Agent Magazine are not necessarily those of its staff or contributing editors. Those opinions are reproduced with no guarantee of accuracy although Elite Agent Magazine endeavours to ensure those opinions and comments are factual. Our subscriber list may sometimes be made available to relevant brands who might be of interest to our readers and from time to time we may be in touch to inform you of new Elite Agent products and services. Please visit eliteagent.com.au/privacy for details on how we collect and use your personal information. © Elite Agent Magazine 2016. All rights reserved.

Contents Regulars 010 EDITOR’S LETTER 012 UPFRONT From the Community 014 READER PROFILE Brianna Reid 015 IN THE NEWS YourPorter partners with iSelect

016 EVERYONE’S TALKING ABOUT Real Estate Crowdfunding 026 BUSINESS DEPOT John Knight 028 HEALTH SCIENCE Emily Schofield 030 MINDSET CORNER Jet Xavier 046 AGENT PROFILE David Swarbrick 048 THE HOME STRAIGHT Mark McLeod

First Person 020 STARTING OUT RIGHT: THE ROAD TO SUCCESS Josh Phegan 022 WORK THE PROCESS AND MAKE IT HAPPEN Tony Fountain 024 F IVE WAYS TO KEEP MORALE HIGH WHILE GROWING THE TEAM Virginia Brookes

Cover Story 032 LEADING THE CHARGE Glenn Curran

Elite Agent 018 YOUR SAY Our 2016 Sentiment Survey Results 036 8 STEPS TO OWNING YOUR MARKET IN 2016 Claudio Encina 038 SNAP! WHY CHAT APPS MAY BE THE NEXT BIG THING 040 THE REFERRAL SYSTEM THAT REALLY WORKS Ian Grace 042 EFFECTIVE SALES MANAGEMENT: IT’S ALL ABOUT THEM Craig Gillies 044 BATTLE OF THE SEXES Kylie Davis

44 8 ELITE AGENT • FEB-MAR 2016

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. Every job posted up until 31 March will also receive an exclusive Elite Agent A4 Compendium as our gift to you. Visit eliteagent.com.au/realestatejobs for more info or contact us on (02) 8231 6669

P EDITOR’S LETTER PREDICTIONS. FORTUNE tellers.

Horoscopes. I read mine sometimes and think, ‘That is just total and utter crap.’ But at other times I think my brain, like the rest of humanity, is wired to want to believe. When I read something good I think, ‘Yes that’s me, yes that’s me … hey, that’s cool!’. The practical side of me says that could mean anything to anyone at any time, but I do love the times when it feels like someone is speaking directly to me and good things are going to happen. And let's face it. Who can resist making or reading predictions? They can be a way of putting a stake in the ground so that you’ve got something to go back to one day and say, ‘Yes, you know I said that was going to happen!’? And you know, there are some very interesting astrological type predictions out there for 2016. So, just as a record, I am going to run through some of them, and then I’ll tell you why I am excited.

In Chinese astrology, 2016 is the Year of the Fire Monkey. Chinese astrologists say that the Year of the Monkey is ideal for a quantum leap in your life, no matter what you may be doing. They also say that if you have ambitious plans, the Year of the Monkey carries such an energy that it makes them more likely to succeed. The monkey will apparently also bring more action than usual, with a slight air of unpredictability to it. The ‘fire’ element also adds a bit of extra interest; they say fire brings life and passion (just remember it’s always dangerous to play with it). I’m hoping you're reading this and thinking, like me, this is good news. Numerology is the study of predicting what’s to come by

using numbers. In numerology, 2016 is a year 9 (2+0+1+6 = 9) and nine is a the number that finishes a cycle. A year 9 is ideal for giving your life a spring clean and letting go of things and people that are no longer helpful to you, or even a job that no longer satisfies you. You shouldn’t be surprised to see certain aspects of your life, or the lives of those around you, coming to a natural ending; for example, selling one’s home (that could be good news for the property market, but hopefully not the result of an increase in the divorce rate!). Conversely, a year 1 (2017) is a year of beginnings; so best to wrap up any loose ends this year so that you can move on. And, lastly, they say that you reap whatever

Numerologists also say it is possible that “2016 will take us higher and beyond recent years in an accelerated way". sowed in year 8 in a year 9. So for those people who thought 2015 was a warm-up and 2016 would be game time - if you went the hard yards last year, you just may just be right! Did you know there is a horoscope system that belongs exclusively to Australia? Milton Black, an Australian astrologer, created the Dreamtime zodiac system with Ben Blakeney AO, an Aboriginal Elder and direct descendant of Bennelong himself. Before Blakeney's death in 1981, they worked together to create a system of predicting the future that would cover both indigenous and non-indigenous

10 ELITE AGENT • FEB-MAR 2016

Australians. Taking direction from the sun, moon and stars, in Dreamtime astrology 2016 is the Year of the Lizard, guided by the star Arcturus. The Wotjobaluk Koori people knew it as Marpean-kurrk, mother of Djuit, the sign to harvest. I wondered what predictions might be made around the economy based on what I was reading, and strangely they are consistent. Based on the ancient Chinese teachings the industries that fall under the elements of metal and fire (including banking, finance, oil and gas) are expected to underperform. Interestingly, crude prices around the world continue to drop – but the banks here still seem to be looking OK, so will have to wait and see on that one. Disciples of numerology also say the important areas for 2016 will be the areas of commerce, technology, transport and a few others. They are also saying to fasten your seatbelts as 2016 could be a bumpy ride; I guess they could be referring to endings (please don’t make me say the D word so soon in the year!) And in Dreamtime astrology, the sign to harvest sounds pretty consistent with the endings that numerologists speak of, who also say that it is possible that “2016 will take us higher and beyond recent years in an accelerated way”. ‘An accelerated way’. That was the exact phrase that stuck out to me like it was in a larger, bolder font. It also happens to be the name of the program that we are running in the leadup to AREC16. I’m thinking, ‘Yes! That’s it!’ That’s what we’re doing and yes, maybe the timing

couldn’t be more perfect... In a nutshell, in one of the most exciting programs I've been involved in, we are planning to give six people the opportunity to start 2016 with a real zing by providing accelerated coaching by some of the best in the business over 12 weeks, plus platinum tickets to AREC16 (AREC is a life-changing experience in itself; I was sitting at AREC14 when I decided I was going to start a magazine and look where that has lead!). More info on Accelerate on page 2. Whether you believe in some type of astrology or not, 2016 presents everyone with the same opportunity to aim high and shoot for every attainable goal you can. Believe for a moment and harness that cheeky energy of that Fire Monkey to push yourself harder than ever when it comes to doing what you need to do to achieve your goals. Don’t forget: as one door closes another door opens, so tie up any of those loose ends that have been dangling for a while - a good practice in any year! And if you really want to ‘take the quantum leap’ then visit eliteagent.com.au/accelerate to find out more. An exciting opportunity is ready for you, you just need to come get it.

eliteagent.com.au 11

UPFRONT

LEARN FROM THE BEST – VISIT ELITEAGENT.COM.AU

TRANSFORMING THE TRADITIONAL OPEN HOUSE It seems like everything these days is 'going online' and the real estate industry has caught the bug, transforming the traditional open house into an immersive, digital experience. Sellers are selecting agents who provide more than image galleries, 360º panoramas and fly-through videos. They want an agent who can create an emotional connection with their property, by letting buyers get a real ‘feel’ for the space. Creating a 3D showcase helps buyers engage with the property in their own time and at their own pace, stopping when and where they want to explore the space from many different angles. “If a photo is worth a thousand words, a 3D model is worth a thousand photos to help potential buyers virtually tour your home,” says Third Floor 3D CEO Janeece Keller. By putting the traditional open house into a 3D online world, agents can present their client’s property for sale in the best possible light. A 3D model can drive lead generation, providing a key point of difference for an agent from their competitors. It can also showcase a property to more potential buyers, capturing those interstate and internationally. Unlike with traditional marketing tools, a 3D model allows aspiring buyers to 'walk through' a property online and gain a more accurate appreciation for its physical space and dimensions. Rather than replacing the traditional open house, 3D complements this aspect of selling a home by casting a wider online net for potential buyers. 3D models, such as those produced by The Third Floor 3D, are ideally suited to those real estate agencies looking to provide an immersive and truly engaging marketing package for their clients. For more information email info@thethirdfloor.com.au or call (02) 99098635.

AgentMail Launches Design Service Real estate marketing company AgentMail has launched a new business focused on graphic design. The model differs from the normal ‘per hour’ format in that a monthly subscription covers all of your design needs - everything from DL cards, A4 flyers and business cards, right through to banners, billboards and vehicle signage. Co-founder Carl Quested explains, “It was frustrating having to send mailouts and produce thousands of flyers that hadn’t been professionally designed. But we understood agents have many expenses, and with the unknown cost in graphic design it’s always hard to budget. BrandStrong was created to allow businesses to get all of their marketing,

print and social media professionally designed without breaking the bank.” And with their unlimited design package costing about the same as just three to four hours of a normal designer’s fee, it certainly is easy to see how agents could make use of this. Carl has shared with Elite Agent Magazine a launch code, which will save readers $50 per month off for life. Simply use the code FLANKER4LIFE at checkout to get the business class package for $149 per month. More details and plans can be found at www. brandstrong.co.

Printforce releases Time Strips Professional-looking Directional Boards are a key tool in any real estate agent’s arsenal to promote their Home Opens. Whilst these boards grab your attention as you drive by, more often than not one key piece of information is either missing, handwritten or so small that they’re pointless – the home open times! Printforce has just released a new product which can be affixed to their range of Directional Boards – professionally printed Time Strips. Ordered in sets of six, these Time Strips are available in a variety of sizes and in any time range combination (for example, 10.15–11am, 11.15 to 12pm, and so on) that best suits 12 ELITE AGENT • FEB-MAR 2016

your schedule. They are printed in your corporate colours on quality laminated corflute to withstand the elements, and sit securely and conveniently to your Directional Board via a unique ‘H-Bracket’ system, available separately. Forget the felt pens and cut up photocopy paper stuck inside a plastic sleeve. Now there is no excuse for not displaying your opening times in a consistent, inexpensive and most of all, professional manner that can be seen quickly and easily by passers-by. Contact your nearest Printforce Studio and ask about their full range of Directional Boards and Time Strips.

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READER PROFILE

CONVERTING TO COMMERCIAL Brianna Reid is an up and coming commercial agent with Raine & Horne Newcastle. Having worked in property management and in sales in Townsville before moving back to NSW, she now aims to establish herself alongside experienced campaigners Alan Tonks and Jason Morris in this challenging commercial market. What motivated you to get into real estate? After studying and working in human resources, I felt there was something missing. I always had a passion for real estate, building my first home at the age of 18, so I decided to reinvent myself and study to become an agent. It has been the most rewarding change in my life. How did you get started? Initially I took a position in property management to get a feel for the industry; I worked in this role for 12 months before relocating to Townsville and accepting my first role as an agent, which I loved. Since moving back to Newcastle I have had the opportunity to join Raine & Horne and now be exposed to yet another side of the real estate world. What inspires you? I recently had the opportunity to attend Josh Phegan’s List Sell Negotiate seminar in Sydney, where Michelle Bridges was one of the presenters. I had always admired her, but listening to her speak really changed my mindset. Unfortunately I didn’t get the

14 ELITE AGENT • FEB-MAR 2016

chance to meet her in person, but her story of where she started from and what she went through to get where she is now has become my inspiration. You have to take advantage of every opportunity and ask yourself ‘Who can I be?’ and also to ‘JFDI.’ In your briefcase right now is... My iPad, diary, Josh Phegan’s BluePrint 2015 booklet, a muesli bar or some nuts and lipstick. What is your must-have piece of technology? My iPad mini - my whole world is in this and I take it everywhere. It ensures that I’m always contactable and online.

I find Maya Angelou said it best when it comes to success: “Success is liking yourself, liking what you do and liking how you do it.”

Is there something you couldn’t live without? I couldn’t live without the constant support of my husband and family. They remind me on bad days why I do what I do, and on good days they’re there to celebrate with me. What do you most enjoy about Elite Agent Magazine? I love that Elite Agent Magazine is in tune with the industry; I always find handy tips or new ideas or advice on how to achieve more in my career. Most of all, you interview real people who give honest feedback on what they do in their businesses.

What advice would you give someone starting out in real estate? Give it your all! Join the 5am club, call everyone, walk until your feet hurt and offer your help. Define what ‘success’ means for you? I find Maya Angelou said it best when it comes to success: “Success is liking yourself, liking what you do and liking how you do it.” Words to live by? If you want something you’ve never had, then you’ve got to do something you’ve never done.

IN THE NEWS

YOURPORTER PARTNERS WITH ISELECT TO BRING EVEN MORE BENEFITS TO AGENTS ONE OF AUSTRALIA’S FASTEST GROWING utility

connections services, YourPorter, has joined forces with leading comparator service iSelect to offer home movers increased choice and convenience through a tailored comparison of electricity, gas, broadband internet, car insurance and more. UNLIKE EXISTING MARKET players,

YourPorter aims to meet the growing demand of consumers who want the convenience of a utility connection service but until now were unable to unlock the best market offerings. The YourPorter iSelect partnership will deliver on both consumer need and demand. Tony Zarka, General Manager of YourPorter, said, “The fundamental challenge for most utility connection companies has been the inability to provide customers with extensive product ranges

“The outcome for all real estate agents will be significantly higher up-front commission, annual distributions and an opportunity to build equity in an already successful business.” It is no secret that the primary reason for setting up YourPorter was to enable all real estate agents to benefit from their moving client data. The YourPorter business structure allows for this through its equity model. Equity is only realised upon liquidity and YourPorter's partnership with iSelect makes this possible through call options at

sophisticated systems and technology to deliver valuable and personalised solutions. Angela Tangas, iSelect Group Executive for Energy & Telco, said that the partnership with YourPorter provides iSelect with an additional channel to reach the home-mover market. "We know that when someone moves home, not only will they need to connect basic services like electricity and gas but they'll also need to transfer or switch broadband internet connection. In addition, a change of address means they'll need to update their car, home and contents insurance policies," Angela said. "Not only does our partnership with YourPorter provide an opportunity for us to increase our share of the mover market, it also helps our customers navigate the stress of moving house. The YourPorter and iSelect partnership puts our customers’ needs first by offering both convenience and comparison in one easy phone call." YourPorter and iSelect's partnership is the customer solution that will unlock an array of opportunities for all real estate offices. For more information, please contact Tony Zarka, General Manager, at tony. zarka@yourporter.com.au or Martin Foreman, Sales Manager, at Martin. foreman@yourporter.com.au.

"The outcome for agents will be higher up-front commission, annual distributions and an opportunity to build equity in an already successful business.” and competitive prices, because most are owned by or aligned with energy retailers. While utility connection companies were able to deliver convenience and service, to date none have been able to deliver choice, product range, expertise and ultimately real customer value.” The YourPorter iSelect partnership will provide consumers with a choice of over ten electricity and gas providers, more than ten telecommunication providers and a suite of insurance products, including health, car, home and life insurances. Tony Zarka said, “The YourPorter service will be more than an offer of choice; it will present a tailored solution based on a needs analysis of moving customers. This will result in a higher take-up of services across energy and telco products, and a real opportunity to generate referrals extending beyond utilities and across insurance products.

two and four years. While commercial considerations are critical, YourPorter will not lose sight of delivering exceptional customer service via strict service level agreements that include contact strategies, connection timeframes and a service guarantee. Partnering with iSelect will further enhance YourPorter’s customer service experience by leveraging their consumer brand, depth of retail partnerships leading to a rich product offering, strong industry knowledge and expertise coupled with

eliteagent.com.au 15

EVERYONE'S TALKING ABOUT… allowing the crowd to collectively buy properties, lend money to homeowners and property developers, or take equity stakes in new development projects as joint venture partners.”1 The popularity of real estate crowdfunding is growing exponentially. A report from United States-based research organisation Crowdnetic showed that two of the top three crowdfunding sectors are property-related.

IS CROWDFUNDING REAL ESTATE A REAL POSSIBILITY? 2015 SAW THE AUSTRALIAN property market in many

areas continue it's stellar run. In fact, rising property values have meant for some investment in the great Australian dream is out of reach. However, in the future there may be an alternative: the opportunity to pool funds with others or make large numbers of investments through crowdfunding. WHAT IS CROWDFUNDING? Crowdfunding is an investment platform that harnesses the power of the masses and social media to allow those with limited capital to invest in some of the most exciting projects on the planet. It is also considered a form of alternative finance – outside the traditional finance system. There are two types of crowdfunding: rewards-based crowdfunding and equity crowdfunding. Rewards-based crowdfunding, on sites such as Kickstarter, has seen millions of dollars raised from micro-investors for a wide range of projects from the Pebble Watch to movies, including Veronica Mars.

16 ELITE AGENT • FEB-MAR 2016

Equity crowdfunding, on the other hand, is a collective effort of individuals to provide finance, where the backers receive shares in the company. It is the concept of equity crowdfunding which allows real estate transactions to take place.

WHAT IS REAL ESTATE CROWDFUNDING? Similarly, real estate crowdfunding allows a broader range of investors (the ‘crowd’) to make smaller investments in real estate assets and ventures in a more efficient manner. "The aggregation of smaller amounts of capital from a broad group of investors results in the creation of a significantly larger pool of new capital,

THE AUSTRALIAN ANGLE Australia has enthusiastically entered the crowdfunding arena with the launch of a number of crowdfunding technology platforms, including Perth-based CrowdfundUP, which aims to connect potential property investors with property developers in search of capital. Founder and CEO Jack Quigley says, "Previously, there was no easy way to connect investors with property developers, so we aimed to become the Wotif of the property industry, giving visibility of great opportunities to retail investors." In 2015 the crowdfunding ball really got rolling with a number of new entrants into CrowdfundUP the market, including Founder and CEO VentureCrowd and Jack Quigley. Melbourne-based Estate Baron, who are also focused on lowering the barriers, offering investment opportunities from as low as $2,000. But while they are connectors of investors to developers they are not ‘parties’ to the actual crowdfunding transaction (as with some reward-based crowdfunding schemes); the end transaction is between the developer and the investor via a developer's corporate vehicle. This means that equity crowdfunding of these real estate assets is a form of financial investment and is hence governed by ASIC regulations, which prohibit the number of investors without appropriate Product Disclosure Statements (PDS) or Australian Financial Services Licences. For example, Estate Baron have the required licences but each project opportunity is still carefully reviewed before finance and development partners craft a package that is fully compliant with ASIC regulations. Other platforms operate on a similar basis. But this somewhat defeats the true concept of crowdfunding as we know it – the notion

1 Real Estate Crowdfunding – PwC Australia.

"With rising property prices and under-30s organising their lives through smart devices, it’s not a big leap to foresee them taking control and no longer relying on a bank to purchase property." that very small amounts of capital can be provided by large numbers of people to fund a project (or property, in the case of real estate). If the developer or crowdfunding platform does not have the correct licences, this may inhibit the total number of retail investors that can take part in a particular project, meaning that larger amounts of money need to be invested by fewer people. So it is legislation, in a way, that holds us back.

WHAT ABOUT RESIDENTIAL PROPERTY? This remains to be seen. With rising property prices and under-30s organising their lives through smart devices, it’s not a big leap to foresee them taking control and no longer relying on a bank to purchase property, no matter how big or small

the investment. It is yet another type of potential disruption to the industry that may be on the cards. Quigley says, “Crowdfunding will allow younger people to build up their equity in different properties to eventually be able to afford to purchase their own home without a guarantee from Mum and Dad. Then, even when they have that property they can continue to diversify. This is not a new concept though; it has been going on for years with large investors, but we provide the tools to allow small investors to build their own portfolios in the same way.” Accounting firm BDO Chairman Sherif Andrawes also agrees. “It is highly likely this will happen, although it may be more of an extension of the peer-topeer lending platforms than the current

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property crowdfunding ones. It probably sits between both at the moment and I expect the major banks to get involved and sit behind these platforms using a multibrand approach,” he says.

CONCLUSION The Turnbull Government is working on legislation to allow Australian businesses to crowdsource debt and equity funding, but we are not there yet. Andrawes doesn’t see this happening any time soon. “I don’t see the Government making any legislative changes in the short term,” he says. “Currently investment and lending laws seem to be able to cope, unlike those covering equity crowdfunding which are currently undergoing change. This can change very quickly, though, when someone comes up with a new disruptive twist that we haven’t seen before, and that can happen at any time.” Quigley is upbeat. "The Turnbull Government has been instrumental in pushing the innovation agenda, so we're really happy about that. How that affects residential purchases of property we are not sure yet; we will all have to wait until it's finalised." • STEVE MALLACH

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19.8% m neither mistic or ssimistic

27.2% Yes, I am mewhat ptimistic

35.8% m not sure

YOUR SAY – SENTIMENT SURVEY to keep things simple” and “I’m always optimistic - it’s my job!”

WHAT DOES 2016 HOLD FOR YOUR BUSINESS AND THE INDUSTRY?

HOW DO YOU FEEL ABOUT THE ECONOMY, PROPERTY VALUES AND INTEREST RATES GOING INTO 2016? Although the real estate market is very much driven by the economy, respondents were on the whole a lot less positive about our economic prospects, with only 13.6 per cent saying they were extremely positive about the economy and 31 per cent sitting on the fence. The question of what would happen to interest rates also 4.9% think it is uncertainty. unearthedIgoing some to be 48.1% a tough year of respondents 19.8% Yes, I am Here 45 per cent I am neither extremely optimistic or optimistic go felt that interest rates would pessimistic up, with 36 per cent stating that Are youThis probably they weren’t sure. optimistic also says that aboutmost the realagents estate market don’t believe rates will go any in 2016? lower in 2016. 27.2% As for property values, the Yes, I am somewhat majority optimistic of those surveyed said

19.8% I am neither optimistic or pessimistic

4.9% I think it is going to be a tough year

ELITE AGENT’S FIRST annual sentiment

survey reveals mostly positive feelings about the year ahead, along with some interesting technology predictions.

Will interest/ mortgage rates go up or down in the ELITE next18 12 months?

Are you optimistic about the real estate market in 2016? 35.8% I’m not sure 27.2% Yes, I am somewhat optimistic

AGENT • FEB-MAR 2016

45.7% I think up

Will interest/ mortgage rates go up No, or2.5% down in the not next 12 months? optimistic

I am very ARE YOU OPTIMISTIC ABOUT Only 4pessimistic per cent stated that their 11.1% 13.6% I am somewhat about our 48.1% I am extremely contract. THE REAL ESTATE MARKET business would probably pessimistic about economy Yes, I am optimistic about our economy our economy IN 2016? extremely While sentiments were positive optimistic Overall, responses to this question overall, there were pockets of were positive. In fact, 75 per cent respondents who were more How do you Are you of those surveyed said that they cautious in predicting the market, feel about optimistic the Australian about the real were either ‘very optimistic’ or especially economy those going in mining areas. estate market 2016? relies quite heavily in‘somewhat 2016? optimistic’ about “Our into market what the property market would 30.9% on the coal mines to our north. I am neither be like in 2016. big fall in the optimistic or This resulted in a44.4% I am somewhat optimistic our When asked about their ownpessimistic market in late 2014; however, this economy personal success prospects, stabilised somewhat in 2015. I almost 100 per cent answered would hope this would continue positively. Asked whether there in 2016, but with the negative were plans to expand, contract outlook for coal I don’t see a or maintain their existing major lift.” businesses, again sentiment However, there were others amongst our respondents was who were willing to back upbeat; 81 per cent stated they 50.6% themselves completely in 2016, They will 34.6% were going to expand, with 15stay perrelatively responding, “Because They willit’s up to the same 45.7% go up I think up would maintain. cent saying they me and not the market. Just have

4.9% I think it is going to be a tough year

48.1% Yes, I am extremely optimistic

29.6% Yes, but cautiously

67.9% Yes, extremely

Are you optimistic about your own success in 2016?

18.5% I think down

35.8% I’m not sure

45.7% I think up

Will interest/ mortgage rates go

14.8% up or down in the Maintain

next 12 months?

3.7% Contract

81.5% Expand

Are you planning

18.5% to expand, contract I think down

or maintain your business in 2016? 3.7% Walk-in

37.0% Direct marketing/ nurture

What do you think will happen to property values in 2016 in your area?

14.8% Maintain 3.7% Contract

9.9% Portals (eg domain, realestate, rent etc)

What will be your biggest source of leads in 2016?

81.5% Expand

they would stay relatively the same (51 per cent). Breaking down those surveyed in regional areas, 54 per cent of rural and regional respondents mostly said the same thing. Even those in the hottest markets last year, Sydney and Melbourne (67 per cent of respondents from inner city areas in NSW and Victoria) also felt that values would stay relatively the same.

WHAT WILL BE YOUR BIGGEST SOURCE OF LEADS IN 2016? Referrals was the hands-down 0% winner of this category, with 42 I am very 11.1% pessimistic per cent of respondents stating 13.6% I am somewhat about our I am extremely pessimistic about economy about that most ofeconomy their business in optimistic our our economy 2016 would occur this way, while a further 37 per cent said that How dobe youtheir direct marketing would feel about biggest source of leads. the Australian economy going into 2016?

OPPORTUNITIES AND 30.9% CHALLENGES I am neither optimistic or There was a lot of positivity 44.4% I am somewhat pessimistic optimistic our amongst our respondents0%to economy I am very do with opportunities in 2016, 13.6% 11.1% pessimistic I am somewhat about our am extremely particularly as they to Ioptimistic pessimistic about relate economy about our economy mindset and staying positive. our economy Some of the open-ended questions resulted in answers How do you like about “doing the things myfeel competitors the Australian cannot,” “growingeconomy a strong going 50.6% into 2016? team,” “taking They will market share from 34.6% stay relatively will the same bigger, older competitors that areThey go up 30.9% I am neither or lookingoptimistic a bit complacent and out44.4% I am somewhat pessimistic optimistic our of new ideas”. What do you economy think will happen on Many principals are focused to property values expansion, including increasing in 2016 in your area? their rent roll size. For others the opportunity is to get back to basics, “getting back in 14.8% They will touch with past clients and go down reconnecting with people” 50.6% the quality of and “improving They will 34.6% stay relatively will information in the database They the same go up and working to automate my marketing”. And for some it What do you will be snatchingthink opportunities will happen to property values while others have taken their in 2016 in eyes off the ball, with your one area? respondent stating a big opportunity would be “other 14.8% They will agents’ negativity!” go down There is a famous quote that goes something like this: “We are continually faced with a series of great opportunities brilliantly

I am neither optimistic or pessimistic

Yes, I am somewhat optimistic 0% I am very 11.1% 11.1% pessimistic I amabout somewhat I am somewhat our about pessimistic about pessimistic economy our economy our economy

0% I am very pessimistic 13.6% about our I am extremely economy optimistic about our economy

13.6% I am extremely optimistic about our economy

How do you How do you feel about feel about 0% the Australianthe Australian I am very pessimistic going economy 11.1% goingeconomy I am somewhat about our into 2016? into 2016? pessimistic about economy

30.9% I am neither optimistic or pessimistic

our economy 30.9% I am neither optimistic or pessimistic

13.6% I am extremely optimistic about our economy

feel about the Australian economy going into 2016? 30.9% I am neither optimistic or pessimistic

50.6% They will stay relatively the same

29.6% Yes, but cautiously

35.8% I’m not sure

34.6% They will go up

What do you What do you think will happen think will happen to property values to property values in 2016 in in 2016 in 50.6% your area? your area? They will stay relatively the same

14.8% They will

67.9% Yes, extremely

optimistic

29.6% Yes, but cautiously

45.7% I think up

67.9% Yes, extremely

Are you Will interest/ optimistic mortgage rates goabout your up or down in the own success next 12 months? in 2016?

44.4% I am somewhat optimistic our economy

34.6% They will go up

67.9% Yes, extremely

Are you Are you optimistic optimistic about your about your own success own 2.5%success not2016? in 2016? No,in

44.4% I am somewhat optimistic our economy

44.4% I am somewhat optimistic our How do you economy

2.5% No, not optimistic

2.5% No, not optimistic 29.6% Yes, but cautiously

50.6% They will stay relatively the same

34.6% They will go up

What do you think will happen to property values in 2016 in your area?

14.8% They will go down

18.5% I think down

3.7% Walk-in 37.0% Direct marketing/ nurture

37.0% Direct marketing/ nurture

44.4% I am somewhat optimistic our economy

3.7% Walk-in 37.0% Direct marketing/ nurture

What will be your biggest source of leads in 2016?

7.4% Social media

9.9% 9.9% 3.7% Portals (eg domain, Portals (eg domain, Walk-in realestate, rent etc) realestate, rent etc)

What will be What will be your biggest your biggest source of source of 14.8% 9.9% Maintain leads in 2016?leads in 2016? 3.7% Portals (eg domain,

34.6% They will go up

14.8% They will

go down What do you go down think will happen to property values in 2016 in disguised as unsolvable your area?

problems”. This held true of the responses to the question 14.8% of the biggest challengeThey facing will go down agents for 2016; while many of our respondents saw their competition as an opportunity, many others saw it as their biggest challenge. Other challenges cited included the slowing market and meeting expectations from sellers. New agents into the market noted their biggest challenges would be getting to know their farm areas, establishing market share and becoming better known in the area. We all know ‘busy’ can be a battleground on its own in real estate. Many respondents cited work/life balance and time management as some of their

3.7% Contract

Walk-in 81.5%realestate, rent etc) Expand 37.0% Direct marketing/ 42.0% 42.0% Referrals Arenurture you planning Referrals 7.4% 7.4% to expand, contract Social media Social media

What will be or maintain your your biggest business in 2016? source of leads in 2016?

biggest challenges, for example finding “time off” or finding time to “hire and train”. 7.4% Social media

9.9% Portals (eg domai realestate, rent et

42.0% Referrals

TECHNOLOGY MAKING AN IMPACT With the talk of disruption in 2015, we asked respondents for their technology predictions for 2016. Again, most of our respondents were upbeat about technology and its ability to make them more productive. 3D and drone technology were big predictions as to what might make a real impact, plus the obvious ones of mobile and online connectivity. Many of our respondents stated they were looking to technology to automate more; giving them the edge on the competition in 2016.

2016 Technology Predictions • 3D interactive will become mainstream • Google to challenge the current real estate portals • New apps to make it less important for sales or PM staff to spend time in the office • Consolidation of the smaller software service providers • More online or virtual offices • Greater uptake of electronic contracts • Instagram will become the most used social platform • Less technology; clients will crave human interaction

eliteagent.com.au 19

42.0% Referr

FIRST PERSON

Josh Phegan

Starting out right: the road to success

REAL ESTATE CAN BE A MINEFIELD, particularly when you’re new

in the business. With the dawn of a new year and with many fresh-faced agents joining the fold, it’s important to start off on the right foot. High-profile real estate coach and trainer Josh Phegan has some top tips on how to jump-start your year.

Sometimes, the problem lies in just knowing where to start. When you are new, knowing how to build momentum and how to achieve success isn’t always clear, and it’s all too easy to stumble when setting out. But following a few simple yet highly effective techniques can help new agents navigate those early, treacherous waters. There are three things new agents should focus on to really hit the ground running. Write a list of every person you know. Once you’ve made the list, use mapping software, such as batchgeo.com, to gain a tangible understanding of where your contacts live and where your key markets lie. Now it’s time to work those relationships. I’m not talking about a one-off phone call to a contact that you subsequently leave languishing in the ‘never to be phoned again’ pile, but a true client that you phone every time someone lists or sells a property of a similar type that might affect the value of their home. Learn your listing presentation. If you can list you will last in real estate. Listing techniques are relatively easy to learn and really have the ability to turbocharge your prospecting results. One option is to shadow

20 ELITE AGENT • FEB-MAR 2016

a high-flying agent, preferably from your own brand, and learn what to do and what not to do from them. Learn basic prospecting questions. Everything you do in your business revolves around prospecting and communicating with potential clients. In all your interactions your goal is to move your client forward, whether

whether that is the case immediately or in the future. Call people who have been through your open homes during the year and ask them if they are still looking for a property. You can also build your client numbers by calling past clients who were originally serviced by agents who have since left the brand. These are some of

Mining your personal networks is a great way to find potential sellers. Think the school council, parents of the children in your daughter’s netball team and the owner of your local milk bar. that is to book an appointment or list their property. When it comes time to grow your client numbers it’s important to keep this question front of mind: Where do your potential clients hang out before they need you? Open homes offer a vast resource for finding and establishing new client relationships, and I urge the agents I coach to attend at least five inspections each Saturday. Buyers are often also sellers,

your best prospects and are the perfect place to start your call lists. Mining your personal networks is another great way to find potential sellers. Think the school council, parents of the children in your daughter’s netball team and the owner of your local milk bar. If you know them, put them in your database. A third client-generating avenue to focus on is successbased marketing of properties you have just listed or sold in

the local area. Whether it’s a hard copy, email or video, make sure as many people as possible know your results and your name. While your goal is to fill your database, it’s also vital that you keep it organised. You need to know which buyers are now sellers, which residents are now landlords and who might be on the verge of relocating. Having thousands of contacts is of no use to you if they aren’t organised and therefore useful. Categories I instruct my agent clients to use include: buyers, buyer hit list, potential sellers, market appraisals, seller hit list, current clients, past clients bought, past clients sold, key referrers and landlords. If you do decide to shadow another agent within your company, there are three key factors when choosing your mentor. 1. Look for the person who has the highest number of listings, sales and income production. 2. Focus on an agent who is the person you envisage yourself becoming. 3. Look for someone who has successful systems that can be replicated and taught. One of the many areas your mentor can help you with is the art of prospecting and making successful phone calls. As an agent you need to learn to ask the right questions in order to jump the hurdles reluctant customers throw at you. Navigating customer-blocking techniques is a vital skill that will see you booking appointments and starting new relationships. Finally, smile and invest in your own personal development; you’ll see an incredible return.

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

Anthony Fountain

Work the process and make it happen NO MATTER WHAT YOUR market you can be successful with

auctions if you are happy to work hard and build trust.

There are numerous comments that tend to indicate negativity, such as ‘it’s all over’, ‘it’s stuffed’, ‘never be any good again’ and, in the world of property marketing, ‘auctions don’t work’. How often have I heard both agent and potential vendor make that comment? Yet, given that the auction system is over 3,000 years old, I find that incredible. Even the word auction comes from the Latin auctio, meaning to increase. So where then does the problem lie? With the system or the operator? In my view, very much the latter. Far too many agents and agencies fail to fully appreciate or understand just what the auction system is all about. In many ways, the term ‘system’ is somewhat erroneous, for the marketing of property is really a process. Provided you follow that process religiously, no matter the value of the property, success and commission dollars will come your way. Firstly, though, it is critical that you both recognise and appreciate that the axle the auction wheel turns on is one simple word. That word is ‘trust’, and if you have your vendor/s trust you will do deals that many would never have thought possible. So how do you earn this trust? By using what I call in our courses ‘the atoms of the

22 ELITE AGENT • FEB-MAR 2016

auction’. These are simply the actions of honesty, providing accurate market feedback and giving 110 per cent service to your client. Do these properly and success will come; but, just as with a track on a bulldozer that goes round and round on the same wheels, should something go missing the vehicle lurches to a stop. Repairing trust, like repairing a bulldozer, is an expensive exercise. What I find most frustrating is that the actual process is dead simple; in fact, a newcomer to the industry can perform it quick-smart in a ‘left foot, right foot’ approach. While the finer points would need improving – and experience will see to that – there is nothing tricky in it. Here I am reminded of the old adage that the only time

success comes before work is in the dictionary. I certainly don’t shy away from the fact that running auctions successfully can be hard work; but having said that your time management problems will be in the main overcome and you will be building a rock solid foundation for your business and career. In what some readers may – in fact most probably will – read as a cynical comment, the reasons why a whole raft of agents don’t like auctions are that (1) they are hard work and (2) you become accountable, as there will be an auction day, or night, where the vendor/s will say either yes or no. With private treaty selling, if you are smart enough, you can at sales meetings spin the story out for a considerable time before the day of reckoning arrives! So what then is the process and what does it look like? Firstly, from the moment you sign that agency agreement, as you are ‘a marketer not a valuer’, forget what you wrote down as your estimation of value. If not, sure as anything, you will fall into the trap of

From the moment you sign that agency agreement, as you are ‘a marketer not a valuer’, forget what you wrote down as your estimation of value.

trying to validate to the market your idea of price, and not vice versa. The result is that what should be honest and accurate feedback is tainted; and come auction day or night, your task in getting a realistic reserve has been made all that much harder. Secondly, instigate a strong open house program of at least twice a week for 30 to 45 minutes each. This applies whether you are in a metropolitan area or not. Report honestly and regularly to your vendor/s, both verbally and in writing. Work out their interests in life from personal goods such as their photos, books and so on that are in the property and give them a call sometimes based on these interests. Thirdly, follow up on your OFI attendance register. I know that can be a daunting task in the city and suburbs, but I did say earlier on that auctions sort out your time management! Fourthly, spend time on your advertisement copy and don’t leave it to the last minute. Ours must be the only industry where hundreds of thousands of dollars are spent creating advertisements with no experience or qualifications on the part of the composer – a reason why so many ads read the same. Most ads are written with an unconscious aim of pleasing the vendor. In fact, there is only one question you must be able to answer and that is simply ‘What’s in it for the buyer?’ Why would someone want to buy this property? Answer that creatively and you have your headline for a start!

Tony Fountain is the Founder and Principal of the Fountain Auction Academy (fountainandco.com) based in Bowral, NSW. He has over 53 years’ experience in the auction business and has conducted over 32,000 auctions.

FIRST PERSON

Virginia Brookes

Five ways to keep morale high while growing the team

IN LAST YEAR'S Elite Agent Reader Survey, many of you noted

there were plans to grow the team in 2016. We all know this can be a challenge if you aren’t completely prepared. Experienced recruiter Virginia Brookes looks at how to grow while keeping team morale high.

Some of the most common phrases we hear are ‘I’m thinking of putting on new staff but I’m not sure if I’m quite ready’, and ‘Once I put them on, how do I keep them?’ So when do you know you are ready to grow your team, and how do you keep them once you have them?

or performance starts to drop drastically; so identify that you could have an issue before you have one. Are you starting a new marketing campaign that you know is going to bring you in a tonne more work and hopefully a large amount of new business? Then employ

Do you have lots of sick days in your office because people just need a break, or are you seeing a high staff turnover? Firstly you need to look at the pressure your team is under. Do you have lots of sick days in your office because people just need a break, or are you seeing a high staff turnover? Do you have most of your team working huge hours? Are they starting to feel unmotivated because their workloads are too large? I think that it is time to put on new staff members when you can see your staff working at almost full capacity. You don’t want them to reach full capacity, as that’s when you lose them

24 ELITE AGENT • FEB-MAR 2016

staff and get them trained up before the project launches and it becomes too busy. If you are still unsure, then why not employ a temp or a contractor? By engaging this person to take over some of the workload you will soon realise whether they are needed long-term and whether it is adding value to your business, or if it is still too soon to engage someone on a more permanent basis. When businesses are performing at strong and consistent levels, as well

as employing more staff to facilitate growth, it is important to look after the staff you already have and keep morale in the office strong and high. This will ensure that they love coming to work each day and that every one of them feels that they are an important part of your business. 1. Always celebrate their wins and milestones; stop and have a cake for their birthdays (in our office you actually have your birthday off: it’s your special day, so go and enjoy it!). Celebrate and recognise achievements, send an email to the entire office, give vouchers out for exceeding expectations, and so on. 2. Support new ideas. No one likes to have their suggestions ignored or disregarded, so listen to each one seriously and give feedback on why it may or may not work. Engage with their suggestions; after all, they are living their role day in day out, and their ideas may in fact be better than yours. 3. Have clear expectations on what is required for the role

on an ongoing basis. The fastest way to disengage someone is to penalise them for not meeting an expectation they were unaware of. 4. Be flexible. Today, people are more contactable than ever before, so just because someone has left the office at 5.30 it does not mean that their day finishes there. Some of our deals are done at 8pm at night! If you know someone is doing more than their fair share and they need some time to get to hairdressers, doctors and so on during work time, don’t penalise them. You risk creating a nine-to-five environment which could dilute productivity in the long term. 5. Make it fun! You spend more time at work with your work colleagues than you spend with anyone else, so as well as making it a workplace make it a fun environment. Maybe you could all sit together once a week and have lunch; don’t talk shop, just shoot the breeze. Arrange for everyone to leave the office at 5pm and have a social drink together from time to time. If everyone is performing well, organise a team event – dinners, days out and so on. Keeping morale high will ensure peak productivity, and a team that has fun together stays together!

Virginia Brookes is the Director of Resolver Recruitment and Temp Talent; Resolver Recruitment is a specialist Agency securing permanent staff for the Real Estate and Property industries, visit resolverrecruitment.com.au. Temp Talent is a specialist Temporary Agency securing part time, casual and contract staff for the Real Estate and Property industries. Visit temptalent.com.au.

Business Depot John Knight

The top 10 mistakes of new principals John Knight from Business Depot looks how to avoid the most common errors when buying into or starting a new real estate business.

OFTEN FIND MYSELF

(unfortunately!) advising new principals and picking up the pieces when things don't quite go to plan. 'Stepping up' is an exciting time but here are some things to look out for.

WRONG LEGAL STRUCTURE Once in place it is often hard to change a legal structure without incurring a big tax bill; Capital Gains Tax and stamp duty in some states are usually the problems. Don’t forget about the administrative burden on changeover of your structure. Get advice!

BURYING YOUR HEAD IN THE SAND ON TAX Tax is a problem that will not go away. Start by being aware of your obligations; I like to do this very simply by

THINKING THAT PROFIT EQUALS CASH Cash is king, but profit matters. Don’t forget too about all of those cash commitments that don’t appear on your P&L. The most common differences between cash and profit are principal debt repayments, depreciation expense, principal drawings and VPA receivables.

NOT KNOWING YOUR BREAKEVEN POINT If you know your business, you will know the levers to pull or push when markets change or when critical events happen. Your profit formula is essentially splitting your business between the fixed and variable components of the business. Your breakeven point is the level of income you need to earn before you can stop putting your hand in your own pocket and kicking money in.

“Sales are vanity, profits are sanity and cash is reality” preparing a tax timeline, setting out due dates and estimated commitments. Watch out for the ‘double whammy’ of tax which will usually hit at the end of the second year of trading. Putting GST and PAYG Withholding (the tax deducted from wages) aside in a separate bank account is another way to make sure you have a good idea of how much cash is really yours.

26 ELITE AGENT • FEB-MAR 2016

NOT RECOVERING ALL VPA UPFRONT Before you all start jumping down my neck saying it doesn’t work in my area, I have seen time and time again that the more profitable businesses are those that recover 100 per cent of their advertising upfront, either from the vendor or from the sales team. As a new principal you are hungry

for every dollar; my advice is to set the standard from day one and create a culture where recovering advertising upfront is the norm.

NO PROVISION FOR WORKING CAPITAL In layman’s terms, working capital is the amount of cash you need to have available to pay the bills while the business is getting its rhythm. Ask yourself, if you started a business today, how long would it take before you would have enough income to pay all the monthly expenses? The general rule of thumb is that your working capital should be three months of your fixed expenses, but in real estate I will usually recommend four months.

TOO MANY COMMISSION STRUCTURES Adjusting your standard commission structure to appease every Tom, Dick and Harriet that comes through the door can bite you in the butt further down the track. Have a standard structure where performance is the driver of any variance in commission structure. For example, if someone wants a higher flat rate of commission, you may only give it to them based on a minimum performance expectation.

SPENDING MORE THAN YOU EARN Even if you are spending your money on good,

growth-focused strategies, like growing a rent roll, it is not sustainable to be always spending more than you earn. The money has to come from somewhere, so put more money in to fund the strategy, or spend less.

TOO SCARED TO ASK QUESTIONS You need to find advisors who suit you and the stage your business is at in the business life cycle. One discussion a year with your accountant is not enough! Your questions are probably not that silly, so find someone you are comfortable with to ask any question that you need to.

DRIVEN BY SALES, NOT PROFIT It is great to win a stack of awards for sales but, as a new principal, you need to make sure profit is the key focus – not just sales. Both new and existing principals can learn great lessons from the avoidable mistakes of others. If you keep my mantra in mind, “sales are vanity, profits are sanity and cash is reality”, you will create a mindset that will ensure good business decisions are made.

John Knight is the Managing Director of businessDEPOT, a team of energetic accountants and advisors helping empower the bright ideas of businesses (and the people behind them), with a specialisation in the real estate industry.

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Health Science Emily Schofield

Gut feelings: You should listen to them Want to spend fewer days sick this year? Lose weight? Have more energy? Be more productive? Then the first thing you need to do is make sure you are looking after your gut health, which can affect everything from your mood to your performance. Emily Schofield explains.

EING THE New

Year, it is the time to set goals for the year ahead with many of my clients. Working with corporate clients, optimal energy levels and productivity are a big focus. And sometimes it can be down to your homones. Upon completing hormone assessments with clients over the last year, I have found that most individuals’ gut health is far from optimal. It is very often underestimated how big a role the gut plays in achieving goals such as weight loss, improved energy levels and immune function, mood

toxins or nutrients that don’t belong in the bloodstream. If you pinch the skin of your eyelid, you will have an idea of how thin the lining of the gut is. This lining helps regulate what can be let through into the bloodstream and what needs to be kept out. However, elements of everyday life can damage this lining and lead to a loss of good bacteria in the gut, which can result in the gut becoming leaky and overly permeable. Things like stress, poor diet, antibiotics, NSAIDS, the pill and some medications downregulate the permeability of the gut and allow bad pathogens into the bloodstream, triggering an inflammatory response.

It is very often underestimated how big a role the gut plays in achieving goals such as weight loss, improved energy levels and immune function, mood regulation and several more. regulation and several more. Gut health has become a notable topic recently, with some great research showing how much gut health actually affects our day to day life. The gut has many functions in the body; it houses 70 per cent of our immune system and also provides a protective barrier to

28 ELITE AGENT • FEB-MAR 2016

So where does all of this lead us? Having a leaky gut can result in: • Mood imbalances • Hormonal imbalances • Immune system imbalances • Poor quality of sleep • Food allergies • Weight gain The gut is now referred to

as the second brain, and I find that most people who have an inflammatory diet or are eating something they are intolerant to are not happy or feeling their best. Our gut health is hugely influenced by our food choices. Poor food choices such as sugar and trans fats lead to inflammation. When these foods are consumed regularly, inflammation becomes chronic. When you have your immune system constantly switched on through poor dietary habits, stress and toxic exposure, you can become allergic or intolerant to the foods you are eating. What’s more, while you remain in this chronic inflammatory state you can’t recover well from sickness or injury. All colds, types of flu and allergic responses are rooted in your gut. Here are some things you can to do improve your gut health: 1. Take probiotics. Probiotics restore life to your intestinal tract. They play an essential role in immune modulation, control unfriendly bacteria in the gut, nutrient absorption, metabolism and hormonal regulation. 2. Eat resistant starch. There are certain bacteria in your gut that can only feed off resistant starches. If you are eating a low carbohydrate diet, it is important to still include resistant starch, such as sweet potato or small amounts of brown rice.

3. Avoid foods you don’t tolerate well. If something gives you gut symptoms such as bloating, distention, abdominal discomfort, gas or GI pain it’s time to eliminate it from your diet. The most common things that people are intolerant to include gluten, dairy, soy, peanuts, prawns, shellfish and whey protein. 4. Take fish oil – the omega 3 it contains decreases inflammation and helps improve gut integrity. 5. Manage your stress. Stress will make any food intolerance or allergy you may have worse, so reduce your stress levels to decrease your cortisol and inflammation. Performing and feeling your best comes hand in hand with maintaining good gut health. More and more research is highlighting the link between gut health and mood disorders. Even with your best intentions, if you are not feeling well your performance and energy will suffer. Make 2016 your most productive year yet by looking after your gut, staying healthy and improving your overall wellbeing.

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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Mindset Corner Jet Xavier

2016: The time of your life 2016 can be the biggest year of your business if you want it to be: the year that you finally draw a line in the sand and get it done. The year you stopped all the BS and excuses, all the procrastinating and blaming, all the anxiety, worry and fear of failure and finally tapped into the potential you know you have inside. Jet Xavier explains.

HERE ARE six

things that need to happen for you to make 2016 the year for you. These six keys to success in real estate are the result of over 2,000 high-performance coaching and training sessions with some of the best agents in the world. It is what top agents and business owners do day in and day out to create success. Do the exercise at the end of each one to set up a plan of success for 2016.

GET RID OF ALL DISTRACTIONS You need to get serious about what you let into your mind, life, space and time. This is the difference between average and great. Be militant about protecting every single piece of opportunity you have. Get rid of all distractions that keep you average and be vicious in your approach to what you involve yourself in. A distracted life is an unsuccessful life. Sometimes you need to be selfish with your time and energy to enable you to minimise unwanted and nonresourceful distractions. Steve Jobs of Apple said “Deciding what not to do is as important as deciding what to do.” Write down all the distractions you need to get rid of in 2016 and create a strategy to eradicate them totally.

30 ELITE AGENT • FEB-MAR 2016

CREATE OBSESSIVE FOCUS It is not enough just to have focus on something. You need obsessive focus. If what you want to achieve does not constantly preoccupy your mind then you don’t really want it in the first place. Create an all-consuming focus on what you want so that it is all you think about. Gandhi said, “The future depends on what you do today”, so the amount of focus you have today relates to the amount of success you will have in the future. Write down the key areas you need to focus on in 2016.

STOP DOUBTING YOURSELF There is only one you. Your job on this earth and in your career is to be the best you can be, not the best somebody else can be. You have talents and abilities unique to you only, so use them! Self-doubt will only cause you to hesitate all the time and make you never back yourself. Write down the areas in which you doubt yourself and make a commitment to overcome these in 2016.

DON’T TAKE YOURSELF SO SERIOUSLY – HAVE FUN! Yes, don’t take yourself too seriously. It creates stress and anxiety and lowers your performance. Don’t sweat the small stuff and remember, you only get one life – so plug into what you do for motivation and passion. Have fun with what you do and

If what you want to achieve does not constantly preoccupy your mind then you don’t really want it in the first place.

STOP COMPARING YOURSELF TO OTHERS Every time you compare yourself to others you weaken your value as a human. Every time you concern yourself about what others have and are doing, you lose your power and drive to be great. Comparing yourself to others only creates a road to resentment and takes your eye off the ball. You will only ever be the best you can be, so accept that and celebrate it. Learn from others and model success, but stay true to yourself. The great author Mark Twain put it best when he said, “Comparison is the death of joy.” Write down what you have learned from others in 2015 and apply that to your business in 2016.

Write down the key areas where you need to take action daily, weekly and monthly.

BE RELENTLESS IN ACTION Success is in the implementation. Massive action needs to occur in everything that you do. Being relentless means to be ‘unceasingly intense’ and success is all about intensity. How you take action defines the success you have. The great Socrates quote sums up relentless action at its best: “When you want success as much as you want to breathe, then you will be successful.”

enjoy the ride. People end up regretting the fact that they worked too hard during their life and did not take time to soak it all up along the way and enjoy it. A fun you is a better-performing you! Write down all the ways you will have fun in 2016.

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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LEADING THE

CHARGE ONCE A MEMBER OF AUSTRALIA’S military

elite, Glenn Curran now operates his own business, Curran Property, selling prestige homes in and around the Lower North Shore of Sydney. Drawing on lessons learned while in the Army both here and overseas, and making good use of technology, Curran has been super-successful in attracting and closing complex deals with foreign buyers. With an outside the box approach to recruitment of staff and a willingness to try new things, he provides a great example of someone who is leading the charge in innovation and growth.

LENN’S CURRAN’S SENSE OF adventure and dedication to excellence led

him to achieving one of the military’s highest and most exclusive honours – graduation from the Special Forces Selection Program. Serving as a Commando both locally and internationally for seven years, he worked on such diverse projects as the UN peacekeeping operations in East Timor, the Sydney Olympics, the Rugby World Cup 2003 and the safe recovery of Australian nationals caught in regional turmoil. He then spent quality time as an executive across large multinational construction projects in the Middle East, honing his leadership and negotiation skills, before settling back in Australia and starting Curran Property. Setting up the business from scratch and taking on the already well-established North Shore market, the first question for Curran is why he chose real estate as a career after being in the Army. He says it’s something that was always on the cards. “I had always pondered the idea about a career in real estate or applying myself to a salesbased, customer service-based industry. From the military I lived and worked in the Middle East for about seven years in some security-related roles, but also in the project support and

construction industry,” he explains. “The property seed had always been there, and I think the catalyst for that was when I came back to Australia; basically I had a blank canvas and said, well, now’s the time.” Starting the business two years ago, Curran Property now has 10 members of staff from a diverse mix of backgrounds, including real estate, media and customer relations. “We’re pulling people from all walks of life; I think that’s very important, to give your business a rounded skillset and a crosssection of personalities as well,” he says. For example, one of his staff members was customer relationship manager for Xerox in Hong Kong and China, and Curran believes it is this broad variety of staff that brings the greatest success to the company. “[That staff member] has great skills in dealing with different cultures, understands the ins and outs of what buyers and sellers need to see and how deals need to be structured. Having been a resident in Beijing, lived in Hong Kong and worked for multinationals over there, he brings great benefit to getting complex real estate deals together. “We also have a trained journalist on staff. Her extensive communications and TV background has brought a new, high standard of property marketing to our business. She’s also a contributor to Home Beautiful, Investor Genius and has a monthly column in English and Mandarin in the North Shore’s Newland Magazine. She also speaks fluent Mandarin Chinese.” These kinds of skills are particularly

eliteagent.com.au 33

cover story important in the North Shore region, where Curran says foreign buyers account for around 20 per cent of the market. “There are a lot of Australian-Chinese here who are potential buyers, but in terms of foreign buyers or newly migrated buyers to Australia, I’d say we probably have to be looking at about 20 per cent, certainly at the prestige end where we’re going north of 5 million dollar sales - we’ve had a number of those in the last quarter. Probably 60 per cent of those needed FIRB approval and have gone to non-Australian buyers,” he says. Evolution of the company strategy and a goal to continually innovate are also factors in Curran’s success in the past two years. Curran is passionate about technology as a way of both improving the sales cycle and achieving better marketing outcomes for

“A lot of deals fall over because they are not structured properly or because someone’s specific needs have not been taken into account. Dealing in top-end property is not always just a straightforward hammer coming down at auction.” his clients’ properties; particularly the use of Agentbox CRM, the new Homepass App and Third Floor 3D. “I think one of the great things about being an independent is that we have an ability to implement and act on things quickly,” he says, “and we were probably one of the first independents to adopt Homepass. We’ve had that and used it for about six months already; we’ve found the technology to be very beneficial as it helps our agents capture data of people viewing the open homes.” Third Floor 3D (driven by Matterport technology) is more recent, and allows potential buyers to view a 3D version of the property online before attending an open for inspection. “[Buyers] can form an opinion on that property and take a decision to actively pursue, rather than just coming into ten different properties on a Saturday cold. They are better able to shortlist after taking a 3D tour.” But in addition to the 3D technology, Curran is still an advocate of using traditional video. “Video is very impactful. It’s a great way to

34 ELITE AGENT • FEB-MAR 2016

showcase key elements of the property, the surrounding area, the locale, and tying it in with the audience you’re trying to capture, or who you’re going after for that particular style of property; also tying it back into your photographs, to your key statements and to your property copy so it all binds together. “[3D technology] has the potential to take over video for property tours though, and that’s why we’ve adopted it. But I think the uptake on technology can be slow within the real estate industry, so it’s not something that’s going to happen overnight. It takes a long time for new technology to become the norm. We experiment with new technology, and then we test and adjust to see how that new product or service has benefitted an individual sale for a particular property. Then, if successful, we look at the wider implementation and expansion of that.” Curran also says that measuring the impact of each facet of digital marketing is also important: delving deep into the analytics, seeing where people are going on the website,

how long they’re watching videos – and being able to tell what is working or not based on people’s interaction with your website. “There’s no point bringing all these things in and then not knowing how that correlates to leads and buyers, and how that ultimately benefits your vendor by achieving a sale, or bringing more buyers into the sales process. You, as the agent, have to be guided by your vendor, representing them on where they need to be putting their marketing dollars. You need to be able to deliver more than just standing there and collecting names on the front door of a house on a Saturday.” Being in the Special Forces has also taught Curran a number of skills that he has taken into his current role; in particular negotiation, discipline and problem-solving. “When I worked in Iraq, we had the US military there, and we had the Iraqis, and we had Australian trainers. We had to bring them all around the one table and try to get an outcome that three separate nationalities and three separate cultures could agree on,

to deliver one outcome (training). That kind of thing gave me a good understanding of negotiating and achieving an outcome,” he says. “It’s much the same when you’re selling a property. You’re bringing a vendor to the table and you’re bringing buyers to the table. A lot people can do that, but a lot of deals fall over because they are not structured properly or because someone’s specific needs have not been taken into account. Dealing in top-end property is not always just a straightforward hammer coming down at auction. There can be a lot more complexities going on in the background as well. “I think there’s a multitude of traits or skillsets that are learned in the military that can then be transferred into any type of business, whether it’s real estate or any type of management or leadership. Based on those, discipline would be one. You have a strict regime in how you do things and you apply systems to it, so you have a disciplined approach to it. “I think problem-solving and dealing in complex situations is one of the key areas; having a Special Forces background you are put in situations that are highly complex.

Decisions can be both time and life critical as well. You learn to quickly analyse the situation and develop a strategy and a solution for something and implement it. I think if you can do that in business then you’re one step ahead, because you’ve got a plan and you’re executing that.” So where is 2016 headed for the property market and Curran Property?

got an itinerary planned; we’ll give them a holistic view of Sydney from education and finance, and apply that back into property. We’re looking at a nine-day program in February, involving meetings with financial institutions, presentations at our office, a couple of meetings at some of the schools in the North Shore, and a couple of days of shopping and sightseeing, golf and viewing

“There are a lot of Australian-Chinese here who are potential buyers, but in terms of foreign buyers or newly migrated buyers to Australia, I’d say we probably have to be looking at about 20 per cent, certainly at the prestige end.” For the Sydney property market, Curran sees a year of consolidation, underpinned by a very strong draw of Sydney as being a world class city and buyers still wanting to buy there. He also expects the dip in the market to stabilise, with a lower volume of sales but a market that continues to move forward. “Curran Property has a lot of good initiatives planned. We’re bringing buyers out from mainland China on a tour. We’ve

properties in between there as well.” Other plans include growing Third Floor 3D within sales architecture and implementing that across all their properties next year. “We’ve also got our own property management now under way, and in 2016 we’ll look at expanding that both organically and through acquisitions of rent rolls as and when the opportunities arise,” he says. • TARA TYRRELL

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sales

8 STEPS

TO OWNING YOUR MARKET IN 2016

36 ELITE AGENT â&#x20AC;¢ FEB-MAR 2016

CONFIDENCE IS A POWERFUL THING. When abundant it

can propel a boom; when lacking it crumbles markets. Optimists with a plan lead in real estate, so how can you take charge in a more challenging market? Claudio Encina shares his eight steps to market domination in 2016.

n the second half of the 2015/16 financial year we find ourselves in a different, less confident marketplace to the first half, with lower auction clearance rates, number of days on market increasing, more buyers sitting on the fence, tougher lending criteria for investors and numbers of first-home buyers on the slide. As a result, median property prices across Australia are starting to retract from the high levels we have seen in the past 18 months. Here’s my eight-step plan to help you survive and grow in the next few months.

GOALS. Create a clear plan for the next 90 days. Evidence shows that you are more likely to achieve sharp, shortterm goals than long-term goals. Write down what you would like to achieve over the next 90 days in sales, listings, presentations and market appraisals. Draft a ‘new business’ prospecting or canvassing plan to create new and future opportunities. No plan and no goals lead to coasting through another year at the same level as before.

URGENCY. It’s time to change pace. In slower markets fast-paced agents clean up while others stand back as if nothing has changed. I’ve seen many agents unable to adapt to a changing market because they didn’t lift the pace. Increase your sense of urgency and this will be a market to harvest.

CONTROL. A slower market means buyers will be fussier and less compromising with their expectations. They will also increase their perception of value. You will need to control your listings, set to sell meetings, marketing and negotiation skills. Control your inner market: you. As Brian Buffini says in his article What’s Your EQ? on inman.com, “For buyers and sellers, the process brings emotions to the surface that, when misunderstood by their agent, can lead to feelings of frustration and anger by all involved. Clients aren’t the only ones at the mercy of their emotions; even the most level-headed, seasoned agent has

moments where his or her emotions bubble to the surface. Agents with a high EQ, the measure of emotional intelligence, are able to manage their emotions as well as those of their clients.”

SKILL. Some agents will take listings on at any price in a changing market. This doesn’t mean you have to overprice to list; on the contrary, you need to be an expert at showing how your process and company will optimise the result. Agents without real benefits and resources only have overpricing and low fees in their tool bag. Points of difference between you and the competition will be key. You will need to provide substantial evidence to set yourself apart and then massive success will come your way. Learn, practise and rehearse your listing presentation, commission objections, marketing objections and negotiation dialogues. I recommend spending 15 to 30 minutes on this daily.

ACTION. Stock is everything. Want to double your business? Then hold double the conversations, double your profile marketing, have written goals and a

from a call to action letter to a DL card creating branding and profile. Your plan should cover at least the next 12 months, as studies show you need to reach people over 11 times before you begin to buy a piece of their mind. Consistency creates trust; even though they may have not have met you, they will feel like they already know you.

FOCUS. The acronym FOCUS stands for Follow One Course Until Successful. In a changing market it’s so easy to get distracted with different ideas. The super-achievers in this industry do four things 4,000 times, as against doing 4,000 things just four times. Stay focused by choosing four things you will excel in.

ACCOUNTABILITY. Daily discipline is the key to owning this market. Hold yourself accountable to your set goals. Review and record your progress daily to be in a conscious state of your actions. Then analyse your progress and make any proper adjustments in relation to your skills, strategies, systems and mindset to ensure your success in the first 90 days. If your mindset is still switched onto ‘but the market is tough!’ you need to lose it today. The market is no longer an excuse. If you have enough conversations and say the right thing you will win. Six hundred outbound conversations per month is the minimum number you should be having. There’s no point blaming anything else for your income and results. Drop the word ‘prospecting’ – we just have to talk to people who own property. Every market is still showing activity; the

The super-achievers in this industry do four things 4,000 times, as against doing 4,000 things just four times. Stay focused by choosing four things you will excel in. simple, committed plan. There is no way to make more money without more stock, so start listing like a maniac. In addition, expired listings will be a great resource of new and future business in the real estate market this year, so identify them in your area.

DOMINATE. In this market you want to be seen as the expert. You must have a farm area, patch or BDA (Business Development Area) where you can build your name and profile and ‘specialise’. Agents who have market share, or have a plan to build market share, will lead in this market. To dominate an area you must be touching people in your farm, patch or BDA a minimum of twice per month,

only thing that can stop you is you. There will not be a single dollar won easily this year, but there will be many more to earn if you make positive, planned and actioned changes. You will have to punch above your weight to move through a challenging market, so at the end of the year your outcome will be defined by how you show up on a daily basis. Aim to be your best. Every day.

Claudio Encina works directly with some of the leading agents and sales teams in Australia to identify how to deliver optimum performance. For more information visit claudioencina.com.

eliteagent.com.au 37

technology

SNAP! Why chat apps may be the next big thing in real estate CHAT APPS CONNECTED to artificial intelligence-powered

services are getting a whole lot of time and investment from big companies like Google, Facebook, Snapchat and Apple. Closer to home, Domain Group have been thinking along similar lines. Marina Mitchell spoke to Lyndon Maher, Director of Product at Domain Group, to find out more.

HE NUMBER of chat and

personal assistant-type apps available today is on the rise. Google offers Google Now (a voicepowered search: ‘OK Google’) that is much like Apple’s Siri. Having turned down an offer from Facebook, Snapchat as a standalone app has more than 5 billion users and an ad platform that is growing daily. Facebook in 2014 then separated it's Messenger functionality from within Facebook to be a standalone app, also buying cloud messenger Whatsapp for $22Bn. Now Facebook are testing an app called M, a personal digital assistant that they say 'can complete tasks on your behalf'; for example, ordering and delivering gifts to loved ones, booking restaurants, making travel arrangements and more. Maher explains that Domain have also been looking into an artificial intelligence, personal assistant-type functionality. “There’s a real emergence of personal assistants to help you do things more quickly. One of the first things they [Facebook] are doing is investing substantial amounts of money into thinking beyond messaging. “Messaging is about audience; what people are doing and how they are engaging with others, and they are looking at how they can add value to that. A key area in that value is around building into this virtual

38 ELITE AGENT • FEB-MAR 2016

Lyndon Maher, Director of Product at Domain Group.

down all the friction that surrounds it. It might not be that they want to go into the Domain app and start searching, but we can take property into the context and the area where they are today. “That’s why last year we launched Google Voice Actions, which uses the ‘OK Google’ platform. You say for example, “OK Google, find homes near me on Domain,” and it will open up the app and the search results. It’s immediately cut down that friction.” But Maher also says it is important to think about these platforms not just in terms of messaging but what they can enable by improving communication. There is a definite trend to ‘micro’ social networking platforms, which are on the rise; particularly things like Facebook Groups (also now an app) and third-party apps like Hibe that can be used on top of Facebook to create niche communities of people with common interests. “These are different ways of communicating with a more niche community. For example, being part of a group for the building you live in, sharing information about a cleaner; or ‘North Shore Mums’, sharing information about parenting. So for us, it’s about understanding these really highly contextual, niche communities as well and how they can be used by us.” In the context of real estate agents, says Maher, the app is another way of creating personal relationships. Part of an agent’s DNA in any case, Domain wants to look at where online audiences are going and how they are engaging with each other, even though it might not be applicable right now. “Agents need to understand these platforms and what the younger demographic is doing; for example, joining groups like North Shore Mums and being part of those conversations where you can add value to them.” For Domain, says Maher, it’s also about understanding more about how this technology will evolve and change behaviour, both in the office and dealing with the customer. “Prior to the Voice

“Agents need to understand these platforms and what the younger demographic is doing.” system platform, so instead of messaging your friend, you’ll message ‘M’ and it will help you do things.” How might this technology apply to property searches? “It’s interesting to us because we think about how people want to find property, how we can make it easier for them to do that and how we can break

Actions (personal assistant) service going out, we worked closely with Google. We wanted to get out there and start learning from it. For us, it’s about understanding new communication trends, then experimenting with those trends and platforms to see how we can apply them to real estate agents engaging with vendors or buyers.” •

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John McGrath • Josh Pheg Michael Sheargold • Tom Pan Caroline Bolderst

Emmy Thies

MARKETING SPECIAL

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PASSION FOR PEOPLE

LAURA LEVISOHN

5 STEPS TO DESIGNING THE IDEAL WEEK THREE QUESTIONS TO IMPROVE PERFORMANCE

How to get more productive… Fast!

SERVING A NICHE MARKET PAGE 50

IMPLEMENTING NEW TECHNOLOGY AS A TEAM

WHO’S BEHIND THAT DOOR?

MAKING INSPECTIONS EASY

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5 WAYS TO IMPROVE YOUR CONVERSION RATE PAGE 20

THE ART OF STORYTELLING PAGE 54

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John McGrath • Josh Pheg Michael Sheargold • Tom Pan Caroline Bolderst

PASSION FOR PEOPLE

Emmy Thies

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INDUSTRY REPORT PERCEPTIONS OF REAL ESTATE What your customers really think

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AUSTRALIA’S TOP GUN

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Charles Tarbey Antony Catalano John McGrath Maria and Manos Findikakis

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IT TAKES TWO

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From Bell Ringer to Master Auctioneer

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TRANSPARENCY OR TRICKERY What’s really driving agent review sites?

DEFENDING YOUR FEE Josh Phegan on getting what you’re worth

PROPERTY LAUNCH How a new method of sale is getting vendors top dollar

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Kate Smith

REA ESTAT GE

sales

The referral system that really works THE DIRECT TRANSLATION

of the Latin phrase Quid pro quo is ‘something for something’. You can use this to your advantage to to create partnerships with the local community who will be only too happy to promote your business in return for you promoting theirs. Ian Grace explains a tried and true marketing strategy that can help you win new clients.

40 ELITE AGENT • FEB-MAR 2016

ROM THOSE WHO are brand

new to those who have been in the industry for years, every agent tries a thousand different methods to make themselves known and generate listings. Let me tell you about something I’ve seen top performers in the industry do, both in Australia and in North America; it’s creating partnerships in your community and getting other businesses to promote you. I’ve seen this work just as well for brand-new agents as it does for those who are established. Very simply, you put together a list of the better businesses around: restaurants, hairdressing salons, DIY stores and so on. You then approach each one and ask whether, if you recommended their business to your database of customers, they would be prepared to give your clients a discount.

How does this work? Let’s assume your total database of customers is 2,000; of course, some may only have a few hundred while I’ve seen others with as many as 10,000. From experience, I know that if somebody has just had the offer of 2,000 potential customers recommended to their business they will happily offer a discount – normally 10 to 15 per cent is easily achieved. You then advise your customers that you have organised discounts for them at a large number of businesses – exclusively for them! List these businesses on a page of your website, so you can add to them continuously and your customers can check to see which businesses have been added. Then provide your customers with a VIP discount card. By doing this, you are also effectively locking in all your existing customers – a great bonus, as every business is always losing customers without knowing it. You then provide point-of-sale material at each business stating ‘XYZ real estate company discount card welcome here’. The news spreads among their friends and prompts enquiries from other customers at the till. This is where the law of averages comes in. A number of those friends and those who just see the point-of-sale material will be in the market to sell, buy, rent or have somebody manage their investment property. As part of the point-of-sale material you have provided business cards, ideally numbered on the back so you know where the referral has come from and can thank that business accordingly. It would also pay to set up a reward system for the businesses that refer customers to you; the more rewards they get, the surer you can be that the pointof-sale material will always be displayed prominently. Everybody wins, with the further bonus of creating the perception that you dominate the area, without people putting it down to the number of signboards they see.

When I was doing an advertising training session on the Gold Coast, one of the attendees volunteered, ‘I know exactly what you mean – when we were in Tasmania, one real estate group appeared to be absolutely everywhere: shops, restaurants, you name it!’ As far as they were concerned, that real estate group dominated the entire area; they never once thought about, or mentioned, the number of For Sale signboards they had on display. One world-beating business in Victoria had at one time around 120 companies

canvassed, but over a few short years I watched his business go from 250 to 500plus customer referrals each year. Hardly surprisingly, he is now reputed to be in the top one per cent in North America. At the start I mentioned brand-new agents. How does this work for them? Some are young and enthusiastic, while others are older, having had a change of career. But they are all starting with nothing and appear to have little to offer by way of a successful track record full of previously satisfied customers. Far too often these agents fall into the

One world-beating business in Victoria had at one time around 120 companies promoting them – how powerful is that! promoting them – how powerful is that! The list covered pages and pages on the website, broken down into categories to establish where all the discounts were available for their loyal customers. Another broker in North America, whom I’ve known now for around 14 years, did the same thing. He has never cold-

trap of cold canvassing, an absolute no-no in my opinion. With the rejections they get, this strategy does nothing for their self-esteem and quite often they don’t make it in the industry. However, if they have taken the initiative and their office allows them to refer their client database to selected businesses in

their local area (please understand the actual database is never handed over; the businesses and the discounts offered are merely referred to the clients), then even though they are brand-new they now have an important role to fulfil. What’s more, the business owners they talk to will see them as being significant and not just some inexperienced rookie. The further beauty of this is that as they talk to all these businesses they are not soliciting custom; they are offering customers to the businesses, so there is no pressure and no defensiveness. And guess what? In the course of their calls to these businesses, they are going to stumble across those owners or managers who just happen to be in the market for real estate in some way – buying, selling, renting or having someone manage their investment property. What a great bonus!

Known internationally as 'Mr Real Estate Advertising', Australian-born 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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sales

EFFECTIVE SALES MANAGEMENT: It's all about them HOW DO YOU GET THE most from your

sales team and keep them motivated to achieve outstanding results? Elite Agent Magazine talks with experienced Sales Director Craig Gillies from Coronis to determine the necessary factors for getting the most from your sales team.

N THE LATE 1980s Craig Gillies was

studying to become a lawyer. However, his friendship with Andrew Coronis and desire for success inspired a change of direction. Twenty-three years later, Craig now directs the sales department of Coronis, one of Australia’s largest and most awarded real estate businesses. Evolving from one office in Stafford consisting of two sales agents, Craig and Andrew, the Coronis sales department now employs more than 100 people across 20 offices in Brisbane, Toowoomba, the Sunshine Coast and the Gold Coast. In 2015, the sales team at Coronis transacted

42 ELITE AGENT • FEB-MAR 2016

more than 2,000 properties worth over $950 million. Having crafted the department himself, Craig firmly believes the basics are the same whether you’re managing a team of 20 or 100. “You need to know ‘why’ your team members are in real estate,” he said. “Your role as a leader is to help them achieve their goals. At the end of the day, they are selling properties for their reasons, not yours. “Goal setting is difficult for most people, but in real estate you can have anything you want. Step one is to set the right goals, which are realistic and really mean something to the person; things that will

really put a smile on their face. “We work with our team to set S.M.A.R.T goals - specific, measurable, attainable, realistic and timely goals in order to get their ‘why’ right. For example, if someone’s goal is to earn $150,000, we sit down with them oneon-one and work through the numbers required to achieve that income. “The numbers come from three key ratios, which are: 1. Call to appointment ratio 2. Appointment to list ratio 3. List to sell ratio “Once you know those ratios, you can realistically set your targets based on your goals, identify the required

behaviours and actions, and mentor and support your team members. “It won’t always be easy. Sometimes you will need to coach and push them; other times you will need to be their friend, but the important thing is to decipher what kind of support is needed. “There will always be an element of tough love. If you’re not upsetting the applecart, you’re not pushing them enough. Going the extra mile is the thing people don’t want to do, so when you point that out it can be uncomfortable; but it’s coming from the right place to get them to their goals. That’s tough love. But if they genuinely want to achieve their goals, the pushing will get them there.” Further to knowing your team members’ ‘why’, Craig believes you really need to know your team, including their circumstances, partners, kids, lives – in fact, the whole lot. “To be a good leader you need to stay across the numbers, but you also need to connect effectively with the people in your team and genuinely care about them. “When someone comes to Coronis, we essentially ask for two years of their life to get them up to a high performing level;

so it’s only fair that when we hand their life back it’s in a better condition than it was two years before.” When asked how he motivates his team, Craig says he doesn’t motivate them: he inspires them. “If you have to motivate a team or person, there is something wrong,” he said. “Think of a leaky tyre. If you have to pump it up continually, it will inevitably go flat. Real estate is tough; if you have to be pumped up or motivated, it’s not for you. “But if you want the nice house, the flash car, the annual overseas holiday, funds to build an orphanage or whatever, you will endure the tough times and persevere. “At Coronis we have a lot of healthy competition. To be recognised as an elite sales specialist is a big deal here. We help it along through several initiatives, including monthly sales specialist rankings, quarterly and annual awards, monthly training seminars with REA, our own two-day training conference and Rev Up, a three-month competition where we give three cars away to our top performing sales specialists. “I think training is an essential part

“When someone comes to Coronis, we essentially ask for two years of their life to get them up to a high performing level; so it’s only fair that when we hand their life back it’s in a better condition than it was two years before.” of inspiring the team. I have been doing this for 23 years and I still walk away with at least one new idea or tip that I can implement from every session I attend. The minute you think you know everything, you’re in trouble. “I read books and study leadership styles so I can continue to evolve as a leader and I seek out opportunities to meet other leaders, both in and out of our industry. “I also try to bring a bit of humour to situations wherever possible; you have to be the first person to laugh at yourself.”

* CPD Points are approved by RTO 21687 BPG Training Pty Ltd

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sales

Battle of the sexes Male vs. female agents – is there a difference? THE BATTLE OF THE SEXES HAS never been more relevant in real estate. Using the

results of a recent survey, Kylie Davis analyses the findings to highlight some surprising facts about an agent’s gender when it comes to vendor satisfaction.

HILE MEN and

women are fairly equally represented in the industry according to the ABS (51 per cent men and 49 per cent women), a closer look at job roles shows the numbers skewing. Women are more likely to be property managers and in admin roles, while principals and sales roles are dominated by men. Encouraging more women to become sales agents could be one of the most effective ways

4 4 ELITE AGENT • FEB-MAR 2016

to improve the perception of the industry amongst buyers and sellers. The data shows female agents are overwhelmingly more competent at the ‘human’ skills of empathy, communication and accountability that vendors regard as the hallmarks of an ‘excellent’ real estate experience. The recent Consumer Perceptions of Real Estate Agents survey by CoreLogic RP Data identified a significant difference in the satisfaction levels that vendors experience when dealing with a female sales agent compared to a male agent. Women were perceived as more helpful

by vendors, with 40 per cent of respondents rating their agent’s ability to ensure they understood all elements of the sales process as excellent, compared to 32 per cent of those with male agents. The data showed 66 per cent of vendors with female agents felt they were very well prepared before going through the sales process, compared to 56 per cent of vendors with a male agent. The interesting thing about the data is that at no time were respondents asked to judge or attribute the behaviour of their agent based on sex. The survey – of more

than 300 property sellers – simply asked early in the piece what the gender of their agent was. Then, separately and across the survey, they were asked questions about the behaviour of their agent generally. By cutting the data according to gender, it was possible to see how those behaviours compared by male and female agents.

vendors with female agents reported feeling delighted with the final outcome, compared to just 39 per cent of those with male agents. The survey also found the female agents used by vendors in our survey were consistently more likely to be rated as excellent at key skills than their male counterparts.

Once the property had sold, 45 per cent of vendors with female agents reported feeling delighted with the final outcome, compared to just 39 per cent of those with male agents. The most significant difference was in the consistency of experience vendors had across the sales process. Before the sales process started, 59 per cent of female agents and 58 per cent of male agents were able to inspire confidence in the minds of their vendors that they would do a good job and get a good price for their property. Once the sale had started, however, while confidence levels in female agents eased to 55 per cent, male agents fared much worse, falling to 48 per cent. Once the property had sold, 45 per cent of

According to the ‘Excellent’ rating awarded by their vendors, female agents significantly outperformed their male counterparts in the skills of handling open for inspections (41 per cent of women and 33 per cent of men), providing regular feedback (45 per cent females, 31 per cent males), following up of potential buyers and leads (43 per cent females, 29 per cent males) and negotiation skills (38 per cent females, 28 per cent males). Female agents were also overwhelmingly more than twice as likely to be identified as excellent at managing the sales process – 42

per cent for female agents compared to just 28 per cent for male agents. One of the most telling insights from the survey was that obtaining the expected – or better – price is a hygiene factor for vendors. They expect their agent to get the number they say they will. And the survey showed there was little difference in the final price performance of men and women. Male agents were slightly more likely to sell a property above the expected price of a vendor than female agents (24 per cent to 22 per cent respectively), with 49 per cent of male agents selling around the expected price compared to 52 per cent of female agents, and both sexes evenly represented at 21 and 22 per cent in selling below expectations. Gender also made no difference in the likelihood of a vendor recommending them to friends and family, with 68 per cent of vendors with male agents and 69 per cent of vendors with female agents saying they would happily recommend.

Kylie Davis is the consumer property commentator for CoreLogic RP Data. Follow her @KDavisCoreLogic.

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agent profile

David Swarbrick

Buyer Specialist/Sales Associate David Swarbrick has been working for Pat O’Driscoll Real Estate in his home town of Rockhampton for just over five years. Beginning his career in sales administration at the age of 22, David moved to commercial admin and then into property management. In November 2014 he started selling full-time and in late January 2016 he begins a position with McGrath Buderim on the Sunshine Coast as a buyer specialist/sales associate.

What was your first job, and what was the most important thing it taught you? My first job was when I was 17, working as a waiter in a restaurant called Ultimos. The most important thing that job taught me is that different people need to be serviced in different ways, whether that is as their best friend with a gentle approach to help them figure out what they want or just being there to take their order and nothing else. By

far the most valuable thing it taught me about myself is that I absolutely love being of service to people. What do you like most about your work now? I’m not sure who said it first, but I believe I heard Tom Panos quote something like “real estate is just the vehicle we use; our business is all about the people”. I believe that sums it up perfectly. It’s great that we get to look after the biggest

“THEY AREN’T SAYING NO TO YOU, THEY ARE SAYING NO BECAUSE WHAT YOU ARE OFFERING IS NOT RIGHT FOR THEM AT THEIR STAGE IN LIFE.”

and best investments people have in their lives, but what I love is that we get to help people realise their dreams. Working closely with clients and customers to achieve their goals gives me the satisfaction I crave. I’d go crazy with a desk job – I need to be interacting with and helping people. What do you still find most challenging about what you do, and how do you deal with it? I was going to say ‘prospecting’, but I’ve realised that the most challenging thing I face is rejection. This is present in many aspects of what we do, from prospecting to getting VPA, property pricing to negotiating. John McGrath has a great way of looking at rejection through prospecting: “They aren’t saying no to you, they are saying no because what you are offering is not right for them at their stage in life.” I also believe the best way to face rejection through other aspects of our business is understanding why people are saying no and having the rapport and product knowledge to be able to talk them through it. Define success for you personally. What will you have achieved? One word, ‘balance’. Real estate is a career that can be very demanding, especially at

46 ELITE AGENT • FEB-MAR 2016

the start of the journey, but I believe I am handling it better now. My aim is to have my own effective business unit that allows me to be able to spend time away with my family and to know that my business will continue to grow in my absence. Describe what a typical day looks like for you. Currently, it consists of trying to get myself out of bed around 6.00am to go to the gym and then into the office around 8.00am. I’m working on making 10 calls by 10.00am and try to get all of my administration duties out of the way before lunch, which allows for outof-office appointments in the afternoons. I’ve struggled with implementing an ideal week so far, although I see the importance of one and will keep trying until I get there. Is there one thing that’s not obvious about you that you wish more people would get? I can’t think of anything that’s not too obvious about me; I’m fairly straightforward when it comes to who I am. If you want people to ‘get’ things about you then you’ve got to show them. What’s your secret skill or superpower? I think it’s my ability to connect quickly with people. I love to learn about anything and

everything, so whenever I meet someone new it helps me to be genuinely interested in them as a person and what they do in their lives.

respect and compassion no matter their race, religion or economic status, and if I’m displaying that it makes me proud.

What makes you laugh? It’s hard to say just one thing; I love a complex joke or a silly video clip of a clumsy dog. I always laugh the hardest when I’m with my closest friends!

Is there anything you’re afraid to do, or you would do if you weren’t afraid to do it? I don’t have any big phobias that I’m aware of and if I come up against something that makes me nervous I try and push through it. I would love to try my hand at auctioneering. The idea of standing up in front of a crowd of people holding all their attention while trying to keep my head on straight is pretty daunting, but I’m sure it would be a thrill.

What’s the best compliment you’ve ever received, and why? I’ve been told a few times that I’m a very caring person. For me this is a very important characteristic which I think is lacking in the world. Everyone deserves a basic level of

If you could give one piece of advice to your younger self, what would it be? Stop procrastinating and just do it. I’ve been selling full-time since November 2014, but really kicked it into gear around March 2015. I thought, “This is what I want to do and it’s not going to happen by itself.” I began a process of rapid self-education with books, podcasts, online training and a very generous trip from my principal to AREC15. Another piece of advice would simply be to develop some goals; they give your life direction. What’s next? In a couple of weeks’ time my wife and I are moving

to Buderim on the beautiful Sunshine Coast. I’m starting a dream position with McGrath Buderim, working as a buyer specialist/sales associate as part of the EBU for the principals, Chris Pace and Damien Michael. I was a bit nervous about starting out in a new market, but this is going to allow me to supercharge my knowledge of the Sunshine Coast and at the same time learn from two very successful principals in a great company. In a year or two I hope to progress to sales agent for McGrath Buderim. The biggest goal I have set for myself so far is to be a million-dollar agent and I plan on achieving this by 2020.

eliteagent.com.au 47

The Home Straight Mark McLeod

Why trust will always trump skill A series of tasks completed consistently over a period of time is what creates the foundation to build your business for success, says Mark McLeod.

WAS RECENTLY asked

about a statement I made where I said that 'skill' is highly overrated. So let’s take it right back and fully understand our industry. Every industry in the world has a core product. Many argue that McDonald’s core product is hamburgers, but their real core product is time. How often do we duck into McDonald’s for a quick bite? Knowing this, it’s easy to understand why they put

decline of commission rates and many markets in Australia, where seemingly the tricky dialogue hasn’t worked, is from a lack of development of our core product: trust. You see, when a vendor calls in multiple agents to the listing presentation, effectively they are saying they don’t trust anyone. So the owners can’t make their decision based on the core product of trust. Instead, they have to go to the next level of decision-making, which is

When a vendor calls in multiple agents to the listing presentation, effectively they are saying they don’t trust anyone. drive-thru in all their stores many years ago. Champagne’s core product is celebration. I imagine we can all cast our mind back to the girl in the bubble dress. Each of these companies or industries has other products, but the development of their core product is integral to their growth. So what is real estate’s core product? I believe that it’s trust. If anyone is to fully trust someone, that trust has to be built over time. It’s unfathomable for me to believe that you can build real trust with some tricky dialogue, as I have heard one real estate coach call it. You could argue that the

48 ELITE AGENT • FEB-MAR 2016

often about fees, marketing and method. So let’s go back to my original statement. The price you will pay for not focusing on building long-term trust is that you will inevitably be called in more often to an owner’s home, along with multiple opposition agents. However, if you want to build long-term relationships, provide a genuine service and show empathy and customer centricity to the owner long before they go to choose an agent, there is a high chance you will get called in without competition. We have a number of agents we have been working with for a long time who are now

getting called in to over 70 per cent of their listing presentations unopposed. When they do, skill is nowhere near as important as if you are getting called in with multiple opposition agents. Let me clarify my opening statement. If you don’t build the structures and processes to build trust, then you will need to have the skill of a surgeon. But for those who take a long-term approach, build foundations and develop their core product of trust as their business grows and matures, then skill becomes less and less important. Picking up the phone and talking to contacts on your database doesn’t

require skill: it requires discipline and understanding. Communicating about what is occurring in one suburb and what is affecting the owner’s home doesn’t require skill, but strategy and thought. Developing an after-sales program and an advocacy program will then develop your referral network. This doesn’t require skill; it requires care and an understanding of the people who have passed through your business. Skill is probably underrated for many agents. That may be because they don’t fully understand our core product of trust, or because they underestimated the tasks that need to be done to create it.

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.

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