Monthly Archives: December 2017

Pause for a Moment…

Category:KB Consulting Solutions

We made it!  Another year in the books.  We’ve performed amazingly, served as best as possible, made lots of mistakes (hopefully…because if not, you are not trying very hard), learned lots of lessons, and enjoyed many celebrations of life.

We are ready!  Ready for another year!  We have our vision, objectives and strategy condensed into our 2018 Business Plan (if not, we need to talk), ready to perform amazingly, poised to deliver an exceptional experience to all we serve and leave a legacy by making lots of mistakes (again, that’s a great indication we are trying hard), learn lots of lessons and enjoy many celebrations of life!

Yet, before moving one step or one thought forward…let us pause.

Let’s take this day to make a list of what went incredibly well in 2017.

• What do we want to do again, and again and again?
• What are we most proud of in 2017?
• Who is the one person who has had the greatest impact on your life this year?
  • Why not call them right now and thank them?
  • And may I suggest one call be to your Broker/Owner/Manager?
• How did we serve in a way that left an amazing impression/impact on someone’s life?
  • How do we do that again in 2018?

Our industry is no different than any other.  There is constant pressure to do more and more.  The combination of technology, trends and shiny objects frustrate and fascinate us simultaneously.  While teasing and taunting us to do better, be faster, smarter, bolder and soar, seldom do we hear the message that we are enough.  Our knowledge and wisdom (and there is a huge difference), combined with our passion and dedication to serve results in amazing experiences for Buyer and Sellers…and all others in the path to homeownership.

Today as I pause, I say thank you to the professionals who serve my industry so well.  Who work tirelessly to navigate a delicate and challenging pathway to provide solutions and opportunities through homeownership.

Today, I pause to celebrate and thank the amazing Broker/Owners and Managers who serve their customers—The Real Estate Agent—and provide opportunity after opportunity. To empower each to earn, learn and serve.  Theirs is a difficult and often thankless job!  They are on the line each and every day.

Today, we ask you to pause. To celebrate and to catch your breath as we ramp up to have the greatest year in your career.  Let’s do this….be a resource not a sales pitch!

Hey Coach, I want to double my income…

Category:KB Consulting Solutions

You may or may not have said this to your Coach, or even out loud.  But honestly, how many have entertained the thought?  And it’s not limited to sales production. This may also be related to recruiting and increasing the number of agents and quality of sales force in your office.  So, if you are new to the business, a seasoned professional, and/or a Broker/Owner/Manager or Recruiter.  This one is for you!

The first step that I normally take with Clients who want to “double their income” in the upcoming year’s Business Plan is to stop, drop and evaluate the business we’ve closed in the past 12 months and then move forward.  Let’s take a brief look at the steps needed to potentially “double down” and have your best year ever in real estate.

1.  Thoroughly evaluate your “Source (closed) of Sales”
   a.  Transaction side by transaction side, discern where the business came from.
   i.  Drill down to the specific resource which provided the lead; example, if it the source is farming, what specific product was mailed? What was the message? What is the timing (frequency and consistency) of the mailing? Was the collateral mailed snail mail, door knocking or digital?
   b.  Be very intentional with each closing to discern the steps, process, procedure and circumstances around each closed transaction.
2.  Results are in the Details:  Write it down
   a.  Document the history of the transaction
   i.  These details should also be a vital, manageable dimension of your database.  The habits and history of both buyers and sellers is predictable.  Use this to your advantage.
   b.  Once you have results, you may now make comparisons and determine what is the best return on investment of time, money, talent and energy on your part as well as the rest of the team.
3.  Document the response time in servicing each “source of sale”
   This is where we have a coachable moment or two. This is one of the first steps to increase your production and profitability.  The more dependent you are upon technology, the more powerful this evaluation will serve for you.
   a.  What was the time from lead origination to lead contract (either listing or buyer)
   b.  What could have been done to improve the response time?
   c.  How will current systems and processes be modified to shift results?
4.  The art of follow up
   If you were to have a heart-to-heart, eye-to-eye conversation with yourself, what would you discover about where your business may be leaking away from the closing table?
   a.  For each category of “Source of Sales” that you evaluate, ask yourself the tough question of “what slipped through the cracks and was never followed up on?”
   i.  How many leads were mishandled or completely abandoned?
   ii.  How many calls were there that were never returned?
   iii.  How many of my past buyer/sellers were involved in a transaction this year without my professional assistance?
   iv.  What major opportunities were missed that could have promoted the business to a bigger audience in a cost and time effective way?
   a)  Community Events
   b)  Cause Marketing
   c)  Client Appreciation
   b.  What systems are missing that allowed the leak?
   i.  Who/what will provide the solution?
   ii.  Who will execute the details to ensure each is followed up on?
   c.  Where is the accountability?
   i.  Coaching?
   ii.  Systems that remind and badger us until the “task” is complete?
   d.  Financial analysis
   i.  What did the leak (not following up on the lead) cost?
   a)  Current year financial loss
   b)  Professional reputation
   c)  Future business
5. Communication
   As you have now realized, follow-up is vital in the pursuit of doubling or increasing your business from year-to-year. It’s about systems and execution.  Yet don’t overlook clear, concise and intentional communication.
   a.  Ask for the business
   i.  “Who do you know that I should be talking with?” should be the close of each and every conversation you host.  This is by far, the best open-ended question you may ask.  It opens the closing conversation up to much more than buyers and sellers.  It opens the door to a dimensional, comprehensive snapshot into the sphere of the individual or group you are speaking with.
   ii.  Be approachable and open to serve.  Never allow your response to be “so busy” or “so busy I don’t know what to do” … you must appear organized and remain approachable and ready to serve the needs of others.
   b.  Timing is everything
   i.  Ask for the referral at the start of the relationship and not at the closing table.  To repeat, end each conversation with “Who do you know I should be talking to?” and see what happens.  When you raise the awareness of your willingness to serve needs to the beginning of the relationship/transaction, you will be surprised how it will increase your business.
   ii.  All team members should be asking the same question.  Build it into scripts.

“Hey Coach, I want to double my income…” may or may not be where you are, yet refining what you do and when you do it will certainly get you closer to the goal you have set.  And picking up the business you’ve dropped or that has fallen through the cracks will take you over the top and bring repeat business as you will serve to be a resource, and not a sales pitch.

Designing your Dream Team

Category:KB Consulting Solutions

Transitioning from year to year in our industry is always fascinating.  We look at where we were, we are, and hopefully where we are going!  One thing is for certain, if we want to move forward and not become complacent or stagnant, we must consider doing things smarter and with greater intention.  In other words, some things must change. Often that means transitioning from a solo-entrepreneur into a team status.   Don’t panic. Teams come in all shapes and sizes. Your ideal may be a horizontal team with an administrative professional (licensed or unlicensed) or it may be a vertically designed multi-level enterprise.  There is no right or wrong.  It only needs to fit your mindset, model and business goals.

This Blog entry is dedicated to all professionals in our industry.  If you fulfill the powerful, vital role of Broker/Owner/Manager, only a few terms and roles will need to be changed. The greatest modification is that your consumer is the Agent.  Therefore, please adjust accordingly.  The same tools, resources, systems and principles are vital in all roles.

Right now, pause.  Pause (silently) and think about your future growth and fulfilling your 2018 goals.  What you need more and/or what you need less of?  Odds are, thoughts inclusive of, yet not limited to, these come to mind:

Leads                           Accountability                         Time                            Staff/Support
Education                    CRM                                        Training                       Balance
Systems                      Listings                                    Referrals

Here are the top three things to consider when designing your dream team:

Leverage 

Perhaps the most overused word in today’s real estate world, and for a reason.  Leverage is the secret sauce to add variety, definition, and a viable solution to many of the items listed above.  As we think change and operating our business differently (and different is as wonderful in our industry as disruption), consider the following:  What tasks (jobs) can you give away and NOT take back?

Steps to start the leverage process:

1. Make a list of the following:
   a.  Tasks
   i.  Activities within your daily business
   ii.  Activities from listing to contract
   iii.  Activities from contract to close
   iv.  Marketing to build the business
   b.  Responsibilities
   i.  Specific duties around each activity
   ii.  Detailed and ideal (as if perfected)
   c.  Roles (existing and potential)
   i.  Org Chart Format
   a)  1-3 and 5-year vision
   ii.  Who, what, how, when
   a)  Craft specific job descriptions for each role
   b)  Specify expectations, goals, objectives
2. Evaluate systems:
   a.  Make a comprehensive list of existing systems currently in place to support all real estate processes, procedures and activities.
   i.  Rate each for efficiency and effectiveness
   ii.  Conduct a needs analysis to discern what needs to be abandoned or improved
   b.  Make a comprehensive list of new systems needed
   i.  Rate each with a deadline for implementation
   ii.  Rate for “non-negotiable” to “nice to have”
   c.  Blueprint your strategy
   i.  Match your list of what you are willing to give away and NOT take back (Step 1) with systems (2a and b) to evaluate where you are today and what your next step should be (to help you determine your next hire)
   ii.  Invest as much time as necessary in this step as it is essential and vital to healthy team growth. Begin with the end in mind.
3. Make a list of what your role/responsibility and daily activities will be once Team members are added (as specified in Step 1) completely and systems are executed (in Step 2).
   a.  As the Rainmaker and or Broker/Owner/Manager, how will you invest each day to further grow and build the business?
   b.  What is your strategy for a check and balance of systems running the business?

Talent Search

The most common and most expensive mistake we make in the hiring process is hiring without a plan.  You know, you fall in love with the individuals; their behavior, personality, a kinship and just know you can find the “right place” for them.  Very seldom does this practice lead to success.  Before you start the search, know what you are in search of (see Step 1c above).

Once you have defined the need, we recommend that you hire for attitude and train for skill.  Let’s face it, the true Dream Team had one individual who, although talented beyond measure, was NOT a fit for the Team.  Isiah Thomas, one of the most celebrated basketball players in the history of the game, was not a fit for the 1992 men’s US Olympic Basketball Team (the original Dream Team) because of his attitude.  Keep that in mind.  Not everyone is a fit, regardless of ability and talent.

You are creating a culture, a tribe and a family of sorts.  Unlike your biological members, you have the right, the ability and most significantly the responsibility to build the team well with each player you add.  Do your best and understand that even under the best circumstances, you will make wrong choices.  Adopt and practice the method of hiring slowly and dismissing quickly to minimize the potential damage and impact the incorrect addition will make to the team.

Service and Sustainability

Each addition to the team should add value.  With each hire, you should be able to discern the long-term ROI the member will have on the whole. It may not be immediate, yet there should be an eventual return.

Two key thoughts should always be top of mind when building the Dream Team:

1. Is the Team concept providing an extraordinary level of service to the end-user that you cannot provide as a solo-entrepreneur?   Will the team that you develop bring return business to you?  Will friends, family and associates tell their friends, family, associates and co-workers to use you and your team’s service with their real estate needs?  Currently over 86% of consumers would use their REALTOR^® again, yet less than 15% do.  Why?  They don’t remember us because we have not leveraged talent and systems to hold on to the business we’ve earned.

   Wow!  Pause and think about that for a moment. Please.

2. Do you have an end in mind?  Are you building an entity which will enable you to transfer the ownership of your database and systems to a new owner and earn residual income?

It is often said that simple is seldom easy.  Such is building a Dream Team.  It takes patience, organization, intention and the strength and agility to fail forward.  The benefits are well worth the efforts.

Dream big, execute, and live the life you desire.  Simply stated, be a resource, not a sales pitch.

Making the Most of “The Most Wonderful Time of the Year”

Category:KB Consulting Solutions

Beyond question, this is “the most wonderful time of the year…”

As life provides us with opportunity and experience (which sounds so much better than “as we get older”), we are reminded and personally experience that for many, the Holidays are not always full of love, laughter and JOY.  That is unfortunate yet a reality.  We should respect each situation and story.

As a Coach, my goal is to help others focus on the positive and the things that they can change rather than being drawn into despair and situations which have little hope and opportunity to improve.  That is why I love our industry.  The real estate industry provides opportunity each and every day for us to make great choices and take action to make a significant difference in the lives of others.

This blog entry is not encouragement to be the sleazy, creepy salesperson that everyone dreads seeing.  It is quite the opposite.  This week’s entry of Tuesday’s with Kathy is dedicated to empowering you to make the most of each opportunity provided to be a stronger, more valuable professional and to make the most of this Season of the year with 4 key thoughts!

Maximize Each Opportunity.
Build a strategy around where you will be and what you will do.  This is the greatest time of the year to live deep in your community and sphere of influence.  Show up where you need to be.  Go where you are celebrated and not just tolerated.  Be present.   May I repeat…BE present.  Be with whom you are with and give them all of you.  Lead with effective communication.

Communicate with Compassion and Clarity.
Exercise caution with this one!  Make sure you always lead and direct your communication to clearly convey the message that “they” are the important ones in the room and conversation, not you.  Be prepared to ask respectful questions to discern who, where, and what the individual’s or group’s needs are in all aspects of life.  Conversation should be more about the relationship than a transaction.

When people ask, “How is your business?” be prepared (scripted) to answer appropriately and to convey a message of knowledge and service not busyness. Be prepared to convey that perhaps you’ve enjoyed an amazing year, the market is great—yet you are never too busy to assist!

Become comfortable and end (and this will take practice) each professional/business conversation with the question, “Who do you know that I should be talking with?” Again, be appropriate.  Be present. Be respectful.  Yet don’t be afraid to ask how you can serve.

Serve.
Wow! This topic totally touches my heart.  Our industry has such power and opportunity to make a difference in each life we touch.  Technology, social media and so many contributing factors have transformed the role of the REALTOR® in the capacity of true “servant leadership”.  So often, home ownership is synonymous with joy! Unfortunately, often the opportunity provided in our business is through difficult situations; death, divorce, relocation.  Fortunately, often the opportunity provided in our business is through difficult situations; death, divorce, relocation…think about it.  What an incredible chance to be a resource, a guide, professional mentor and truly, make a difference in the lives of others.  What an opportunity to transform a difficulty into viable, livable solutions and make a challenging experience a more positive, life-changing event.

We can truly live deeply and make a difference when the “transaction” becomes an exceptional consumer experience.  Even negative and difficult circumstances will be diminished when successful results are combined with a positive and service driven outcome.  When all parties feel “served”, they depart with a sense of gratitude.

Gratitude.
We should practice this daily, yet as we enter this magical time of year, pause and thank those around you with intention and specific words and acts of kindness.   Not only your family and those whom ride alongside and tolerate the challenging career you’ve chosen, but those who provide opportunity and endless support by entrusting you with their business and life.

Give back.  Find your cause and honor and serve with a cheerful spirit and joyful heart.

In all things show grace and gratitude.  Be a resource, not a sales pitch.