Author Archives: Kathy Baker

One of the Greatest Rules of Leadership

Do you remember the childhood game, “Follow the Leader?” Now if you remember and if you will agree and admit you enjoyed the game ONLY IF you were the Leader that everyone followed, that was perhaps the birth of your destiny to become a Leader…

Indeed, the first indication that you have leadership qualities and characteristics surfaces very early.  As schools start back, I’m sure seasoned teachers in the classroom can and will readily identify the leaders and the followers within the first few weeks of school.  There is no right or wrong, good or bad distinction between the two…remember all tribes must have Chiefs and Indians to be a healthy, productive tribe who live in harmony. Right?

My experience on the road to Leadership has been colored with exceptional people and a variety of experiences that have paved the broken road to success.  One of the greatest lessons I learned was a bit painful, a bit embarrassing, a bit of a blow to my ego…yet the growth after accepting and acknowledging the lesson learned was life changing!

This law of leadership is simple, not easy.

Once you hire correctly and have the right members in the right position for your tribe, you just need to get the heck out of the way to allow them to grow, enrich and develop the business objective you seek to accomplish!  More simply, when you hire competent talent, get OUT OF THEIR WAY and LET THEM DO THEIR JOB.

Boom!  Period! 

Simple, yet not easy….

Here are 3 essential steps to keep in mind as you move out of the way and onward to greater success in leadership:

I.  Embrace Change

1. The first change is to accept that things will NOT be done the way you would do them.  Now we all know that our way is not necessarily the only way, yet it is certainly the BEST way of accomplishing any task. Right?  WRONG!
   • Others may do things differently
   • Other may do things better
2. Allow leverage to be your Friend and allow you to complete either income producing task, or pleasure producing task.  Getting out of your way allows you to do more, better.
3. Tell your EGO to take a hike.  It will be done differently, it will be done better.  That’s okay. Really…it is.

I recently had a Coaching Client upon return of an extended vacation state to me…” You know, while I was gone, I delegated (leveraged) several tasks to my Assistant and she did an amazing job. It was so great to realize that she is trained, competent and able to handle her job duties and perhaps a bit more.  Now I’m looking around trying to figure out what else I can give her that I will not take back.”

Now folks, this is leadership growth in action.  The key takeaway for me and where I see the greatest stride to masterful leadership, delegation and leverage?  The closing phrase…” What else can I give her…that I WILL NOT TAKE BACK.”   He totally gets it.  It’s about letting go and letting it happen.  Not only get out of the way, yet stay out of the way!!!!!

II.  Double-Line Rule:

As an old-school accountant (when our only technology or computer was a 10-key adding machine with a tape), you will remember the “double-line” rule.  That was how you validated that all accounts were in balance.  If your debits and credits were in balance at the end of the report, you always drew double lines under each column to indicate…” All good, we are in balance”.  To check for completion, you simply looked at the bottom of each report.

1. Others may do things differently.  That’s okay. For the transition of power to effectively and efficiently happen as you get out of the way, it’s imperative to have systems, procedures and processes in place.
   • Other will do things differently, yet as long as protocol or procedures are followed and you can “double-line” each project upon completion—it’s great!
   • Change occurs when fresh eyes take ownership of a task and offer opportunities to improve, modify, simplify, deconstruct and reconstruct to improve the outcome.  If you can “double-line” the result to meet your objective, accept the change and stay out of the way.
2. Others may do things better.  So, what if fresh eyes see ways to improve what you are doing?  What if there is technology to replace your way and allow a stream-lined more accurate way of meeting your objective?
   • Listen and allow the owner of the project to offer suggestions, vet solutions and improve the way you are doing business.
   • Beware of seeing change as a threat and challenge to your authority.  My philosophy has always been to hire people much more skilled and knowledgeable that me.  Trust me, it has NEVER been a problem. When you find that talent…empower them to be the best they can be.  Allow them to serve well and OWN not only the project, yet also the results, the credit.  “Double-line” their success with gratitude, acknowledgement and celebration.

III.  As a leader, be prepared to experience:

1. Growth beyond expectation.
   Production, confidence, profitability
2. The benefits of leverage
   • Understanding the power of delegation
   • Getting more done fueled by getting out of the way
3. Explosive results
   • Improved effectiveness and efficiency as an organization
   • Ways to do more with less

There is huge opportunity when you can get out of the way of others and empower the next generation of leadership to learn, grow and have ownership.  Let it begin with you.  The feeling is liberating and the results are astounding.

Lead by example…be a resource, not a sales pitch.

Bless the Emperor’s Heart…

In my career, I’ve had the opportunity to witness first-hand, face to face, elbow to elbow, real- world, real-time” Emperorism” vs. Leadership.

Emperorism is the phenomenon of what happens when the desire for ultimate power over takes common sense, sound judgement and good business practices.  And, just so you know, all industries and all professionals are at risk of falling into the trap of thinking “your way is the only way” …and surrounding yourself with individual, raving fans who work for your approval rather than transparency, the greater good, the big picture…serving others.  Beware of the individual who will say whatever the Emperor wants to hear and allow the Emperor to attend the parade naked…all while pretending there is fabric in the loom…

Every experience one survives should provide a lesson to grow from and live by.  Listed are the TOP 10 lessons learned and how to work to achieve the status of Leader and avoid the pitfall of Emperorism in the real estate industry today:

1. Don’t be afraid to believe in yourself, yet don’t lose focus of reality.
   • Remain humble, compassionate, caring and candid.
   • Be real and stay real.
   • Admit when you are wrong.
2. Know your Tribe…Seek clarity on whom you serve.
   • Personally
   • Professionally
3. Understand why you serve.
   • What is your objective?
   • What is the reason you get up every day and do what you do?
   • What do you hope to achieve at the end of the day/week/life?
4. Ensure your goals to serve are well-aligned and compliment your objective.
   • Does your “why” match your “who”, “what” and “how”?
5. Be aware of those who surround you and the support they provide for your cause:
   • Does each provide an honest, insightful and respectful perspective?
   • Does each challenge the status quo?
   • Is their motive for growth and development genuine or self-serving?
   • Does each challenge you to think from and see things from a perspective other than your own?
   • Does each ask questions to help you see and identify roadblocks, blinders and other obstacles that color the true picture?
6. Work and select members of your team who bring genuine talent and insight into your organization.
   • Seek and select talent so rich you avoid being the smartest person in the room
   • Get out of the way and not only allow, yet encourage systems and pathways for talent to be talent and maximize their development
   • Provide constant opportunities to foster growth and allow others to shine
7. As a Leader, be willing to hear a voice other than you own:
   • Listen aggressively and open-mindedly
   • Seek honest, insightful, transparent feedback
     • Note:  Emperors are at risk of becoming ventriloquists. Leaders avoid pulling strings and moving the mouths of others to get the response they desire.
   • Acknowledge and accept honest feedback (even when it hurts)
   • Embrace solutions (even when they are costly)
   • Hear the cries of those who are served and acknowledge (even if you don’t agree)
8. Our industry is one of consistent disruption— Disrupt!!!
   • Consistently conduct SWOT analysis to see how you can dominate your market space through positive and productive disruption
   • What do you need to do to maintain your competitive edge?
   • What do you need to stop doing to maintain your competitive edge?
   • How do you maintain your value in the market?
   • How do you dominate your space by providing the most amazing real estate experience imaginable?
9. Be accountable to provide as promised.
   To weave the desired results regardless of your role and place in the industry, accountability and transparency are critical.  As the Leader, ask yourself these questions:
   • Engage systems to check “the loom”:
     • Is the loom performing as intended?
     • Are those investing in the loom achieving the desired ROI?
   • Check the loom for “fabric”:
     • Is there fabric in the loom?
     • Is the fabric flawed or damaged in any way?
     • Does the fabric provide the quality product desired?
   • Discern when changes are needed in your business practices:
     • Is the “loom” still the best way to weave the product desired?
     • What better ways are available to achieve the results you desire?
     • Are you one “pull” away from your desired results raveling away before your eyes
   • Demand to be held accountable.
10.  Say what you do, do what you say.
    • Don’t be deceived by what other tell you; look in the mirror
    • Improve it or change it.
    • Acknowledge who you are, what you represent and what you have

In all sincerity, if you have not recently read The Emperor’s New Clothes, please do so.  It’s a wise tale that holds many business lessons, rules and principles…You may be encouraged or enraged by the similarities represented…and if you choose to be the Emperor and not a Leader, and show up to the parade naked, please, for heaven’s sake, make darn sure you at least look good naked.

Enough said…

Hire for Attitude; Train for Skill; Educate for Success

With the current rate in our profession climbing to an all-time high and the cost of that churn accelerating even higher, what would it look like if we used a more discerning lens before making the hire?

What IF we adopted the practice to:

• Hire for attitude
• Train for Skill
• Educate for sustainable, predictable success

First things first, whether you are an owner/manager or Rainmaker, you must decide what level of professional meets and exceeds the essence of your culture and environment.  Meaning, does your team consist of and support only full-time professionals or are co-career or part-timers (and there is a difference!) allowed?   Upon making that decision, model your talent search and interview process accordingly.

Hire for Attitude:

Determining and defining what makes a person tick and more significantly what motivates them to perform is tricky.   I don’t know about you…but I enjoy working with nice, happy, joyful and positive people.  Experience has proven that often in the sales industry, a spirit that reflects these characteristics combined with a great work ethic can enjoy a career that is unstoppable.

Likewise, one of the most challenging qualities and or characteristics which is damaging to a service and sales professional is a bad attitude.  Owning the sense of entitlement, arrogance or being overly confrontational will serve your career as poorly as being lazy.

Unfortunately for those of us serving in the leadership capacity and responsible for hiring, a bad attitude can be as equally challenging to identify before the hire.  So, what do we do?

Ask discerning questions:

Explore their “Big Why” with these recommended, probing questions:

• What activities do you most enjoy in your current professional role?  Why?
• Why are you interested in the career we offer?
• Describe what success in Real Estate looks like.
• Who will benefit by your success?
• Who will support you and serve as support/accountability and commit to support your journey to success?
• What activities do you enjoy most in your leisure?  Why?
• When doing these things, who do you most enjoy sharing the experience with?
• What has been your most rewarding professional experience?
  • Who supported you and played a vital role in this experience?
• What has been your most rewarding personal experience?
  • Who supported you and played a vital role in this experience?
• Describe a time that you worked under pressure and performed well?  Why?
  • What was the result?
• Describe your ideal scene (professional and personal) in 3 years, 5 years.
  • What will be your production in real estate?
  • What will this success enable/empower you to accomplish both personally and professionally?

Define (as best as possible) their potential band-width and work ethic.  Determine their commitment and willingness to devote time, energy and talent to build a successful career in real estate by asking these probing questions:

• Describe (briefly) your previous work experience.
• Describe your current daily routine?
  • What do you like most about it?
  • What do you dislike most about it?
• At what time each day are you most effective and efficient?
• What work have you most enjoyed doing?
• What work have you enjoyed the least?
• What has been your greatest sense of accomplishment?
  • Professionally
  • Personally
• If you could create the perfect work day, what would it look like?
  • Who would you engage with?
• In an ideal world, describe “how” you would be working?

Train for Skill:

May we agree there is a huge difference in training vs education?  In this segment, we want to discuss training for specific, foundational skills which we believe are imperative to support a successful real estate career in today’s market space.  You may hear other Coaches and Consultants make statements such as “you train and dog and you educate professionals.”  Although this statement has merit…I do believe the skills which we refer to are quite essential to be a successful REALTOR® or dog.

Accountability:

This is one tough business.  If you don’t know yet, you will soon discover that we get beat up. A lot.  We take the heat, grief and burden of the industry.  A lot.

You need a strong, resourceful, vigilant and dedicated partner to hold you accountable.  One who will talk you off the cliff when you should not jump and push you off when you should. Not only will this individual hold you to do your job, they will celebrate with you when you achieve success and help you to access what when wrong when you don’t hit your goals AND make sure appropriate adjustments to empower you to move forward and try again.

• Who do you answer to?
  • Who will hold you accountable to complete the foundational activities each day to ensure you deliver exceptional service and build a career worthy of your time, energy and talent?
• You may choose to have multiple life accountability partners:
  • Professional
  • Health
  • Spiritual
  • Life

As a real estate professional, we recommend the services of a professional business/productivity Coach.  If you cannot financially afford the services of a Coach, it is most like the result of not having invested in the services of a Coach. (think about that).  If you elect to “partner” with a peer or individual in your market space, we encourage you to do so with caution.  Always strive to seek and share empathy not sympathy.  A right partner will bail you out of jail when things go wrong, not be sitting beside you in the cell asking, “what when wrong?”  Seek to find a partner who is in a different market, experience different yet supportive activity.  One who can provide solutions and be a resource not provide excuses and allow you to get by with poor practices and unhealthy activities.

Establishing Good Habits and Adopting Best Practices:

• Time Management
  • Live out of your calendar
    • Place all activities, both personal and professional in your calendar
  • Time Block
  • What is income producing?
  • What fills your passion?
  • What is taking you forward to achieve and maintain all goals?
• Identify and honor all activities that are “non-negotiable”
• Develop and implement systems, procedures and policies which allow you to stay in the flow and adopt a “set it and forget it” real estate practice
  • Business Planning
    • Identifying and understanding all numbers
    • Production & Financial
  • Farming/Marketing/Prospecting
  • Listing Procedure and Buyer Consultation
    • Presentation
    • List to Contract
    • Contract to Close
• All other procedures and processes

Good is the enemy of great.  Don’t allow things that “feel” good and “fill” time and allow you to mistake busyness for productive, business activities and practices.  Combing good habits with the right systems provide a “no fail” method.

Educate for Sustainable, Predictable Success:

While training may be habits and practices, education is staying ahead or at a minimum abreast of the market.  Taking full advantage of all education opportunities will provide the conduit for your business to grow despite what the market is providing.   Professionally educated agents consistently drive the business they desire by:

• Using powerful scripts and dialogs
• Understanding market stats and conditions (local, regional and national)
• Identifying and adopting relevant trends
• Adopting the right technology to support their business model
• Embracing market disruption

If your objective is to build and maintain a sustainably profitable real estate business, begin with the end in mind.  Reduce churn AND frustration while increasing profitability by making the right hires. Use your gift of discernment and immediately improve the way in which your business grows.

What IF you hire for attitude, train for skill and educate for sustainable success?

Don’t Substitute Systems

What is a system?  Read below as we share from Merriam Webster which expresses with bold clarity the definition of system:

System:  N

1. A regularly interactive or interdependent group of items forming a unified whole.
2. An organized set of doctrines, ideas, principles usually intended to explain the arrangement as working of a systematic whole.
3. An organized or established procedure
4. Harmonious arrangement or pattern

Without exception, top performing professionals in our industry lean heavily into establishing, developing, designing, crafting, implementing, executing and living systems.

Systems create and sustain a consistent, safe track on which to run your business.  The “rails” of the track should be so sound, stable and secure that your business could virtually run on its own.

What should be systemized?

All facets of your business:

RAINMAKER:

• Business Planning
  • Vision/Mission
  • 1-3-5 Year Plan
  • Structure
  • Budget
  • Exit Strategy

• Prospecting
  • Farming
    • Center of Influence
    • Sphere of Influence
    • Geo
• Lead Generation
  • Who
  • What
  • How
  • When
• Marketing
  • Who:
    • Personal Promotion
    • Inventory Promotion
  • What
    • Market Update
      • Inventory
      • State of the Industry
    • Personal Promotion
    • Activities
      • FSBO
      • Expireds
      • Door Knocking
      • Annual Events
    • Open House
  • When
    • Frequency
  • How
    • Digital
    • Social Media
    • Direct Mail
    • Trade Publications
• Listing Consultation
  • List to Contract
  • Best Practices
  • Scripting
  • Setting Expectations
  • Pricing
  • Checklists, Processes and Procedures
  • Follow up
  • Advertising
• Buyer Consultation
  • Contract to Close
  • Best Practices
  • Scripting
  • Setting Expectation
  • Checklists, Processes and Procedures
  • Follow Up

BROKER/OWNER/MANAGER

• Business Planning
  • Vision/Mission
  • 1-3-5 Year Plan
  • Structure
  • Budget
  • Exit Strategy

• Hit List
  • Developing; determining; designing
  • Who you want on the next 3 to 5 years

• Prospecting
  • Farming
    • Hit List
    • Retention
  • Scripts and Dialogs
• Lead Generation
• Marketing
  • Who:
    • Office Promotion
    • Brand/Independent Promotion
  • What
    • Annual Marketing Snapshot
      • Work proactively not reactively
      • Sustainability and consistency
• Market Update
  • Inventory
  • State of the Industry
• Activities
  • Annual/Quarterly/Seasonal Events
  • Awards Events
  • Education and Training
• Open House
• When
  • Frequency
• How
  • Digital
  • Social Media
  • Direct Mail
  • Trade Publications
• Agent On-Boarding
  • First 30 Days
  • First 90 Day

Our main objective regardless of the role we fulfill should be to implement systems or “rails” strong enough to literally “set it and forget it”.  Each should be sound enough that at any moment team members may step into and provide support to serve as
“Engineer” or “Conductor” and move the business forward to achieve the success desired.

Our long-term objective (my personal passion) should be that we are building a business entity that may be transitioned or sold to provide residual income.  Systems ensure a marketable entity and create a transferable book of business worthy of that.   Lack of systems represents a wish and a dream and not a viable business.

Merriam-Webster uses the term “whole” consistently when defining “system”.  In the absence of working, executable systems to ensure your business is “whole”; you may incur “holes” resulting in loss of business, lack of balance, income and business.

Begin with the end in mind; build it to sell; don’t substitute systems.

Where would you like to take your business?

So often, when we ask this question in coaching, we receive responses such as:  ”Double my business”, “Take it to the next level”…and other intangible, random, almost whimsical, wishful answers.

So, let’s get real…let’s get specific and let’s work with intention and specific numbers and goals. Let’s discern…what is it? After you have that number and is locked and loaded and totally non-negotiable, let’s define the path to make it happen.

You see, I am simple.  S.I.M.P.L.E. and I believe that what attracted me to this industry is that it too is simple.  Now don’t be confused.  I did not say easy.  I said simple.  Having said that, how do you simply, yet effectively take your business to the next level?  By combining systems with consistency and an acute attention to details.  You become relentless.  Not a pest, yet persistent.  You put into a place a “set it and forget it” method of reaching out and touching all that you know and remind them what you do…

What if, you adopted a simple (there is that word again) question that you weave into every conversation and engagement you have with others? What if you simply asked, “Who do you know that I should be talking with?”  We love this because it takes your conversation to the next level which will in turn, take your business to the next level…it opens dialog and challenges the audience with which you are speaking to think much broader than buyers and sellers.  It gives them permission to think…investors, developers, builders, allied resources AND buyers and sellers.

Where could this one simple question take your business?

Once you have mastered incorporating this into your dialog and end each conversation (written and spoken) with this challenge, note what happens.  Note how opportunity abounds.

Remember two things…

1. It’s not who you know…is who knows what you do and how well you do it.
2. When you do not remind others of the business you are in and the extraordinary service you provide, and ASK them for their business, you are giving them permission to hire a bad REALTOR and endure a horrible real estate experience…

Do the right thing, please.  Ask the simple question…

“Who do you know that I should be talking with?”

Master Your Trade

As most of you well know, real estate is a living example of The Pareto Principle…it would be safe to guess that less than 20 percent of the membership of NAR is doing 80 to 90 percent of the business (transactions) annually.

So How?  What sets them apart?

They master their trade.   It IS that simple.

Let’s explore another group of professionals who simply (and remember simple is seldom easy) master their trade, one skill set at a time, one play at a time and then one game at a time.  Each spring, members of MLB gather in Florida and Arizona and practice the fundamentals of their sport.  You know, pitching, ground balls, stealing bases, hitting…the fundamentals.…over and over until they simply cannot get it wrong.

What they know is the following: To make it to the playoffs, and then the World Series, they must invest time, energy, talent, patience and commitment into the fundamentals of the sport.  No matter what level of income they have achieved, how many world championship rings they have acquired, or how many years they have invested in the sport, they must stay fundamentally sound and sharp to continue to play and win.  And just to add a little pressure, there is always someone in the farm leagues, playing hard every day to take their place on the field.

Real estate is NO different.  No matter how many houses you have listed, how many transactions you have closed and how many satisfied, raving fans you have…there is someone standing in the wings with the goal of dominating your market space.  Game on!

Let’s take a snapshot of the fundamentals which we need to be focused on to continue to perform at the level desired with the income deserved.  Each task/topic should be practiced with the same relentless commitment and dedication as an MLB member has to Spring Training:

The ABC’s of Mastering the Real Estate Game:

Action and Accountability:

• Craft and execute a written business plan which includes:
  • Vision Statement (know and own your “Why”)
  • Vision and Goals—what do you want and when?
    • 1-3-5 Year Written Plan
  • Org Chart—How are you structured for success
  • Determine what activities are necessary to hit your goals
    • Quarterly
    • Monthly
    • Weekly
    • Daily
• Know your numbers
  • Review and adjust as necessary
    • Actual to goal
    • Market of the moment
    • Source of Sales/Production
    • ROI on all expenditures/ventures
• Secure an Accountability Partner
  • Broker/Owner/Manager
  • Real Estate Coach
  • Business Partner

Build and Honor the Right Systems:

When you have mastered this step, the business should run itself.

• Building a marketable/dimensional data base
  • Maintaining accurate, manageable content
  • Consistent touch system
• Building your business with the intent to sell
  • Executable plan of action
• Following and honoring your written business plan
  • Engaging and incorporating the right software
  • Developing and adopting best practices
• Maintaining a process and procedures manual
  • Set it and forget it method
• Adopting and exercising exceptional listing practices
  • Procedures
  • Dialogs
  • Marketing
• Executing the perfect Buyer Consultation
  • Adopting and exercising strategic best practices
  • Developing and executing scripts and dialogs
• Consistently evaluating your market
  • Performance against market stats
  • SWOT analysis
  • Trends and opportunities

Commit to Leverage:

Focus your time, energy and talent on income producing tasks

• Your Org Chart should be strategically designed to cover this fundamental topic which may include but not be limited to:

• Marketing
• List to Contract (transactional) tasks
• Contract to Close (transactional) tasks
• Errands and runner tasks
• Personal errands

If it is not an income producing task, leverage the task and pay someone to do it.

You must be willing to get out of the way and GIVE IT AWAY!

But wait, there’s more…one last tip in the ABC’s…it’s the D.

Don’t Settle:

Consistently self-discover and discern your highest and best self.  As per NAR’s survey of the consumer, what they desire most is an honest, trustworthy individual to guide them through the process of the real estate experience.  Be that.  Become the trusted advisor.

*******************

Without exception, the professionals whom have mastered the art of real estate are tenacious, resilient and committed to the industry and making a difference in the lives of others.  For many years, we have known…real estate represents the essence of servant leadership.  First and foremost, thanks to those who serve for a job well done!

Practice Exceptional Communication Skills

Over the past decade, the method of communication has changed more dramatically than we could have ever imagined…and the ability for many to communicate has become a challenge. Our prediction?  Those who master and practice great one-on-one communication skills, will own the industry.

We want to consider a few thoughts and concepts to be considered to empower you to take your communication skills and business to the next level.

Mindset for effective communication:

• Our culture has invested a great deal of time, talent, energy and money to encourage each of us to identify and acknowledge how we differ and have opposing views, opinions and perspectives through diversity training.
• What if we subscribe to different level of communication and think from a higher level of understanding?
• What if we invest the time, talent, energy and money and make a commitment to discern and embrace how we are alike?
• What if we explore and understand the needs of others through being authentic, transparent and open-minded?
• Can you imagine the places we will go and the lives we will change?  Especially ours.

10 Skills to Master for Exceptional Communication:

1. Enter each opportunity to communicate from a positon of curiosity rather than judgement
2. Communicate each thought with passion, clarity and calmness
3. Listen wholly…with all five senses
4. Aggressively, yet respectfully, ask questions.  Deep, dimensional, thought provoking questions
5. With each response you receive, rephrase and repeat to ensure you understand what is being communicated
6. Seek insight.  Commit to understand rather than respond
7. Target the topic and stay on it…avoid and resist rambling
8. Yield and respect stalls and objections to delve deeper into subject matter
9. Offer a sound, viable solution only if desired by all parties (sometimes listening wholly is enough)
10. Close each conversation/communication with a clear, measurable list of actions to be taken to achieve the desired results.

Hearing is one of the five senses; listening is an art.  Be an artist.

Times are changing, communication is evolving (in good and not-so-good ways).  When you master your communication skills and you will dominate the real estate industry.

All in all, it doesn’t really matter if communication is by smoke signals, tweets or somewhere in between.  What matters is how genuinely and honestly a message is communicated.  More and more importantly and significantly the power of clarity is unstoppable.

Always and forever, it’s not what you say, or even how you say it.  It’s all about what you hear and how you respond.

Reach out and Touch Your Tribe

If you had to give one word for what this image represents to you, what would it be?

• Drowning?
• Underwater?
• Desperate?

Personally, this image sends such a strong message.  It screams “overwhelmed”.

And often, being “overwhelmed” is simply being “underprepared”.

As a real estate professional, the best way to avoid drowning, being underwater, feeling desperate and most importantly being overwhelmed, is to put into place a non-negotiable, sustainable (both physically and financially) plan of action.  It must be systematically driven to keep you top of mind and on point to get face to face with every member of your tribe including all individuals and groups needing the professional service you provide.

To avoid the fear and challenge of going out of business with each successful closing you have, you must consistently be prepared and positioned when their need arises for real estate consultation and service.

Remember, this essential element in building a sustainable business is simple…yet not easy.

Here are 3 simple steps to avoid feeling overwhelmed and underprepared for success:

1)  Build your BOB

• Your BOB (book of business) should be dimensional, downloadable and indestructible.
• Host/House your database with whatever tool, resource and/or CRM you choose.
  • We don’t care what you use…yet we do care that you use something!
  • And it needs to be one that you understand and can master.  Meaning: you can manipulate and search content by categories and detailed data.

• Within your CRM, set up categories such as:
  • COI
  • SOI
  • Past Buyers and Sellers
  • Family
  • Friends
  • Co-Workers
  • Networking Groups
    • Social
    • Professional
    • Church
  • Vendors/Service Providers
  • Allied Resources
• Within each category, include and not be limited to data such as:
  • Name
  • Physical Address
  • Email Address(s)
  • Mobile Number(s)
  • Social Addresses (FB, Twitter, LinkedIn, Instagram, etc.)
  • Birthday(s)
  • Anniversary(s) of home ownership
  • Name of family members
  • Interests, hobbies and causes
• Content is KING!  All must be accurate.

2)  Reach Out and Touch

• Develop and design a marketing campaign that reaches all database members.  It should be manageable both physically and financially.
• Within your business plan should be a written objective of
  • Who you will contact
  • What you will send to each member of your database
  • When you will send, call and see each (frequency)
  • Where you will send your collateral and your follow up plan of action
• Discern how you will reach out and touch your tribe!
  • Direct mail
  • Digital
  • Social media
  • Voice to voice
  • Face to face
  • Group gatherings
  • Networking groups
• The key to success is consistency!
  • The feeling of overwhelmed ALWAYS comes from lack of consistency and not following a plan.
  • Commit time, talent and budget to a 12-month campaign and plan of action.
  • Top of mind is a result of being their REALTOR before they realize they need your service(s) and advice, which is a result of constantly being in front of them.

3)  Plan your work and work your plan!

• In addition to designing and executing a marketing game plan, you must incorporate a plan to get face to face with your tribe.
  • Consider incorporating client appreciation events
  • Scheduled social and or networking events
  • Service/Cause opportunities
• Be persistent in your quest for success
• All elements should be built into your budget
  • Include a line item for each component mentioned and listed above!

As it has been stated so often, people do not care what you know unless they know that you care…and they will not know that you care, and hire you as a professional, if they cannot remember your name.

The bottom line in floating to success and not sinking into overwhelm, panic and desperation is to invest in your future by touching your tribe…consistently and with intention.

Build Your Business to Sell

Several years ago, the National Association of REALTORS conducted a survey of its membership (which at that time averaged 57 years of age) and simply asked the question, “What do you plan to do with your business when you retire or leave the industry?” …80% of those surveyed responded: “Walk away” … Immediately (and may I stress immediately) NAR re-polled those who responded to the survey and asked. “Why? Would you “walk away” and not sell your book of business? The response, although stunning was quite simple…“I have nothing to sell”…

Now there are several very loud and powerful messages here for one and all:

1. As Leaders in the industry (and I take responsibility as one), we have done a lousy job of helping the professional REALTOR to realize his/her value and ownership of the business they have created and sustained over their career.
2. As leaders, we have totally missed a huge opportunity to enable the professional REALTOR to build a marketable entity and empower each to transfer the ownership of that book of business.
3. Market share is at risk. When one REALTOR “walks away” …their fair share of the business goes back into the market and it’s all up for grabs again.
4. We are doing a disservice not only to the future industry leader who might consider purchasing an existing book of business and thus accelerating their career at the highest level possible.

This message should not be ignored or dismissed. The existing real estate professional’s book of business holds the key to success for all messages heard. Simply stated, it’s all about the BOB!

First things first! Mindset needs an adjustment:

Today’s professional must start to acknowledge that when they have dedicated years of service to our industry AND if they have built a viable business with a marketable database, they have an entity to transfer to a buyer which can be rewarded with residual income.

Regardless of your tenure, today is the day to start to build your book of business with the intention of selling to a buyer.

Leadership (specifically Broker/Owners) must start to build and provide systems to empower the REALTOR to successfully transfer their book of business.

Collaboration is a must. Leadership and the Seller of the BOB, must work together to successfully transfer the business into new hands.

Education is king. Seek the services of a professional who has successfully participated in the transfer of ownership of the business to coach and lead you through the process.

The 4 D’s to successfully Build your Business to Sell:

Design Your Plan of Action:

• Determine your objectives for each phase of transitioning of business:
  • Vision and Goal
  • Working in partnership with your Leadership Team (Broker/Owner/Manager)
  • Value of the business being conveyed
  • Timeline for your exit from the business
  • Terms desired for the buyout

Define your Data Base:

• This is a collection of not only who you know, but who knows what you know…and who you are not afraid to reach out and ask for business.
  • Core of Influence (COI):
    • All individuals who are in your tribe. Those who will send business your way every day with no solicitation or expectation from you whatsoever.
  • Sphere of Influence (SOI):
    • All individuals in your scope of influence including yet not limited to family, friends, co-workers, business associates, allied resources, networking groups including neighborhood organizations, social groups, and church groups.
  • Geographic Farms:
    • Commit to touch each member within your data base on a timely, consistent schedule that is non-negotiable.
      • Digital messaging
      • Social Media
      • Voice to Voice
      • Face to Face

Discern the Best Fit to Purchase your BOB:

Work in partnership with your Leadership Team (Broker/Owner and Manager) to attract the talent to take over the business. Consider the following:

• Behavior Styles
  • Are you well matched to work together to transition the business?
  • Will their behavior/work ethic be well suited to serve your business base and create retention of your BOB?
• Manageable Production Volume
  • Will the Buyer be able to manage and grow the BOB?
  • Implementation of existing systems
  • Introduction and adoption of new systems
  • Build staff loyalty and retention
  • Increase sales volume and enhanced production
  • Sustain profitability of the BOB
• Will the buyer be able to handle the combined volume of their existing BOB plus the purchased BOB?
  • What will the combination of existing systems look like?
  • What results are expected?
  • What will the combination of the staff/Team members look like?
    • Who will do what?
    • Define each role/expectation

Deliver a Turn-Key, Viable Entity:

Delivery of the BOB is critical for sustainability. Remember, the difficulty in transferring a book of business in real estate vs. most other businesses, is that you are conveying a relationship of loyalty and trust…not a sanctioned business. The devil is in the details!

• Communication
  • Understanding the needs of all parties involved: Seller/Buyer and Broker
  • Delivering extraordinary experiences to all parties involved; especially the clients served to ensure continued success and growth for the BOB
• Systems
  • Adoption of existing systems of the Seller
  • Introduction of existing systems of the Buyer
  • Merging of the two to provide the best solution for all
• Contractually solid terms
  • Executing a legally binding and enforceable contract
  • Covering all parties (in writing) to prevent disruption pre-and post-closing
  • Determining the value of the BOB and setting expectations for payment
  • Setting standards and expectations for how to grow, sustain and retain the BOB
  • Establishing marketing expectations (Soup to nuts)
• The Seller’s Exit
  • Setting the specific date, the Seller Exits
    • Expectations pre-and post-exit
    • Scripts, dialogs and standards to be used post-exit

The National Association of Realtors had a right to be concerned. With so many talented, dedicated and passionate individuals representing its membership averaging an age of 57, how they “leave” the business is critical.

You can walk away, and never look back.
You can leave the business you’ve worked so hard to build with no residual income.

You are in control of how you build your business and how you sell your business.
You are in control of the residual income you earn from the sale of your business.

You can transition your business under the conditions of blood and guts or you can transition your business with ease and elegance.

Choose ease and elegance.

Plan Your Work and Work Your Plan

Business planning for today’s real estate professional is critical and not for the faint of heart.  To craft and adapt a business plan as viable instrument which serves and grows your business, you must take a deep dive into many dimensions of your business.  Let’s consider each level and the depth to which you must dive to achieve the success you desire and deserve.

And here’s why…let’s face it, at times this is simply a painfully brutal business.  As recently as this week, I was approached by a seasoned professional who stated to me that he was so very tired of having his heart broken by individuals who he considered to be his core followers who had ignored his advice, recommendations and loyalty. Each had betrayed and abandoned what he considered to be a trustworthy relationship and taken a walk on the wild side with either a cheaper solution or working with someone who provided what they wanted to hear rather than what the market was stating.

To avoid being compelled to quit the business every other week (and sometimes multiple times within the same week), you must craft an annual written plan that masters the following three areas of your business:

1)  Specifically identify your BIG WHY and your Mission or Vision.

Discovering Your “Why” …I know many of you are now skeptically shaking your head saying…”Oh no!  Can we just go ahead and talk about a weight loss and exercise plan, hanging wallpaper, social media or some other topic that makes me wince?”  No.  If you want to artfully and intentionally build a business that is vibrant, sustainable and unstoppable, you must craft a business plan that is realistic and executable. You must identify your BIG WHY.

And to be clear, this is your “Why”.  Not why someone else thinks you should, could or would achieve your goals. We will cover the “how” next…but first you must identify your “why”.  More often than not, the “why” is supported and compelled by a “who” … Who (other than yourself) is going to receive the greatest rewards and benefits from you sacrificing your time, energy and talent to fulfill these goals?

For some reading this, it’s about the money.  Simply. Wholly.  Yet for most, it’s about what the money will do. The opportunity, experience and sometimes memory the money will create, provide and support.  Identify your “Why”, write it down and create a visual reminder of it.  This may be in the form of a vision board, a check written to pay down/off debt or other tangible evidence of your success.

Second, define your “mission”.  Whatever that is.  There is no right or wrong “mantra” that speaks to your business and/or business model.  This should be as individual as you are…yet it should speak to what you represent, the business you are building and maintaining and the legacy you desire to leave.  Once discovered, put it in writing. Simply, clearly and with a steadfast passion within each word.

This will serve your business in so many ways going forward.  Each time you are approached with a disruption that may be disguised as an opportunity, bounce it against your mission statement and validate that it serves and supports your mission or vision.  If it does not, make a conscious decision to walk away from the disruption/opportunity until the appropriate time (if ever).

Once you’ve created the visual of your “Why”, and your written “mission” or vision statement, place them where you will see them often and be reminded of the meaning behind the nonsense of this business we call real estate.  I promise, it will keep you from threatening to quit the business you love.

2)  Craft a vibrant, executable written business plan.  Your Business Plan should be specific and dimensional. Each must be specific with intentional, actionable activities which can be tracked, measured and finessed as needed to ensure your year’s goals are achieved.

To successfully “plan your work and work your plan”, you should include but not be limited to the following dimensions within your written plan:

• Desired Annual Profit for your Business (should be non-negotiable)
• Budgeted Expenses
• Gross Revenue Needed to meet your desired Profit
• Average Commission Earned—based on previous performance and production
• Closed Volume Needed to achieve your financial goals
• Average Sales Price—based on precious performance and production
• Transactions Needed within 12 months to achieve your financial goals
• Reflection of Previous Year’s Business (SOS)
  • Understanding the source of sales with the previous year’s business and the ROI on each
• Transactions Needed and Source (Buyer Side/Seller Side)
  • Needs analysis from both sides of the business
• Specifically: % of each source (Buyer Side/Seller Side)
  • Conversion Rates in all dimensions of the business (Resources/Opportunities)
• Activities required to achieve your desired goals

• Monthly Requirements
• Weekly Requirements (breakdown)
• Daily Requirements (breakdown)

Proven professionals in this industry are drawn to this business for its flexibility, versatility, opportunity to create and sustain a collaborative conversations and relationships among like-minded professionals and an unlimited opportunity to practice leadership, service while earning an unlimited income by providing an extraordinary customer experience.  Without exception, those who own a productive, sustainable and profitable business know their numbers.  They track their success…and failure.  Top Producers understand you cannot improve upon what you cannot measure.

3)  Accountability is non-negotiable.  And honestly, it is almost that simple.  You must visit your business plan frequently.  Your Business Plan is an instrument to empower you to achieve your goals and support your “why” …You must visit your Business Plan frequently, and by frequently we mean a minimum of quarterly…not the 4^th quarter/end of year when you are crafting the upcoming year’s.  It is an active GPS to keep you on course and tool to keep you moving towards success.  It may require modification, adjustment and change.  Therefore, flexibility from your perspective is a must.

As you can imagine, we believe in accountability at the highest level…which means a professional Coach. The right Coach possesses the ability to navigate you past the blind spots, roadblocks and obstacles that appear and create a detour on your journey to success.  At a minimum, identify and engage an accountability partner.  One who will be honest, candid and relentless in holding you to each step of your plan.

And please, hire a professional.  I’m often amazed and disenchanted with the REALTOR^® who shares with me that they have partnered (either Coach or accountability partner) who is either not a professional or does not have the skillset and/or experience and track record/results to make a difference in the professional’s career.  This will only lead to disappointment and frustration.

Bottom line…if you are going to “play” the game of real estate…play to win!