Archive for the ‘ Business Dynamics ’ Category

A Magnificicent Obsession

 

 

  A Magnificicent Obsession  
     
 

aWe did a composite of our Mastery Coaching clients through our proprietary business analysis tool which we do annually to track our client’s business (and our success or failure as coaches).  We found that the average client that had a “prospecting focus” (they spend 10 hours a week or more actively prospecting) closed an average of 16 transactions with an average volume of $7.8 million.  Their average GCI (gross commission income) was $180k.  Not bad given the market conditions the last 12 months.

Things got interesting when we looked at the next group that had a “marketing focus” (they actively market to a geo farm or target demographic or group 2-3 times a month). They averaged 22 transactions, $13.2 million in volume and $292k in GCI.

Then the most astonishing results.   Those that had a “SOI focus” (working a SOI is considered their dominate activity). They averaged 65 transactions, $19 million in volume and made $453,295 in GCI. 

All three groups worked 46 weeks a year.  All three groups spent roughly the same amount to market or promote themselves.  All three were a cross section of the US, various brands and companies, and marketplaces.  The only difference as a group was what they focused on.

What makes one agent make $180k vs. $450k?  Why did one group out-perform the others if they all did similar things? 

aIt’s boiled down to their focus.  What they focused on allowed them to develop into their magnificent obsession.  While the first group got really good at scripts dialogs and overcoming objections, the second group developed great ads and mailers that made the phone ring, the SOI group became obsessed with being thoughtful and providing delightful surprises to their people.  

They constantly looked for ways to go above and beyond.  When others send Christmas cards to their data base they send birthday cards – to their SOI’s children.  They learned to care about the things their clients care about.  They pamper, care for and make their clients feel like they are the most important people on the planet.  One stand-out invited his “Top 15″ on a trip to Tuscany for 10 days to ride Vespas.  Total cost $50k.  Total reward – unfathomable. These clients had already referred 5+ closed transactions each.  It’s fair to say that he’ll get at least 5 more (5 x average price of 2.5 million x his average commission x 15 people = $1.875 million in commissions). 

This group considers their primary job to spoil their sphere.  They sell houses.  They are good at it.  They understand people are more important than transactions or houses and that lesson has paid them very, very well.

 

 

 

 

 

 

 
  Chris Pollinger, Mastery Coaching  
         
  PS. Have you seen our individual agent and team program that combines coaching, advanced marketing strategies with hundreds of pieces of personalized print ready marketing collateral,  specialized training, and all the tools you need to get into the top 1% of agents nationwide? Check out  YourRECoach.com for more the details.  
     
  Recommended Reading –  
         
         
         
  Copyright 2007-2010 – Mastery-Coaching.com and Chris Pollinger – ALL RIGHTS RESERVED.  
     
 

 

 


You Are Here.


  You Are Here.  
     
 

PictureThese are three of the most helpful words you can read while looking at a large map and unsure of where you are.

Have you ever visited a new city and got turned around while driving?  I can’t be the only one who has felt that very uncomfortable feeling of being in an unfamiliar place and being hopelessly lost only to have the anxiety amplified by the gnawing feeling of dread from already running late for an appointment and watching time click by as you look for any sign to help you get back on the right route.

Based on thousands of conversations with agents over the last couple of years, my guess is that those feelings have been echoed not only in foreign cities but can also apply to your business in uncertain times.  The good news is there is a map to get back on track, even in this economy and crazy times.  But a map is only as good as a point of reference of where to start.  When planning a trip there are several different ways to get where you are going, but the turn by turn directions need a basis from which to start from. You need a “You are Here” marker.

PictureIt’s with this in mind that we are launching our completely re-developed business analysis tool (Here’s a Sample Report).   We usually charge $750 for our non-clients to go through this with us and get the report, but we are offering the new Mastery Coaching Business Analysis to the first 100 agents free of charge as we work out any bugs with our web programmers.  To take advantage of this truly remarkable tool and gain some incredibly valuable insight into your real estate business as you plan for 2011 – click here.

 

 

 

 
  Chris Pollinger, Mastery Coaching  
         
  PS. Have you seen our individual agent and team program that combines coaching, advanced marketing strategies with hundreds of pieces of personalized print ready marketing collateral,  specialized training, and all the tools you need to get into the top 1% of agents nationwide? Check out  YourRECoach.com for more the details.  
     
  Recommended Reading –  
         
 
 

 

 
 
         
  Copyright 2007-2010 – Mastery-Coaching.com and Chris Pollinger – ALL RIGHTS RESERVED.  
     
 

 



Working Together


  Working Together  
     
 

PictureCompetition (the fear of losing something, the threat of being penniless or the fear of being left out) gets a lot of people out of bed in the morning. It really motivates them! Competition is a vestige of the survival instinct, so it’s often not you responding; but rather the animal inside that’s reacting. There’s nothing wrong with competition-it works very well. But at some point, a person moves beyond competition and “gets” the true strength in cooperation (win-win or win-win-win) of strategic allies, joint ventures and cooperation. You come to understand and value cooperation as a highly effective way to make more money and add more value. While competition is a push structure, cooperation is a much healthier pull structure.

 

 
  Chris Pollinger, Mastery Coaching  
         
  PS. Have you seen our individual agent and team program that combines coaching, advanced marketing strategies with hundreds of pieces of personalized print ready marketing collateral,  specialized training, and all the tools you need to get into the top 1% of agents nationwide? Check out  YourRECoach.com for more the details.  
     
  Recommended Reading –  
         
 
 

 

 
 
         
  Copyright 2007-2010 – Mastery-Coaching.com and Chris Pollinger – ALL RIGHTS RESERVED.  
     
 

 



I think having a game plan for your business is essential.  Our experience has shown us that to be effective, the plan must have your core values, strengths, personality and goals in mind. It is built around a compelling vision for not only your business, but your life.  It takes all the pieces and puts them all together in a fluid fashion to allocate for life’s unexpected surprises but offers direction, strategies and tactics for arriving where you want to go.

As you look at your business, where do you invest your time, talent and treasure?  If you are in real estate for a year or two, invest in prospecting.  If you are in it for ten, invest in marketing.  If you are in for a lifetime, invest in people. Granted like any good investment portfolio, you should be diversified across all three areas, but where you put your bulk is determined by what your vision is.

Momentum = Mass x Velocity

When we think about momentum shifts in our businesses (and we have all experienced them), I am reminded of the equation for momentum.  The trick is translating it into a meaningful way for real estate.  If you want to increase momentum this next year to get bigger and better results, or if you need to shift momentum from the doldrums into achievement, think about mass and velocity. 

I know too many agents who have gotten in a rut of busyness and lost sight of productivity within their day.  The hours tick by and the projects expand to fill the time, but the end of the day is met with frustration and the end of the month is met with disappointment.  Let’s apply the momentum = mass x velocity this week to change the tempo.

In real estate, mass is what you are going to do.  Whether it’s prospecting or marketing, lead generating ideas’ mass is equal to their effectiveness.  This business is a contact sport and the more people you connect and develop loyalty with the more “mass” the idea is going to have.  As a rule of thumb, I believe prospecting should be done based on your personality while marketing is framed around your core values and inherent strengths. 

Once you have identified a lead generation project or mass, we need to turn our attention to velocity.  Velocity in real estate is all about how much time, talent and treasure you are going to dedicate to it within a short period of time.  I really do believe consistency will trump almost all other factors when it comes to marketing your business; however, there is a time and place for a push of dedicated effort.  The amplitude of your velocity will work in concert with the size and audacity of your lead generation idea to create a shift in momentum that generates a wave you can ride to reach your goals.

The Importance of a Values Based Business

 

 

 

 

  The Importance of a Values Based Business  
     
 

“The skill sets for individuals to achieve excellence may differ, but the mindset is the same.”

We help agents, brokers and companies develop values based businesses.  We firmly believe that to achieve long term success and venture into the elusive significant, you need to create a business that stands on principle and shared values.  We help clients discover and articulate their values and strengths to develop a strong and profitable marketing plan that attracts people who care about the same things the client cares about and truly appreciates the clients strengths.  Prospecting methods are all build and tailored around the client’s individual personality.  And we walk out the execution of the business plan with them to ensure everything is bundled up to contribute to their business’ overall culture and brand.

Every client is different, there are no cookie cutter business plans when you come from a values based proposition.  Every client’s history, skill set and background varies and so every business takes on a identity of its own.  We aren’t interested in giving one map to success, we are interested in working with clients to provide THEIR map to success and significance.   

Mindset through is shared and similar.  There is a world of difference in mindset between those that casually play with this business as a hobby,  those that treat it as a job or career and those that approach it like a business.  Not only do the results vary wildly, but they actually think differently.  As a real estate professional, you can and should work on your skill sets, but nothing will bring you better and faster results than working on your mindset.

 

 

 

 

 

 
  Chris Pollinger, Mastery Coaching  
         
  PS. Have you seen our individual agent and team program that combines coaching, advanced marketing strategies with hundreds of pieces of personalized print ready marketing collateral,  specialized training, and all the tools you need to get into the top 1% of agents nationwide? Check out  YourRECoach.com for more the details.  
     
  Recommended Reading –  
         
         
         
  Copyright 2007-2010 – Mastery-Coaching.com and Chris Pollinger – ALL RIGHTS RESERVED.  
     
 

 

 


Take Care of Your Client

 

 

 

 

 

  Take Care of Your Client  
     
 

Every once and a while I get something that is just too good not to share. Dean is a fellow Master’s Program Graduate and is the CEO of one of the finest Ad agencies I’ve ever been exposed to. I received this article last week from him and thought it dovetailed into the branding series I just wrapped up. I hope you enjoy Dean as much as I do -

Take care of your customer or someone else will
If you don’t have the right disciplines in place to super-serve your clients, you will lose them and your reputation.

In one of my recent articles, I wrote that one of the main opportunities that exists in marketing today is exemplary client care. Unfortunately, most companies devote little time to this lost art and many are clueless about the negative ramifications poor client care has on their business.

My goal is to drive home the understanding that if you don’t have the right disciplines in place to super-serve your clients, you will lose them and your reputation. If you do serve them well, you will get more business, more often, and you’ll get more referrals. Guaranteed. Here’s a few thoughts.

21. The first step to amazing client care is just that. You must care. You can’t fake caring. Clients can spot a self-serving sales geek a mile away. If you are out for yourself rather than for your clients, go find a tree, sit under it for a while, and get clear on what it will mean if you get in touch with genuinely caring for your clients. This is client care 101.

2. Next, clarify the expectations of each client. They’re all different. So learn the needs of each and learn what has frustrated them in working with past vendors. You know, learn from the ones they fired. Often, sales people don’t know what to deliver because they don’t ask, or they assume all clients want the same thing. At our agency, we use a questionnaire to clarify client expectations and it works wonders.

3. Invest some up-front time setting up your processes and technologies to automate and simplify servicing your clients. The easier you make it, the more you’ll do it.

4. Make it easy for the client to do business with you. By finding out how they like to work, you can create a client service model for each client. Then review it with them to demonstrate how you see serving them best. This blows clients away and puts you front-of-mind every time.

5. Conduct a client survey when you’re well into the relationship to take a pulse-check on how you’re doing. There have been times I thought I was doing great with a client when in fact, they had quite a different perspective… the perspective that matters. Plus, surveys are useful tools to discover how you can do more business together or ask for referrals. Clients love to know you’re striving to make their lives more efficient, more productive and more enjoyable.

6. Ahhhhh, client problems. Inevitable? Yes! Destructive? It depends on how you handle them. Somewhere in every service person’s mindset there is a twisted idea that problems will disappear or tone down if you postpone dealing with them. When a problem arises, deal with it as if your pants just caught fire… that fast. Also confirm the client is satisfied with how you handled it every time.

 17. Keep your commitments to your clients. Sound elementary? You’d be surprised at how many people keep just 70% of their commitments and call themselves pros. Show up on time, deliver when you promised, and follow-up when you said you would. Can we keep every commitment every time? No, but you can often renegotiate it prior to the commitment deadline if you’re having difficulty. That’s your lifeline.

8. Don’t stretch the truth with your clients. For example: “We can get that in four weeks,” when you know it will take five. “We have 45 full-time professionals, “when you only have 35. “Our client satisfaction rate is 100%,” when it’s pushing 80%. We call these sales exaggerations and they’re as common as breathing. If you tell the truth, your character conviction will multiply your results, make you feel better about yourself, and you will create stronger relationships. If you tell little white lies, well, you’re simply a liar.

9. Exceed customer expectations. You don’t have to do it every time, but make it your goal to try. If you exceed expectations occasionally, your client’s perspective will be that you do it all the time.
In closing, you’ve heard the old adages, “poor client care conversations spread like the plague” or “it takes 10 times the effort to get a new client than keep an old one.”Whatever the adage, make it something you commit to simply because that’s who you want to be. The money will follow and so will your clients, wherever you go.

 

 

 

 

 

 

 
  Chris Pollinger, Mastery Coaching  
         
  PS. Have you seen our individual agent and team program that combines coaching, advanced marketing strategies with hundreds of pieces of personalized print ready marketing collateral,  specialized training, and all the tools you need to get into the top 1% of agents nationwide? Check out  YourRECoach.com for more the details.  
     
  Recommended Reading –  
         
         
         
  Copyright 2007-2010 – Mastery-Coaching.com and Chris Pollinger – ALL RIGHTS RESERVED.  
     
 

 

 


Thoughts on Burn Out


  Thoughts on Burn Out  
     
 

PictureBurn-out happens when we lose a hold on our integrity.  We start doing things that are against our core values.  Real Integrity is not possible when we live according to someone else’s whim and their rules.

In the real estate business I have noticed that there is a thin line between servant hood and slavery.  When you gave up your W-2 Income you traded a boss who looked over your shoulder for 100’s of them that you now call “clients.”  Slaves work because they must, they are owned. Servants do so because they choose to.  It is by their own discretion that they serve.

Do you find that you fall into doing things for clients that you resent?  If so, you are living as a slave to someone else’s whims.  Whether it is in business, at home or in other relationships slavery is a bad thing. Learn to let go of all your “should”, “coulds”, “woulds”, “oughts”, and “wills.”  Stop doing things simply because you lack the ability to say “no” or you are driven by guilt or shame. 

Choose to serve, on your terms, in order to protect your integrity and watch how your life and business becomes full and bright again. 

 

 

 
  Chris Pollinger, Mastery Coaching  
         
  PS. Have you seen our individual agent and team program that combines coaching, advanced marketing strategies with hundreds of pieces of personalized print ready marketing collateral,  specialized training, and all the tools you need to get into the top 1% of agents nationwide? Check out  YourRECoach.com for more the details.  
     
  Recommended Reading –  
         
 
 

 

 
 
         
  Copyright 2007-2010 – Mastery-Coaching.com and Chris Pollinger – ALL RIGHTS RESERVED.  
     
 

 



Starbucks can Save Your Business


  Starbucks can Save Your Business  
     
 

PictureI had two really good agents enter into an extended slump.  Not all that uncommon over the last couple of years.  After talking to them at some length I discovered they were spending way to much time in their cushy home offices.  So I took them away – not literally of course, but figuratively.  I told them that they had to close the door and they weren’t allowed in for 30 days.  Instead I asked them to go to Starbucks with their laptops and do their work from there. 

Within 2 weeks both of them were back on the side of positive momentum with fresh leads and activity from folks they had run into at Starbucks. Within 4 they were back in the saddle, flush with new transactions and able to re-enter their home office with a renewed focus and perspective.

The biggest thing when you find yourself in a slump is to go to the people.  We tend to hide and bury ourselves with busywork to feel busy instead of focusing on productivity.

 

 
  Chris Pollinger, Mastery Coaching  
         
  PS. Have you seen our individual agent and team program that combines coaching, advanced marketing strategies with hundreds of pieces of personalized print ready marketing collateral,  specialized training, and all the tools you need to get into the top 1% of agents nationwide? Check out  YourRECoach.com for more the details.  
     
  Recommended Reading –  
         
 
 

 

 
 
         
  Copyright 2007-2010 – Mastery-Coaching.com and Chris Pollinger – ALL RIGHTS RESERVED.  
     
 

 



Going Past Customer Service


  Going Past Customer Service  
     
 

PictureMove from just customer service to the notion of creating community. People are hungering to feel connected and when you offer this type of thing, customer will respond.

Here are two key points to remember:

  1. Profitability is usually conditional on current customer loyalty and new customers. The way to increase loyalty and attraction are:
    • Continually add value without being asked to and at a similar price. This builds a reputation.
    • Create a community of people and help them “get to know” each other.
    • Be known for something…a philosophy, feat, and result, compelling vision.
    • Be known as someone. Have a personality, a personal style, personal qualities, and abilities to listen.
  2. People prefer to buy from an individual or firm that they know and feel a part of. Create this with your company. It’s more than just customer service.

 

 
  Chris Pollinger, Mastery Coaching  
         
  PS. Have you seen our individual agent and team program that combines coaching, advanced marketing strategies with hundreds of pieces of personalized print ready marketing collateral,  specialized training, and all the tools you need to get into the top 1% of agents nationwide? Check out  YourRECoach.com for more the details.  
     
  Recommended Reading –  
         
 
 

 

 
 
         
  Copyright 2007-2010 – Mastery-Coaching.com and Chris Pollinger – ALL RIGHTS RESERVED.