SLOW AND STEADY Mark McLeod

MARK MCLEOD FIRST PERSON

Slow and steady steps to 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.

News 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.

Nothing builds greater success in our industry than the building of a reputation and the development of relationships. 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

+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.

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

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CAROLINE BOLDERSTON FIRST PERSON

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.

How 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:

1KNOW 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.

2LISTING 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.

3EARN THE TITLE OF AREA EXPERT 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.

The moment you are caught trying to be someone you are not, you instantly lose credibility.

+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

4GET LEGAL 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.

5BE 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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