21 Mistakes Real Estate Brokers Make and How to Avoid Them

Mistakes Real Estate Brokers and Managers Make And How To Avoid Them… www.BusinessTechGuy.com

A FRESH Start!

Mistake #1Failing to surround yourself with good people. You’re only as Strong as your weakest link…. John Maxwell

Mistake #1Failing to surround yourself with good people. Surround yourself with the best people you can find, delegate authority, and dont interfere as long as the policy youve decided upon is being carried out. Ronald Reagan

Mistake #2 Failing to run your real estate office like a business.

Questions to Ask Yourself? Do I know what my average desk costs are? Do I know which agents are meeting those desk costs? Am I taking the necessary steps to meet and exceed those desk costs?

Desk Costs and Profit… Agent Desk Cost Split Break Even Profit – 1/2Top Producer $ 30,000.00 90% $ 300,000.00 $ 450,000.00 Producer $ 22,500.00 70% $ 75,000.00 $ 112,500.00 Toddler $ 18,500.00 60% $ 30,833.33 $ 69,375.00 New Agent $ 15,000.00 50% $ 30,000.00 $ 45,500.00

Mistake #2 Failing to run your real estate office like a business.

Mistake #3 Neglecting to have a written commissionschedule for your office.

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Commission Exceptions?

Mistake #3 Neglecting to have a written commissionschedule for your office.

Mistake #4 Failing to have a written jobdescription for your agents and staff.

Mistake #5 There is no written businessplan. Mission Statement Values, purposes Projected Sales Ways to increase business And more…

Mistake #6 Failing to live and breathe by abudget.

BusinessPlanPro.comMake sure you updateyour plan annually, andmonitor your planthroughout the year…

S.W.O.T.

Mistake #7 Failing to recruit on a regular basis.

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Facebook Advertising

Facebook Advertising You’re In Control… • Cost • Demographics • Clicks • Impressions • Interests

Mistake #7 Failing to recruit on a regular basis.

Mistake #8Having no knowledge ofthe numbers.

Profit Gross Revenue- Operating Expenses EBIT (earnings before interest & taxes) 39

Operating Expenses  Variable Expenses  Fixed Expenses 40

Analytical Income Statement Gross Revenue - Variable Expenses - Fixed Expenses EBIT (earnings before interest & taxes) 41

SLEEPWELL EATWELLGR $100 $100TC - 80 - 80EBIT $ 20 $ 20 42

SLEEPWELL EATWELLGR $100 $ 90 $ 90 $100F - 20 - 20 - 60 - 60TV - 60 - 54 - 18 - 20EBIT$ 20 $ 16 $ 12 $ 20 43

Mistake #9 Failing to communicate to your staffand agents on a regular basis.

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Working in the Cloud!Presented ByJohn D. Mayfield“The Real Estate Tech Guy”

Mistake #10 Neglecting the need to evaluate jobperformance on a regular basis.

Job Performance

How Can You Do This Effectively?•Ask them to evaluate their own jobperformance•Begin with something positive about their work•End with something positive•Set goals with the agent•Be Clear about expectations and outcome•Set a new appointment for the next jobevaluation before they leave

Mistake #11 The lack of a writtenmarketing plan.

Game Plan?

I Don’t Have Time!

HelloTxt = 1 Post Update

Use Twaitter

The Effects of Re-Tweeting

Twaitter

1 Post – Updates All Of Your Networks

Informational Ideas •Financing •Food and Dining •Your community •How to buy a home •Buying a 2nd Home •Free Reports •Other Helpful Tips

Show – Social MediaAccountability Scorecard

Mistake #12 Difficulty in being a good listener.

Meeting ObjectiveTo help agents understand the needto be good listeners, and how toapply good listening techniques intheir daily lives.

Did You Know?According to the International ListeningAssociation:Most of us are distracted, preoccupiedor forgetful about75% of the time weshould be listening.

Did You Know?We listen at 125-250 words perminute,- but think at 1000-3000 words perminute.

Did You Know?Immediately after we listen to someone,we only recall about 50% of what theysaid.

Be a Better Listener!#1 - Listen to Understand, Not to Respond. According to an article by Guy Harris, www.PrincipalDriven.com, there are five ways to become a “better listener.”

Be a Better Listener! #2 – Be Quiet! According to an article by Guy Harris, www.PrincipalDriven.com, there are five ways to become a “better listener.”

Be a Better Listener!#3 – Let Them Finish Their Thoughts According to an article by Guy Harris, www.PrincipalDriven.com, there are five ways to become a “better listener.”

Be a Better Listener! #4 – Maintain Eye Contact According to an article by Guy Harris, www.PrincipalDriven.com, there are five ways to become a “better listener.”

Be a Better Listener! #5 – Ask Questions to Ensure That You Understand! According to an article by Guy Harris, www.PrincipalDriven.com, there are five ways to become a “better listener.”

Closing Quote“You can make morefriends in two months bybecoming moreinterested in otherpeople than you can intwo years by trying toget people interested inyou.”Dale Carnegie – American lecturer, author,1888-1955

Mistake #13There is no board of directors.

Proverbs 20:18Every Purpose isestablished bycounsel…

Proverbs 11:14Where no counsel is,the people fall: but inthe multitude ofcounselors there issafety.

Mistake #14 Avoiding the useof a mentoringsystem.

Mistake #15Remaining behindthe curve withtechnology –(Intranet)

What is the future of real estate?

Always Be Ready for Surprisesin Life…

The Future… Mobile?

What Do Real Estate Agents Want? 55% Want real estate productivity and enhancement tools for their mobile device

Are You Mobile App Ready?

Auto-Play

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Then e-mail your notes to your sales staff!111

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Mistake #16Failing to setminimumstandards for youragents.

Income Standards

Mistake #17 Understanding whoyour agents are and who yourecruit.

DISC Begin here for effectivecommunication!

High D’s (Dominance) Hi I’s (Influence)Results, control oriented People-oriented Direct OptimisticImpatient, strong-willed Recognition-seeking Quick Expressive & outgoing Takes Action Enthusiastic, energizing Hi S’s (Steadiness) Hi C’s (Conscientious) Stable, predictable Analytical Deliberate Accurate and orderly Consistent Deliberate Good listener Correct & quality oriented Sympathetic Systematic Planners

Generation Impacts Attitudes Communicat’n Technology Style Preferences Depression Duty, Honor, Formal Telephone; Some use Silent WWII Hard Work, communication computers-more Respect for styles comfortable withGeneration rules written letters Era Rebelled Personal Learned growth, computers Baby of Safety, against prefer achievement, Boomers Prosperity “hollow” conversation, political society esp. telephone correctness Social Tough, Adaptive, Emailers, Gen X value pragmatic, balanced, comf. Net = source individualistic with casual of information upheavals communication Global Grew up in Tech since Cell Phone- political diverse & birth! Family & centric! Gen Y unrest; multicultural group centered; Texting, IM, cell applications tech since society; „02 Talk cell not in & net through

Mistake #18 You do not take enough timeoff.

Do You Take a Day Off?

Mistake #19 Failing to delegate work to others.

Mistake #20 Failing to look for additional opportunities.

Mistake #21Leading by pleasing.

Re-Cap of Main Points1.Surround yourself with “GOOD” people2.Run your office like a “BUSINESS”3.Develop a “BUSINESS PLAN”4.“RECRUIT”5.“COMMUNICATE”

Re-Cap of Main Points6. “EVALUATE” job performance regularly7. Be a good “LISTENER”8. Set “MINIMUM” standards9. Take “TIME OFF”10.Look for additional “OPPORTUNITIES”

“You shouldnot waste amoment oftoday on therottenness ofyesterday.”Ralph Waldo Emerson

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21 Mistakes Real Estate Brokers Make and How to Avoid Them

by John Mayfield on Mar 26, 2011

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21 Mistakes Real Estate Brokers Make and How to Avoid Them — Presentation Transcript