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Webinar nov 2010 power point day one with copyright 2010

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Missouri Association of REALTORS

Missouri Association of REALTORS

Published in: Real Estate
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  • 1. Business Planning 2010 & Beyond! Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, ePro Missouri Association of REALTORS® © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 2. Meet Corky Hyatt •Coach, Educator, & Instructor since 1988 •REALTOR since 1978 with more than 75 sales a year before turning her attention to full-time training •Broker in both KS and MO •CRB, CRS, and GRI designations •REALTOR of the Year, 1990, Johnson County Board of REALTORS •WCR Governor, 2002 & CRS State Pres., 2004; KS CRS of Year, 2001 •Distinguished Service Award, Kansas Association of REALTORS®, 2007 © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 3. Meet John Mayfield •Received his real estate license at the age of 18 in 1978 •One of the first sales associates in his board of REALTORS® to reach the Missouri Association of REALTORS® Million Dollar Club…interest rates were record highs and ASP $25,000. •Practicing broker since 1981 and he owned and operated three offices in Southeast Missouri, and managed over 30 real estate agents. •ABR®, ABRM, GRI, CRB and e-PRO® designations •CRB Instructor and Senior GRI Instructor •Published author & national speaker!
  • 4. “It is impossible to predict the future. Being caught off guard is just foolish. Why would you fight the future? The future is coming, no matter what.”
  • 5. • What are my numbers? • Units closed this year?  Annual increase in the past 3 years? • Average Commission? • My average listing inventory  Seller inventory  Listings sold/year?  Percentage of listings taken/listings sold? Where Am I Now? © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 6. Sources of Business? • Whom do I prospect for seller listings, buyer clients? • How many contacts do I make a day? • Am I still mailing instead of contacting? (thro $ at the business?) • How many property or buyer listings do I tak each month? • How many contacts (How many presentation does it take to sign a seller or buyer listing contract? • What’s my GCI? What’s my annual expense %? What’s my profit %? © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 7. What’s My Bottom Line? • GCI? (Gross Commission Income) • Expense % (gross profit before taxes) • Profit? (gross profit before taxes) • Am I pleased with my numbers? © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 8. Numbers eExercise • Units not volume – duplicatable! (Sides=best) • Low number of personal contacts with – COI, PC’s (past customers), Raving Fans • Number in your COI (too many or too few?) – Ideal number=250 so that you can contact them 6X/year (250X6=1500/50 weeks/5 days = 6/day! • Few using business plan • Virtually none using business budget! – Thought question: How can we be in business without a business budget? • Email signatures: It’s feast or famine! © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 9. S. W. O. T. • Strengths • Weaknesses • Opportunities • Threats
  • 10. My Strengths What are my business advantages? What are my core competencies? Where am I making the most money? What am I doing well? My Weaknesses What am I avoiding? Where do I lack resources? What am I doing poorly? Where am I losing money? What needs improvement? My Opportunities Any beneficial trends? Niches that competitors are missing? New technologies? What the new needs of customers and clients? What opportunities do I see that are not described here? How am I using “social networking” to build my business? Ability to communicate with all personality types? Ability to work with all Generations? Threats Obstacles to overcome? Aggressive & successful competitors? Negative economic conditions? New brokerage models and alternative pricing models? Government regulation? Changing business climate? Vulnerabilities? What threats do I see that are not mentioned here? Inability to work with other personality styles? Inability to work with the other generations? © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 11. SWOT… How will I …? • Maximize my best “S” [strength] and “sell” it to consumers? • Overcome my greatest “W” [weakness] and what specific action will I take NOW to overcome it? • How will I take best advantage of my greatest “O” [opportunity] in the next 90 days? • How will I specifically deal with my greatest “T” [threat] in 2008? How will I address each of the “outside” threats/issues in my business planning? © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 12. • Mission • Vision • Values & Beliefs • Goals • Strategies • Action steps • Evaluation • Refinement & Redirection It’s Not Magic! © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 13. Mission Statement Ralph Roberts Mission: •Customer Focus •Personal Growth •Leadership •Team Concept •Profitability
  • 14. Mission Statement Ideas • “To maintain the high standards exemplified in the NAR Code of Ethics” • “To attain a high level of expertise in the most up-to-date information, techniques, technology, and tools for marketing properties and for home- finding services.” • “To promote the availability and affordability of housing.” • “To build personal financial independence, growth, and stability through serving the wants and needs of motivated, qualified sellers and buyers.” • “We will give the same level of care and attention in the sale or purchase of your home that we would use in buying or selling our own home.” • “Our goal is to make lifelong clients, not sales. We stake our reputation on each and every transaction!” • “We provide customer-centered service to exceed our clients’ real estate expectations.” © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 15. View from the Top? Your “vision” is a vivid, 5-sense description of your business when you’ve accomplished your goals! © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 16. Vision Examples! • My past customers call me whenever they hear of someone wanting to buy, sell, or trade real estate. • My email contacts forward my emails to their centers of influence because they find them so valuable. • I use state-of-the-art technology, especially my computer systems. • My past customers and center of influence use my web site to find everything they need to know about real estate, housing, and related fields. • Agents copy my email stationery ideas and web site ideas because I’m leading the field! • My office functions beautifully, my workspace models organization and systematization, and I can find information and documents quickly. © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 17. More Vision Examples! • My car, while fully outfitted for business, squeaks of cleanliness, smells fresh, & provides a comfortable place to work for me & to see properties for my clients. • Prospects ringing my phones, happy voices, and appreciative smiles surround me daily! • My real estate “team” and I provide the best information, service, and support available in my market area. • My wardrobe and business equipment/accessories speak of quality and success. • I’m known for being an excellent listener and for focusing on the needs and desires of my exclusive clients. © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 18. Differentiation? The opposite of differentiation is to blend in & “bland out!”
  • 19. • Tom Peters, world- renowned lecturer & author, has a seminar entitled "Be Distinct or Be Extinct!” TomPeters
  • 20. Don’t Become Extinct! © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 21. High D’s (Dominance) Results, control oriented Direct Impatient, strong-willed Quick Takes Action Hi I’s (Influence) People-oriented Optimistic Recognition-seeking Expressive & outgoing Enthusiastic, energizing Hi S’s (Steadiness) Stable, predictable Deliberate Consistent Good listener Sympathetic Hi C’s (Conscientious) Analytical Accurate and orderly Deliberate Correct & quality oriented Systematic Planners© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 22. Generation Impacts Attitudes Communicat’n Style Technology Preferences Silent Generation (1922-43) Depression WWII Duty, Honor, Hard Work, Respect for rules Formal communication styles Telephone; Some use computers- more comfortable with written letters Baby Boomers (1943-60) Era of Safety, Prosperity Rebelled aga. “hollow” society Personal growth, achievement, political correctness Learned computers prefer conversation, esp. telephone Gen X (1960-80) Social value upheavals Tough, pragmatic, individualistic Adaptive, balanced, comf. with casual communication Emailers, Net = source of information Gen Y (1980- 2000) Global political unrest; tech since birth! Grew up in diverse & multicultural society; ‘02 Census = 37.6% Tech since birth! Family & group centered; Talk cell not in person! Cell Phone- centric! Texting, IM, cell applications & net thru cell
  • 23. …when a client truly believes nobody else can do the job the way you can do it, price is no longer an issue! © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
  • 24. Questions - Structure & Organization! In which legal identity do I choose to work? Sole proprietor, partner, S or C Corp, or LLC? Which “role” do I choose to play with prospects and clients? Salesperson or consultant? Which organizational structure do I choose for my business? Agent alone, computerized; Clerical staff; buyer agents; seller agents; CEO In which areas of my business do I need additional systems & check-listing? What is my “exit strategy” & what am I doing to put it in place today? © 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®

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