ELITE AGENT Issue 11 Jun Jul 2016 [FULL]

DON’T LEAVE A DOLLAR ON THE TABLE PAGE 30

OUTSOURCING PROSPECTING: BRIDGING THE LEADERSHIP CAN IT BE DONE? PAGE 64 SKILLS GAP PAGE 66

LEARN FROM THE BEST #11 JUN/JUL 2016

TECHNOLOGY

HARNESSING BIG DATA FOR PROSPECTING HOW TO

SURVIVE YOUR FIRST MONTH IN REAL ESTATE

MOST PROMISING NEW TALENT BEN MUNRO SMITH

110 PAGE SPECIAL EDITION FEATURING

CLAUDIO ENCINA JOSH PHEGAN STEVE CARROLL TOM PANOS NILA SWEENEY JOSH ALTMAN DAMON PEZARO MARK ARMSTRONG

+ THE TOP

50

TIPS FROM TRANSFORM

FLIP MAGAZINE OVER FOR

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Make the most of your Homepass account Follow the steps below and join Australia’s leading Agents using Homepass technology.

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2

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Download the Homepass app to your mobile device

Login to homepass.com to set up your account

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§

Invite your team to join

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Upload documents to your listings

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Need help? Contact support@homepass.com or join a homepass.com/webinar 1300 799 109 | sales@domain.com.au

FIND US AT AREC 2016 Stand 15

Issue 11 Jun/July 2016

eliteagent.com.au eliteagent.tv SAMANTHA MCLEAN – Managing Editor samantha@eliteagent.com.au MARK EDWARDS – Commercial Partnerships mark@eliteagent.com.au

DON’T LEAVE A DOLLAR ON THE TABLE PAGE 30

OUTSOURCING PROSPECTING: BRIDGING THE LEADERSHIP CAN IT BE DONE? PAGE 64 SKILLS GAP PAGE 66

LEARN FROM THE BEST #11 JUN/JUL 2016

TECHNOLOGY

HARNESSING BIG DATA FOR PROSPECTING HOW TO

SURVIVE YOUR FIRST MONTH IN REAL ESTATE

MOST PROMISING NEW TALENT BEN MUNRO SMITH

110 PAGE SPECIAL EDITION FEATURING

JILL BONIFACE – Sub-Editor editor@eliteagent.com.au LEARN FROM THE BEST

CHOOSING THE RIGHT TENANT

#06 JUN/JUL 2016

CLAUDIO ENCINA JOSH PHEGAN STEVE CARROLL TOM PANOS NILA SWEENEY JOSH ALTMAN DAMON PEZARO MARK ARMSTRONG

+ THE TOP

50

TIPS FROM TRANSFORM

FLIP MAGAZINE OVER FOR

MOIRA DANIELS – Deputy Editor moira@eliteagent.com.au

110 PAGE SPECIAL EDITION

MASTER YOUR DATA

THE MEASURE OF SUCCESS MELBOURNE REAL ESTATE

FEATURE WRITERS Iolanthe Gabrie, Anthony O’Brien, Steve Mallach

THE FUTURE OF PROPERTY INSPECTIONS

CHORUS DESIGN – Art Direction/Design thegoodpeople@chorusdesign.com

FLIP MAGAZINE OVER FOR

COVER STORY PHOTOGRAPHY

Dedicated to rental property

Rhyees Wedes, Campaigntrack

Proudly supporting AREC May 22nd & 23rd ›

Meet the Transform Super Six + Head Coach Claudio Encina, and check out the Busivid smartphone add-ons

SUBSCRIBE eliteagent.com.au/shopnow (02) 8231 6669 subscriptions@eliteagent.com.au

Complete our ‘Elite Agent’ Survey for a free subscription to the magazine and a chance to win a ticket to Josh Altman ‘Down Under’ Grab a copy of Manos Findikakis book The 60 Second Entrepreneur Get details about the next ‘Transform’ for Property Managers

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Editorial Submissions

Find out about custom publishing for your business

For up-to-date info visit our website eliteagent.com.au 6 ELITE AGENT • JUN-JUL 2016

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.

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Contents Regulars 010 EDITOR’S LETTER 012 READER PROFILE Lachlan Shields 014 PROPERTY MARKET UPDATE Nila Sweeney 016 UPFRONT News from the Community 019 EVERYONE IS TALKING ABOUT Hampersand 020 EVERYONE IS TALKING ABOUT Altman Brothers Down Under 028 ASK THE COACH Claudio Encina 030 BUSINESS DEPOT John Knight 032 PEOPLE PARTNER Alison McGavin

42

033 MINDSET CORNER Jet Xavier 034 DATA INSIGHT Eddie Cetin 036 HEALTH SCIENCE Emily Schofield 038 GET TO KNOW THE CEO Mark Armstrong, RateMyAgent 040 CHAMPIONS RateMyAgent Top Agents 052 AGENT PROFILE Michael McClure, Eview Group 072 THE HOME STRAIGHT Mark McLeod

First Person 022 AIN’T NO MOUNTAIN HIGH ENOUGH Josh Phegan 024 FOUR WAYS TO ATTRACT THE NEW IAGENT Glenn Curran 026 MILLION DOLLAR AGENT: IS THERE A PATTERN? Greg Dickason

46

Cover Story 042 BEN MUNRO SMITH Most Promising New Talent

Elite Agent 046 50 TOP TIPS FROM TRANSFORM Samantha McLean 050 MARKETING MAKEOVERS: TRANSFORM 2016 Melanie Hoole 054 GAINING MOMENTUM Samantha McLean 058 HOW EVERY DOG CAN LEARN NEW TRICKS Tony Rowe 060 HOW TO SURVIVE YOUR FIRST MONTH IN REAL ESTATE Maree Quinn 061 CAREER STEPPING STONES Virginia Brookes 062 THE POWER OF TECHNOLOGY Anthony O’Brien with Damon Pezaro 064 OUTSOURCING PROSPECTING: CAN IT BE DONE? Carl Quested

54 8 ELITE AGENT • JUN-JUL 2016

066 BRIDGING THE LEADERSHIP SKILLS GAP Julie Davis 068 BIG DATA: HOW TO HARNESS IT FOR PROSPECTING Kylie Davis 070 REAL ESTATE: IS IT ALL ABOUT THE MONEY? Manos Findikakis

I

EDITOR’S LETTER I’M WRITING THIS as I’m listening

to Malcolm Turnbull’s speech to the media after calling a Federal Election for July 2.

He said, and I quote, “We live in a time of remarkable opportunity. We live in an era where the scale and pace of economic change is unprecedented through all of human history. The opportunities for Australia have never been greater. But if we embrace the future with optimism, selfbelief and a clear plan, then we will succeed as we have never succeeded before.”

There it is, people, no matter what your politics. Read it again if you have to. Right there. It’s a blueprint to succeed at anything, even real estate. And we have had this confirmed by each and every coach in our 12-week Transform program – where we finally have a winner! Although, in my eyes, each of the super six are all truly winners.

One of the most-heard phrases in Transform was, ‘I’m sorry, Ben, but I’m going to have to pick on you,’ and, ‘Sorry, Ben, but you are the closest’. Whether it was because he was always nearest

10 ELITE AGENT • JUN-JUL 2016

to the coach on any given day, or because by some strange coincidence a few of them lived in his local area of Balmain, NSW, we heard that one a lot. But despite the number of times he was singled out or even ‘picked on’ (in a very affectionate way I might add), even in the amazing company of the other Super Six, Ben did stand out, and for all the right reasons. There was no job too big or too small, no deadline not met, no lesson left unlearned.

We’re pretty sure this consistency is what will give him the edge in the future and we can’t wait to see what he does next.

Transform, to state the obvious, was all about personal transformation and, for each of the Super Six – Ben, Jamie,

I am really proud of Transform in a different way too. As publishers I believe we have a responsibility to effect positive change for our audiences and, from the people I have spoken to who have watched the Transform videos, I think we have done that (and will continue to do so).

And so this issue we bring you 50 top tips from the Transform coaches and the Super Six, which you will find on page 46, or you can go online and watch all the coaching sessions and the Super Six feedback videos at eliteagent. com.au/transform.

Turnbull is spot on about the era we live in being one where the scale and pace of economic change – and let’s add technological change – is

If you embrace the future with optimism, self-belief and a clear plan, then you will succeed as you have never succeeded before.

Jean Paul, Kim, Melinda and Zac – about their own journey. It was not a competition between them but more about seeing who would progress furthest in 12 weeks. I think they will all tell you how close they have come to each other and choosing someone for this cover was a really tough job; Mark, Claudio, Melanie and I have become incredibly fond of them all. After 12 weeks of working hard on themselves and their businesses they have all come a long way and it will be interesting to see where they are in a year’s time.

unprecedented. If you are sitting at AREC right now, you’ll likely be hearing a very clear message from the stage (no matter who happens to be up there!) about your future being up to you. The opportunity is in your hands to make your own rules, break the unbroken and find new ways of doing things that will serve to future-proof your business.

Whether you are sitting at AREC or not, what do you really want? I remember talking to Shark Tank star Naomi Simson last month before she spoke at LPMA. Many have written about

her expertise in productivity, so I asked her what her top productivity tip was. She said, “It’s funny you should say I’m an expert at productivity. I’m not.

I’m just focused. Most people are unproductive because they don’t know what to work on.” Her advice: Work out what you really want to do and do the things that drive you towards that goal.

Good advice, I think!

It’s been a big couple of months for us; this magazine at 110 pages is the biggest we have ever produced – and in about two thirds of the time we normally have to do it. We have a couple of new team members for you to meet; they will be with us at AREC 16, so make sure you come and say hi. New also on the regular contributors list is Nila Sweeney with a national market roundup; she has an amazing depth of knowledge on the

market and I know you’ll find her updates really informative.

Also on the agenda should be having that ‘new office’ warming party we’ve been promising for a while – it’s just that producing great content (always the priority for us) keeps getting in the way of setting a date!

I hope you enjoy this special edition of the magazine that has something for everyone, no matter what stage you are at in your career.

Remember, the opportunities for you have never been greater.

If you embrace the future with optimism, self-belief and a clear plan, then you will succeed as you have never succeeded before.

eliteagent.com.au 11

READER PROFILE

REAL ESTATE FAN At what age did you develop a passion for property? Eighteen? Twentyeight? Chances are it wasn’t as early as Lachlan Shields, who at 14 is arguably the industry’s youngest supporter.

Gaining a large following on Instagram to share his love of property, he has also managed to rub shoulders with some real estate royalty along the way.

How old were you when you first knew you wanted to be a real estate agent? Are there any real estate agents in the family?

I was about six when I first got into real estate. None of my family are directly linked to real estate but they had involvement through property investing.

I do have plans to become an auctioneer; I have assisted with auctions in the past.

What attracts you to being in the real estate profession?

Probably helping people find their dream home. I’m also told I’m a very big people person.

Sales or property management?

Any plans to become an auctioneer?

Probably sales would be the best for me; I wouldn’t mind going into property management as well. I do have plans to become an auctioneer; I have assisted with auctions in the past.

Which real estate agents do you look up to, and why?

I look up to all good agents pretty much; agents who can score a lot of sales and have good relationships with their community. I don’t really have a particular hero or role model.

You have quite an extensive collection of signs – what’s in

12 ELITE AGENT • JUN-JUL 2016

there and how big is it? Is there anything missing that you would really like to have?

I do have a huge collection (I have a shed for it all). Most of my signs were gifts and I’ve bought a couple of things; I have a lot of some brands, but none of others. Anything to add to the collection is good. Some pull-up banners and endurosigns would be nice to have.

If you could have any real estate mentor or coach (once you are old enough) who would that be?

Don’t make me choose one!

Each coach or mentor is

different; they each have their own specialities. Probably some high up mentors like Josh Phegan, Tom Panos, John McGrath would be best for me.

Favourite accounts that you follow on Instagram?

Each account is different and good in their own way, so I can’t really pick a favourite.

What is the most impressive open home/auction that you’ve been to?

Probably the recent auction event hosted by the Ray White Surfers Paradise Group.

What do you think is in store for the real estate industry in Australia in the future?

Look, I see that the real estate industry is going to become a lot more technology based, which I’m already witnessing now. One problem is I see that agents pretty much market the same as their competitors; I am hoping that changes within the next few years.

What are you most looking forward to about AREC 2016?

Probably listening to speakers and checking out exhibitors; @Realestatefan on Instagram is also going to keep me busy!

PROPERTY MARKET UPDATE

STATE OF AUSTRALIA’S PROPERTY MARKET WEAK CONSUMER SENTIMENT and growing economic

uncertainty are weighing on Australia’s property markets, as evidenced by a markedly slower growth and, in many cases, even falling values. However, there’s an upside to the market downturn. Nila Sweeney, Managing Editor of Property Market Insider, explains.

NO MATTER HOW SOME people might try to

spin it, there’s no denying the fact that, broadly speaking, Australia’s property markets are now well and truly in a downturn.

The slowdown that started in January has continued and, if the recent data is an indication, further weakening is on the cards for the rest of the year.

According to the March quarter data from Domain, house prices in all capital cities except Melbourne and Hobart suffered a significant drop in prices during the March quarter amid shaky consumer confidence. Units across the board have fallen in value, no thanks to the record number of new apartments built in most capital cities over the recent years.

First-home buyers are now facing less competition from investors and could well be the next growth engine for the real estate market.

“Weakening economic activity and growing uncertainty is impacting fragile consumer and investment sentiment, leading to falling house and unit prices in many capital cities,” explains Andrew Wilson, chief economist with Domain. “The national median has now fallen over consecutive quarters for the first time since June 2011 as the general housing market correction consolidates.”

Wilson points out that the outlook for house prices remains subdued, with capital city growth likely to continue to track at best just above the inflation rate for the remainder of 2016.

14 ELITE AGENT • JUN-JUL 2016

Domain’s result is a stark contrast with the CoreLogic RP Data results, which showed a broad-based gain in values, albeit at a much slower pace than previously. Tim Lawless, Regional Head of Research for CoreLogic RP Data, explains that the bullish result is fuelled by strong buyer demand, supported by mortgage rates that are at historic lows, as well as high levels of investment demand.

“Even though investor demand has eased since May last year, investors still comprise approximately 46 per cent of all new mortgage commitments,” says Lawless.

“With the likelihood of interest rate increases in the foreseeable future almost non-existent due to the negative March quarter inflation reading, buyer demand is likely to remain high for housing. Similarly, as long as taxation policy continues to support investment in the housing market, we are likely to see investors remain as a substantial component of housing demand due to the lack lustre returns evident in other asset classes, such as cash, bonds and equities.”

FIRST HOME BUYERS SET TO RETURN While slower growth may not sit well for property owners hoping to capitalise on stronger equity growth, the prospect of lower house prices is welcome news for prospective first-home buyers still struggling to get into the market.

With interest rates remaining at record lows, experts expect a solid revival for this segment of the market, especially at a time when investor lending continues to tighten. Firsthome buyers are now facing less competition from investors and could well be the next growth engine for the real estate market.

STATE BY STATE ANALYSIS Sydney – After suffering a record decline during the December quarter, Sydney’s

median house price fell again over the March quarter, recording a 1.5 per cent drop to $995,804, according to Domain. Sydney’s unit prices also fell for the second consecutive quarter, down by 0.7 per cent to $656,166.

On a year-on-year basis, Sydney house prices rose by 6.9 per cent, while unit prices rose by 5.8 per cent.

While the rate of decline slowed after the dramatic drop recorded in the previous quarter, Wilson points out that this is the first time Sydney house prices have fallen for consecutive quarters since December 2011. It also brings Sydney’s median house price down below the million-dollar mark.

“We can expect subdued conditions to continue over the rest of 2016, with any price growth unlikely before spring,” says Wilson.

Melbourne – Defying the downturn that’s gripping the country’s property markets, Melbourne’s house prices climbed by 1.2 per cent over the March quarter to a $726,962 median price, according to Domain. Over the past 12 months, house prices have jumped by 11.8 per cent.

In contrast to the solid house performance, units continued to lose ground. The median price dropped by 1.7 per cent during the March quarter to $444,370. Over the year, the median unit price grew by just 3.8 per cent.

“Melbourne has now overtaken Sydney as the fastest-growing capital city housing market in Australia. Melbourne has recorded 14 consecutive quarters of house price growth, the longest sequence since June 2008,” says Wilson.

Brisbane – Despite finishing strongly in 2015, Brisbane’s median house price fell to $512,809 during the March quarter, the first price drop since September 2014, according to Domain. Over the year, house prices rose by 4.1 per cent.

While this is a disappointing result for property owners, the more worrying issue is the continuing decline in Brisbane unit prices.

Domain’s data shows Brisbane has now recorded seven consecutive quarters of falling unit prices, with the recent apartment building boom pushing supply ahead of demand.

“Just like the other capitals, Adelaide has experienced a flattening of price growth, with future growth likely at a slower rate than the recent years,” says Wilson.

Perth – It turned out the rebound in Perth’s house prices during the December quarter was just a blip. During the March quarter, the median house price resumed its downward trajectory and fell by 1.3 per cent, according to Domain. Over the year, Perth house prices fell by 4.7 per cent, the sharpest decline of all the capitals.

Just like houses, Perth unit prices also fell over the March quarter following the rise in value over the previous quarter. Unit prices plunged by 3.7 per cent to $379,975. On an annual basis, unit values have dropped by 5.1 per cent – the steepest fall since December 2011.

The outlook for Perth doesn’t look too flash either, according to Wilson. “It will be a slow journey back to price growth,” he says.

Adelaide – Adelaide’s housing market also failed to capitalise on its strong performance over 2015 and saw house prices drop during the March quarter. The median house price fell by 0.5 per cent to $491,422, the sharpest decline since September 2012, according to Wilson. On the bright side, Adelaide’s unit prices were steady during the same period, making it the only capital city not to record a drop in unit value.

MEDIAN DWELLING PRICE 2016 Capital city

Mar 2016

Dec 2015

Mar 2014

Quarter on quarter

Year on year

Sydney

$995,804

$1,011,283

$931,735

-1.50%

6.90%

Melbourne

$726,962

$718,342

$650,422

1.20%

11.80%

Brisbane

$512,809

$513,066

$492,659

-0.05%

4.10%

Adelaide

$491,422

$493,684

$475,189

-0.50%

3.40%

Perth

$579,914

$587,592

$608,614

-1.30%

-4.70%

Canberra

$638,696

$647,567

$609,554

-1.40%

4.80%

Hobart

$360,212

$345,409

$334,757

4.30%

7.60%

Darwin

$610,305

$641,873

$631,147

-4.90%

-3.30%

National

$719,024

$722,455

$677,341

-0.50%

6.20%

Source: Domain House Price Report, March 2016

DWELLING PERFORMANCE – APRIL QUARTER 2016 Capital city

Month

Quarter

Year on year

Median dwelling price

Sydney

2.40%

3.90%

8.90%

$780,000

Melbourne

1.10%

0.80%

10.10%

$585,000

Brisbane

2.20%

2.80%

6%

$465,000

Adelaide

2%

4.50%

3.60%

$410,400

0.50%

0.50%

-2.10%

$505,000

Hobart

-2%

-0.30%

1.10%

$330,000

Darwin

-1.70%

0.80%

-3.70%

$509,000

Canberra

1.20%

0.30%

4.50%

$540,000

Combined capitals

1.70%

2.40%

7.30%

$575,000

Perth

Source: CoreLogic RP Data

Hobart – Hobart, together with Melbourne, was the only bright spot in what turned out to be a weak quarter for the property market.

Median house prices surged by 4.3 per cent over the March quarter to $360,212. This strong showing follows the 3.5 per cent jump during the previous quarter. Annually, house prices jumped by 7.6 per cent, the secondbest performance of all the capital cities.

In contrast, Hobart unit prices lost 6.2 per cent over the March quarter, to $251,633.

Over the year, unit prices fell by 3.3 per cent.

“After a lengthy period of subdued growth, Hobart continues to play catch-up, recording the strongest price increase of all capitals across the March quarter. Despite further likely rises, Hobart remains the most affordable Australian capital city,” says Wilson.

Canberra – Just like all good things, Canberra’s strong run over the last five quarters came to an abrupt end during the March quarter.

According to Domain, the median house price fell by 1.4 per cent to $638,69. However, it still managed to rack up a 4.8 per cent growth over the past 12 months.

Also, just like most capital cities, Canberra unit prices reversed the rise of the previous quarter, falling by 2.8 per cent to $400,637, an annual decrease of 4.7 per cent.

“An oversupply of new apartments is affecting unit prices in Canberra. A rebound in Canberra house prices will be dependent on the performance of the local economy,” says Wilson.

Darwin – Darwin house prices fell sharply over the March quarter, losing 4.9 per cent to $610,305; the third consecutive quarter of falling house prices, according to Domain.

Unit prices also recorded a steep drop during the same period, losing 4.1 per cent to $448,416.

“The Darwin market continues to adjust to the downturn of the mining sector and reduced demand from fly-in-fly-outs. Lower prices, however, are good news for home buyers. The Darwin unit market remains vulnerable to further price falls as a result of recent significant developments of new apartment complexes,” says Wilson.

Nila Sweeney is the Managing Editor of Property Market Insider. Formerly the Managing Editor of Your Investment Property and Your Mortgage Magazines, Nila has more than 10 years experience writing about Australia’s property market. For more information, visit propertymarketinsider.com.au.

eliteagent.com.au 15

UPFRONT

LEARN FROM THE BEST – VISIT ELITEAGENT.COM.AU

JOSH ALTMAN FROM HIT TV SHOW MILLION DOLLAR LISTING LA IS COMING TO AUSTRALIA

Stand out in your marketing with expert copy and creative Are you a part of the growing crowd in real estate who has decided to employ a graphic designer to work on your internal marketing? This may be the moment you reconsider that decision, as we ask: why not choose to work with a creative agency instead?

Evidently, there are pros to hiring your very own trained employee, such as the constant access to their skills to build your DL campaigns or in-house certificates each month. Yet, when they get bogged down with these small tasks, the ability to lead the industry and develop innovative concepts is lost.

Choosing a full creative agency like Identity Marketing can offer you so much more. With a team of marketing gurus, graphic designers, digital and web developers, social media experts, videographers and copywriters, a broad skillset is instantly at your disposal. And the best part is they work exclusively with real estate agents!

After working with agencies across Australia and New Zealand, Identity Marketing has the experience to anticipate your needs, and is constantly developing new products to combat your daily struggles.

“We’ve worked with over 150 agents in the last few years, and this has really given us the chance to monitor trends across so many marketplaces,” says Sales Director Steve Osborn.

“Our team are experts in effectively showcasing an agent’s brand across their marketplace; they know what works and can help you get the right message across to consumers.”

Visit identity.marketing or call 1300 590 494 to find out more.

16 ELITE AGENT • JUN-JUL 2016

Josh Altman is one of the world’s most successful celebrity real estate agents.

From Kim Kardashian, Kanye West and Britney Spears to Ashton Kutcher and Miley Cyrus and many more. The star of the hit TV show Million Dollar Listing LA is coming to Sydney, Melbourne and Brisbane on June 14,15 and 19 respectively on a speaking tour.

Josh will explain how he became a successful real estate agent, how he got the most amazing client list and how he buys and sells properties for tens of millions of dollars, sometimes in the space of a

Josh will be joined on the tour by his brother and business partner Matt Altman.

TOUR DATES SYDNEY Tuesday 14th June 2016, 7pm The Star, Sydney.

MELBOURNE Wednesday 15th June 201, 7pm Melbourne.

Convention & Exhibition Centre BRISBANE Sunday 19th June 2016, 7pm Sofitel Brisbane. single day! He will teach the secrets of his success and how they apply to not just real estate but for everyone in their business, family, personal and love life.

Buyer Matching software provides ‘unreal’ success rate An independent agency with a sales team of five, Unrealestate Coffs Coast lists and sells more property than any other agency in their local area.

The secret to their success? ReNet Touchpoints Manager.

“The ReNet solution is critical to our business,” Managing Director Chris Hines says. “We’ve worked really hard over the years to build our database.

It’s now a mature database and Touchpoints Manager allows us to make the most of it.”

The team at Unrealestate use the contacts management function to help win listings.

“We take the time to explain to prospective vendors how we can easily match potential buyers to their property,” he explains. “We use the software to demonstrate our success rate by showing examples of how our database allows us to identify the

Early Bird Tickets start at $49 from www.joshaltman.com.au and Josh & Matt Altman are also available for private lunches, dinners and engagements while here subject to availability.

right potential buyers quickly.”

According to Sales Director Kerry Hines, the ReNet solution allows the team to work smarter, not harder. “Every person we talk to is entered into our database – from open homes, door knocks, telephone prospecting …” Kerry explains.

“With Touchpoints Manager, we use the contacts manager to prospect and win listings, complete the transaction through the sales process and then use the software to continue tracking our relationships with past and current clients.”

Both Chris and Kerry agree that clients really appreciate the level of contact and follow up Touchpoints Manager allows the Unrealestate team to provide.

“The task trails in the system are crucial for us, so nothing is missed – following up after an appraisal, contacting past clients on the anniversary of a sale, and so on.”

For your no-obligation, free demonstration of the revolutionary ReNet Touchpoints Manager software solution, call (02) 6658 8767 or visit renet.com.au

YourPorter/iSelect together deliver choice and convenience Utility connection companies have been around since 2001 and their primary function is to provide a convenient method to connect electricity, gas and telecommunication services. The product offering has basically remained the same for the last 15 years with limited choice across service providers.

The increased number of new energy/telecommunication retailers entering the market and the attention the media has given this segment, have assisted in educating the consumer and shifting their expectations.

Convenience is no longer enough to secure customer satisfaction. For too long,

moving home clients using connection companies have been unable to access competitive energy products, and have had limited telecommunication options due to two major factors.

Convenience: Often, the time between signing leases and moving into a property can be a matter of days and the opportunity to use a service to connect all utilities in one phone call is an attractive proposition (one less thing to think about). That being said, it regularly comes at the cost of poor product fit (often one available plan at a higher rate) not just across energy, but also telecommunications (internet and phone).

Choice: Most utility connection companies are owned by, or aligned with, one energy retailer spruiking their own product. The moving client has one of two choices: begrudgingly connect, or spend the next couple of hours looking for the right product fit across numerous services. In the end the result is the same – poor customer experience and/or poor takeup rates resulting in diluted referral commissions.

YourPorter partnered with iSelect to deliver real choice (right product fit) and convenience to all your clients. YourPorter – powered by iSelect’s product set of 10 energy retailers, 10 internet

suppliers, a host of insurance partners in health, life and car as well as mortgage/ finance services – is being viewed as a complete service offering to real estate clients.

YourPorter now has the ability to assist not just your moving clients, but all your existing and new clients by offering health checks on their existing services, significantly increasing office revenue.

To find out how to partner with YourPorter to enjoy higher referral fees, annual distributions and equity, drop us a line on info@yourporter. com.au or contact Martin Foreman on martin.foreman@ yourporter.com.au or 0422 924 303.

Top Double Bay Agent now coaching others who want to be top performers Wayne Ihaka is a leading coach and mentor to agents and companies across Australasia and Europe, specialising in raising the bar for real estate sales professionals.

Over the years he has empowered and provided the motivation and skillsets required to attain that elusive and exclusive mindset that top performers own.

When you want an engaging coach who can articulate the basics in an enthusiastic, energetic and no -nonsense approach that is readily absorbed and retained to kick-start you upwards to your full potential, then Wayne is that coach; he will get you to the finish line.

A champion real estate agent in his own right, Wayne has the runs on the board to deliver those attitudinal convictions for start-out mentality, tweaking or sharpening the way you tick.

His courses are designed for all levels of the sale agent coaching process from rookie to Top Gun. You will be introduced to the ‘Science of The Mind’ seminars where easy to follow

steps and personal solutions are combined with the sales crafts and systems providing the platform to fuse you into an unstoppable sales machine.

Wealth creation mindsets are covered in a collaborative transformation when Wayne brings business acumen from his years as CEO and owner of a leading supplier to AusAid and international logistics companies, plus his years in the international oil business in Europe and the Middle East.

A master in the art of teleprospecting and 121 prospecting so that you never miss an appointment again, the passion and clarity of the program empowers all who have participated in Wayne’s seminars.

Wayne has melded the psychological tools of the mind absorbed over the years from Dr Fred Grosse into an Olympic Champion series of seminars and oneon-one coaching techniques which bring together the technical abilities and their undoubted success into alignment with the individual’s wealth creation strategies, culminating in a prosperous

and harmonious lifestyle.

Coaching and mentoring options are tailored to each individual and company to deliver the optimum outcome, and providing a critical edge to his clients is what Wayne brings to the process to allow them to work smarter, and importantly, create a pathway in maximising their potential.

Visit wayneihaka.com for more information. eliteagent.com.au 17

UPFRONT

LEARN FROM THE BEST – VISIT ELITEAGENT.COM.AU

CHANGES TO LEGISLATION IN NSW FOR BUYING ‘OFF THE PLAN’ Legislation in NSW has been amended to provide additional protection for purchasers of ‘off the plan’ property. Amendments to legislation have been passed by the NSW Parliament to protect consumers in response to an emerging concern that certain developers may be terminating contracts specifically for financial gain, through the use of ‘sunset clause’ provisions.

However, some NSW consumers have reportedly had their contracts rescinded by developers using sunset clauses, only for the land or apartment that has been the subject of those contracts to be resold shortly after, for a higher price.

In some other instances, developers have used delay with a project to activate the sunset clause.

This practice creates uncertainty and disappointment for would-be buyers, who may have been waiting to settle the purchase for many months or years.

According to Fair Trading, the law has been strengthened to help stop developers from unreasonably using sunset clauses, provided in their contracts for off the plan residential property sales, to bring those contracts to an end.

Now, under the Conveyancing Amendment (Sunset Clauses) Act 2015, a developer that is the vendor under a contract is now required to give notice to each purchaser under the contract, before ending the contract. This notice must state why the developer proposes to end the agreement and give reasons for delay with the project.

Under the new rules, for the contract to be terminated, the purchaser would need to agree, and if the purchaser does not agree, and the lot has not been created before the sunset date, then the developer will need to obtain an order from the Supreme Court permitting the contract to be rescinded.

The new legislation applies to all off the plan contracts that have not been completed - that is, contracts that are still in operation on 2 November 2015; and, also, to any off the plan contracts entered into on or after 2 November 2015.

For more on this topic head online for Brad Caldwell-Eyles view of the changes at eliteagent. com.au/developersunset or visit fairtrading.nsw. gov.au.

18 ELITE AGENT • JUN-JUL 2016

Earn your CPD points* for attending AREC or ARPM 16 for $57 for a limited time.

Did you know that by attending AREC 16 you may be eligible for CPD points in your state, through myrealestatecpd.com.au?

Here’s how: 1. Visit myrealestatecpd.com.au/events16 2. W atch the video and follow the instructions depending on your location.

NSW Agents will be able to receive 12 CPD points on completion of an assessment. Other states have different requirements which are noted at myrealestatecpd.com.au/events16.

For more information call the office on (02) 8231 6669. *CPD Points are approved by RTO 21687. The discounted offer of $57 applies until the 30th September, 2016 after which the normal assessment and certificate fee of $99 applies. CPD Points are not applicable to SA and NT.

Get top dollar for your vendors with Domayne styling and staging Domayne Furniture Hire offer a wide range of furniture, bedding and home wares to hire for your property staging or for furnishing a rental.

With a strong, established influence already in the furnishings industry, Domayne is able to access a diverse range of products and suppliers that can help you to create an immediate emotional response from buyers in order to achieve a more efficient and profitable sale.

The Domayne difference: • No fixed pricing on packages that include products that you don’t need.

• We provide a personalised property staging service with our qualified stylists, and extend our product lines to experts in the field. Domayne openly welcomes and services

stylists, agents and decorators in the market who require our furniture hire.

• We offer stylists an appointment to select their own products at no further charge. However, if you simply can’t find the time, you can use our new Selection Service where a qualified Domayne representative will work with you. We do all the leg work for you, piecing together a pack from the furniture through to accessories. We can also provide a furniture schedule, with photos of what you can expect to get delivered on the day of install.

• We offer flexible short- and longterm agreements to all clients, with easy extension periods available where required, and to both commercial and residential interiors.

• We offer both hire and purchase, and can provide quick quotes for both • We offer exclusivity with our product and offer only a few install jobs per week, limiting the product out on the marketplace at any given time.

Visit Domayne Furniture Hire at AREC 16, stand 42.

EVERYONE'S TALKING ABOUT…

THE LUXURY GIFT THAT HELPS THE HOMELESS HAMPERSAND IS AN IDEA whose time is now.

The charismatic and dynamic founder, Julian Brown, a self-confessed ‘tech sales guy’ with over 25 years’ experience working for the likes of SAP and Salesforce.com, calls Hampersand his very own “war on cellophane and salted peanuts”; referring to the traditional hamper market as “outdated and often insulting”.

JULIAN RECENTLY RECOUNTED to this writer

an example of how not to thank a client with a settlement gift: A close associate of his recently settled on a property, paying an agent’s commission of over $60,000.

The vendor received a settlement gift from the agent: a black cardboard hat-box with a ribbon on it, containing a bottle of warm generic white wine, a tin of coffee, a bag of tea and some biscuits. Brown says that “in an industry where personal brand, referrals, and stock are everything”, he believes this is “inappropriate, under-cooked and really not a lot of wow-factor.”

Born off the back of this relatively common generic gift, Hampersand was created as a product of new-generation thinking, and has been quickly embraced by some of the trail-

blazers in real estate, some of whom have in excess of $1B in properties sold to their name. Brown believes that these clients of his “have long understood the value of their personal brand, and what it takes to build and maintain that eminence and prestige”.

“These agents aren’t gifting Hampersand because of their success; rather they understand that a Hampersand Luxury Gift is an appropriate gesture in a transaction of

importance, and reflects on their brand.”

So what makes Hampersand gift different?

When Brown describes Hampersand you can almost feel the passion. He tells us that “Hampersand comes in a handcrafted wooden box that can only be opened by the 18ct gold-plated mini crowbar inlaid in the lid, and are delivered chilled anywhere in the country, often by Uber Black. The hampers start at $250 and the top end Luxury Hamper ($850) contains chilled Cristal Champagne, sumptuous Truffle Honey, Truffle Mustard, Chocolate Enrobed Figs, sensuous Certified Organic Skin Care products from Jamie Durie, Hand-Conched Chocolates, and many more luxurious delights”. Most importantly for Brown is the donation in the recipient’s name to Youth Off The Streets. (Hampersand pays a 10 per cent Annual Dividend to Youth Off The Streets, and Father Chris Riley, CEO of YOTS, is on the Hampersand Board).

When asked what’s next, Brown smiles and says “Well, we do own the .com domain as well, but let’s see what we can do in Australia before we get ahead of ourselves.”

The range can be viewed at hampersand. com.au. Turn over to find out how you can win a ‘Delight’ Hampersand hamper.

Hampersand gifts come in a handcrafted wooden box that can only be opened by the 18ct gold-plated mini crowbar inlaid in the lid, and are delivered chilled anywhere in the country, often by Uber Black. eliteagent.com.au 19

EVERYONE'S TALKING ABOUT…

THE ALTMAN BROTHERS ‘DOWN UNDER’

What’s the market like in LA? The market is still super-hot. We’re still very cheap compared to other major global markets and we’re seeing a lot of overseas money. My personal favourite area is where I live on the Sunset Strip, right above Sunset Boulevard.

The views are fantastic.

Do US portals like Zillow and Trulia play a big part in what you do?

You’ve got to embrace the internet and social media. It can be a huge help. Our buyers are smarter these days. Back in the day I’d identify five properties for them; now they basically do it for me. At the end of the day, what separates a good agent from a great agent is somebody who sees the client’s wish list and says, ‘You have to see this, this and this – trust me.’

Is marketing a property in the US different from Australia?

Yeah, it’s totally different. If I ask one of my clients to pay for advertising they’d kick me out of their house. I’ll spend 10 thousand dollars on advertising the average house priced between $2m to $4m.”

JOSH ALTMAN, STAR OF Bravo’s hit TV series ‘Million

Dollar Listing: Los Angeles’, will be touring Australia this June. During ‘Live in Australia’ Josh (and brother Matt) will reveal their trade secrets – including how to outsmart the competition – and will share tips on how to succeed in your professional and personal life.

How did you started in real estate?

When I arrived in LA I didn’t have two dimes to rub together. I was working in an office mail room to make ends meet. My brother and I saved five grand and we took out 100 per cent financing on a property which we flipped three months later. The profit was $200,000.

We used that money for our next property investment and then the next one.

I ended up quitting my job and became a fulltime real estate investor. Eventually I ended up as a real estate agent – two billion dollars sold and here I am.

Our goal last year was to sell $1m a day, which we did. The goal this year is to sell $1m to $2m a day.

20 ELITE AGENT • JUN-JUL 2016

You work as both a buyer’s agent and a listing agent. Which side do you prefer?

Today I was with five different buyers.

Tomorrow I’m going to be spending half my day showing my own listings. I don’t know which side I prefer more, but I just love the art of negotiating. It’s all good fun – it’s about finding someone their perfect dream home. Do that and you’ll be on their speed dial forever.

You end up getting 10 more clients from them.

What’s your turnover been so far this year, and how many transactions do you average?

Probably about 130 transactions per annum. In the last seven days I’ve sold $45 million worth of real estate, including the most expensive house sold in Brentwood this year so far, for $20m. I have at least 15 to 20 deals in escrow at all times. Our goal last year was to sell $1m a day, which we did. The goal this year is to sell $1m to $2m a day.

What’s your average for days on market at the moment?

Ninety days on market is usually average. You price the house right, it’s going to sell before it’s listed. If you price it too high it’s going to sit and sit.

How would you summarise your philosophy and approach to real estate?

The philosophy that got me where I am is ‘ready, fire, aim’, which is really being able to recognise an opportunity when it’s in front of you. If you do mess up, which lots of people do, you need to know how to pick yourself back up and finish strong.

There are going to be good days and bad days in real estate; there are going to be good markets and bad markets. But you need to stay positive. Just keep your head down and keep working.

If you could work with any other Million DollarListing agent, who would it be?

Fredrik from New York! He’s the best and we already do some work together.

With a LIVE Q&A and audience participation, don’t miss your chance to learn from the best. Experience Josh and Matt Altman Live in Sydney, Melbourne and Brisbane on June 14th, 15th and 19th.

Private Dinner and Special Meet and Greet Experience tickets available: visit joshaltman.com.au.

WINNER! @AGENT.ALISTAIR

@THE.PEOPLES AGENT

@NATHAN_HUTCHINSON8

@RHYEES

@UPLOANS

SNAP, SHARE AND WIN! Over the next two months we will be giving away two Hampersand “Delight” hampers worth $350 each! @RANDRPROPERTY

All you need to do is tag your photo on Facebook or Instagram with #eliteagent #hampersand Make sure you also follow and tag @eliteagentmag + @hampersandhampers. The most creative snaps that include the magazine or brands will win the hampers.

@ANDREABONNER_

facebook.com/eliteagentmag instagram.com/eliteagentmag

TWOERS A H MOPRTH W

$

350 EACH

WINNER! @CAITYPC

CONGRATULATIONS to our book winners @agent.alister and @caitypc

Hampersand ‘Delight’ Hamper valued at $350.

This sumptuous chilled delight comes in a hand crafted wooden box, opened with an 18ct crowbar. Inside, Bollinger Champagne, and a cornucopia of sweet and savoury delights, organic skin care and a charity donation.

FIRST PERSON

Josh Phegan

Ain’t No Mountain High Enough

ACCORDING TO THE ADAGE, the only thing we have to fear is fear

itself. So why are some business leaders afraid of expanding?

High-performance real estate coach and trainer Josh Phegan examines the fear and how to beat it.

TOO OFTEN business leaders

fear, rather than celebrate, the swift growth of their business. Management becomes overwhelmed and bogged down in processes that hinder rather than aid expansion. However, the one area you should never get too afraid about is business growth and the pace at which it is building.

Business growth should never be about speed, but rather your capacity to understand who your next employee is and the systems needed to keep up with that demand.

Building your capacity for growth starts with alignment; ensuring everyone on your team understands the business vision, what their role is and how that contributes to success.

To keep everyone on the same page you must first know and understand your Big Three primary functions.

1. You must be good at what you do in order to succeed.

If you’re mediocre or worse, the business will fail.

2. You must clearly communicate your vision, direction and expectations.

3. You must build capacity of scale so your business can grow consistently without stalling.

To foster and cope with growth, great business owners must employ great employees.

22 ELITE AGENT • JUN-JUL 2016

They need to let go of nonessential tasks and find the right team members with the right skills and the right attitude to take care of important tasks and do them well.

This allows you to focus on your primary role and performing it well. The key is to have a recruitment plan in place so you’re hiring ahead of time and not waiting until you’re overwhelmed.

Three critical leadership functions include: 1. Your clarity of vision sets the direction your company will take. Know where you’re going, what markets you will serve and determine your product and service mix.

2. The capability of each new

employee determines your ability to scale successfully.

Forget about snazzy titles and think about what each potential employee can bring to your business.

What is their value? What are their strengths and will they strengthen your business? You’re much better to have a really good quality office manager that can take ownership of key business tasks and allow you to focus on scaling the

business.

3. Your systems for recruitment and onboarding must ensure alignment and scalability. One of the most important roles in any real estate business is deals support. Who do your sales consultants go to for advice on their latest listing or sale? Failure to provide focus and clarity on such a big factor can lead you to scale too fast and that creates stress and a desire to have a much simpler business.

Sustainable growth requires highly functioning people, regular team planning, capacity for growth and systems that work.

With these elements in place you can’t grow too fast, as you’re well prepared in advance for every leap forward.

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.

The one area you should never get too afraid about is business growth and the pace at which it is building.

MARKETS PAGE 16

PAGE 36

PREMIERE ISSUE

SMSF INVESTORS PAGE 42

TRUTH PAGE 26

A DOT COM? PAGE 24

PLAN PAGE 18

KEYBOARD WARRIOR

THE WAY OF THE FUTURE?

BUSINESS ON TRACK

READER SURVEY:

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THE GIFT OF LISTENING and the power of presence

PREPARING FOR SPRING SELLING SEASON

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Michael Clarke & Cherie Humel

with Stuart Benson

INSTAGRAM Every picture tells a story

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5 TRENDS THAT MAY INFLUENCE PROPERTY IN AUSTRALIA COMMUNITY ENGAGEMENT

5 ways to build your profile

IS YOUR DATABASE FIT OR FAT? THE AWESOME HUMAN MANIFESTO

THE TRUSTED ADVISOR

Stefanie Dobro

BEYOND BUSINESS DEVELOPMENT

THRIVING IN A TOUGH LEASING MARKET

HANNAH GILL

EXCLUSIVE INTERVIEW WITH RENT.COM.AU CEO MARK WOSCHNAK

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ARE DIGITAL PRE-LISTING KITS THE WAY OF THE FUTURE?

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Red Bull racing champ Matt Hall talks mindset

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2016: READY, SET, GOAL! WHY 3D REAL ESTATE LISTINGS WILL BE THE NEW NORM 30 BUSINESS BOOSTING IDEAS FOR

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EFFECTIVE SALES MANAGEMENT How to get the most from your team

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BARRY PLANT

From Bell Ringer to Master Auctioneer

PLAYING T0 WIN

Kate Strickland

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 –

THE REFERRA SYSTEM THA REALL WORK

YOU SA

Our 20 Sentim Surv

LEADIN THE CHARG

Glenn Curran

STARTIN OU RIGH

The ro

FIRST PERSON

Glenn Curran

3 Four ways to attract

the new iAgent

WITH MANY REAL ESTATE principals in their mid-fifties, it

stands to reason that when hiring new agents they go for older, more experienced candidates. Glenn Curran shares another statistic that may encourage business owners think differently.

BY 2020, HALF of the global

workforce will have been born after 1980, according to PwC. Integrating this younger generation – known as the ‘Millennials’ or ‘Gen Y’ – into our predominantly Baby Boomer real estate culture poses challenges.

But they’re challenges that cannot be ignored. Not only will Millennials soon make up the biggest segment of the workforce, they’ll also start to dominate the market as clients, especially buyers. Understanding and working with Millennials is crucial to your ongoing success.

The good news is that Millennials probably have more to offer the industry than previous generations.

Research suggests they’re intrinsically motivated, think outside the box, love working in teams and are better educated than their predecessors. They thrive on being judged for their performance, and they respect those with experience rather than power. Most importantly, they’re digital natives who are connected and very comfortable with technology. As Millennials enter the industry in growing numbers, they could cause the biggest disruption we have seen for 25 years.

Millennial salespeople – or ‘iAgents’, as I call them – take a significantly different approach to their careers than previous

24 ELITE AGENT • JUN-JUL 2016

generations. For most principals, it will take a shift in mindset to get used to having them on board. But while there are challenges to overcome, there are many rewards for agencies that welcome the new generation.

HOW DO YOU ATTRACT, MANAGE AND RETAIN MILLENNIALS? Millennials are discerning about career opportunities, and they use different decision-making criteria to previous generations.

Here are four ways to ensure your business draws the best new talent:

1

EMBRACE TECHNOLOGY In my business, I’ve always tried to integrate new technology, whether it’s web and CRM integration with social platforms or innovations such as Homepass and Third Floor 3D virtual tours. These digital tools have given me a greater understanding of my customers and improved the way I market to them. Yet our industry, on the whole, has been sluggish to adopt new technology. This puts us at risk of losing talented Millennials to other industries. Millennials have rapidly adapted their lifestyles to the new world of mobile internet; they expect their employers and workplaces to do the same.

2

REIMAGINE THE OFFICE Thanks to technology, the days of needing to be ‘seen’ in the office are long gone. Indeed, when many of the industry’s largest corporates have moved into new high-performance offices, they have reduced the number of fixed desks by more than 30 per cent. I let my people go wherever they need to be productive. In fact, a growing percentage of my clients are overseas, so one of my staff is currently working in Asia to build relationships and networks.

You can set your agency apart and attract the top new iAgents by offering flexibility.

As the ‘corner shop’ real estate model slowly declines, it’s time to start using technology that enables your agents to work remotely. If you also set clear expectations and goals, allowing Millennials to work this way can help you get the best from them.

OFFER FLEXIBLE HOURS Millennials are the first generation to truly commit to achieving work-life balance.

Actually, one of the top reasons they quit jobs is a lack of flexibility, according to the Washington Post. Real estate has a reputation as ‘the job that never sleeps,’ so you can set your agency apart and attract the top new iAgents by offering flexibility. There are 24 hours in a day, so let Millennials use them. You’ll find they are just as productive.

4

MENTOR RATHER THAN MANAGE Millennials expect managers to act in ‘an encouraging, coaching and peer capacity’, according to Psychology Today. This puts them at odds with the hierarchical approach adopted

by Baby Boomer managers, who associate their roles with power. The key to attracting and keeping Millennials is for managers to forge collaborative relationships with their staff and include them in decisionmaking. Principals can provide opportunities for staff to work with them on projects and let them find solutions, rather than telling them what to do. Constant feedback is also important, because Millennials aren’t afraid to move jobs quickly if they feel under appreciated.

And remember, having grown up with the internet, Millennials are exposed on a daily basis to more innovative ideas than previous generations were. If one of your Millennial employees suggests a new way to do things, you’ll need a better reason for saying no than ‘We’ve always done it this way’. And you never know; their ideas just might contribute to your agency’s success in the coming iAgent era.

Glenn Curran is the Principal of Curran Property.

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Greg Dickason

Million Dollar Agent: Is there a pattern?

ARE THERE CERTAIN BEHAVIOURS exhibited by the top agents

that put them ahead of the rest? Using the science of numbers, Greg Dickason analyses their activities and comes up with some interesting conclusions.

I HAVE HAD the opportunity

to work with some amazing sales people across different industries, and I’ve seen first-hand that sales success is a lot more about hard work, discipline and a sense of humility than just having a magical personality or a born talent for sales.

Sales success is about constant dedication to achievement and the willingness to continuously learn and grow.

At CoreLogic we have accessed our big-data resources to analyse the usage patterns and the activities of top agents and their admin support, both in what they’re doing in the property market and what they’re doing on our systems. Interestingly, 92 per

Sales success is a lot more about hard work, discipline and a sense of humility than just having a magical personality or a born talent for sales.

26 ELITE AGENT • JUN-JUL 2016

cent of the top 100 agents use our systems, and we classify 60 per cent of those as highintensity growth users.

Time after time, we’ve noticed a definite behavioural pattern occurring amongst our highfrequency users that shows which the standout top agents are. Let’s look at some of these behaviours.

Work ethic: Top sellers are much more active in their chosen profession than others are.

We see more of them logging into our systems or using our mobile apps late night and early morning, and with deeper

research behaviours. They go above and beyond for their clients and reap the rewards.

Great Service: Top sellers focus on a ‘customer comes first’ ethic. We’ve noticed that they respond quickly and openly to customers, reach out immediately with new information and then suggest alternative solutions when issues arise. What we also found very interesting was that a lot of the top sellers on our platforms also see the buyer as a customer. Some even went as far as helping

at different venues and, without fail, the agents who come up and ask more questions and learn more are both naturally humble and constantly questioning.

And these same agents are the winners in their markets.

Attitude, sharing and growth: Top sellers may be humble and easy to work with, but they also have attitude!

And by attitude, I mean they are confident in themselves and in their ability, and don’t easily take no for an answer.

Without fail they share their experiences and are open to

Top sellers attend training and ask questions; they observe others and learn from them. They don’t believe that they have all the answers. potential buyers of their property find other, more suitable properties. One agent told me, “My goal is to help everyone in the transaction.

Through my career I have found that being focused on everyone winning has the best outcome and makes me feel good about myself. GCI follows but is not my focus. Customer first, commission second.”

Constant and open communication: Top sellers don’t keep anyone guessing.

They make sure that everyone in on a deal knows its status, and constantly check in on buyers and vendors.

CoreLogic’s beta-testing of our new mobile app showed top sellers using the ‘Send report’ feature extensively. It is an instant service response to a customer’s needs: good service and constant communication combined.

Humility and approach: Top sellers attend training and ask questions; they observe others and learn from them. They don’t believe that they have all the answers. Time and time again I have presented on our solutions

others and to helping others, but remain constantly focused on their own growth and on maintaining a ‘go forward’ attitude. When working with a top agent a few weeks ago, our meeting started to drift and the conversation became unproductive. It didn’t take him long to pull us back to the topic and get momentum – in a nice and clearly focused way.

At CoreLogic we are very lucky to be able to view the behaviours and the results for agents across the country, working with some of the top agents to give them better solutions to their market challenges.

As the world changes and consumers demand more, it is comforting to know that, no matter where technology takes us, selling is still a human business. And great sellers are brilliant at the human touch: communication, humility, service, work ethic and an open, sharing attitude. I am lucky to have worked with people like that.

We focus on the importance of matching the right Candidates with the right Clients, every single time!

We unite talented individuals with outstanding companies whilst providing an incomparable service to both our Clients and Candidates.

For all your Real Estate needs across the board from Front Office Manager to Licensee as well as all your Property Recruitment needs, our team of experienced recruiters are here to help you.

Greg Dickason is Executive General Manager of Real Estate for CoreLogic.

eliteagent.com.au 27

Q&A ASK THE COACH – Claudio Encina In his new regular column for Elite Agent Magazine, real estate coach, keynote speaker and mentor Claudio Encina answers your questions. This issue, he tackles the topics of targets, competition and technology.

Q.

I had an ordinary start to the first quarter of the year; how can I change to make the next quarter count? Rick Mancini – McGrath Liverpool Focus on the responsibilities and the strategies that will make every quarter a successful quarter. Here are five questions attached to five strategies: 1. Where is your pipeline?

Your pipeline of expected or potential business has to be at least triple your sales goal.

Most salespeople and sales managers fail to measure the dollar value of their sales pipeline of potential business.

If your sales goal is $100k in a quarter, then your pipeline must

day. Your positive attitude is a precious asset – protect it.

4. Where is your responsibility? In tough and high-pressure times, it’s easy to blame everyone but yourself. Resist the temptation.

Rather, take responsibility for people not returning your call, cancelling appointments and other ‘easy-blame’ opportunities. Learn from experience, figure out a better way and make sure it only happens once.

5. Are you fishing where the fish are? If you want more sales and listings, identify the hot pockets in the areas that are moving and shaking. Make a plan each week and look for

services, and so on. Make a plan to buy a piece of people’s minds in the focus area or business development area (BDA) that you service so that, when they are thinking of selling or buying, your name and the company you represent come to mind.

For example, if you created a 12-month letterbox marketing plan, this is what the formula would look like: BDA formula: Promote consistently = Trust = Resource = Trusted Resource!

Letterbox drops are extremely effective in the BDA. Why? 1. Create visual

Most salespeople and sales managers fail to measure the dollar value of their sales pipeline of potential business. If your sales goal is $100k in a quarter, then your pipeline must be at least $300k. be at least $300k. The reality of sales would be a 30 per cent closing rate, so three times your sales goal versus sales pipeline is the rule.

2. Where is your work ethic?

In these times, the best ethic you can have is a great work ethic. Start an hour earlier and stay an hour later. That’s the work ethic that will produce results.

3. Where is your attitude?

Pressure can get to your outlook. Now is the time to put on your game-day attitude, starting early in the morning. Just read or listen to inspirational messages every

28 ELITE AGENT • JUN-JUL 2016

the gold nuggets of properties that are selling and in which areas; you will definitely catch more fish!

If you attack this quarter with these five strategies, you will be screaming, ‘I did it!’

Q.

I have some agents dominating my marketplace. How can I start to develop market share? What’s the formula? Rod McGrath – Professionals Allawah You are either dominating or competing in your marketplace.

If you compete, you will always compete on fees, marketing,

impression.

2. Communicate consistency.

3. Make you the trusted source of information.

By receiving a marketing piece consistently each month over a period of time, even though they don’t know you, people start to feel they can trust you. Strategy is key here, not ‘spray and pray’, in order to build market share.

Q.

With so many more apps and software available to make things easier, do you feel innovation has changed our industry? Nick Papas, Principal – Century 21 Maroubra

My answer is to have a balance between ‘high tech and high touch’. While there are some effective ways to do business via software or apps using ‘high tech and high touch’, some agents are getting caught up in chasing the change and tend to forget what this business is actually about: people.

While technology has changed and evolved dramatically, people haven’t.

People still have worries, fears, desires, hopes and dreams. They want to be moved, validated, cared for and respected. It doesn’t matter the technology, platform or medium through which we reach them; people are still people. ‘Humans haven’t had a software update in 200,000 years.’

Too often we hope that technology or innovation is going to be the breakthrough for our business. No technology can guarantee that you will connect with or move people.

That’s done through the message and content of what you are delivering through technology. Technology will continue to evolve and innovate rapidly. Human emotions and needs will not.

The best way to reach your clients is with ‘high touch’. You just can’t beat the phone call or a face-to-face appointment and that will never change!

To have your question answered email askthecoach@ eliteagent.com.au. To connect with Claudio visit claudioencina. com.

Business Depot John Knight

Don’t leave a dollar on the table No one likes to pay a dollar more of tax than they have to. John Knight looks at some surprising facts about hammers, ping pong and what you do on the way home from work when it comes to the perennial question: can you claim it?

C

LIENTS OF ours ask

if they can claim a tax deduction for some weird and wacky expenses.

Given that we at businessDEPOT work on the basis of ‘you don’t know what you don’t know’, this stands to reason. Here are nine of my favourites from the real estate industry and my verdict on their deductibility.

1. Wii, ping pong and pinballs Although the rules around the tax deductibility of any expenses considered ‘entertainment’ are very strict, if you buy a Wii, ping pong table, pinball machine or similar items for the workplace these can be deductible.

Depending on the cost of the item, you may need to spread the deduction over a couple of years as depreciation.

2. Booze, entertainment and travel As a general rule, any events that involve alcohol are considered entertainment and are not deductible. The exception to this is the cost of meals, including an accompanying beverage, while travelling overnight, which is deductible.

If you are paid a travel allowance this needs to be shown as income and offsets the deduction, unless the travel allowance is paid in accordance with the ATO guidelines. In this case you do not show the income but also

30 ELITE AGENT • JUN-JUL 2016

cannot claim the deduction.

As an employer you may also be liable for Fringe Benefits Tax (FBT) on entertainment, so get advice.

3. Yes, you need a log book In real estate we (and the ATO) expect you to have a high work usage of your car. If you simply guess your work usage percentage, the ATO will deny your deduction in its entirety unless you can produce a logbook.

4. Work on the way to the office When working out the work usage of your car, travel from home to the office is not deductible. Think about what you need to do on the way to work; call into the post office, inspect a property or have a meeting at the coffee shop closer to home to maximise your work usage.

5. Gym memberships, bootcamps and health retreats If as a business you provide the team with gym memberships, bootcamps or health-related benefits, these may be deductible but are subject to FBT. The FBT rate is currently 49 per cent and is a cost of the employer. Ouch! Rarely is it tax effective to provide these types of benefits.

Sorry, but the health retreat in Bali is not deductible even if it does make you more focused, more mindful and more Zen to conquer work; it is considered private in nature.

6. Gifts, prizes and rewards Gifts for clients are deductible – even booze (provided it is not consumed with them).

Gifts, prizes and rewards for employees on an ad-hoc basis can be deductible. However, when you run an internal competition with something

8. Suits, frocks and shoes Unfortunately, unless your suits, frocks and shoes are specifically branded as your agency’s uniform they are not deductible.

The rule of thumb is if you could, or would, wear it out on a weekend it is not tax deductible.

In the same vein, getting your hair done for the awards night is not deductible, because it relates to your personal appearance and is considered private in nature.

Getting your hair done for the awards night is not deductible. like an overseas trip or TV as the prize, this is considered part of their remuneration package and will be subject to FBT, again increasing the tax rate to 49 per cent.

7. Sunscreen, sunnies, hats and umbrellas It’s quite arguable that as a real estate agent you are required to work outside for a large part of the day. Whether for open houses or auctions, if you incur the cost of sunscreen, sunnies, hats and umbrellas to protect you from the sun and rain, these can be deductible.

9. Hammers, iPads, pens and phones All the tools of the trade that you purchase to enable you to do your job are deductible.

You may need a hammer for signboards. You may need a bag to carry your laptop.

If you can establish that you purchased it to enable you to do your job, it is deductible.

Larger items again may need to be spread out over a couple of years.

Remember - everyone’s position is unique – seek advice!

John Knight is the Managing Director of businessDEPOT a team of energetic accountants and advisors. Visit businessdepot.com.au.

People Partner Alison McGavin

7 Tips for ‘Smart Hiring’ You understand and know your pipeline when it comes to listing, selling and renting, right? But do you understand what your HR pipeline is? If you are thinking about recruiting another member of staff, don’t wait until it’s urgent – think ahead while you have time, says experienced recruiter from Real+ Alison McGavin.

L

AST WEEK, a client

and I achieved something magical.

My client (who, like the dentist in the Oral-B ads, is so important they shall remain unnamed) was clever enough to on-board two new team members.

Both of these team members were applying for the same role, and a junior role at that – a Leasing role. Both team members were very different, in fact they couldn’t have been any more different; everything about them was different – their age, their skillset, their gender, their salary expectations. Everything. Well,

was an impulsive buy. Quite the opposite. This client just saved himself time and money, and to do that he had to invest time and money. Which leads me to my next point: it wasn’t plain magic that made this happen; it was a plan put in place between my client and I that led to this occurrence, which I like to refer to as ‘Smart Hiring’.

Here are seven tips for smart hiring!

Is there anything worse than deciding you want something and then realising you were too slow?

I tell a fib - almost everything.

They were both extremely well suited to the role, and to the culture of the team. My client, a savvy business person with the foresight to know that, given the climate of the market and the average turnaround of a staff member, he would likely be losing someone in the next three to six months anyway, hired them both.

You’re probably thinking it

32 ELITE AGENT • JUN-JUL 2016

1

BE AVAILABLE! You’re under the pump.

And that right there is one of the reasons you need more staff! Block out time for interviews. Try and do this over a day if possible, two if not.

My client (bless) gave me an entire day. He committed to interviewing my entire shortlist in the one day, which was two days after I had sent him the shortlist.

2

KNOW WHAT YOU WANT Have a mental (or literal) list of three things that you want the candidate to have – skills, attributes, experience and so on.

3

HAVE A RATING SYSTEM My client used the Real+ Human Rating System. We sat down together at the start of the day with the rating system and I explained why it would be the most valuable resource for him to refer back to at the end of the day. This rating system would naturally work out a first, second and third place candidate.

Without a rating system, you will either get confused or you will meet someone you like and then compare everyone else to that person.

4

DON’T DISCUSS SALARY! In fact, try to not even think about salary. Rate the candidate on their skills and attributes first and foremost.

When you have the right person, the salary will work itself out.

5

HAVE AN OPEN MIND If they’re perfect, but not perfect for that role, don’t rule them out! My client felt that one of the candidates he met would actually be much better suited to his sales team.

Recognising the potential and talent in this person, we worked

together to come up with a structure that would work in his business to allow for him to on-board this stellar candidate in addition to the original role.

6

UNDERSTAND THE MARKET AND WHAT YOUR BUSINESS’ AVERAGE INTERNAL CHURN IS You understand and know your pipeline when it comes to listing, selling and renting, right? So why not understand what your HR pipeline is? By uncovering what the average staff turnaround is within your office, you will be able to devise a recruitment plan and, furthermore, a budget.

This will allow you to make these decisions in the moment, without second-guessing yourself or your business.

7

MOVE QUICKLY! Is there anything worse than deciding you want something and then realising you were too slow? In most cases, it is where there has been a lack of planning. Ensure all decision-makers can be present at first-stage interviews, and have your rating system in place so that you’re not left wondering whether you’re choosing the right person.

And there you have it!

Alison McGavin is a Senior Recruitment Consultant with Real+, for more information visit realplus.com.au.

Mindset Corner Jet Xavier

Are you leaving a legacy – or just a life?

In the ego-driven real estate industry, the suits, cars and lifestyle lead the way and people are measured by how many homes they have sold. Yet this approach to life leaves many people just searching for something at a deeper level. Jet Xavier asks: What kind of legacy do we leave behind?

A

COUPLE OF years ago, a good friend of mine challenged me by asking, “Jet, what will they say about you in 200 years?” To be honest I had never thought about it, and said to myself ‘Not much!’ with a laugh.

However, his question totally took me off guard and stumped me. I live a great life.

I have an awesome career, I support charities and do good to others as best I can, and I try to be a good example for my children. Yet his question pressed deep into my mind and forced me to analyse my life – what I do and why.

The challenge is we live in such an egocentric, driven world where everything is defined by bank accounts, materialism and status. It’s hard not to be ego-driven when everything around screams buy more, get richer, play harder and die with the most toys.

I love what the Dalai Lama said when asked what surprised him most about humanity. He responded, “Man sacrifices his health in order to make money.

Then he sacrifices money to recuperate his health. And then he is so anxious about the future that he does not enjoy the present, the result being that he does not live in the present or the future; he lives as if he is never going to die, then dies having never really lived.”

Put the ego aside and learn to serve. The best five words in the English language are ‘How can I help you?’

few good memories and some material possessions?

So, are you leaving a legacy, or just a life? It’s not only the Nelson Mandelas, Mother Teresas and Martin Luther Kings who are responsible for making the world a better place and leaving behind a giant legacy.

It’s the responsibility of us all.

the English language are ‘How can I help you?’ When you have a servant heart you move from what Wayne Dyer calls ‘ambition’ to meaning. You leave the selfish to become selfless. It becomes all about ‘we’ instead of all about ‘me’. Ask yourself: what difference am I really making?

And how can I serve better?

2. Think beyond the easy contributions you might already be making and find something that can have a bigger impact on others. Bill Gates not only gave away money; he became fully involved in the causes he supported and established many new foundations to make the world a better place.

He realised that just giving money away is not enough; you have to engage and get your hands dirty. Move beyond token giving and commit to something bigger. Get outside your comfort zone and stretch a little.

3. Decide what legacy you want to leave. Jon Gordon says there are four types of legacy: the legacy of love, excellence, encouragement or purpose.

What type of legacy do you want to leave? Decide now and start living accordingly.

So, what will they say about you in 200 years?

THREE WAYS TO LEAVE A LEGACY AND IMPACT ON YOUR WORLD. 1. Put the ego aside and learn to serve. The best five words in

Jet Xavier is one of Australia’s leading Mindset Coaches for real estate sales professionals.

For more information visit jetxavier.com.

“Work for a cause, not applause; live life to express, not to impress. Don’t strive to make your presence noticed, just make your absence felt. Feel the legacy, not just money” – Anonymous.

Every year I take a group of my coaching members away for the Success Mastery conference.

As part of the conference we give back to the community.

Last year we went to Bali and built swings for kids in a remote village. This year we are going to Alice Springs for our conference and will be helping out the indigenous communities by way of giving back. It is a great opportunity for the agents to connect to what really matters and what is really important.

“Build something that outlives you” – Alexander Rose.

Yes, many nice things will be said at our funerals and the majority of those who love us will have kind, fond memories.

If they are lucky, the kids will get left with something; although there is a shift now with retirees not leaving anything to the kids but instead choosing to sell up, spend it and have a good time whilst they can. What happens from there, though, when we are gone? Will the only legacy we leave be a

eliteagent.com.au 33

Data Insights Eddie Cetin

Targeted email marketing: Mining the gold in your database Last issue, Eddie Cetin shared some helpful tips on how to clean up your database and get it fit for a marketing workout. Now he explains how, with a clean database, you can focus on targeted email marketing that maximises retention and minimises unsubscribes.

M

OST AGENTS

QUICK TIPS • Make sure you have a CRM that enables you to categorise your contacts and easily send professional, responsive bulk emails all from within one system.

• If you are using an external system to send out emails, such as Mail Chimp, ensure that unsubscribes are updated regularly. Seriously consider switching to a CRM that supports similar functionality. This will save time and maintain your database integrity.

• Categorise your contacts to identify your core groups and send them targeted, relevant information with the purpose of maximising your hit rate and minimising your unsubscribes. This is the key to maintaining a healthy database that keeps on giving.

know email marketing is important, but they struggle to find the time or are unsure how to approach it. It is not surprising that it becomes overwhelming for many and they resort to blasting generic newsletters to everyone.

This is what I call the email marketing trap, which leads to an audience glazing over and eventually unsubscribing from your list; once this happens you have pretty much lost them for good.

When done well, targeted email marketing can help you find the right buyer faster and deliver a stream of vendors that have been continually nurtured over time. We hear so many instances from clients where, after sending out some targeted emails, several high-value listings land on their lap. However, although it’s so quick and it costs nothing to send a bulk email, it has certainly become more challenging to cut through and be noticed in someone’s inbox.

The average person now receives over 100 new emails a day.

Increasingly, emails need to be relevant and deliver value to earn a place in someone’s inbox.

need solving. The diagram shows four main categories where email marketing would aim to either retain a relationship or attract new relationships.

TARGETING It all starts with who you are sending to and what problems

MOBILE RESPONSIVE With an increasing number of consumers using mobiles to see

34 ELITE AGENT • JUN-JUL 2016

Previous vendors • Relevant recent sales • Market updates • Milestone contact dates

Landlords RETAIN CRM CONTACT DATABASE

Buyers • Properties for sale • Suburb profiles • Buying tips

• Investment guidance • Property management updates • State of the rental market

Potential vendors ATTRACT

emails and websites, you need to make sure that everything you send is responsive. This is a specific format that will adjust automatically depending on what device is used to view the content.

Tip: Send some test emails to people in your agency to see what they look like on a variety of devices, including tablets. If they are not easily readable then contact your CRM provider for a ‘responsive’ solution.

THE ALL-IMPORTANT HEADLINE This is the most important component and the reason why someone takes the time to open the email in the first place.

Avoid using a regular generic headline such as ‘Market Update’ or ‘Newsletter’.

Pick a point of interest that the email covers. Put yourself in the shoes of your intended audience and ask yourself, ‘Why would I open this email? What

• Market updates • Success stories • Investment advice

is the one problem I can expect to solve by opening it?’

RELEVANT Always be brief and to the point, using short paragraphs. Avoid large sections of text; use images and even link or embed videos.

ENGAGEMENT Look at the stats on open rates. If you are experiencing an open rate of 20 per cent or more then you are doing well. Take note of what emails gain more traction and which ones do not perform so well.

If you haven’t yet downloaded the Data Detox free report then please head over to.agentbox. com.au/detox to get your hands on a copy. A clean database will certainly make your email marketing so much easier.

Eddie Cetin is the Founder of Agentbox, the CRM of choice for most high performing agents around Australia. For more info visit agentbox.com.au.

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90%

of buyers and sellers use video Source: Forrester Research

Health Science Emily Schofield

Choosing good nutrition over fad Over the past 30 years, experts have changed their minds on which diet is best more times than anyone can count. Out of the huge list of different diets, fads and eating habits, which ones are actually good for us?

W

HEN WEIGHT

loss is the goal, restricting calories is usually the first strategy people go for. A statement you hear a lot in the fitness industry today is that weight loss is simply ‘calories in versus calories out’.

This means that you will lose weight by either: • Lowering your energy intake – eating less • Increasing your energy expenditure – exercising more Will this make you lose weight?

Yes. Will you lose weight fast?

Yes. Will all of this weight be fat?

No. Is it healthy? Absolutely not.

It is sustainable? No. Some good research highlighting the limited view of ‘calories in vs calories out’ involved participants on one of three kinds of thousand-calorie diets. The diets consisted of either 90 per cent fat, 90 per cent carbohydrates, or 90 per cent protein. If weight loss is simply calories in vs calories out, we would expect each diet to produce identical results because the intake of calories is the same.

However, the results show that the 90 per cent protein and 90 per cent fat groups lost between 300 and 400g per day, while the 90 per cent carb group actually gained weight!

As a trainer, I am much more interested in my clients losing body fat and retaining their lean mass – muscle mass – as

36 ELITE AGENT • JUN-JUL 2016

it will result in a much more aesthetically pleasing and healthy physique. It is also much more sustainable and does not cause metabolic damage. With a generic weight loss program, research shows that up to 40 per cent of weight lost could be muscle.

So, what do we need to eat in order to retain our muscle, lose body fat, and be in the best health possible? Firstly, we need to ask ourselves a few questions.

WHAT WILL EATING THIS FOOD DO TO MY BLOOD SUGAR? Always choose foods that promote a steady release of blood sugar. Any carbohydrate

Moderately starchy vegetables like beetroot, sweet potato and carrots are still reasonable choices, but the serving size needs to be controlled.

IS THERE A QUALITY PROTEIN SOURCE? Protein is essential for tissue repair, muscle building and regulating our metabolism.

High-quality protein from animals, containing all the amino acids, is needed to supply your body with the building blocks to make enzymes, hormones and structural components.

Red meat, poultry, fish and eggs are the best choices for

fed butter, ghee, coconut oil, avocado, uncooked virgin olive oil, nuts, seeds and fatty meats.

WHERE DOES THIS LEAVE US? Start with a good base of lowstarch vegetables. Add highquality organic, grass-fed and free-range sources of protein.

Use high-quality fats as a primary energy source to match your reduction in carbohydrates.

Be sure to manage your blood sugar and insulin at all times; keep your high-starch vegetables for fuelling your training.

The reason we look the way we do is because of the food we eat, the fitness regimen we follow and

With a generic weight loss program, research shows that up to 40 per cent of weight lost could be muscle. will spike blood sugar and consequently insulin; the trick is to figure out which carbs have the least impact. The chronic elevation of blood sugar causes inflammation under the surface.

It can also be associated with increased risk of cancer, heart disease, neurological disorders (Parkinson’s and Alzheimer’s) and possibly early death.

Low-starch vegetables like broccoli, cauliflower, asparagus and bok choy are your best choices when it comes to carbohydrates and management of blood sugar.

humans, as our stomachs contain HCL and pepsin which are ideal for breaking down these foods.

We are less efficient at digesting and absorbing vitamins and minerals from plant sources.

the lifestyle choices we make.

Being overweight and burdened with disease should not be the new norm; it is up to us to make informed choices for our future health.

WHAT KIND OF FATS DOES IT SUPPLY? Fats are the best source of energy for human metabolism. They provide the raw materials for the manufacture of hormones, and they also have no effect on blood sugar and insulin.

Fat sources to include are grass-

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.

GET TO KNOW THE CEO

RATEMYAGENT’S MARK ARMSTRONG LAUNCHED BARELY TWO years ago, RateMyAgent

has already changed the face of estate agent reviews in Australia. Iolanthe Gabrie speaks with RateMyAgent CEO Mark Armstrong on the importance of transparency, the power of feedback and why the biggest agent is not always the best.

If you’re not getting reviews and putting them in the public domain, you’re invisible to nearly 100 per cent of the market.

38 ELITE AGENT • JUN-JUL 2016

Q. How does RateMyAgent work?

We exist for vendors, in much the same way that major real estate listing portals exist for buyers. Our site is designed to help people looking to sell their home begin their search for an agent.

Vendors are the most important people in the real estate community, because they are the ones who spend $4 billion to $5 billion annually on agent services. Using RateMyAgent, they can discover how many properties an agent has sold in the last year, their total sales values and – most importantly – they’ll be able to read reviews posted by other vendors.

Every agent in Australia has a RateMyAgent profile, whether they have ‘claimed’ it or not. As real estate is a public transaction, we capture vast amounts of information about the market on RateMyAgent. Once an agent advertises a public sale, RateMyAgent adds this listing to their existing agent profile and calculates their statistics.

Agents can choose to claim their profile and report their own results, request reviews from their clients and even upgrade their subscription to include social media assistance – scheduling their reviews, listings and sales across chosen digital channels.

Q. How does RateMyAgent’s vendor review system work?

The only way to get a review on RateMyAgent is for an agent to login to the website and request a review from a client who has purchased or sold property using them. To guarantee the authenticity of these reviews, we link them to the property transaction recorded, which means every review is verified.

We’ve had over 120,000 reviews posted since our launch, and we have between 2,000 and 3,000 reviews posted every week. To put that into context, there’s a review posted on RateMyAgent every five minutes, 24 hours a day.

Q. Why should agents use RateMyAgent?

How can they gauge its relevance?

Every time a vendor leaves a review on RateMyAgent, the last question we ask is ‘Did you use RateMyAgent to help you select this agent?’ Around 13,000 vendors have answered yes to that question. These vendors have collectively sold real estate worth over 9 billion dollars. In other words, RateMyAgent has helped determine where $180,000,000 in commission around Australia has been distributed.

I had an agent ring me the other day to

Feedback is actually a very positive thing. If you do make a mistake, the best way to deal with it is to acknowledge and identify it. with us was $69 per month. His return on investment is huge, to say the least!

ask ‘Is RateMyAgent working for me?’ I had a look at his profile; he had 25 reviews to date. Ten of these reviews had identified that they’d used RateMyAgent to help them select this individual to sell their home.

Ultimately, this agent had successfully sold $160,000 in commission based on vendors using RateMyAgent. His subscription

Q. What are the three most critical things for agents and real estate businesses to focus on when reputation-building this year?

Reviews. Stats coming out of America show that a staggering 92 per cent of consumers go online to search out reviews to determine the quality of a local business.

In fact, 87 per cent of consumers trust those online reviews as much as they do a personal referral. If you’re not getting reviews and putting them in the public domain, you’re invisible to nearly 100 per cent of the market.

Forget ‘push’ marketing. Agents must embrace new forms of advertising rather than being stuck in the past with traditional ‘scattergun’ marketing. They spend incredible amounts of money on marketing

which is unquantifiable – such as letterbox drops, bus shelters and billboard signage.

Look to engage with your audience digitally: a space where you can tag prospects with cookies when they visit your site, before going on to remarket to them online.

Agents need to move quickly into the digital space with targeted ‘pull’ marketing, which will save them money rather than costing them money.

Feedback is your friend. Agents tend to worry about feedback and shy away from inviting negative commentary. Feedback is actually a very positive thing. If you do make a mistake, the best way to deal with it is to acknowledge and identify it, before addressing it. Research clearly shows that if you make a mistake and rectify it, your credibility in the eyes of your client is elevated above that of having conducted a seamless transaction.

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Champions RateMyAgent Awards

NT

AGENT

Karl Secondis One Real Estate 12 reviews 54 sales

WA

AGENT

QLD

AGENT

AGENCY One Real Estate

David Sullivan Go Gecko Real Estate 60 reviews 115 sales

One Real Estate 13 reviews 2 agents

Jarrod O’Neil

AGENCY

Peard Real Estate Hillarys 34 Reviews 70 sales

SA

AGENCY Peard Real Estate

Peard Real Estate Joondalup 83 reviews 16 agents

Harcourts Sergeant Property

AGENT

Peter Kiritsis Ray White Woodville 34 Reviews 92 sales

NSW Combined Real Estate

AGENCY

Harcourts Sergeant Property 104 Reviews 11 agents

RATEMYAGENT PROVIDES the

real estate industry’s premier annual awards recognising agents and businesses on what matters most: customer satisfaction. Over 100,000 reviews were submitted to RateMyAgent.com.au by vendors and buyers relating to sales in 2015. Elite Agent Magazine would like to congratulate this years’ top rated agents.

Re/Max Regency 197 Reviews 27 Agents

Re/Max Regency

AGENT

VIC

Michelle Percival Percival Property 62 reviews 108 sales

ACT

AGENT

AGENCY

Sandy Morris One Agency 32 Reviews 54 sales

Combined Real Estate Narellan/ Camden 178 Reviews 11 agents

AGENCY

Ray Ray White White Belconnon Belconnon 69 Reviews

Ray White Glen Waverley

AGENT

Adam Sacco Leading Real Estate 74 Reviews 121 sales

11 agents

TAS

AGENCY

Ray White Glen Waverley 212 reviews 24 agents

Petrusma Property

AGENT

Sam Towns Petrusma 41 Reviews 63 sales

AGENCY Petrusma Property 96 reviews 10 agents

• HOW ARE THE TRANSFORM SUPER SIX GOING? FOR UPDATES AND COACHING TIPS SEE PAGE 16

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cover story

STARTING THE TRANSFORM program with the least amount of time in real estate of all the Super Six, Ben Munro Smith impressed everyone from start to finish. Having completed every challenge with his trademark smile and attention to detail he is without doubt a new talent that will continue to shine bright.

Here is the story of Ben’s 12-week Transform Journey.

MOST PROMISING NEW TALENT BEN MUNRO SMITH 42 ELITE AGENT • JUN-JUL 2016

→

Congratulations Ben! Firstly, tell us what made you apply for Transform, and what were you thinking as you created your application video?

What was going through my head? Honestly, ‘Just do it!’ I thought it was better to give it a go and not get in, than not try at all and never know.

I thought I could either sit at my desk, trying to figure out what the best in the business are doing, or actually meet them and learn it first-hand. The program didn’t disappoint; I’ve now got so many fantastic ideas to put into practice. Watch this space!

How did you feel after that first session with John McGrath? What things did he make clear for you about your results?

The first session with John was an eyeopener. The main takeaway for me was that you really need to prepare for success.

That means planning your day, your goals and your outcomes. You can’t just go into it with high hopes and well-wishes alone.

You need to write down a plan and stick to it! It was the perfect introduction to the following 11 weeks.

How important is knowing your ‘why’?

Working with your ‘why’ was a new concept for me; it’s a great grounding technique to push you into action. It’s also an honest way to reflect on new decisions, to ensure your following actions are aligned with your real motivation. So now, every new decision I first think of my ‘why’ and then decide. Trust me; it makes the whole thing much easier!

Reflecting back on your journey from where you started, how far do you feel you have come and what specifically is different now?

The journey has been a whirlwind! It doesn’t feel possible to have come so far in such a short amount of time. The main takeaway for me is the confidence I’ve developed as part of learning from the best of the best. I’m not saying I’m there yet, but I am certainly on the way to somewhere I really want to be.

What parts of being an agent were you struggling with before Transform and how has that changed?

As an agent in 2016 we all have access to so much information and so many great ideas. The challenge is to know what’s worth focusing your time and attention on. Having access to industry leaders as well as the other five winners has been an incredible opportunity to discuss and share, and to get some clarity about what works in the industry – now and for the future. If you think I feel lucky to have been part of this, you’d be right!

What does your usual day look like now?

The Transform program was about more than real estate. It was a holistic approach to being the best person we can be. I started the program thinking ‘Success will only come if you work harder than everyone else’. And yes, you need to work hard, but focusing efforts on other things can really help you to operate at peak performance.

Now I start my day with exercise, a healthy breakfast and either meditation or a motivational podcast or article. This

“The main takeaway for me is the confidence I’ve developed as part of learning from the best of the best.” follows me throughout the day until I complete my daily gratitude journal in the evening. I was amazed at the impact these simple activities can have on my mental alertness and general mood. Another way to keep focused is to set aside time for loved ones and holidays. Let’s face it, we can’t do it alone; time for friends, family and loved ones can help us remember why we do what we do.

My work day is also much more structured, with dedicated times for my regular activities such as prospecting and administration. Prior to Transform, my day was more spontaneous, doing activities as they arose rather than proactively setting aside time in my week to achieve them.

What was your favourite coaching session and why?

Each session gave me so many fantastic ideas; I’ve been keeping a list of things to implement and it’s now pages long!

One that really stood out for me was

eliteagent.com.au 43

cover story Josh Cobb’s session. His online content strategy seemed like a really exciting idea and I was over the moon when Melanie from Campaigntrack told me this is something they can help with. Greg from CoreLogic backed all this up with how agents can use big data and how some industry leaders in the US are already making data work for them. I love this, because I think too many agents are doing the same thing their bosses did; the world is changing and as an industry we need to catch up!

Fiona’s presentation on property management really blew my mind. She was in the present; we didn’t need any fancy tricks or even to pay a cent. Just stand up and walk over to your property management team and work together. This session had ideas that were the easiest to implement and these activities have given me the best return so far. If you’re in sales and reading this, get up now and go buy your property manager a coffee and talk about your business. It could be the best $3.50 you ever spend!

an answer for pretty much every question a vendor ever asks. Why do we need to pay for professional photos? Why do we need to disclose the price? Why do we need to pay for a premiere listing on realestate.com.au?

Should I pay for print advertising? All this information is at our fingertips and it can justify everything we say.

I need to care for myself, my business and my clients. Health and fitness should be part of my weekly mix and I need to be checking constantly with my clients to make sure I’m giving them what they want.

If it isn’t, I’ve made a commitment to ask ‘How can I better help you?’ (Thanks for that, Jet!)

What was one moment you took Jet Xavier’s advice, felt the fear and did it anyway?

Fear can be a wonderful thing! It gives us a choice and challenges us to make

What are your specific goals now?

My goals are to set targets that scare me and seem impossible, then regularly review them and make sure they align with what’s important to me, to ensure

“If you’re in sales and reading this, get up now and go buy your property manager a coffee and talk about your business. It could be the best $3.50 you ever spend!” they reflect the type of agent I want to be. In 12 months, two years and even five years, I want to look back and be able to say two things: I stayed true to myself, and I chose to be where I am – I didn’t just end up here.

What part does video now play in your personal marketing or branding strategy?

Video really excites me, but before the program I didn’t really know how I could include it in my marketing mix. I’m now using a combination of professional video with Campaigntrack (for my monthly update and property videos) and the Busivid app to send follow-up messages to clients, as well as question and answer sessions with industry tips to share on my social media channels.

You can see for yourself how I was with

“I think too many agents are doing the same thing their bosses did; the world is changing and as an industry we need to catch up!” my first video: a deer in the headlights could be a fairly apt description! I’m much more confident now and really look forward to getting better at presenting.

How has your listing presentation changed since Transform?

My listing presentations are now much more evidence-based. Am I the only one who didn’t know just how much great information is at our disposal? I can now find

4 4 ELITE AGENT • JUN-JUL 2016

a decision. Jet challenged us all to feel our fear but act anyway. I pitched for my biggest listing yet; pre-Super Six me would probably not have done it out of fear. But after Jet’s talk I knew I had to do just that.

I’m looking forward to finding out the outcome. Watch this space!

What were the three most significant things you have implemented that have changed your business, or that you think will change your business in the future?

Consistency, confidence and care. These three things will give my business the foundation to continue to grow.

Being consistent in everything I do, from my brand and personal image to my marketing and prospecting. I’m making sure I’ve got a plan in place to ensure this is aligned with how I want to be represented to the market. As Susanne King said, if I want to be a million-dollar agent, I need to act like it with every single transaction.

What do you think your biggest challenge will be in the future?

I’m going to miss seeing Sam, Mark, Claudio and the Super Sixers every week and having the regular check-in and evaluation sessions. My challenge will be to integrate practices into my business to make sure I’m still constantly reviewing, assessing and learning. It can’t all stop here; this has to be the beginning.

What advice would you now give to someone starting in real estate?

Knowledge is power in real estate. We all work hard, but you need to make sure what you’re working on is going to get you where you want to go. So, find someone in the industry you admire and ask them to mentor you; you never know unless you ask. Learn from them and mould it into the practice that works for you. Subscribe to Elite Agent Magazine and read every article. Ask questions. Call someone who is doing something that excites you; who cares if they aren’t in your agency or brand? Pick up the phone and invite them for a coffee. Or better yet, get your smartphone, make a video and apply for the next round of Transform.

Australia’s most exciting real estate network

Transform 2016

50 TOP TIPS

from Transform 5

The only thing that will get in the way of your success is you. Your principal won’t, the economy won’t, your colleagues won’t, the sharemarket won’t. You have to be ready to get out of your own way on the way to success. John McGrath Retention is higher on video. One of the most impressive things Kim did was to send us a video before the listing presentation, which really set her apart from the other members of the Super Six. Maria and Manos Findikakis Use a combination of professional video and ‘self-created’ video. Sometimes you need to be nimble for things like testimonials and neighbourhood updates, and you don’t have time to call a video crew.

Save them for the planned shoots, and get really good at using your smartphone with the right tools to get a professional result.

Helen Mitchell When you use video over a period of time, the audience feels like they have already met you. This inherently builds trust. Helen Mitchell Don’t use vertical video and lift the camera up a little higher. It instantly drops a few pounds and gives you a much nicer frame around your face. Helen Mitchell When you begin to achieve stuff you haven’t yet allowed yourself to believe in, you start pulling it back. So best you start believing in stuff that is incredibly exciting and empowering if that is where you want to be. John McGrath I have never been disciplined or structured and as a result was always reactive rather than proactive; I wasn’t performing as a true rehearsed professional. Now I get up early and exercise in the morning four days a week.

I still don’t find it easy but I’m hoping that will change. My time management has improved thanks to structure, repetition and practice. Kim Bamford I had prevented my success going any higher due to my beliefs in myself. At

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8 9

10 We learned more than you could ever imagine from our Transform coaches over a 12-week period. Here is a rapid fire 50 top tips from both our coaches and our Super Six.

1

What got you here won’t get you there. What got you to 12 or 16 sales is not going to get you to 100. But there is potential for radical change. John McGrath When you get as serious about your commitment to prospecting and the other activities that are key to your business as you are about attending your own auctions

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46 ELITE AGENT • JUN-JUL 2016

or your own open for inspections, that’s when life starts to change. John McGrath Don’t be afraid of changing; be afraid of not changing. Embrace it, enjoy it, love it. John McGrath Start with why. Willpower will get you so far. Whypower will help you move mountains. Claudio Encina

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that point I was still blaming everybody and everything else. Later (after the first session with John McGrath), once I got home and thought it over properly, it made sense to me and really made me think differently about setting my goals much higher. Kim Bamford Have a smaller farm area and pay attention to consistency rather than the ‘spray and pray’ approach. Get to know the neighbourhood and let a focused area get to know you. Claudio Encina Stand up when you make calls. It completely changes your energy and tonality. Get a standup desk if you need to.

Smile before you dial. Claudio Encina Feel the fear and do it anyway. Jet Xavier When you are making your OFI calls, do them on a Saturday afternoon and start your script with the time of the open.

‘Hey, great meeting you on Saturday at 10.30 at 23 Smith Street, Balmain.’ It forces the person on the other end of the phone to think about where they were and what they were doing. Claudio Encina Don’t interrogate the client. Choose three to four questions to get them talking. ‘What was the last home you wanted to buy but just missed out on? What was that home like?’ Claudio Encina My listing presentation has become more structured. I normally try and find out what the client wants before we sit down anyway to build a path on which to talk about this. Now I have more structure than before. I’m able to focus on stats that CoreLogic showed us which I didn’t know about before, and this has helped clients pick the right price before listing. Zac McHardy We have now set up a new network system for between sales and property management. Each time a property is empty they will let us know, and as a sales team we now call the landlord and give them a market update on the home. Zac McHardy Use a call to action letter regularly in your BDA and make sure it contains images as well as text. Images get much more attention than text alone.

Claudio Encina Don’t just view the people you meet as buyers or sellers. They might be an investor or a tenant and therefore still have value in your business. Fiona Blayney If you don’t know where to start with digital marketing, Google yourself. Fifty-nine per cent of people will look you up online before they pick up the phone. That is what we call the digital interview. Steve Carroll My struggle with confidence and self-belief was changed through some of Susanne King’s words. Changing

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perspective, managing highs and lows, setting a new standard for myself, upgrading my identity to where I want to be, getting out of my comfort zone. Now I know what I need to do. Melinda Allamby My listing presentations have now been taken to another level. My presentation now shows the owners why I am the best agent for them and what sets me apart. I like to provide owners with up-to-date information about recent comparative sales, what is on the market, and general suburb information. I use RP Data Professional which is amazing,

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with all the information only a click away.

Melinda Allamby Working with Campaigntrack on social media optimisation has been great. They are ensuring that my profile is professional and consistent throughout every platform. I want people to know that I am an experienced expert in my field and able to freely provide relevant information to them. Melinda Allamby Maintaining contact with clients: the frequency of prospecting/ nurturing calls is vital. Too often and you will potentially irritate the client; too

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Transform 2016 infrequently and you will most probably fail to impress them. Time of day, the length of the phone call, your manner/tone (how familiar, friendly or businesslike you should be) and ensuring you have been informative, helpful and/or had excellent market knowledge are all important in their own way. James Tostevin Acknowledging significant moments in your clients’ lives (birthdays, death in the family, professional achievements, birth of children, etc) is important, but remember to be selective with all of the above; unless you know the client exceptionally well then acknowledging any of these things can be interpreted the wrong way. James Tostevin It doesn’t matter what level you are at, you should have a mentor. Many believe that once they are a high achiever in their field that they don’t need to call on anyone to lead or guide them. My opinion is that this is a gross misconception. We can always be improving. There is always a slight

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adjustment that can be made, if not a vast adjustment, and often having someone to ‘bounce’ off or call on when you’re stuck is imperative to progress. Kate Strickland A lot of real estate agents are reluctant to pick up the telephone.

It’s not a skillset problem; everyone knows how to physically pick up the telephone.

That’s where you need to become mindfit.

Jet Xavier You need to find those things that you’re not confident with and do them repeatedly. If that’s prospecting calls, then consider chaining yourself to that telephone and make enough calls until you are confident, so that confidence can drive a different and more positive behaviour. Jet Xavier If five per cent of a rent roll turns over each year, it is well worth breaking down the silo with your property management team as 80 per cent of existing clients will sell with the same agent. But there needs to be a great internal relationship for that to work. Fiona Blayney

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Always make sure you can write down the names and addresses, off the top of your head, of 15 people you are going to call today. What is their timeline and destination? Remember, if you can’t remember them, they can’t remember you.

Josh Phegan Celebrate when things don’t go so well or according to plan. Celebrate the fact that you have learned something.

Susanne King Don’t look at your goals when you are not feeling good. Then you mentally associate your goals with a negative feeling and that impacts your ability to achieve them. Look at your goals when you are feeling good! Susanne King Agentbox has been great for planning my daily calls; now I log in first thing in the morning and I have a list of activities and calls for the day. It has only been a short time, but I’ve already found my day running a lot more smoothly and deadlines a lot less daunting! Ben Munro Smith Make sure you clearly know these three things about your potential vendors/buyers: Problem. Timeline.

Destination. Why are they moving? Does it need to be before a certain date? Where are they going? This will focus you on the five to 10 people you need to speak to today to move you forward for success.

Josh Phegan You wouldn’t go running without doing some stretches to ‘warm up’ and it’s just as important to warm up your

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voice before a presentation. Try saying the tongue twister “Red Leather, Yellow Leather” over and over. Shelley Horton Confidence to me is about being prepared and practised so I am game-ready every day, no matter what the situation. As Shelly Horton said, “Everyday for six weeks I dressed so I was camera-ready, then when the opportunity came up I was ready to walk right onto set.” I want to be able to do just that: be ready to act when the opportunity arises.

Ben Munro Smith Don’t let self-doubt put you off course; when it raises its ugly head squash it fast. Jamie Van Le If you want to smash this Transform thing out of the park, you actually just need to get more appointments. Josh Phegan Potential and capacity. If you are at 50 per cent of your potential and 100 per cent of your capacity then you can never achieve your full potential. Look at fitness (physical and mental), systems and people to expand your potential. Josh Phegan If you have a great listing presentation then you will find an opportunity to go and do it. You’ll

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probably find five. Confidence will drive that. Josh Phegan Don’t call it Vendor Paid Advertising, call it Vendor Investment Marketing. It changes the conversation you have with your vendors so that both you and the vendor see value in the marketing that you are proposing.

Marketing is an investment, not a cost.

Stuart Benson Overstressed? Take a shot of lime juice with a coloured salt first thing in the morning; it does wonders to calm the adrenal glands, which will help you cope better with the day. Emily Schofield Really observe your vendors and buyers when you meet them. You can change your communication patterns to match who you’re talking to in a way that makes sense to them, you’ll click more and you’ll be able to find out more about what that person is really looking for.

Charmaine Keegan Make rejection your best friend.

Million Dollar Agents have been rejected more times than you have tried.

Tom Panos Do a search in your email inbox for ‘?’ Grab those emails and look for

43

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questions from clients and answer them on video. Put those videos on YouTube and your website with a transcription. This strategy alone will do wonders for both SEO and getting found on the Internet.

Josh Cobb Fill in your agent profile on realestate.com.au. Last year 250,000 emails were sent via social profiles and the lion’s share of them went to the 41 per cent of profiles that were complete. And it’s free. Steve Carroll Make sure that your ideal week includes the five areas of your life – good health, good business, spiritual, finance and family goals. Claudio Encina As Josh says, keep the phone calls quick. Once you’ve got rapport, you don’t need to keep building it. Jean Paul Elsing

48 49

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For more tips and to catch up on all of the coaching videos visit eliteagent.com.au/ transform.

PMs – it’s your turn next! To apply for our property management team challenge in the lead-up to ARPM 16, visit eliteagent. com.au/transform.

ON E OF A KIN D Real, useable strategies for your business that are as unique and as individually focussed and crafted as you are.

That’s the Agent Dynamics way!

Principals & Business Owners Business Solutions, Specifically for You! Agent Dynamics are specialists at providing business solutions that respond to your challenges and in your environment.

Julie Davis

Neil Williams

Contact Julie to arrange a complimentary Strategy Call 0412 752 366 or julie@agentdynamics.com.au agentdynamics.com.au

eliteagent.com.au 49

Transform 2016

I

T WAS A GREAT privilege to be one

of the Transform coaches and help the Super Six improve their marketing. Here are just some of the things we worked on, and what they found most powerful.

CAMPAIGNTRACK SUPPORT ‘ON CALL’ Kim Bamford, for example, faced the challenge of being relatively new to the industry. She got cracking on her marketing transformation the week the prizes were awarded.

Her eagerness to learn set her apart.

She was the first to use my coaching and, being based in WA, she only had two opportunities to meet the Campaigntrack team, so she came prepared and got maximum value both times.

“The more and more I spoke to people

MARKETING MAKEOVERS: Transform 2016 Competition sponsor Campaigntrack’s Marketing & Product Director, Melanie Hoole, shares some of the highlights and key learnings from the Elite Agent Magazine Transform 2016 program.

50 ELITE AGENT • JUN-JUL 2016

from Campaigntrack, whether it was for an interview or just a quick chat to get the background of who I am, the more confident I felt in myself,” she said. “I honestly had no idea that there were companies like Campaigntrack that could sort out every aspect of your marketing.”

VIDEO: KEEPING YOU A STEP AHEAD Or take NSW-based Ben Munro Smith, who already had some great marketing in place.

His challenge was to refine his approach and further establish his personal brand.

“My personal favourite was the property videos,” he said. “Being able to highlight a home’s features can really help increase conversion of online views to in-house inspections.”

PERSONAL BRANDING For Queensland-based Melinda Allamby, the personal marketing makeover was the highlight. “Not being a very savvy social media person – this has now changed!

– I have had all my social media sites optimised, with superb content marketing.”

This helps Melinda get noticed: “Being the information provider to my clients is extremely important … I’ve been tracking

my results and readership, and they’re increasing every day.”

3D INTERACTIVE TOURS Back in NSW, Jamie Van Le found something else to love: “The one tool that I was really impressed with was the 3D tour.

It’s an amazing offering and I’d never seen anything like it before,” he said.

“I was never really hands-on with the marketing side of my listings, but Mel and the Campaigntrack team were incredible – they were always just an email or a phone call away, even when they were on holidays.” (Thanks, Jamie!)

EVERYONE’S A WINNER It’s unanimous between all the Super Six – Elite Agent’s Transform has propelled them in a new direction. It has given each and every one of the #SuperSix their #bam, #zing, #eliteagent #confidence back.

Congratulations once again to all of the Super Six – Melinda Allamby, Jean-Paul Elsing, Zac McHardy, Ben Munro Smith, Jamie Van Le and Kim Bamford. Working with you has been a fantastic experience.

With that said, I think the last word should go to Kim, who got to the heart

of why Transform was a success: “I was truly overwhelmed by how much you have all changed me, just by seeing me clearly.

That cleared the fog and helped me see myself again.”

Melanie Hoole is the Marketing & Product Director for Campaigntrack.

For more information visit campaigntrack.com.au.

To make the change, call Martin on 0422 924 303 or Tony on 0425 706 711

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agent profile

Michael McClure Eview Group Frankston

With his success based on a strong work ethic and dynamic attitude, along with a dedication to customer service, Michael McClure of Eview Group is recognised by RateMyAgent as the most recommended agent in Frankston and its surrounding suburbs. His numerous awards, such as Eview’s Sales Rookie of the Year and Group Sales Person of the Year, are an indication of even further achievements to come.

How did you get into real estate?

It was a long journey, with some stops along the way. My first part-time job was as a butcher or clean-up boy, and that was a bit of an education – especially when it comes to the cleaning up! Let’s just say that once you’ve dealt with the insides of a pig you don’t have a problem with work ethic; you can pretty much do any job without complaint. So starting at 15 I did that for about two years. The lesson I learned was that if you’re getting paid for a job just knuckle down and do it – don’t complain.

My first full-time job was as a carpenter, which I did for

You had a tough first year in real estate, and then you really turned things around…

For my first nine months, I sort of felt – actually it’s hard to describe! Even though I’ve always had the hundred-percent support of the directors and the team, I struggled a bit. I had access to all this training, plus everyone giving me advice. But one thing I didn’t realise about myself was the way I learned new skills most effectively. So I was listening to lots of podcasts and advice on what we should do, but it didn’t do much for me because I’m not an auditory learner; I discovered I was more of a kinaesthetic learner. This means

ONCE YOU’VE DEALT WITH THE INSIDES OF A PIG YOU DON’T HAVE A PROBLEM WITH WORK ETHIC; YOU CAN PRETTY MUCH DO ANY JOB WITHOUT COMPLAINT. four years after I completed my schooling. I was an apprentice for a number of years, until I injured myself in an accident at work – so I was looking for inspiration and real estate seemed to be a great choice. There seem to be people from all walks of life who turn to real estate and I thought ‘why not me?‘

52 ELITE AGENT • JUN-JUL 2016

that I need to actually practise the skills rather than just listen to a podcast. Once I started practising, role-playing, that sort of thing, my confidence and belief in myself really changed.

Has real estate changed your life?

Absolutely! This is the best job in the world when it comes to

a work /life balance. You work hard for as long as you want and then you’ve got the option to take as much personal time as you like. You have to focus on balance. I work 65 hours a week – and that includes weekends, but the rewards for hard work are great. I take two or three months off every year, and I’ve done that for the last two years.

How has Eview supported you along the way?

I think it’s the fact that you run your own business, a business within a business – and working with Eview has allowed me to do that.

It’s a great place to work.

Our directors are more like business partners than traditional franchise heads.

They’re genuinely there to help us and get everything that we want. So they encourage us to go on holidays and to take time off.

I’ve got a PA and I know that a professional will be taking care of client management if I take a break or a holiday. At the same time, it’s not the sort of job where you are ever really away from work – I’m thinking about my clients all the time.

So, customer service is key?

In a business that relies on testimonials and

recommendations, you have to be focused on every single client – and not just one-off transactions; you have to be genuinely invested in building long-term relationships.

EVEN WITH ALL THE SALES TRAINING AND SUPPORT IN THE WORLD, IT’S YOUR SELF-BELIEF THAT’S GOING TO MAKE THE DIFFERENCE. The key is feedback and communication with the client. They become your best source of new business; they’re the ones who tell the neighbour, ‘don’t go with anyone else’. That’s what gets you repeat business – the raving fan mentality.

It takes work – I’m usually making between 60 and 70 calls a day, and that’s not counting text messages.

How many transactions do you do a month?

Probably six or seven listings.

I do between 25 and 30 appraisals a month. I don’t run with a lot of stock because my

turnover rate’s high. Because I don’t run with a huge amount of stock I can give exceptional, personalised service.

What advice would you give to your younger self?

I do think it’s really important to identify your strengths and weaknesses and find out how best to learn. You also need that drive. If you don’t have that, you’re simply not going to succeed in this business.

You need to be selfmotivated as well. I had heaps of enthusiasm and I was out

there prospecting when I started, but it just took me a long time to really click into gear because I still had that negative self-belief; I didn’t believe I was the best person for the job. So I would do a lot more role-play because that’s how I learn. Looking back, I would have skilled up in my scripts and dialogues, just so I could have owned them earlier – that would also have helped with self-belief.

So just how important is selfbelief in this job?

It’s vital to believe that you’re the best person for the job. Even with all the sales training and support in the world, it’s your self-belief that’s going to make the difference. During my first nine months I really battled; I kept thinking I was too young for the job. Then everything changed. I think that my strength is that I now have a bulletproof self-belief. That only came because I started doing a lot of training. I genuinely believe that I have the best negotiation skill-

set and when I finish up a presentation I believe that it was the best. It’s all about your mindset.

What are your goals for the next 12 months?

My main goal is to maintain balance. The workaholic mentality means putting every ounce of what you’ve got into a business and sacrificing so many other things in your life. That’s not what I want.

Another focus is to maintain consistency in the number of listings I have each month.

eliteagent.com.au 53

industry events

Gaining Momentum IN APRIL AND May this year realestate.

com.au and News Corp Australia combined to create an exclusive national event series for real estate professionals – Momentum. Industry leaders Steve Carroll and Tom Panos shared some of their best tips on current and future industry trends and how to strategically incorporate print, social and digital platforms into your advertising campaigns to achieve maximum results. Samantha McLean was there to note down some of the top takeaways from the event.

A

S YOU WOULD expect from

these two powerhouses, this event started with plenty of energy and some mind-boggling statistics of how the speed of change, driven by the internet, is getting faster and faster.

For example, did you know that more people own a mobile device than a toothbrush, that Google’s driverless cars are likely to hit Sydney by next year, and dating app Tinder has a total of 13,000 swipes per second and approximately 300 matches?

STEVE CARROLL First piece of advice: Disrupt yourself rather than waiting for disruption to happen to you.

Steve’s presentation focused on the three marketing aspects of the agent’s role: 1. Attracting prospects 2. Getting selected 3. Becoming recommendable.

54 ELITE AGENT • JUN-JUL 2016

1

ATTRACTING PROSPECTS

Approximately five million1 Australians log on to realestate.com. au per month; they may just be browsing, or they may be sellers or buyers.

Realestate.com.au have done many studies to try to define a pattern of consumer behaviour from the start to the finish of their buying and selling process. They have found that 76 per cent of property owners who use the website and who have decided to sell still have not selected an agent. Based on a survey, they have also found that the most stressful part of selling a home is selecting the right agent.

This, says Carroll, is why the digital interview is so important. It is not necessarily about who has the biggest ads; it’s more about who dominates the area.

Consumers take note of agents that seem to be good at marketing in that area and will look at things like five-star reviews and who has sold in their suburb of choice.

What constitutes good marketing? Good photography, copy and video.

Realestate.com.au have also looked at the answer to the question, ‘What would make you give a one-star rating to an agent?’ and the answer is clear. Withholding information is the number one issue for consumers, says Carroll; their priorities are transparency, urgency and availability of data right now. “Consumers of today have no time to look at listings that are badly

thought out or incomplete.”

Carroll also noted that the digital interview will continue to evolve and it is ongoing 24/7.

2

GETTING SELECTED

Getting selected is about being at the top of the search results. This part of the session started with Carroll asking us to turn around and ‘Google-stalk’ via our mobiles the person sitting behind us as far as it related to real estate. This was a pretty interesting exercise (nice to meet you, Greg Brown from Coastlink in Budgewoi!).

I had assumed there might be many Greg Browns in Google, but my new friend’s name came up first; and while there were a few other Greg Browns, his agent profile on realestate.com.au came up first too. After tapping on a few others and having done a bit of research myself on this through Transform where Carroll coached our ‘Super Six’ I was interested to find my friends Agent Profile on realestate.com.au appeared to be more complete. The reason for this came up in Tom’s presentation,

where he talked about SEO and SEM. Looks like a little effort goes a long way in getting found.

Bearing in mind I am not a real estate agent, when Greg googled me, my personal website samanthamclean.com came up before eliteagent.com.au. Over the last five years I have published hundreds of articles on eliteagent.com.au, so it surprised me that samanthamclean.com (with much less content) came up first. But that should tell you something. As a way of getting found, if you don’t own your name as a dot.com you should do it now; and it should be a mobilefriendly website as Google will reward when your potential audience is searching for you on their mobile. One of the stats we

I had assumed there might be many Greg Browns in Google, but my new friend’s name came up first; and while there were a few other Greg Browns, his agent profile on realestate.com.au came up first too.

eliteagent.com.au 55

industry events saw quite early in Carroll’s presentation is that 50 per cent of web traffic is now initiated on mobile.

Next up from Carroll were a few tips on professional networking site LinkedIn. Carroll noted this is not a professional choice; it’s an essential, a personal billboard to the world. He also gave us a prospecting strategy that has worked for a number of agents, which goes something like this: Post a useful article. When people like, share or comment on that article, connect with them and send them a friendly message to thank them for connecting. This builds your network; these new connections will automatically keep getting your new posts and start the nurture process for new prospects in the future.

Lastly, some statistics on agent profiles on realestate.com.au - 12,000 agent profiles would have been viewed that morning during Momentum, with 300 email leads being sent to agents on behalf of consumers.

The average agent only has 40 per cent of their profile complete (that is, seven out of 13 fields). A recent Harvard Business Study found that 57 per cent of decisions are made before any contact is initiated, so it is a good strategy to give consumers the information they want – with no gaps.

3

BECOMING RECOMMENDABLE

Carroll noted that the cheapest form of advertising is recommendations.

Make your interactions with your customers worthy of positive comments on social media.

“It’s important to do more than a bottle of wine or a cheese platter,” says Carroll. So if you want customers to talk about you on social media, it really is the thought that counts.

TOM PANOS While it seems customary these days to start a Tom Panos presentation with push-ups, this one started with a stern message from Panos about agents needing to do better on social media. “People are not interested at all in the food you’re eating. They don’t care about you. They care about themselves, and the net figure in their back pocket!” (But then came the push-ups.)

As always you have to write quickly when Tom speaks because the one-liners (I wish I could remember them all!) come pretty thick and fast. But here are a few gems I managed to get down which you should remember when times get tough: “Never let a bad day feel like a bad year.”

“Make rejection your best friend and fail faster.”

“If you don’t know the alarm code and you’ve never been first in or last out, things like Facebook, letterbox drops and cold calling are not your problem; motivation is

56 ELITE AGENT • JUN-JUL 2016

THE GAMIFICATION OF PROPERTY TECHNOLOGY Carroll also gave the audience a view of some new technology which will be on display at AREC 16, called Diakrit. This allows consumers to digitally re-decorate their new home before they have moved out of the old one. Carroll noted that game manufacturers have achieved a virtual world where consumers feel like they are part of their surroundings. In his opinion, “Property seekers will demand that sort of [real-life gaming type] experience in the future”. your problem.”

“A million-dollar agent has been rejected more times than you have probably tried.”

“Hustle beats talent when talent doesn’t hustle.”

And then a few tips on time management and goal-setting. “Make a list of three things that are must-do’s for the day”, says Panos, “and get them done. Don’t get distracted by noise. Something unimportant done well does not make it important.”

Panos strongly recommends something he does himself. “Write your yearly goal in your diary at the top of the page every morning; this gives the tasks you write underneath it meaning.” He notes it helps him to stay focused.

The rest of Panos’ presentation was also focused on the digital interview, as he has a new book being released at AREC 16, There Are No Blind Dates In Real Estate. A couple of Facebook tips from Panos: firstly, if you have done a good job for someone, ask them politely to say so on Facebook tagging you into the post. That way both your friends and their friends see the post, and new listings have been won through this technique.

Secondly, download your database to Facebook so that you can create ‘lookalike’ audiences and promote your posts to them on social media. That way you can start being strategic about who you want to reach over social media. And then he added a new oneliner: “Don’t build a billboard in the forest!”

The session ended with a few roleplay shenanigans with the audience; again some great suggestions for scripts; one that stood out for me was the question, “Who referred you to me? We like to thank anyone who refers us.” Not only does this create positioning that your business comes by referral, but also allows you to measure ROI on your marketing and prospecting activities.

After an action-packed couple of hours, another one-liner from Panos seemed like a good place to close on an upbeat note. “The past does not equal the future”, said Panos.

“It can be better, and you have the power to make it so.”

1. 5.5 million property seekers log on to realestate. com.au each month. Source: Nielsen Digital Ratings (monthly) – March

To grab a copy of Tom Panos’ new book There Are No Blind Dates In Real Estate visit the News cafe at AREC 16. To update your agent profile visit the Agent Marketing Centre at agent.realestate.com.au.

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Real Estate software agents love

personal development

IN THE COMPETITIVE

industry that is real estate, agents wanting to improve their performance and knowledge may be reluctant to attack an area of weakness for fear of feeling like a ‘newbie’, or worse – failing! Tony Rowe looks at how to step around this hurdle which often stands between agents and their full potential.

T

O SUCCEED IN any given

profession, it is essential to commit to consistent improvement – and real estate is no exception. And just as in life, there are always going to be new skills to develop along the way. Whether we rise to the challenge and attack these new skills is up to us –it may be hard to step out of our comfort zone at first, but the results will always be worth it.

Agents, especially high-performing ones, play to their strengths – as they should. The notion of being a ‘newbie’, feeling awkward and slow in performing a task that someone else does really quickly (i.e. not being the expert) is scary for a lot of people. And often, agents are their own worst enemies: there are the agents who believe they ‘already know it all’, and those who believe they ‘know better’ than others and have ‘been there, done that’.

WHY DO WE NEED TO LEARN AND GROW? The pace of change in the property sector (and society, generally) requires agents to be able to understand and respond quickly to constant shifts in how the business operates and how work must get done.

New business models are emerging, new technologies are being developed, and more sophisticated consumer behaviours are evolving. The capacity to learn and adapt faster than your competitors, may be the key to a sustainable and competitive advantage into the future.

Most high performing agents have a deep desire to understand and master new

58 ELITE AGENT • JUN-JUL 2016

HOW EVERY DOG CAN LEARN NEW TRICKS skills; they see themselves very clearly; they’re constantly thinking of, and asking, good questions about how to do things more efficiently, more effectively, and more intelligently. They have a capacity to tolerate their own mistakes as they embark on a persistent and consistent learning curve to greater skills and knowledge.

But for many of us, change can be hard.

However, if we recognise that there is a natural resistance to change, then there is a genuine capacity to acknowledge there are new methods and new tools that will allow for both personal and professional growth opportunities. To be able to adapt to those new methods, and use the new tools, is an ‘acquirable’ skill.

High achievers in every industry, profession and sporting endeavour want to understand and master new skills that will allow them to out-perform the competition.

These high achievers have a very clear appreciation of their strengths and their areas for improvement or development.

The other thing they do, mostly quite well, is accept and tolerate mistakes as part of the improvement process.

ARE YOU REALLY OPEN TO LEARNING? When we want to learn something, we focus on the positive – what we’ll gain from learning it – and can picture the time when we’re reaping those rewards. That vision of a better future propels us into action. Once we shift the focus from the challenges to the benefits, an increase in appetite occurs which encourages our focus on what might be initially an unappealing or challenging task.

We can increase our willingness to tackle those ‘chores’ by thinking about how to perform the task differently, to make it more interesting. This is possible by simply changing the thought pattern from ‘this is boring’ to ‘I wonder if I could…?’

By noticing the language used in thinking about the things that interest or excite us (How…? Why…? I wonder…?) and adopting a similar approach when it’s time to address

or confront our response to a less-appealing task or a new skill, we can reconfigure our thinking to be more positive with the modified approach.

The next time you feel the urge to learn something new, or sense that you should, encourage yourself to ask and answer a few questions about it – Why are others so excited about this? How could this make my job easier? – and then seek out the answers. You’ll need to find just one thing about a ‘boring’ topic that sparks your curiosity. Then take just one step to answer the question you’ve asked yourself: research and read an article; query an expert; find a coach or mentor. The best solution will be whatever feels easiest.

This way, we begin the task of reconditioning the brain to allow the adoption of new ideas.

Most high achievers accept and tolerate mistakes as part of the improvement process.

FINDING THE RIGHT MINDSET Once we become good or even excellent at some things, we rarely want to go back to being average at other things.

Great learners allow themselves enough latitude to accept that ‘L-plate’ condition on a regular basis.

Generally, when we’re trying something new and doing badly at it, we can be fairly harsh in our thoughts: I hate this. I’m such an idiot. I’ll never get this right. This is so

INSTEAD OF SAYING:

TRY SAYING:

I don’t need to know this

What would my future look like if I did?

I’m already good at this

Am I really? How do I compare with my peers?

This is boring

I wonder why others find this interesting?

I’m terrible at this

I’m making beginner mistakes, but I’ll get better

frustrating! That static in our thoughts leaves little room for the learning brain to step in.

The ideal mindset for a beginner is to be both vulnerable and balanced: I’m going to be bad at this to start with, because I’ve never done it before, but I know I can learn to do it over time. When people are encouraged to expect mistakes, and to learn from them early in the process of acquiring new skills, the result is a heightened interest, persistence, and better performance.

The ability to acquire new skills and knowledge quickly and continually is crucial to success in a world of rapid change.

Learning how to be an effective learner is critical to your success as an agent in a rapidly changing, fast-paced world of innovation.

It takes hard work, commitment and dedication. It takes time, energy and effort. It takes a strong support network.

It’s a challenging undertaking to strive to be ‘great’. But in the long run, it is worth it.

Tony Rowe is the principal of myrealestatetraining. com au, specialist providers of Real Estate Training. Visit myrealestatetraining.com.au.

Want the exact strategies, scripts, dialogues & templates used by Million

Dollar Agents?

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eliteagent.com.au 59

personal development

Your first month in real estate: 2 5 tips on how

truth you work for yourself and happen to use someone else’s stationery and photocopier.

Wrap your head around the concept of personal responsibility, as there are no excuses good enough and no resting on your laurels. As soon as you find the obligatory desk and phone, take a breath and picture the clients you would like to work for, what they are likely to own, what they want to hear and where you will be able to find them.

to survive

If there is one thing in abundance in the real estate industry, it’s advice.

Thankfully, most will be well intentioned and the best will be based on the experience of success you picture for yourself. If I had a dollar for every person who has said to me ‘I used to be in real estate…’

Take it all in, but realise building your career is like building a house. The foundations need to be laid before you can put the walls and roof on, let alone the solar panels. Ask permission to shadow the best agent/s in your office. Invite an agent you admire out for a coffee; if you explain you are new to the industry and would love to pick their brains, most will say ‘sure’. Of course, respect the time given to you and make the most of it; you’ll realise how valuable time is to a successful agent soon enough.

3 THE FIRST month in real

estate can sometimes be tough to survive. If you are just starting out in the industry, Maree Quinn has some tips for you.

S

O, YOU WANT to be in real

estate? Please don’t say it’s because you like houses.

Hopefully it’s because you like people, hard work and your core farm area. On the personal attributes side, you will be a quick thinker, resilient, persistent and a bit stubborn. If you are still keen, here are my suggestions for the first month in real estate sales.

1

Business – how to define it When you start in real estate you may think you work for someone, but in

60 ELITE AGENT • JUN-JUL 2016

Advice – how to process it

Energy – how to manage it

Whatever you do, please work hard to retain the enthusiasm you feel in the first month; clients will appreciate the freshness of enthusiasm over decades of ‘dull’ experience. Preserve your sanity and family life, protect your health and block out time for having fun. It can be tempting to go all-out in the early stages, but real estate is a marathon, not a sprint.

It is easy to fall into the trap of ‘busy’.

Instead, make sure you are ‘productive’.

Everything you do will revolve around listing and selling; in the early days it will primarily be getting appraisals so you can move on to the other two. Get over phone phobia fast if you have it. Find out if there are any ‘orphan’ contacts you can call or old listings on the books so you can hold your own open home.

4

Structure – how to get some

Okay, sure, you have no clue what you are doing yet, but there are certain practices you can start doing and keep doing. Keep good records; everyone you meet who owns property should be put into a database of some sort, maybe even a CRM. This acronym stands for Client Relationship Management not Contact Rarely Maybe.

Your database is not a phone number storage device – it is a way to plan your

activity, distribute marketing, give prospective clients the information they want and remember the nice-to-know details, like the schools the children attend or their pet snake’s name. Start communicating with e-newsletters as soon as possible; they are free and you can build your skills and establish a habit while only three people are getting them.

5

Learning – how to continue

To improve at anything you need to do it and then reflect to see what works and what doesn’t. If it does and it’s ethical and legal, keep doing it, maybe even ramp it up. If it doesn’t work, seek out ways to develop your skills. Say ‘yes’ to every opportunity for training and take notes which include immediate actions.

At the beginning, your learning is likely to come down to increasing the quantity of people you are meeting who own property, working on your ability to establish motivation and asking constructive questions.

Practise asking a series of questions without offering an opinion; it will be the most valuable skill you can learn, besides knowing what to do with the answers.

Enjoy your first month. The good news is there will never be another first month. You will be amazed at how much you will learn.

There are no tricks to real estate, no magic formulas or silver bullets; in fact, there is

When you start in real estate you may think you work for someone, but in truth you work for yourself and happen to use someone else’s stationery and photocopier. very little that changes despite technological advancements. Real estate sales is meeting people who own property, listening to them, caring and keeping in touch. That’s not so hard, is it?

Maree Quinn, aka Agent Whisperer, coaches new sales agents to help the industry hang on to the ‘good-uns’.

With a background in sales, management and coaching in real estate and corporate environments, Maree tailors her one-on-one services to individual needs.

Visit agentwhisperer.com.au for more info.

human resources

CAREER STEPPING STONES

READY FOR AN ASSISTANT? Now that you have had some great success on your own and you have established yourself as an excellent lister and seller, do you need some help to take your business to the next level? Perhaps it’s time to look at putting on an assistant to take away some of the non-dollar productive parts of your role.

This will allow you to do what you do best – prospect, list, service and sell!

You need to be fully prepared to back yourself, as you will be heading into a debit/ credit or commissiononly arrangement; it’s now all up to you to make it happen!

When putting on your assistant take the time to prepare a full job description of what the job entails, including a list of duties and expectations. Hire someone with the right skill set and attitude (not just the cheapest option). Be prepared to delegate the tasks across and don’t micromanage – you will end up doing your job and theirs!

ARE YOU READY TO FORM AN EFFECTIVE BUSINESS UNIT (EBU) ?

SO YOU’VE BEEN IN SALES for a while and you want to

step up. What are your longer term career goals? Virginia Brookes discusses the next steps.

N

OW’S THE TIME, at the

beginning, to become clear on your goals and what you want to achieve from your career. Commit to those goals and map out the path you need to go and the time frame you have to achieve them.

STEPPING FROM ASSOCIATE TO AGENT You’ve been working under the guidance of a senior for a good amount of time now; you’ve run a few campaigns, have some good traction behind you and you feel

it’s time to go on your own. This is the first time you need to be fully prepared to back yourself as you will be heading into a debit/credit or commission-only arrangement; it’s now all up to you to make it happen!

Keep building your database, put in the extra hours needed to prospect, arrange for after-hours appraisals, be continuously working on yourself and your skill set, and through hard work, perseverance and by still following the direction of your principal, sales manager or coach you should get the results you want.

You and your assistant now have an excellent track record and you have great market share. Perhaps it is now time to form an EBU – a minimum of three people, each with set tasks, responsibilities and goals.

Your assistant may want to step into a buyer manager role, or perhaps you will recruit a buyer manager and have your assistant become your vendor manager.

However you structure your team, make sure you have the best person for the job.

Once you are purely listing and servicing your vendors and you have two other people in your team to cover the rest, you should be performing at your near peak.

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.

eliteagent.com.au 61

technology

THE POWER OF TECHNOLOGY AS CHIEF PRODUCT OFFICER at Domain Group,

H

Damon Pezaro oversees technology at Fairfax Media’s property platform. He tells Elite Agent where real estate tech is headed and how agents can best harness the latest developments.

Story by Anthony O’Brien.

AVING STARTED his digital

career in 1999, Damon Pezaro has spread his time across a number of start-ups and larger corporates in the UK and Australia, such as 3H Group, OurDeal.com.au and News Digital Media, and has been with the Domain Group since 2013. His lengthy experience means he has lived through massive changes in the digital landscape and has witnessed how technology has pushed executives, businesses and consumers to adopt new ways of thinking.

WHAT IS DOMAIN’S TECHNOLOGY FOCUS NOW? Surprisingly, Pezaro did not mention the buzz phrase ‘digital disruption’ once during our interview. Rather, he says Domain is focused on the latest mass consumer trends impacting all industries, including real estate. “If you start changing behaviour, it will have wideranging impacts,” he says.

In his role with Domain Group, Pezaro is concentrating on the opportunities and challenges facing real estate agents. He notes that a lot of technological advancements are for technology’s sake alone. “We are interested in things that add value, and this involves understanding the day-to-day life of our customers, who are real estate agents,” he says.

62 ELITE AGENT • JUN-JUL 2016

To this end, Domain Group conducted an extensive survey of thousands of agents across Australia. “Whether it was a principal of a business, a receptionist or a sales agent, we wanted to understand how real estate professionals go about their working days or weeks,” says Pezaro. “We then looked for the pain points where technology can help.”

Domain has a couple of digital businesses that Pezaro especially highlighted: MyDesktop, a cloud-based real estate CRM platform, and the property data business, APM PriceFinder. “APM PriceFinder has direct relationships with real estate agents and the banking industry, who leverage the data,” Pezaro says. “It’s a trusted brand, and we’re always looking at ways that the data informs and empowers the industry.”

For over 30 years, APM PriceFinder has delivered comprehensive property data, market insights and products to real estate

professionals across Australia. Domain recently announced a significant milestone, the merging of two products, APM Property Data with APM PriceFinder, to create a centralised property intelligence solution that incorporates comprehensive data and estimates for over 13 million properties nationwide. APM PriceFinder enables real estate professionals to integrate powerful reporting tools into their businesses to help with prospecting, customer interactions and brand exposure. “The mobile use of these products is a major trend. We are always trying to match our products to the mobile needs of our customers,” says Pezaro.

TECHNOLOGY AS AN ENABLER At Domain Group, Pezaro says the aim is to look at technology as an enabler that can enhance real estate functions. The company wants to make it easier for real estate agents to follow up enquiries, deliver quality customer service and offer their customers a simpler transaction process, according to Pezaro. “Buying a home is an emotional rollercoaster, and we need to consider how we use technology to help consumers make better and more informed decisions,” he says.

Domain is continually seeking ways it can help free up real estate agents to focus on the things that matter, such as building deeper relationships and providing better customer

service, according to Pezaro. “We try to advise consumers throughout the process,” he says. “We have an incredible talent pool of journalists who write about property and can help consumers know about what’s going on in the market. Then we need to back this content with the best user experience, whether you’re buying or selling a home, and [make the process] as pain-free as possible.”

TECHNOLOGY WILL NEVER REPLACE AGENTS The reality is that for the average Australian, whether buying or selling, a property transaction is a major financial decision and a consumer needs the right person in his or her corner. “The expertise that agents have in their markets is phenomenal. I know myself, the first time I sold a property, I got an offer and my response was, ‘Take it, take it.’ You get caught up,” says Pezaro.

“However, we’re starting to see that technology is freeing up agents from doing repetitive paperwork and time wasting, allowing them to do traditional relationship building. It’s about freeing them to spend more time speaking to their vendors to help them understand where the market is at.

“We also want to free them up from being stuck in the office and get them out into the real world doing what they do best: offering

“It’s not feasible for you to spend six hours a day on Facebook trying to build your social presence, because your core business will fail.” traditional relationship building. [These are] the old-school fundamentals of business – face-to-face relationships, education, awareness – which are so valuable to the real estate process.”

Domain Group recently made an investment in Homepass, an app which is focused on the open-for-inspection process. The Domain property app is now synced with Homepass, a partnership that is set to make it easy for real estate agents to deliver a seamless customer service experience at property inspections using a mobile device. With less time spent capturing contact details and the ability to view visitors’ profiles, Homepass enables better conversations, creating the ability to greet visitors by name and engage with more prospective buyers rather than with the paperwork.

The system also allows for streamlined two-way engagement with sellers – agents

can update their vendor instantly with postinspection snapshots sent from their mobile.

“Many agents still use pen and paper to record the names of those people who attend an open for inspection,” says Pezaro. “Then they have to go back to the office and type in all that information. We are automating the process, making it easier than ever before to keep your CRM up to date with data collected during open for inspections. As soon as you check-in a buyer, that information is automatically loaded into your CRM. You can then spend more of your valuable time speaking with buyers and learning more about them. It won’t replace anyone, but enhances the experience.”

ARTIFICIAL INTELLIGENCE Chat apps connected to artificial intelligence-powered services are receiving a big investment of time and money from companies such as Google, Facebook, Snapchat and Apple. The result is that the number of chat and personal assistant apps is on the rise.

Google offers Google Now, which is much like Apple’s Siri. In 2014, Facebook separated its Messenger functionality from within Facebook, making it a standalone app, and also bought cloud messenger WhatsApp for US$22 billion. In April, at F8, the Facebook Developer Conference, Mark Zuckerberg presented the latest release of Messenger, inviting businesses to set up official profiles and allowing them to chat to multitudes of customers at once through chat bots. There’s one school of thought suggesting that chat bots could one day become as important as apps.

Domain has recently launched their facebook ‘bot’ to chat with consumers. “One possible use of this technology is, for example, to message the Domain Facebook page and ask it for properties around you and then hit another button that provides you with an estimated valuation for the property. It’s about bringing the insights as close to the user as possible. This enables a consumer to make better informed real estate decisions.”

Now Facebook is testing an app called M, a personal digital assistant they say “can complete tasks on your behalf” – for example, booking restaurants and organising holidays.

For Domain, says Pezaro, it’s important to understand how this technology will evolve and change behaviour, both in a real estate office and when dealing with the customer.

NEIGHBOURHOOD WATCH FOR THE 21ST CENTURY Pezaro is also following closely the rise of free community-based social media networks such as Nabo, which is being used

in thousands of suburbs across Australia, helping residents to get the best out of their local area. You might use Nabo to recommend and discover the best local events and attractions, a trusted service provider or tradie, or the best coffee in town.

Alternatively, you may want to create a support network of local people who can keep an eye on your home or pet while you’re away.

And in the spirit of Neighbourhood Watch from the last century, Nabo aims to grow a stronger neighbourhood together.

“Technology is freeing up agents from doing repetitive paperwork, allowing them to do traditional relationship building.”

“Using the likes of Nabo is a great way for agents to connect with their communities,” says Pezaro. “A microsocial networking platform is no different to how a real estate agent would engage with people at a kids’ soccer game on a Saturday. It’s not about advertising every single listing you have.”

Social media provides an opportunity to leverage real estate agents’ phenomenal local area knowledge, according to Pezaro: “They have their fingers on the pulse. Using social media platforms is about recreating this in a digital sense and imparting knowledge that is helpful to people.”

EMBRACING TECHNOLOGY Most agents are adopting new technologies, but it’s important that technology use is guided by how it can help them in their businesses, contends Pezaro. “It’s not feasible for you to spend six hours [a day] on Facebook trying to build your social presence, because your core business will fail,” he says. “It’s better to work out how technology can help and where to invest your time and money.

You have to work out how to embrace technology so it’s applicable to your realworld experiences.

“Often you hear stories of people, not necessarily in real estate, throwing large sums of money at technology and it doesn’t work for them. It is about making your life simpler, and that is what technology is about.”

Pezaro’s single biggest piece of advice to real estate agents is not to hide behind technology.

“It’s really easy to respond with a message when a face-to-face conversation or phone call goes further,” he says. “When you start sending too many messages, I would caution against that.”

eliteagent.com.au 63

marketing

OUTSOURCING PROSPECTING

CAN IT BE DONE? THERE ARE ONLY 24 hours

in a day, and most agents appreciate that this acts as an earnings ceiling. But what if you could outsource something such as prospecting? Carl Quested looks at how this could make all the difference to your productivity.

W

HAT IS CLEAR TO

most agents is that if you look at any topperforming agent in Australia, or around the world, they’re not going it alone. They are surrounded by an exceptional team.

But let’s just say you’re a solo agent, bribing your other half or your kids to help with the letterbox drops, stuffing envelopes in return for pizza. Or worse, those ‘prospecting’ tasks simply keep getting carried forward on your to-do list.

The good news is there is help.

Now, usually at this stage, we’d start talking about the many benefits of bringing on a PA, of growing a team that you have to manage. And the problem here is that you probably didn’t become an agent to deal with superannuation, sick leave and holidays. Nor might you have a clear understanding of what a PA should be doing for you.

So, you’re not ready to commit to a new staff member, but you need something that is more effective than your ever-growing to-do list. There’s a little step in between – it’s called outsourcing. And what I’m talking about is outsourcing your non-dollar productive tasks that generate dollar-productive activities.

64 ELITE AGENT • JUN-JUL 2016

Think about it: is it dollar-productive to spend time stuffing envelopes with your newsletter?

Is it dollar-productive to be yelled at on the phone, or leave messages on umpteen voicemails? And is it productive to spend three hours trying to create your latest just-listed flyer in Publisher? All of these tasks are important, as they lead to dollarproductive activities. But it doesn’t mean you have to do them.

Outsourcing has become a dirty word. We hear horror stories about overseas staff that don’t understand our needs, or worse, do something with all the passwords we share with them. The truth is, outsourcing is any process that we delegate to someone else – and that doesn’t have to mean overseas.

And it doesn’t have to be complicated either; you just have to know what to outsource, and where to look for help.

As the hardest thing to stay on top of is usually prospecting, it makes sense to outsource this, to ensure it is consistent and persistent to your market.

These are some of the key prospecting activities you can look to outsource: Letterbox drops – You can look to use a contract company, hire a local, work with a church group or even utilise Australia Post. Perhaps you have set a goal to drop to your area at least once a month, or on

the completion of each sale. Outsourcing means that, no matter how busy you are, your drops still happen.

Direct mail – If you send out any more than a couple of hundred letters, you should be outsourcing it. The economies of scale that a mail house achieves through bulk printing and mailing mean that it will cost basically the same, if not less, than doing it yourself, with none of the associated headaches (paper jams, sticky labels, envelope stuffing, and so on). Don’t let your monthly newsletter slip to quarterly just because you don’t have time; your market is looking at your consistency of marketing when it comes to choosing an agent.

Telemarketing – Many of the top performers still attribute their success to telemarketing.

Now, they often have a team around them to assist in hitting their call numbers, but if you keep finding excuses to move telemarketing down the priority list, outsource it. And don’t just trust it to anyone; the company needs to understand the importance of your brand reputation. They should be well versed in all things real estate, and their operators need

Think about it: is it dollarproductive to spend time stuffing envelopes with your newsletter? Is it dollar-productive to be yelled at on the phone, or leave messages on umpteen voicemails? to be able to speak clear English, preferably without any overseas accent. That’s not prejudice; it’s just that a telemarketer generally gets about six seconds to make an impression, and the corporates have ruined the overseas call centre operators’ reputation with us in Australia.

Graphic design – How many hours have you sat trying to get that red border to wrap around the photo properly, only to sneeze and watch it move out of place? Our desktop publishing programs were not designed to create high-quality designs, nor were you trained to be a graphic designer. Using a designer doesn’t mean you have to shell out hundreds per hour, or get charged for changing the Z to an S in some type. Many cost-effective options now exist that allow you to give a simple brief of your needs and receive a professionally designed flyer, newsletter or even pre-list kit in next to no time. And if you really can’t part with doing

it yourself, at least look at using the right kind of tools.

Website maintenance – Again, your website maintenance in itself is not a dollarproductive activity. The results it produces become dollar productive, but get the back end stuff looked after for you.

Copywriting – Copywriting can be the difference between one enquiry and one hundred. It is an art form that takes years to perfect. It isn’t just about being able to use descriptive words; it’s about being able to evoke certain emotions, cause a reaction and ultimately make someone take action.

Just because you are able to write, it doesn’t mean it’s something you should do.

Outsourcing is all about understanding your strengths and finding those who can assist you with your weaknesses. Ultimately, it’s about making you more effective with the 24 hours you have in a day.

Carl Quested is the director of AgentMail, a marketing company specialising in direct mail and telemarketing for the real estate industry. For more information visit agentmail.com.au or brandstrong.co.

HERE ARE SOME RESOURCES YOU WILL FIND USEFUL: agentmail.com.au – Full disclosure: this is my company. We provide printing, direct mail, unaddressed mail and telemarketing for the real estate industry. wpcurve.com – A subscription service that takes care of all your WordPress fixes, from uploading blog posts to fixing and updating your plugins. upwork.com – This site gives you access to freelancers across the globe. It can be a bit hit-and-miss if you don’t know exactly what you are looking for, and cheapest is not always best. But if you need someone to transcribe some audio, type up those handwritten open home logs and so on, it’s a great place to start. techwithtlc.com – Tara Christianson is an experienced copywriter, who has written for real estate agencies across the globe. Her knowledge in the tech space also comes in handy for integrating your online and offline marketing. canva.com – For those who just can’t let go of doing designs themselves, Canva is a whole new world which will give you access to heaps of backgrounds, page sizes and

more. If you want to create decent ‘memes’ for your Facebook page, or need to create a great DL flyer, Canva can help. Warning – this site can become addictive and it’s easy to lose many hours looking for the right image. brandstrong.co – Okay, another disclaimer: this is another of my companies. It provides a subscription-based graphic design service.

For a fixed monthly fee, you get unlimited graphic design on everything from social media posts, flyers and newsletters, through to banners and building signage, pre-list kits and more. auspost.com.au/business-solutions/ unaddressed-mail.html – At AgentMail we use Australia Post for our letterbox drop service. It is not the cheapest option, but from a reliability perspective the flyers are delivered by the same postie who delivers your daily mail. airtasker.com – This Sydney-based company provides Australian freelancers for everything from ironing your clothes and mowing your lawns, right through to voiceovers and getting more Facebook followers.

eliteagent.com.au 65

leadership

Bridging the leadership skills gap THE PATH FROM salesperson to leader is often one huge

leap with no middle management experience in between.

Julie Davis and Neil Williams reveal how to overcome this gap and become a leader worth following.

T

HE QUESTION of good

leadership becomes more vexed in real estate because, more often than not, in our industry a career path is often salesperson to business owner/leader all in the one step. The opportunity to develop skills in middle management roles is fairly rare, particularly within independent agencies.

An agent will often start their career in sales, property management or an administration role and then, following varying degrees of success, make the decision to start their own agency. The decision is often triggered by frustration with the boss at their current agency, and they remove the problem by starting their own business. They do a business plan, often borrow the start-up capital and then start recruiting. But hang on: what have they done to ensure that they are in the absolute best position to lead their team?

66 ELITE AGENT • JUN-JUL 2016

GREAT SALESPEOPLE DON’T NECESSARILY MAKE GREAT LEADERS Salespeople who have made the transition need to source team members who will fit into the culture that they wish to develop. Cloning, or trying to find salespeople who are just like them, is rarely successful because they recruit a group of opening batsmen instead of a team.

Once the team is in place they need to be led. If they don’t get leadership then they won’t be happy, and unhappy people leave real estate teams. Contrary to popular belief, it is rarely due to better money being offered elsewhere; it’s as simple as that.

Not every leader needs the skill set or training to be the CEO of BHP. There are some excellent leadership programs available, but in this instance I’d like to share with you some simple focus areas to help you develop into your own leadership style.

1. STANDARDS We all have standards in life, and these standards are often a result of our upbringing. They often revolve around

‘knowing right from wrong’.

It is important as a leader to understand that there are three different standards within an agency. There are the principal’s standards, the team members’ standards and the company or agency standards. Leaders focus on the agency standards because these are the only ones that apply equally to all team members. If you focus on trying to change your team members’ individual standards to align with your own personal standards, then good luck! You will waste inordinate amounts of time trying to convince somebody that you’re right and they’re wrong and, importantly, you have no right to.

2. EXPECTATIONS We often confuse expectations with standards. Put simply, a standard is a benchmark that aims for consistency of performance by following a process. An expectation is that the team will comply with the processes to meet those standards, aiming for consistency of results.

As a leader, don’t expect the team to meet your expectations if they are unsure of what your expectations actually are. We have expectations of the team as they have expectations of us. This equally applies to all of our customers and clients. It is critical in any relationship, either personal or business, to understand the expectations of the parties, because if we are unsure

what the expectations are then how can we expect to meet them?

We have learned through life that unmet expectations lead to the biggest disappointments that are often harboured and affect our future thinking and actions.

It’s not difficult; if you want to know what your team and clients expect of you then just ask them the question. In most instances they will tell you.

3. ACCOUNTABILITY Leaders understand that accountability is the cornerstone of success. It is intrinsically linked to both standards and expectations and is the third side of the triangle. Standards and expectations without accountability will lead to failure. If all members of the team are not held to account then standards drop, amended standards are introduced and the fuse of unrest and disappointment is lit.

Accountability for a new team member should start the day they join, irrespective of their level of experience. The leader’s expectation is that they will start learning the systems and be aware of the standards from day one. Good team members love to be held accountable and if left to their own devices with unmet expectations

they will go looking elsewhere. In our experience, the agencies with high levels of accountability are the most sought-after by new and experienced team members alike and are invariably the most successful in their patch.

Just as the team is accountable to the leader, the leader is equally accountable to the team.

As a leader, don’t expect the team to meet your expectations if they are unsure of what your expectations actually are.

4. CONFLICT MANAGEMENT Leaders understand that conflict occurs because someone’s standards or expectations have not been met. Conflict is managed or avoided by the use of two things: communication and action. Action without communication is useless and vice-versa.

You cannot solve a conflict without first communicating with the parties and then applying the best corrective action to get

the best resolution. In conflict leaders deal only with the facts; they are then in a position to make the best decision and they can then get the most suitable outcome.

Non-leaders put their heads in the sand, hope the problem will go away or tell one of the team to ‘just get it sorted’.

Remember, always support your team members and, if they have erred, ensure that you take the necessary action to minimise the chances of the conflict recurring. This applies whether the conflict is within the team or externally with clients.

In summary, leaders are made, not born.

We should always aim to be the best leaders that we can possibly be. It’s not hard; we just need to start the journey.

Julie Davis and Neil Williams from Agent Dynamics have niched into providing specialist services to small and medium sized agencies, focusing on growth strategy, recruitment and leadership. They bring to the table a skill set developed ‘hands on’ as principals, trainers and mentors, supported by Neil’s 20 years’ military experience.

MUSCLE UP AND RAISE THE BAR IN REAL ESTATE SPECIALIST REAL ESTATE ADVISORS AND ACCOUNTANTS At businessDEPOT, we’ve got a unique insight into what fuels the fire - this allows us to package specialist tax, accounting and business advice to raise the bar of your real estate business. Get in touch with John Knight and his team to #MAKEITHAPPEN. businessdepot.com.au

info@businessdepot.com.au

We also help with: commission structure reviews, advisory board participation, cashflow & profit projection, tax minimisation strategies.

07 3193 3000

eliteagent.com.au 67

technology

BIG DATA: How to harness it for prospecting

DETAILED, REAL-TIME data collection can now provide

agents with more focused tools to win listings and create long-lasting relationships with clients – a radical change in how they do their jobs. Kylie Davis from CoreLogic investigates.

L

ET’S USE AN example: you’ve

recently sold a four-bedroom, two-bathroom home for a record price. You’d like to use this information to win the confidence of your next vendor.

The old way to achieve this is to create a flyer about the sale and letterbox-drop it in streets nearby. You’d need to print – and pay – for enough flyers and shoe leather to get it delivered to every address in the streets you nominate.

It would take several days to execute, and you have to hope that your target audience reads it, not put it straight into the recycling with the rest of the junk mail.

A better way to do it would be to use your

68 ELITE AGENT • JUN-JUL 2016

property data database to identify each of the homes around your recent sale that have four bedrooms and two bathrooms.

You’d also be able to see how long the owners had owned the property, and refine your list to include only those who have lived there for 10 years or more and therefore more likely to be in the market to downsize. Using a direct marketing overlay with your property data provider, you’d then be able to send a personalised letter or flyer directly to those addresses.

You’ve removed several elements of randomness in this by personalising the recipient and address, and ensuring that the information inside is specifically relevant to the receiver.

But the smartest way to do it is by using big data to identify four-bedroom, twobathroom homeowners on Facebook who have owned their home for more than 10 years and live near your target property. Use additional data elements that signal their children are leaving home. This might be that their grocery bill has significantly reduced in past months, that they’re spending more on entertainment and dining out, or at hardware stores sprucing up the place.

CASTING A WIDE NET VS FOCUSED MARKETING “In the first example, Agent 1 is spending about $2,500 on 10,000 letterbox drops about a property he ‘just sold’, while Agent 2 is spending about $500 on targeted mail,” says digital consultant and real estate podcaster Josh Cobb from Stepps.

“Agent 3, however, has spent $300 in a month on Facebook ads targeting people who are demonstrating behaviours that make them genuinely potential sellers of properties similar to the one the agent just sold. In this example, Agents 2 and 3 are marketing to

someone but Agent 1 is marketing to no one.

“The common misconception is that the louder you shout, the better you’ll be heard.

While that might have worked 10 years ago, it couldn’t be further from the truth today.”

The kind of marketing executed by Agent 3 is now possible in Facebook due to a new data partnership between Quantium data and CoreLogic. Quantium has overlaid its data sets from NAB, Foxtel, Woolworths and News Corp with property data from CoreLogic to identify people within Facebook who are most likely to engage with your message, based on their property details, spending patterns and media consumption.

The move is literally a quantum leap for real estate agents wanting to use big data to drive their business and wondering how on earth to use Facebook to its maximum potential.

Josh Cobb explains: “Howard Luck Gossage once said, ‘Nobody reads ads. People read what interests them and sometimes it’s an ad.’ Data gives real estate agents the insight to create marketing people actually want – even if it’s an ad. This is instead of what we typically do in real estate, which is create marketing that people tolerate.”

It also neatly illustrates the difference between big data and lots of data.

Every real estate agent and finance broker in Australia has data – from your customer

“The common misconception is that the louder you shout, the better you’ll be heard.

While that might have worked 10 years ago, it couldn’t be further from the truth today.” relationship management and database system, to your own knowledge of the local market. There is data in your filing cabinets, email contacts, social media interactions, listing books, payments and accounting systems – and that’s all before you even get to third-party data from providers. Too many agents, however, get hung up on who owns the data, when what they should really be focusing on is how to work the data that already exists.

LOTS OF DATA VS BIG DATA The difference between ‘lots of data’ and big data is generally defined by the presence of

four Vs – Volume, Variety, Veracity (accuracy) and Velocity. Anyone can build a database, if they can be bothered to pull all the data out of the filing cabinets and email, and merge their payment system with their CRM, and so on. The real trick is in maintaining it with real data integrity, and being able to run complex analytics across it to extract its real value and merge it with other databases that provide complementary insights. Few agents have the computing and analytical firepower to do this, but it is now becoming easier and easier to partner.

Facebook generates the most social data, with users ‘liking’ more than four million posts every minute. This adds up to 250 million likes per hour. And each of these likes is a data point in its own right, giving you an insight into a person’s tastes, preferences and activities. But it’s up to agents to step away from the familiar spend of printed flyers and letterbox drops and embrace the slightly wilder west of data-targeted advertising on Facebook and social platforms.

“The way I see it, the people who understand data in any size enterprise are the cool kids these days,” says Josh.

“Data is what the winners will use to keep playing the game in future, while the losers will pick up their ball and go home.”

The irony is that agents who understand the power of big data are winning in their markets, not because they know how to work the numbers, but because they use it to amplify their personal skills at marketing, negotiating, supporting and helping clients.

HOW TO HAVE A DATA CONVERSATION WITH A CLIENT Using data to empower your conversations with a client or potential client can go one of two ways. It can help establish your credentials as a market expert, engender trust and generally ensure you sound like you know your stuff. Or it can make you sound like a creepy stalker.

Obviously, you want to go for the first option.

Knowing how to use data in a conversation takes a bit of common sense and practice. A great example is that given to me by a friend who is now a barrister. When barristers question someone in court, the first rule is they never ask a question to which they don’t know the answer. The questioning is, therefore, not to find out information but to flush out information in a way that is publicly acceptable.

The same principle applies in data conversations. Don’t use the data knowledge that you have as a way of making statements about a client. Use the data to drive questions with your client where your client confirms what you believe to be true.

Too many agents, however, get hung up on who owns the data, when what they should really be focusing on is how to work the data that already exists.

For example, using our four-bedroom, two-bathroom home, don’t say: “Hi Mary, John from John Bloggs Realty here. I can see from our database that you’ve got a four-bedroom, two-bathroom house and you’ve owned it for 11 years. I just sold a house like that up the road from you for a record price. You guys must be ready to sell by now since you’ve lived there so long.

Could I sell it for you?”

Such a conversation will ensure Mary contacts the privacy commission and adds a ‘Do not call’ to her phone. Instead, your conversation is more likely to be successful if you pitch it like this: “Hi Mary, John from John Bloggs Realty here. I was wondering if you knew that I recently sold 27 Jones Street, just up the road from you, for a record price?”

“Well, the reason for my call is that because of that sale I’ve been in your street a lot lately and I couldn’t help but notice that your home is similar to 27 Jones St. Am I right in thinking your home has three or four bedrooms?”

“Four, really? And so have you renovated and added an extra bathroom, or do you still have the original bathroom and house layout?”

“Wow, so you know Mary, I’ve got a list of potential buyers who missed out on 27 Jones St who might be interested in your place if you were to sell. How long have you lived at your place? I can’t ever remember seeing a signboard out the front of it.”

“Well, Mary, I know the decision to sell is really personal and you’re only going to do that when the time is right for you.

Would you be interested if I ran you through how we marketed 27 Jones St to get such a great result and gave you some other insights on how the local property market is performing?”

And close with either an appointment or a promise to send out some information on email based on the client’s preference.

Kylie Davis is the Head of Content & Product Marketing at CoreLogic. Follow her @ KDavisCoreLogic.

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sales

REAL ESTATE: Is it all about the money?

IN HIS NEW BOOK, The 60 Second

Entrepreneur, CEO and Co-Founder of the Eview Group Manos Findikakis investigates the role money plays in new agent turnover, and why the remuneration an agent receives is of such importance.

I

HAVE A NUMBER of quotes when it

comes to money, the following being my favourite: “We all know that money doesn’t make us happy. It’s just that we all want to find out for ourselves!”

But is it really all about the money?

It just doesn’t quite sound politically correct, does it? There have been many studies on what motivates and drives us into action, what satisfies, fulfils, and makes us happy to turn up to work day in and day out, and rarely does money come in at first place. It usually comes in around fourth, with feeling valued and appreciated, doing great work, and having the opportunity

to grow and progress preceding money in almost every survey.

I certainly do subscribe to the premise that money shouldn’t be the most important factor in your real estate success. What I do find is that money, or should I say the lack of money, is one of the major underlying factors as to why many agents don’t make the first 12 to 18 months. Baseline rewards, commission splits, wages, salaries, benefits, and so on need to be substantially adequate and fair to the individual for them to attain success. I don’t think anyone would like to go to work (regardless of what the culture or conditions are like) in the knowledge that their counterparts are earning

substantially more than they are.

I do place a high importance on the remuneration an agent receives for the effort and results they provide. To this end, I see a lack of transparency within the industry regarding what an agent is entitled to. There are many ways agents can be remunerated: I will focus on the more common form which is a commission split from a sale. You would think it is straight forward, however, I find that many agents are quite confused as to how commission breakdowns are calculated.

I’ll detail it as simply as possible. As an example we will use the common practice of 20 per cent for a list and 20 per cent for a sale. That is, if an agent were to list and sell a property, they would be entitled to 40 per cent of the total commission.

Home sale price: $500,000 Agent’s commission: 2.2% inclusive of GST, which equates to $11,000 agency fees Total commission payable to agency: $10,000 (after GST) Based on the example, the agent would be entitled to 40% of $10,000 = $4,000 Add the compulsory 9.5% superannuation entitlement (i.e. 9.5% of $4,000 = $380), which brings the total entitlement to $4,380.

So, in actual fact, the agent receives $4,380 from the $10,000, which really equates to a list and sell split of 43.8 per cent. Fairly straight forward. The complexity arises when deductions are made from the commission for office expenses. These may include franchise fees and/or marketing levies.

Revisiting the example: let’s say that this agency deducts the common 8.5 per cent franchise fee and a further $500 marketing levy.

Therefore, total commission to agency: $10,000 Less 8.5% franchise fee: $850 Less office marketing: $500 Balance of commission: $8,650 Using the calculation as per the above example: 40% of $8650 = $3460, plus the 9.5% superannuation of $328.70 = $3,788.70.

So, the agent is not on a 43.8 per cent split, but rather a 37.9 per cent split.

This is a significant difference of 5.9 per cent. This represents a reduction of over 13 per cent to the salary of an agent.

What’s important here is that both agency and agent are crystal clear on how the net commission figure is calculated and attributed to the agent upon a successful sale. (I have seen even more confusing calculations than these in the marketplace

70 ELITE AGENT • JUN-JUL 2016

and although I don’t profess to be, or put myself out to be, an absolute expert on commission splits if you have any questions or would like any guidance on your current arrangement drop me an email and I will see if I can shed some light.)

It is also important to note that there are many statutory requirements that, as a minimum, an agent is entitled to receive from personal leave, to holiday leave and car allowance. If you have any concerns

fair profit for the risks and effort they take.

Always seek ‘win-win’ outcomes when reviewing and negotiating commission splits.

Whenever I interview agents, a common question I ask them is, ‘Are you okay with the principal of the business and your colleagues earning a profit?’ It’s a fairly obvious question and one which most people would think would not need to be asked. Unfortunately, there are many people who have a scarcity mentality and

What I find is that money, or should I say the lack of money, is one of the major underlying factors as to why many agents don’t make the first 12 to 18 months. or questions with regard to your current employment agreement seek professional advice. It’s okay to know what your rights are. The majority of principals I spend time with have an open policy with regard to commissions payable and office splits.

And don’t be the agent that only considers themselves in the equation. That is, “What’s in it for me?” Principals invest large resources of both time, money, and sacrifice to run a business in the hope of a favourable return. They are equally entitled to earn a

think that for them to get ahead, someone else has to lose. That’s a very dangerous mindset and, to avoid it, clear rules of engagement and transparency are key.

Which now brings me to the point of remuneration in general and why I felt disgruntled about the industry. High performers are often paraded at seminars and conferences as writing hundreds, if not millions, of dollars in annual commission.

They are part of the elite and I congratulate them as I know first-hand the effort that

is required to achieve such a status. They deserve every accolade and every aspect of their rightful success, and if you are one of those reading this chapter, be humble and very proud of your achievements.

For the majority, however, such lofty goals and achievements are a rare occurrence.

Less than 2 per cent of all agents write $1 million in annual GCI (let alone take it home as profit). The average sales agent in Australia sells less than 24 homes a year and earns approximately $60K–$70K in gross salary. Deduct from this the many out-ofpocket expenses an agent personally incurs for vehicle purchase and running costs, phone, personal promotion, and so on, and the gross salary diminishes significantly. Of course, it’s easy to say ‘Just go and sell more houses,’ but we all know it’s not that simple.

While money is not the most important factor, it does need to be fair and transparent.

Manos Findikakis is the CEO and Founder of the Eview Group. To read more of The 60 Second Entrepreneur, visit the Elite Agent Stand (Stand 15) at AREC 16 or email 60seconds@eviewgroup. com.au to receive your free copy.

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The Home Straight Mark McLeod

Customers, not categories Brand is the experience, through service, that you create for your customer. Mark McLeod discusses why you should forget the labels and provide excellent service to all.

O

ne of the interesting industry skill sets that have been developed amongst real estate agents is what I refer to as ‘to categorise a person’. We are taught to call someone a buyer, a vendor, a landlord, a tenant and so forth.

What has been interesting is that, along with this categorising, agents have developed actions regarding how we treat each of those groups.

For two years in a row, we as an organisation performed mystery shopping across the industry. We sent groups of people to open for inspections right across the country to get an understanding of the customer experience and the way that agents interacted with open for inspection enquiries.

What we found was fascinating. For both years, the callback rate was at 52 per cent – that is, just over half the people who had attended received a call back.

What makes this more interesting is what happened when we re-sent a number of those mystery shoppers back through the open for inspections. This time they identified themselves as homeowners who were considering putting their home on the market in the next couple of weeks. The callback rate on that particular group was 100 per cent.

The original open for inspection attendees were

72 ELITE AGENT • JUN-JUL 2016

viewed as buyers; when that category was attached to a person the service response was at 52 per cent, while the second group was recategorised as vendors and the callback success rate climbed to 100 per cent. There was a 48 per cent difference in the service offering, based on how the agent categorised the attendee.

Alternatively, when we look at the property management world, the service provided to a landlord differs vastly to that provided to a tenant. However, in some Australian states – based on the work we have

When open for inspection attendees were viewed as buyers, the service response was 52 per cent, whereas when a second group was re-categorised as vendors, the callback success rate climbed to 100 per cent. done with Ray White Concierge – we were able to ascertain that as high as 28 per cent of tenants actually own homes in the area they rent in.

Once again, the customer service directed to these people was purely in line with the way they were categorised.

There is an enormous amount of discussion across the world about how industries are responding to new threats.

For me, a major breakthrough would be to treat all the people we touch as customers and provide a holistic approach to the way in which we deliver our services to these people. In my view, one of the factors that have created this problem is the way that we traditionally view marketing or the brand.

Brand is not a bus stop; brand is not a billboard; brand is not a fancy brochure. Brand is the

experience, through service, that you create for your customer.

With my work, I take a large number of flights in the year. I don’t judge Qantas by the way the kangaroo is painted on the tail of the plane or the way the flight attendants dress or look.

I judge Qantas purely on the experience I have in their lounges or on their flights. Their brand or image plays a role, but nothing is as effective or memorable as the experience I receive.

Last year I attended between eight and 10 open homes, reviewing whether my partner and I would sell and considering what our next move would be. Interestingly enough, all the agents’ homes that we attended were agents with prominent branding in our suburb. Yet five months after attending their open homes there is no ongoing residual service. Another way to look at it is that there was no experience that I received as a customer for the effort of attending the open homes.

The way to move forward as an industry is to ask ourselves: How do we create a memorable experience for every customer with whom we come in contact?

Regardless of how we have been taught to categorise them.

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.