Archive for the ‘ Business Dynamics ’ Category

Fishing for Income

PictureMost of the real estate community is stuck fishing for income. Living deal to deal and in feast or famine.

Almost all of life has a financial aspect to it. The surplus of it adds to yourpossibilities through opportunity and the laws of attraction. As they say “The rich get richer…” It’s true, but not because they have money. Wealth is a by-product of the way they think. If you change your thinking, your habits will change, your habits change and your account balances will take a turn for the better.

Here are a few questions to give a quick “check-up from the neck up.”

· How is your financial situation?
· How stable is your income stream?
· Do you live within, at, or beyond your means?
· Are you a natural saver or a habitual spender?
· How much credit card debt are you carrying?
· How much money is enough for you?
· What actions could you take that would double your current salary or profit?
· What mistakes do you seem to make with money?
· How much of a priority is making more money?
· What holds you back financially?

We are all guilty of not getting in right, the point is not to beat you up and have you start your day on a downer, but to remember what we need to focus on to make tomorrow a little brighter.

 

Zig Ziglar on Top Performance

PictureHere are a few of my notes from a seminar by Zig Ziglar on Top Performance

  • Leadership starts with you
  • Trust is where that key is
  • Integrity is NOT relative
  • Motivation is to “want to” as training is to “how to”
  • Lead with positive solutions
  • Leaders are always learning
  • Colleges are full of professors teaching about a future that no longer exists
  • You can have everything you want if you help others get what they want
  • Leaders make it personal
  • Individuals score points, teams win games
  • People stay where they grow and are respected
  • Leaders build teams
  • What you do off the job determines what you do on the job
  • Leaders create healthy environments
  • Leaders are in the people business
  • What you say to yourself is the most important conversations you have

How to Get 50 Advocates

PictureOne of the best ways to save costs and improve your ROI is to shift is from traditional marketing to advocate marketing. So you will need to put as much effort into referrals as you do into marketing efforts. Remember if you had 50 advocates that give 2 referrals a year is 100 great leads a year. Here’s some things to keep in mind -

  1. It’s easy to create 50 advocates.
  2. Make it easy for people to advocate for you.
  3. Appreciate and thank them for their advocacy.
  4. Tell them how to be an advocate.
  5. Continue to innovate your services so it’s easy to be an advocate for you.
  6. Make you service clearly better then anyone in the market.
  7. Live your service/values/philosophy don’t just sell’em.
  8. Get really good at using 3rd party edification to your advantage.

 

Life Purpose

PictureI had the privilege of being a part of a small audience a while back that got to interact with Dr. John Maxwell on his book, Today Matters He is an amazing speaker and an insightful master of the teaching craft.  If you ever have the opportunity to catch him live or pick up one of his many, many books, you won’t be disappointed.  Here’s some of the “nuggets” from that day -

•·         The secret of your success is discovered in your daily agenda.

•·         The greatest hindrance to today’s success is yesterday’s success.

•·         We exaggerate yesterday’s importance, we overestimate tomorrow potential and we underestimate today’s power

•·         Make everyday your masterpiece

•·         If you give 50% today, you can’t give 150% tomorrow.

•·         Most people don’t lead their lives, they just accept their lives.

•·         Successful people make important decisions early then spend the rest of their life managing those decisions

•·         You cannot manage a decision you haven’t made

•·         Don’t expect others to make you happy

•·         Take responsibility for your attitude

•·         People don’t pay for average

•·         Attitude controls possibilities, it’s the difference maker

•·         Grow every day

•·         Do what you are best at

•·         Priorities bring focus, manage priorities to maximize time.

•·         If you leave something on the table today, it won’t be there tomorrow

Create a one sentence self-introduction

PictureDo you have a good answer when someone asks what you do? Is it compelling? Is it different?
Does it lead to more conversation?

One of the best marketing weapons you can develop is a great self-introduction. Make it different, make it “sticky” for the memory, make it sound like you, make it short enough to fit on the back of a business card.

For example, if I work trophy homes in Newport Beach, California - instead of saying “I’m Stephen with XYZ Realty” say “I’m Stephen and I assist VIP’s with their trophy homes on the coast” or If I work less than perfect clients say “I’m Stephen and I make round pegs fit square holes in the real estate market.”

Still stuck? Give us a shout and we’ll work on it together!

PictureYou should focus on shifting from attempting to serve any and all potential customers to identifying and serving your ideal clients better. This upgrading process ultimately helps your viability and is continual, so keep losing the average customers and replacing them with those that are loyal, profitable and enjoyable.

Some key points to keep in mind -

- Remember profitability is dependent on serving your ideal/best customer not every customer. It’s ok to lose customers that are too costly.

- Pay attention to all customers for niche and innovation ideas, but get to know the top 20% of your customers.

  • Why they use your service.
  • What they want improved about their lives.
  • How they feel and talk about you.
  • How you can improve your service.

- Define your great clients as the ones that keep using your service and refer others consistently.

Vision

“The most pathetic person in the world is someone who has sight but no vision” – Helen Keller

PictureHelen Keller spent her entire life in a dark and silent world.  Being both deaf and blind, she overcame and became an inspiration to millions.  Many of us who have the privilege of seeing take it for granted.  It’s really a two edged sword. Without our sight, we would miss every wonderful glory that God has painted in the colors of a sunset, the majesty of the stars, or the details in a blade of grass.  The flip side is that we tend to see distractions in every form.

Vision is essential to the creation of our future.  We will live according to vision, either ours or someone else’s.  What is it you want?  What is it that you were born to do?  What does this year hold for you?  What direction will you head?

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.