DEAL OR NO DEAL PAGE 42
THE SOCIAL MEDIA SWITCH PAGE 48
INSURING THE FUTURE PAGE 62
LEARN FROM THE BEST
MARKETING TRENDS FOR 2020 THE ULTIMATE HUMAN UPGRADE
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BIG VS BOUTIQUE
REAL ESTATE WITH PURPOSE
THE LOYALTY EFFECT
BEN COLLIER
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Industry magazines for Real Estate Agents and Property M
Issue 33 MARCH 2020
eliteagent.com
SAMANTHA MCLEAN Managing Editor samantha@eliteagent.com
MARK EDWARDS Publisher mark@eliteagent.com
KYLIE DULHUNTY Deputy Editor editor@eliteagent.com
RENEE REID Marketing/Executive Assistant renee@eliteagent.com
EDITORIAL TEAM Cassandra Charlesworth Kylie Dulhunty Kylie Stevenson
MARC NORRIS Designer, Art Director
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BUSINESS MAGAZINE COVER OF THE YEAR FINALIST 2018 MAGAZINE LAUNCH ISSUE OF THE YEAR FINALIST 2019
BASS Publications Pty Ltd
(a subsidiary of A Bit of This Publishing Pty Ltd) ACN 169 805 921 Postal Address: Suite 904, 121 Walker Street North Sydney NSW 2060 Telephone +61 2 8854 6123 Registered by Australia Post/Print Post 100020180 EDITORIAL SUBMISSIONS The publisher welcomes editorial submissions from individuals and organisations within the real estate profession. The publisher reserves the right to edit, modify, reject or contribute to the content of the material provided. EDITORIAL DISCLAIMER: Some opinions expressed in Elite Agent are not necessarily those of its staff or contributors. Those opinions are reproduced with no guarantee of accuracy although Elite Agent endeavours to ensure those opinions and comments are factual. Our subscriber list may sometimes be made available to relevant brands who might be of interest to our readers and from time to time we may be in touch to inform you of new Elite Agent products and services. Please visit eliteagent.com/privacy for details on how we collect and use your personal information. Please email subscriptions@eliteagent.com if you would rather not receive these communications. © Elite Agent 2020. All rights reserved.
ON THE COVER 028 THE LOYALTY EFFECT Ben Collier, The Agency
ELITE AGENT 004 EDITOR’S LETTER Samantha McLean 006 READER PROFILE Jasmin Day 010 T HE WATER COOLER Catch up on what you might have missed
28
050 CES: WIRED, WEIRD AND WONDERFUL 080 URBAN OBSESSIONS Curing post holiday blues
30 MINUTES WITH
SALES, MARKETING AND BEST PRACTICE
008 SCOTT BATEMAN AND BROCK FISHER Agentplus
032 REAL ESTATE WITH PURPOSE Kylie Dulhunty
FIRST PERSON 014 SLOW AND STEADY Mark McLeod 016 DON’T FAKE IT TO MAKE IT Caroline Bolderston 018 FIND YOUR TRIBE David Stewart 020 DROPS IN THE OCEAN Fiona Blayney
038 MINDSET FOR SUCCESS Jet Xavier
CONTENTS
012 COMPETITION FOR THE CUSTOMER Josh Phegan
036 UPSTATE – HUNGRY AND HUMBLE Cassandra Charlesworth 039 HOW TO PICK THE RIGHT TECH MIX Sarah Dawson 040 MAKE OR BREAK Nick Boyd 042 THE PERFECT DEAL Pancho Mehrotra 046 ACTIONS SPEAK LOUDER THAN WORDS Allan Pease 048 THE SOCIAL MEDIA SWITCH Adam Franklin
REGULARS
052 ASK THE COACH Claudio Encina
024 JOHN KNIGHT Big vs Boutique 026 HANNAH GILL Five ways to build trust
58
PROPERTY MANAGEMENT 054 NOW VERSUS THEN Tara Bradbury
MARCH 2020
022 EDDIE CETIN Get ready for AI
056 ONLY THE BEST WILL DO Nick Brown 057 THE USA WAY Jo-Anne Oliveri 058 JAMIE BILLERWELL: SERENDIPITY AND SUCCESS Kylie Dulhunty 062 REAL ESTATE 2020: INSURING THE FUTURE Sharon Fox-Slater 064 MARKETING TRENDS THAT MATTER Hayley Baxter 066 WOW YOUR CLIENTS WITH TECH Ellen Bathgate 068 FORTUNE FAVOURS THE BRAVE Cassandra Charlesworth 070 THE POWER OF COMMUNITY Josh Symons 072 ASK THE COACH Heidi Walkinshaw, Kate Benjamin and Joshua Thomas
LEADERSHIP 074 THE KEY TO SUCCESS Mark Nunn 076 CONNECTION AND CULTURE Kylie Dulhunty 078 ULTIMATE HUMAN UPGRADE Cassandra Charlesworth
EDITOR’S LETTER
I
“If your head is on fire, and your feet are in a bucket of ice, it does not even out to a comfortable body temperature!” A valuable lesson taught to me by one of my early career mentors and a metaphor I often used to kick off a large bid back in the corporate world, pre- my Elite Agent days. It would often get an outrageous amount of laughter and it was a great icebreaker (pardon the pun!) My point to each bid team I addressed during that time was that there was no point in having the best sales strategy, or the best document, or the best negotiation session in the world if the engineering team didn’t get along with their opposite geeks, or the service team couldn’t present with a can-do attitude. The same thing applies – perhaps on a smaller scale – to you and your team, and your business. With a new year upon us and peak performance top of mind,
I can offer you this: Your sales funnel is a chain-link system and your potential for success will always be limited by your weakest link. When I say sales funnel, I mean the process of taking someone you have never met through the various stages of marketing and relationship building to the point where they are happy to sign off on the agency or management agreement and then loyally refer you to their friends because you’ve done such a great job. A good example of a chainlink system is a military convoy which can only ever travel at the speed of its slowest vehicle. There is no point in improving the speed of the other vehicles in the convoy if there is a slow one holding up traffic. With all the information we have about how to be an ace at cold calling or how to be a gun on social media, it was a podcast interview with Jimmy Mackin that caused me to stop and remember my old training and
Your sales funnel is a chain-link system and your potential for success is limited by your weakest link.
think more about this concept of chain-linking and how it applies to real estate. And what the success factors really are.
LEVEL UP IN 2020 Sales or marketing success comes down to a combination of skill and personal attributes. If you’ve achieved moderate success, then getting to the next level is going to be limited by your weakest chain link. You can continue to improve one aspect of your system continuously but it won’t improve your success if it doesn’t address your own personal limiting factor. For example: If you are great at generating appointments on Facebook, but things don’t work out at the listing presentation because, let’s say, you are weak at objection handling… well, that is the weak link that will limit your success until you do something about it. There is absolutely no point at listening to a social media guru telling you to throw more money at Facebook when the listing presentation is the slowest vehicle in your convoy. Or when you don’t have the systems to follow up. Over January this year we did something new and ran a 30-day kick start where I questioned the notion of ‘just making more calls’ with participants. Some breathed a sigh of relief when I challenged that age-old notion. If you’re great at making calls and it really works for you, by all means go for it. But if you’re not great at making calls, you really need to get better at making them before you make more of them!
AND THE TOP PERFORMERS? From what I have gathered from interviewing some of the top sales people, leaders
4 ELITE AGENT • MAR 2020
and property managers in our industry, they don’t appear to be dramatically better at any single skill than the average person. The magic comes from being a few points better than their competition in every area of the chain-link system that matters. In fact, they are a tiny bit better in every area that drives success, rather than 10 times better in an individual area. Now, read those last two sentences again.
The magic comes from being a few points better than their competition in every area of the chain-link system that matters.
MARGINAL STRENGTHS
IS THAT THE SECRET? For top performers in real estate, or telco, consulting or any other world I’ve been in, I would say the secret is their ‘chain-link system’ fires on all cylinders and isn’t impeded by a weak link. These folks are a tiny bit better in every area that drives sales success, rather than being, say, 10 times better in an individual area. The equation I’m talking about is similar to the habitcompounding formula James Clear talks about in Atomic Habits, where small (one per cent) changes or improvement in habits add up to major compound improvements. So the good news: Being 10 per cent better than your average peers in each area of your sales process does not make you 10 per cent better overall. It makes you something like 70 per cent better, because those small differences across each area compound, which is what will make you an order of magnitude better than your competition. Small improvements in all areas can compound to an extraordinary result.
5. Top performers foreshadow point 4. in their marketing (by problem-solving and focusing on the customer at the marketing stage) so that when it comes to the conversation in the living room, marketing has done the somewhat difficult job of assisting with closing. The messages from marketing to service need to be consistent.
HE OR SHE WHO ASKS THE QUESTIONS HOLDS THE POWER Other than understanding and working on your weakest chain link I can also offer the following: 1. Top performers listen more than good performers. I pick this up when I’m asking questions of someone – they ask me questions back and are almost more interested in me than giving information about themselves. I interviewed Ben Collier for this cover story and I actually think he ended up asking me more questions than I asked him during the time we had together. I can see why his loyal customers pick up the phone every time they see his name on the display. 2. Top performers respond to objections with questions more often. This is usually to
clarify where the objection is coming from (average performers jump straight to answers more often). 3. The ability to use point 1. (listening) to improve on point 2. (questioning) is one of the compounding factors I urge you to consider when reviewing how to optimise your sales chain. Think like a reporter: if you had to write a news story on your prospect, would you come away with something great, or would you still not know what to write? 4. Top performers spend more time scheduling next steps with their vendors and buyers (tenants and landlords). They take a leadership position, make recommendations and spend time mapping out the individual actions for that person (something the machines can’t do!).
So here’s my conclusion: What makes a top performer is actually a really hard question to answer because of the chain-link system which makes success factors harder to see when you are on the outside looking in. Top performers have an increased (even if only slightly) marginal strength in every area of their sales/marketing process – lead generation, discovery, presentations, value messaging, objection handling, deal strategy, negotiation, service and personal motivation, to name a few. Fortunately you can see your own prospecting funnel up close from the inside. In 2020, I urge you to look at where your head may be on fire and your feet may be in a bucket of ice. And work on bringing that ice bucket up to temperature. To your great success!
SAMANTHA MCLEAN MANAGING EDITOR samantha@eliteagent.com
eliteagent.com 5
READER PROFILE
REAL RELATIONSHIPS MATTER The skills Jasmin Day learnt as a teenager working in hospitality, retail and as a vet nurse still ring true in her real estate career today. The Accom Property agent shares how developing long-term relationships is a key to her success. What was your first job? I had a few jobs in hospitality and retail when I was younger, but my first full-time job was a vet nurse. I started during work experience in Year 10 and then as part of my degree. After I left school, I ended up working there for three years before jumping to real estate. What is the best thing about your job? Meeting so many different people from all walks of life. You often get to know these people and form a relationship over the years. I am an inquisitive person, and I love getting to know more about people and their life experiences. What type of business is your focus? We specialise in lifestyle holiday/investment style properties, so our clients are often quite successful business owners. I often learn so much from them about life and business. I love understanding how they got to where they are in life. What’s the most important part of your day? Starting my morning right by waking up and going for a walk or going to the gym. I also
6 ELITE AGENT • MAR 2020
usually listen to a podcast. It starts my day giving me some ‘me time’ without being rushed and having the feeling of trying to catch up all day. What are the key areas you’re focusing on in 2020? Getting better systems in place so I don’t sweat the small stuff and I can focus more on my clients’ individual needs. I am also working with marketing guru Imogen Callister to build a phenomenal personal brand. Where would you like to be by this time next year? To have created a strong personal brand in the marketplace and have achieved some great results for my clients. If you could change one thing in the industry, what would it be? That we become less egodriven and be more authentic. People want real people and to know that the agent they choose holds values consistent with theirs. What’s the best piece of advice you’ve ever been given? “It’s nice to be important but more important to be nice.“
“People want real people and to know that the agent they choose holds values consistent with theirs.”
I use this inside and outside of work, to remind myself to be humble and that we are all human, no matter your life circumstances. If you had to start from scratch in real estate tomorrow, what’s the first thing you would do? Get out in the community more and build my profile amongst future clients and become an ambassador for the area. n
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30 MINUTES WITH…
I
t’s no secret that property managers are often used as a battering ram, caught in the middle of the landlord’s wants and the tenant’s needs. It’s no simple task managing the competing interests of varying parties, and the complex nature of the job often sees property managers leave the profession soon after entering it.
MEN ON A MISSION Scott Bateman and Brock Fisher want to change all that. The two PropTech visionaries are leading the charge in Agentplus’s push to create a new, industry-leading build of its core product. Agentplus is an Australian property management software business focused on solving challenges for all of the people in property – the renters, the owners and the property managers.
“Incremental change is not something we find viable or attractive, so we’re really focusing on turning the customer experience on its head.” – Brock Fisher
BIGGER, BETTER AND BOLDER 30 MINUTES WITH SCOTT BATEMAN AND BROCK FISHER
A NEW VERSION of Agentplus is on its way, with more
intuitive features than ever before. Kylie Dulhunty sat down with Scott Bateman and Brock Fisher to find out what the new platform will mean for property managers, landlords and tenants.
8 ELITE AGENT • MAR 2020
Scott, as Agentplus Chief Executive Officer, and Brock, as Head of Product, remain coy about the name of the new product, but they promise it will be bigger, better and much more innovative than what’s currently available in the property management software market. “We’re not just doing things five per cent or 10 per cent better,” Brock says. “Incremental change is not something we find viable or attractive, so we’re really focusing on turning the customer experience on its head.” Scott says the new platform aims to overcome two long-term challenges in the industry, namely software usability and the high rate of property manager burnout. “One of the big challenges that the old Agentplus of the past had was because it was such a comprehensive system, it was also incredibly difficult to learn how to use,” he says. “One of the other critical things we are trying to solve with the new product is how transient the property manager workforce is. “The rate of attrition is scary and some of the data that we’ve seen is that property
managers, on average, have a career that lasts less than 12 months. “They come into the industry, start with an agency, burnout or become disenfranchised and within a year they’ve left the industry. “So we’ve started thinking about designing a system that helps them enjoy the work they do and get a greater sense of control over the work they do. “The second part is, if we have to accept that there will be some who do only last less than 12 months, how do we help a property manager pick up the application and be proficient in it from day one?”
A SIMPLE SOLUTION The goal is to make the platform so simple to use a school student could master it quickly and effectively, almost as soon as logging in. Scott says the purpose of good technology is to reduce the number of stressors in a person’s life or career, not create more. “My benchmark here is internet banking,” he says. “No one needs to teach a 12-year-old how to pick up an iPhone and manage their accounts for internet banking because the technology is so well designed. “We know it can be done because we see it in other industries, but for whatever reason property management has been allowed to remain this very complex area. “That’s not to say it’s not a complex job, of course it is, but the whole point of good technology is that it takes really difficult things and makes them feel really easy to do.”
HOW IT BEGAN Scott and Brock moved across to Agentplus about six months ago from Little Real Estate, where they had been executive general managers. Little Real Estate looks after the largest rent roll in the country, with 22,000 properties under management. Brock has 22 years’ experience in property management, including as a property manager, business development manager and in executive roles. Scott has extensive experience in the financial services industry before moving into real estate and PropTech to innovate in the customer experience field. The pair is at the helm of a team that incorporates some of the best minds in the business, including a senior leadership team and advisory board that lead the build, growth and eventual sale of PEXA. The development team currently comprises 35 experts and up to a further 45 will be recruited over the next nine months.
“We’ve taken everything we’ve learned over the past 15 years about delivering an industryleading property management platform and combined this with extensive research of customer pain points, expectations, technology trends and alternative revenue models, which we’ve examined through a multi-year, multi-industry global review,” Brock says.
might prompt a landlord to make a decision on which quote to select if the issue hasn’t been attended to promptly. “It means that the property manager isn’t the one who has to jump on the phone to say ‘I’ve got a tenant screaming at me for this, why don’t we have an answer’?” Brock says. “The app is doing the heavy lifting for them.”
INTUITIVE SERVICES
Brock says while many products on the market are web browser-based, the new platform would be built on an app first, with property manager, tenant and landlord specific versions. It means everyone can login whenever and wherever they are, including busy property managers who can work on the move. Brock says not to panic; there will be a browser version too. “The role of a property manager is a portable role so it makes sense that if they are at a property then they can complete a piece of work while they’re there without having to use a separate add-on system or go back to the office,” he says. “We want this to have start-to-finish functionality so property managers can make use of their time if they’re early to an appointment, sitting on the bus or working at home while sneakily watching Netflix.”
The new software will extend on its current capabilities to deliver intuitive contextual services for landlords and tenants, work across web browsers and apps for mobile devices and integrate better with other platforms to reduce the amount of technology required. Scott says the market is saturated with software that’s good at administrative task completion but that the new Agentplus will focus on thinking through what the customer experience should look like. It will make a property manager’s day far more manageable through automation, but it will also preempt services landlords and tenants may require. In the case of routine inspections, the software will feature extra services, such as cleaning, the tenant may want to engage before the visit. “The software is thinking about what that person might want or need and offering it to them at the right moment in time,” Scott says. “If you take the recent hail storms in Melbourne, I want the software to be
FULLY MOBILE
TIMEFRAME FOR DELIVERY Scott and Brock expect existing Agentplus customers will begin to migrate across to the new platform around the middle of this year,
“One of the other critical things we are trying to solve with the new product is how transient the property manager workforce is.” – Scott Bateman looking at the weather and contacting me to say ‘there’s a storm coming, you might want to bring some things inside’ or ‘it looks like you may have been affected, so if you need to organise a maintenance request click here’,” he says. “So it’s making you feel like the platform cares about you and the experience you have.” Brock says the software will also reduce the number of points of friction between property managers, landlords and tenants through offering greater transparency. He says the platform won’t just deliver static information, and it will keep processes moving. It could be that a hot water system has broken and the tenant can login and check if a repairman has been booked or the system
while customers on their wait list will start coming onto the platform from October. Scott says in its day Agentplus was a market leader with its comprehensive and feature-rich offering and he looks forward to it taking that top spot again. “It did things that the others, at the time, just didn’t do,” he says. “Sadly, it didn’t move with the times and didn’t get the love that it needed as everyone else went to the cloud and did what they did. “But it’s turned out to be a real blessing because it’s meant that we haven’t just gone and built the same thing as everyone else and it’s given us a chance to step back, go off overseas and look at where things are headed and start to make some different decisions in terms of the role we think we can play.” n
eliteagent.com 9
THE WATER COOLER D
Our daily newsletter #THEBRIEF brings the latest real estate news, tech and marketing tips straight to your inbox. Here are some things you should know. Subscribe to #THEBRIEF eliteagent.com/subscribe.
Console Cloud first to integrate with Forms Live, compliant Victorian forms provider Console Australia’s flagship SaaS property management software, Console Cloud, has rounded out its list of forms integrations by becoming the first platform of its type to integrate with Victorian forms provider Forms Live. This means that Victorian-based real estate agencies, trust accountants, and real estate professionals will now be able to easily access pre-generated Victorian-compliant forms through the enterprise-grade software. “Console Cloud’s integration with a compliant Victorian forms provider is a win for Console, and a huge timesaver for busy property managers,” says Marketplace Manager Emily Hawkes. “It enables them to streamline their workflow by sending and electronically signing management and tenancy agreements.” Console Cloud now integrates with forms providers in all Australian states and territories. That means no matter where you’re based, Console Cloud can save you significant administration and double-handling of data.
From left: Charlie Holland, Emily Hawkes, Anita O’Connor, David Howell and Matt McGown.
Portfolio in your pocket
Property management software business Agentplus is redesigning its platform this year so that property managers across Australia can manage their portfolio in their pocket and on the go.
10 ELITE AGENT • MAR 2020
The new platform is designed as an app so that you can download it to your phone and complete your work from anywhere. You’ll be able to perform jobs like inspections, maintenance requests and even chat with tenants and landlords while sitting on a train or from the comfort of your couch.
NEW OPENAGENT DATA SHINES LIGHT ON TOPPERFORMING AGENT BEHAVIOURS Consistency, persistence, attitude and thoroughness are the traits that separate top real estate agents from the rest of the pack, new research shows. An OpenAgent analysis of the listing success of 2,054 agents across Australia reveals the degree to which the agent exemplifies the behaviour influences their winning listings. It shows that the top 10 per cent of agents attempted to contact 100 per cent of their leads, while the bottom 10 per cent of agents sought to contact just 92.7 per cent. Top-performing agents would respond to leads within 97 minutes, compared to 191 minutes for the bottom 10 per cent. OpenAgent joint-CEO,
Each job can be performed and completed with ease on the app meaning you no longer need to head back to the office and your computer to complete your work. Look out for it hitting the app store towards the middle of 2020. Learn more at agentplus. com.au/eliteagent
Zoe Pointon, said the data confirms that the difference between top and lesser performance in real estate is just a small percentage of additional effort occurring at the beginning of the process and a commitment to seeing things through. “This data confirms conclusively that the devil really is in the detail of agent behaviour,” Ms Pointon said. The Behaviours of Top Performing Agents report is available for free download. Visit openagent.com.au/ behaviours
FIRST PERSON
JOSH PHEGAN
Competition for the customer You may not be a mind reader, but in a highly competitive real estate market it’s never been more important to know what your customers want. Josh Phegan examines how you can identify your clients’ main problems and find ways to solve them.
12 ELITE AGENT • MAR 2020
Y
ou either focus on the customer or the competitor. One will use your services and pay your invoices; the other won’t. The real estate industry is a fast-moving, highly innovative space. The challenge is, most of what we call innovation is the duplication of what competitors do in the marketplace. The fastest-growing companies in any industry
are the ones that can identify unmet, unidentified and unsatisfied needs of the customer and satisfy them. As human expectations evolve with technology, we now buy brands, products and services, because of what they enable us to do. Harley Davidson riders buy the bike because they buy freedom. When you use Uber, you gain the speed of the transaction. Most agents compete on fee, and it’s a race to the bottom. The best in any industry compete on value – they
compete on what they do for the customer. Market leaders stay close to the customer, identifying the significant opportunities to create a competitive advantage. Let’s look at a few ways to scale the human touch.
CUSTOMER FOCUS GROUPS One of our clients held a property management forum where they invited 28 first-time landlords to find out about their experience and what challenges they faced.
The challenges weren’t unique, but they were liberating. Simple things like, how do I know I’ve bought the right property? How do I have a better relationship with my property manager? What’s essential and nonessential maintenance? When do I increase the rent and by how much? What are the notice periods? Then something interesting happened. A landlord asked when they should buy their next investment property. This led the facilitator to ask, by a show of hands, how many landlords would like an equity check on the home they live in? All 28 hands went up. Six months on from that forum, 14 of the landlords are now in the market as buyers, three have sold their existing homes and bought new ones. The biggest market to serve is the one filled with your existing customers.
RESEARCH DEPARTMENTS
The fastestgrowing companies in any industry are the ones that can identify unmet, unidentified and unsatisfied needs of the customer and satisfy them.
Finding out why customers decided to use you is the most valuable form of research. Imagine an independent research team selected five vendors and conducted a onehour interview with them. Simple questions like, how many agents did you interview? How long was your relationship with the agent you chose before you selected them? Did you negotiate on price or did you proceed at the fee quoted? When you do high-quality research like that, it allows you to tailor your pitch with real data. Data-driven decision is what drives the speed of business momentum.
The big opportunity is to go deeper with your existing clients, finding out their needs and how you can serve them with vertical or horizontal integration. FEEDBACK – THE GOOD, THE BAD AND THE UGLY Most look for feedback in the wrong places. When you lose a listing, you often call the vendor to find out why. They let you down gently and never really provide useful feedback. Instead, you lose confidence. The shift to interviewing customers and asking one simple question changes the game. What made you decide to use us? The answer to that question becomes the opening dialogue to all future presentations. They’ve just revealed the secret sauce.
JOBS TO BE DONE METHODOLOGY Technology is used to reimagine what’s possible, by understanding all the jobs the customer gets done in and around the transaction. Simple things like preparing the home for sale, through to disconnection of utilities. We’re making great progress with firms setting up concierge services. The only challenge is I link concierge with a hotel that organises tickets to a concert. One of our UK clients renamed that department to the “moving team”.
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Josh Phegan is a highperformance real estate speaker, trainer and coach to some of the best agents and agencies around the world. For more information visit joshphegan.com.au.
They do everything related to moving, and it’s had a marked impact on internal and external customer recognition.
SERVICE LINES The big opportunity is to go deeper with your existing clients, finding out their needs and how you can serve them with vertical or horizontal integration. One of our clients has 18 different service lines in their business. The size of the opportunity is so great; it’s worth the pain of change. Most agencies are made up of residential sales and property management, but there are plenty of other opportunities in marketing, strata, insurance, projects, finance and commercial. If Steve Jobs had asked the customer what they wanted, they would have said a bigger CD wallet. They couldn’t envisage the iPhone. When the iPhone hit, we all learnt about needs we didn’t even know we had. It’s the same in your business. Stay close to your customer, as they don’t recognise the problems they have, let alone the solutions to solve them. The more you develop and understand your customer’s problems, the faster you can differentiate in a meaningful way and create a lasting, competitive advantage. n
eliteagent.com 13
FIRST PERSON
MARK MCLEOD
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Slow and steady steps to success
Mark McLeod is the Ray White Group’s Chief Executive of Growth. He works alongside agents and businesses across Australia, helping them reach their ultimate potential to achieve success.
Predicting what will happen in the real estate market is a common theme at the start of every year. Mark McLeod explains how to incorporate strategies that will deliver long-term success and not just instant applause.
N
ews cycles are often easy to predict. There will always be fireworks on New Year’s Eve, mothers having lunch on Mother’s Day, children having their photograph with Santa at Christmas, the Boxing Day test match and the grand finals to provide foreseeable news cycles. As the decade rolls over and we head into 2020, it’s easy for the next news cycle to be people making predictions on the next decade. There are two types of market predictors; those that don’t know, and those that don’t know they don’t know. Often, the industry looks for the shiny new object. Whether it be some type of script or dialogue or a new technology platform that is going to provide the key to success for the next decade. The great man himself, Warren Buffet, once said: “Beware the investment activity that produces applause, the great moves are usually greeted by yawns.” Many agents continue to look for a strategy that will generate applause or instant success. Nothing builds greater success in our industry than the building of a reputation and the development of relationships. I can’t help but think they go hand-in-hand. My thoughts for the next decade are simple: • Be a servant to your community as they are the source of all our earnings. • Default to the side of reputation rather than that of return. • Rome wasn’t built in a day and nor are great relationships. • Build and understand metrics that allow insights into your business so that you may pivot and improve. • Capacity can be the first
Nothing builds greater success in our industry than the building of a reputation and the development of relationships.
14 ELITE AGENT • MAR 2020
stage of growth or the first stage of failure. I am amazed how often it can be a difficult choice at that crossroad. • As my good friend Gavin Rubinstein once said to me, “become the highest-paid telemarketer in Australia as the phone is designed to make calls, not receive them”. • Technology should serve one purpose, and that is to put us closer to our customers more often, at more relevant stages. It’s not necessarily to make things easier, however the right tech should. • As the tide went out in the period leading up to the election, many were exposed. History will always repeat itself, how have you prepared? • Every industry in the world has a core product. Champagne is celebration, McDonald’s is time – how
quickly do you need a burger at 3am? Ours is trust. Do all your structures and systems support and enhance your core product? Continued from my fascination with Warren Buffet quotes, the next one I want to lean on is, “there seems to be some perverse human characteristic that likes to make easy things difficult”. Our industry is straightforward, but unfortunately there seems to be a lot of people trying to make a lot of money out of making it more difficult than it really is. Stock in, stock out. Trust is the core product, so build reputation and relationships. It doesn’t matter what the next decade throws at us, these are the underlying structures that will guarantee success. n
CHANGE IS HERE
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FIRST PERSON
CAROLINE BOLDERSTON
Don’t fake it to make it Consumers have woken up to sharp suits and smooth sales pitches. They want honesty and service more than ever before. Caroline Bolderston explains why you need to stop faking it to really make it.
H
ow many times have you heard “fake it until you make it”? While there may have been an argument for this in the past, the human need for authenticity has grown. Many of us know what being authentic means and want to be seen that way, but how exactly do you do it? It’s simple – stop faking it. This year is going to be the year where agents embrace authenticity and make the shift from being a salesperson to an advisor. Your clients will trust you, and your business will reap the rewards. Steps to stop faking it:
1
KNOW YOUR PRODUCT
I experienced a lack of product knowledge when I was in the market buying property. When I asked simple questions like land size, building materials and the year the property was built, the agent faked knowing the answer in most cases. If you want to be seen as a real advisor, get this right. There will be times when you are challenged about some detail, and you must be honest and simply say, ‘Great question, that’s not something I’ve encountered yet’. Tell the buyer you don’t have an immediate answer, but you will get back to them right away. Faking the answer will be noticed immediately and you will lose their trust.
16 ELITE AGENT • MAR 2020
2
3
Many agents market themselves as being the local expert, area expert or area specialist. If you do this, then make sure you are. To genuinely be the area expert, there are fundamental things that you should be aware of at all times: • the number of properties on the market • details of current listings • recent sales • zoning • highest sale price • average sale price • boundaries for school catchment areas. Also, visit your competitors’ open homes, get involved in the community, and comment on local issues in a blog or article. Once you know about your core area and share the information regularly, you will become known as the expert.
LISTING WITH INFLUENCE
Listing is about listening. How can you possibly provide a solution to what a customer or client wants and needs when you don’t take the time to find out? Listing presentations belong in the last decade. It’s time to focus on what is in your client’s head and heart. I have seen many agents ask the vendors what is important to them and then write down the ‘agenda’ for the meeting. The disturbing thing is, often the agent then reverts to their own pre-planned and practised agenda or formula. For the client, it feels dismissive at best and completely disingenuous and fake at worst. Start going deeper with your questioning and give your clients space to ask questions and share their concerns.
+
EARN THE TITLE OF AREA EXPERT
Caroline Bolderston heads up Being Bold, a real estate coaching, training and speaking business supporting sales agents and principles to grow and succeed. For more information visit beingbold.com.au
4
I am astounded by how many agents fake their knowledge of the legal requirements of the industry. It is your responsibility to know the ins and outs of a property contract, know general strata law, and understand specific strata bilaws for the buildings you list in. Even basic cooling-off stipulations are often misrepresented, and you need to know the difference between Company title, Torrens title and Community title. Educate yourself so you can educate others and be respected and trusted for it.
5 The moment you are caught trying to be someone you are not, you instantly lose credibility.
GET LEGAL
BE COMFORTABLE BEING YOU
This is crucial. It’s easy to get caught up in the ‘persona’ of an agent. It’s not about having a smooth answer to everything. The moment you are caught trying to be someone you are not, you instantly lose credibility. Imitation will never replace your genuine qualities. It’s what makes you interesting and approachable. Be prepared to be open and a little vulnerable. Embrace who you are and let it shine through. 2020 is your year to be known as an authentic, genuine and trustworthy professional. Stop thinking of yourself as a sales agent and approach every interaction from a place of service and care about others. n
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FIRST PERSON
DAVID STEWART
+
Find your tribe
David Stewart is the owner and director of Market Share and Market Share Property. For more information visit marketbuy.com.au.
You can’t be everything to everyone. That’s the message David Stewart wants you to remember in 2020. This edition he explains how social media can help you find your crew and send your personal brand soaring.
A
s we move headlong into 2020, there is increasing optimism in the air. Prices are stabilising and recovering around the country, and even the Perth market is showing signs of life after a tough few years. 2020 is going to be an interesting year for real estate. There are many aspects of the industry under pressure to change, and it is sometimes confusing to know which way to jump. As an agent, what can you do this year to make the biggest impact in your business and deliver your new listings in an increasingly competitive and congested market? The largest battleground for agents this year will be social media. This is where listings will be won and lost. If done well, social media could be the secret to a successful year for the canny agent. What we have seen with branding over the past couple of years is a distinct shift away from company or franchise branding to individual agents making their mark. Social media, in particular Facebook, has made this easier than ever. It is vital in the modern real estate environment to stand out online, as potential sellers are looking for the agent they want to work with on their biggest asset, instead of the company. They have an opportunity to get to know the agents personally through their social media channels and they are gravitating to those agents they resonate with. With every agent jumping on board the social media bandwagon, how do you make this work for you?
18 ELITE AGENT • MAR 2020
How do you stand out in a sea of sameness? The answer is both deceptively simple and terrifying at the same time – just be you. Forget tired old clichés like being professional or wanting to appeal to everyone. Instead, find your tribe. You are better off appealing to the 20 per cent who are most likely to deal with you and getting the lion’s share of that business, than trying to appeal to the whole market and finding yourself standing for nothing. Strong personalities win, and whoever you are, there is an audience for what you have to say. The secret is to be authentic in your approach, to be clear about your values and what competitive advantage you bring to the table, and then, portray that succinctly on your channels. The next step is to do it consistently and make sure you
stay on brand and reinforce that approach all year. Stay away from clichés such as being the best at customer service or getting the highest prices, because consumers don’t see it as being authentic. Find your passion, find what makes you unique and push that for all it’s worth. Maybe you have kids and are heavily involved in their sporting clubs, you might be an avid dog person, or you might be the local swing dancing champ. Whoever you are, there are people out there who share your interests and you will attract them. Forget your fear of people not liking you, that comes with the turf, and instead embrace who you are and let the world see it. In my market, I am my own person and well aware that some agents like me and others find me tiresome, but I embrace this and use it to my advantage. I have built a business in two
Don’t wait for perfect. Don’t agonise over getting started and don’t follow the crowd.
years that covers large sections of Australia, New Zealand and the US, just by being myself. I’m brash, opinionated, antiestablishment, rebellious – and I don’t apologise for who I am, and as a result, many people gravitate to me and my business. I have done this my way and not how experts would traditionally recommend by using several strategies. While I have business pages, I have used Facebook groups and my personal profile as a business builder to create my audience. On my personal profile, I mix stories about my life with updates on our business, and it has proven effective in creating a snapshot of me, as a person. I also run many groups. Each has its purpose, but they all deliver a message I want to convey to that audience. You can do the same thing, albeit on a hyper-local level. Social media is powerful for building your audience and the last tip I have for you is this: Don’t wait for perfect. Don’t agonise over getting started and don’t follow the crowd. Shake the shackles off what everyone else is doing and shine in your own light, because if you do this and do it well, you’ll reap massive rewards. Take the chance and stand out, embrace who you are and make 2020 the year you build your personal real estate brand. n
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:
FIND OUT MORE ON PAGE 31
LEARN FROM THE BEST #01 JUL/AUG 2015 AU$9.95 + POSTAGE
LEARN FROM THE BEST #06 JUL/AUG 2015 AU$9.95 + POSTAGE
#10 APR/MAY 2016 AU$13.50
4 RULES FOR BUILDING A WORLD CLASS REFERRAL NETWORK
THE GIFT OF LISTENING and the power of presence
PREPARING FOR SPRING SELLING SEASON
IT TAKES TWO
Michael Clarke & Cherie Humel
with Stuart Benson
INSTAGRAM Every picture tells a story
TACTICAL LISTING WITH JOSH PHEGAN PAGE 26
FIVE TACTICS TO ACHIEVE AND MAINTAIN ZERO ARREARS
LEARN FROM THE BEST
ANTICIPATE IS THE NEW EXCEED PAGE 28
5 TRENDS THAT MAY INFLUENCE PROPERTY IN AUSTRALIA COMMUNITY ENGAGEMENT
5 ways to build your profile
IS YOUR DATABASE FIT OR FAT? THE AWESOME HUMAN MANIFESTO
THE TRUSTED ADVISOR
Stefanie Dobro
BEYOND BUSINESS DEVELOPMENT
THRIVING IN A TOUGH LEASING MARKET
HANNAH GILL
EXCLUSIVE INTERVIEW WITH RENT.COM.AU CEO MARK WOSCHNAK
A GUIDE TO THE ULTIMATE BRAINSTORM
How to get what you’re worth
THE GREAT INSPECTION ROUNDUP PAGE 62
#03 JAN/FEB 2015 AU$9.95 + POSTAGE
2015 ARE YOU
LEARN FROM THE BEST #02 OCT/NOV 2015 AU$9.95 + POSTAGE
READY?
The resolutions you need to make this year
VICTORIA’S TOP GUN
Mark Di Giulio
HOW TO STAND OUT ON THE GLOBAL STAGE PAGE 20
THREE QUESTIONS TO IMPROVE PERFORMANCE
How to get more productive… Fast!
SERVING A NICHE MARKET PAGE 50
#05 MAY/JUN 2015 AU$9.95 + POSTAGE
INDUSTRY REPORT PERCEPTIONS OF REAL ESTATE
LEARN FROM THE BEST
INSIDE: INDUSTRY LEADERS
What your customers really think
TAKE YOUR EMAIL OPEN RATE THROUGH THE ROOF MAKE EACH DAY COUNT
Measuring property manager performance
31 May – 1 June, 2015 Gold Coast Convention & Exhibition Centre
Charles Tarbey Antony Catalano John McGrath Maria and Manos Findikakis
BEST NEW TALENT
Roxanne Paterson
#05 APR/MAY 2016 AU$13.50
3 TECH TRENDS THAT WILL IMPROVE YOUR BUSINESS
ACCOUNTING FOR SUCCESS
CAMERON GARRY
BEST OF BOTH WORLDS An exclusive outsourcing case study with Miles Real Estate
7 FUNDAMENTAL REALITIES OF CUSTOMER SERVICE THE ART OF PERSONAL COMMUNICATION
MAKING INSPECTIONS EASY
SAFETY TIPS FOR PMs
5 WAYS TO IMPROVE YOUR CONVERSION RATE PAGE 20
LEARN FROM THE BEST
INSID THE TOP COACHE
#04 MAR/APR 2015 AU$9.95 + POSTAGE
PASSION FOR PEOPLE
Emmy Thies
John McGrath • Josh Pheg Michael Sheargold • Tom Pan Caroline Bolderst
PL An exclusive w Glenn McGr
CLOSE COLLABORATION Successfully linking PM and Sales
SKIMMERS, SCEPTICS AND SOAKERS Are you covering them all?
31 May – 1 June, 2015 Gold Coast Convention & Exhibition Centre
AREC15
THE ART OF STORYTELLING PAGE 54
A DAY IN THE OF A PROPE MANAG WITH HAY MITCH
MARKETING SPECIAL
WHAT REALLY WORKS FOR SUCCESSFUL PM MARKETERS
LEARN FROM THE BEST #07 OCT/NOV 2015 AU$9.95 + POSTAGE
#03 DEC/JAN 2016 AU$13.50
Red Bull racing champ Matt Hall talks mindset
NO SALES AWARDS
GET READY FOR
2020
The agency that puts client satisfaction first
STRONGER THAN STEEL
CONNECTING EMPLOYEES IN THE CLOUD
Clinton Knop
Virtual reality agents
LEARN FROM THE BEST
SLIDIN DOOR
#08 DEC/JAN 2016 AU$13.50
2016: READY, SET, GOAL!
LEARN FROM THE BEST
AUSTRALIA’S TOP GUN
EQUITY: TO SHARE OR NOT TO SHARE
AREC15
IMPLEMENTING NEW TECHNOLOGY AS A TEAM
WHO’S BEHIND THAT DOOR? HITTING A HOMERUN PAGE 16
FEATURE INTERVIEW NAOMI SIMSON SPEAKS ON PRODUCTIVITY AND LEADERSHIP LEARN FROM THE BEST
LAURA LEVISOHN
5 STEPS TO DESIGNING THE IDEAL WEEK
Get noticed for the right reasons
SOCIAL MEDIA REPORT CARD PAGE 14
FRONT DESK TO BUSINESS OWNER
LESSONS LEARNT IN REALLY BIG BUSINESS
THE SCIENCE BEHIND FIRST IMPRESSIONS
FEE NEGOTIATION
THE MATHEMATICS OF PROPERTY MANAGEMENT WITH BOB WALTERS
LEARN FROM THE BEST
THE EXTRA 1%
THE FOUR PILLARS OF PERSONAL BRANDING
ANTHONY CARDINALE
EXTREME PROPERTY MANAGEMENT
HOW THE APRA CHANGES MAY BE AFFECTING YOUR LANDLORDS
OVERCOMING OWNER OBJECTIONS
READER SURVEY:
Find out more on page 47
SALES STAFF PAY PACKETS
WHY 3D REAL ESTATE LISTINGS WILL BE THE NEW NORM
What’s working?
BARRY PLANT
From Bell Ringer to Master Auctioneer
30 BUSINESS BOOSTING IDEAS FOR
2016 12 WAYS TO IMPROVE YOUR MARKETING
HAVE YOUR SAY IN OUR
DO YOU HAVE EXIT STRATEG
LEARN FROM THE BEST #04 FEB/MAR 2016 AU$13.50
MAK YOUR SM BUSIN APPE LARG
HOW TO PULL OFF THE PERFECT LISTING PRESENTATION
MAKING THE MOVE
PAYIN REVENUE SP – THE PR AND CO
SUZIE Kate HAMILTONFLANAGAN PLAYING T0 WIN
Strickland
TO CONTINUE READING THIS PUBLICATION AND OTHER BACK ISSUES VISIT ELITEAGENT.COM EXPANDING TO NEW MARKETS PAGE 16
A GAME OF DRONES PAGE 36
SELLING PROPERTY TO SMSF INVESTORS PAGE 42
PREMIERE ISSUE
• HOW ARE THE TRANSFORM SUPER SIX GOING? FOR UPDATES AND COACHING TIPS SEE PAGE 16
MOMENTS OF TRUTH PAGE 26
WHEN SHOULD YOU BECOME A DOT COM? PAGE 24
MARKETING BATTLE PLAN PAGE 18
WHY NO ONE LIKES A KEYBOARD WARRIOR
ARE DIGITAL PRE-LISTING KITS THE WAY OF THE FUTURE?
5 KPIS TO KEEP YOUR BUSINESS ON TRACK
READER SURVEY:
FIND OUT MORE ON PAGE 31
LEARN FROM THE BEST #01 JUL/AUG 2015 AU$9.95 + POSTAGE
LEARN FROM THE BEST
#10 APR/MAY 2016 AU$13.50
4 RULES FOR BUILDING A WORLD CLASS REFERRAL NETWORK
THE GIFT OF LISTENING and the power of presence
PREPARING FOR SPRING SELLING SEASON
IT TAKES TWO
Michael Clarke & Cherie Humel
with Stuart Benson
INSTAGRAM Every picture tells a story
TACTICAL LISTING WITH JOSH PHEGAN PAGE 26
FIVE TACTICS TO ACHIEVE AND MAINTAIN ZERO ARREARS
LEARN FROM THE BEST
#06 JUL/AUG 2015 AU$9.95 + POSTAGE
ANTICIPATE IS THE NEW EXCEED PAGE 28
5 TRENDS THAT MAY INFLUENCE PROPERTY IN AUSTRALIA COMMUNITY ENGAGEMENT
5 ways to build your profile
IS YOUR DATABASE FIT OR FAT? THE AWESOME HUMAN MANIFESTO
THE TRUSTED ADVISOR
Stefanie Dobro
THRIVING IN A TOUGH LEASING MARKET
BEYOND BUSINESS DEVELOPMENT
HANNAH GILL
EXCLUSIVE INTERVIEW WITH RENT.COM.AU CEO MARK WOSCHNAK
A GUIDE TO THE ULTIMATE BRAINSTORM
How to get what you’re worth
THE GREAT INSPECTION ROUNDUP PAGE 62
#03 JAN/FEB 2015 AU$9.95 + POSTAGE
2015 ARE YOU
HOW TO STAND OUT ON THE GLOBAL STAGE PAGE 20
Mark Di Giulio
LEARN FROM THE BEST #05 MAY/JUN 2015 AU$9.95 + POSTAGE
What your customers really think
TAKE YOUR EMAIL OPEN RATE THROUGH THE ROOF MAKE EACH DAY COUNT
Measuring property manager performance
31 May – 1 June, 2015 Gold Coast Convention & Exhibition Centre
LEARN FROM THE BEST
INSIDE: INDUSTRY LEADERS
Charles Tarbey Antony Catalano John McGrath Maria and Manos Findikakis
BEST NEW TALENT
Roxanne Paterson
#05 APR/MAY 2016 AU$13.50
3 TECH TRENDS THAT WILL IMPROVE YOUR BUSINESS
ACCOUNTING FOR SUCCESS
CAMERON GARRY
BEST OF BOTH WORLDS An exclusive outsourcing case study with Miles Real Estate
7 FUNDAMENTAL REALITIES OF CUSTOMER SERVICE THE ART OF PERSONAL COMMUNICATION
FRONT DESK TO BUSINESS OWNER
LESSONS LEARNT IN REALLY BIG BUSINESS
VICTORIA’S TOP GUN
LAURA LEVISOHN
5 STEPS TO DESIGNING THE IDEAL WEEK THREE QUESTIONS TO IMPROVE PERFORMANCE
How to get more productive… Fast!
SERVING A NICHE MARKET PAGE 50
IMPLEMENTING NEW TECHNOLOGY AS A TEAM
WHO’S BEHIND THAT DOOR?
MAKING INSPECTIONS EASY
SAFETY TIPS FOR PMs
HITTING A HOMERUN PAGE 16
FEATURE INTERVIEW NAOMI SIMSON SPEAKS ON PRODUCTIVITY AND LEADERSHIP
INDUSTRY REPORT PERCEPTIONS OF REAL ESTATE
#02 OCT/NOV 2015 AU$9.95 + POSTAGE
The resolutions you need to make this year
Get noticed for the right reasons
SOCIAL MEDIA REPORT CARD PAGE 14
LEARN FROM THE BEST
READY?
THE SCIENCE BEHIND FIRST IMPRESSIONS
FEE NEGOTIATION
THE MATHEMATICS OF PROPERTY MANAGEMENT WITH BOB WALTERS
LEARN FROM THE BEST
5 WAYS TO IMPROVE YOUR CONVERSION RATE PAGE 20
THE ART OF STORYTELLING PAGE 54
LEARN FROM THE BEST #04 MAR/APR 2015 AU$9.95 + POSTAGE
PASSION FOR PEOPLE
Emmy Thies
INSID THE TOP COACHE
John McGrath • Josh Pheg Michael Sheargold • Tom Pan Caroline Bolderst
PL An exclusive w Glenn McGr
CLOSE COLLABORATION Successfully linking PM and Sales
SKIMMERS, SCEPTICS AND SOAKERS Are you covering them all?
31 May – 1 June, 2015 Gold Coast Convention & Exhibition Centre
AREC15
• WIN ONE OF SIX PLATINUM AREC16 TICKETS SEE PAGE 2 FOR DETAIL
MARKETING SPECIAL
WHAT REALLY WORKS FOR SUCCESSFUL PM MARKETERS
LEARN FROM THE BEST #07 OCT/NOV 2015 AU$9.95 + POSTAGE
LEARN FROM THE BEST
AUSTRALIA’S TOP GUN
#03 DEC/JAN 2016 AU$13.50
Red Bull racing champ Matt Hall talks mindset
GET READY FOR
2020 CONNECTING EMPLOYEES IN THE CLOUD Virtual reality agents
EQUITY: TO SHARE OR NOT TO SHARE
NO SALES AWARDS
The agency that puts client satisfaction first
STRONGER THAN STEEL
Clinton Knop
HAVE YOUR SAY IN OUR
READER SURVEY:
THE FOUR PILLARS OF PERSONAL BRANDING EXTREME PROPERTY MANAGEMENT OVERCOMING OWNER OBJECTIONS
LEARN FROM THE BEST
THE EXTRA 1%
ANTHONY CARDINALE
HOW THE APRA CHANGES MAY BE AFFECTING YOUR LANDLORDS
LEARN FROM THE BEST
#08 DEC/JAN 2016 AU$13.50
2016: READY, SET, GOAL! WHY 3D REAL ESTATE LISTINGS WILL BE THE NEW NORM 30 BUSINESS BOOSTING IDEAS FOR
2016 12 WAYS TO IMPROVE YOUR MARKETING
#09 FEB/MAR 2016 AU$13.50
SALES STAFF PAY PACKETS
EFFECTIVE SALES MANAGEMENT How to get the most from your team
What’s working?
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
