| If you think success is a one step process . . . | | | | you could be cashing a commission check in thirty |
| think again. The objective in building a Champion | | | | days. |
| Team is to identify the steps and apply them in | | | | 3. Go through all of your leads |
| the proper order. You must have both the steps | | | | Call all of the leads (even older or longer time |
| and the order correct. The right steps in the | | | | frame ones) and book appointments with them. |
| wrong order will leave you well short of the | | | | One of the fastest ways to take care of |
| success you desire. | | | | short-term cash flow is to go to your leads. They |
| Stage 1 - You | | | | are the third closest clients and prospects to a |
| Stage 2 - You and your first assistant | | | | commission check. Be sure you have left no rock |
| Stage 3 - You and closing coordinator and listing | | | | un-turned with your desire to convert, commit, |
| coordinator | | | | and build a high level of urgency in the leads in |
| Stage 4 - You and closing coordinator and listing | | | | your database. Don't forget there is a direct link |
| coordinator and buyer's agent | | | | between motivation and time frame. |
| Stage 5 - You and closing coordinator and listing | | | | 4. Increase your prospecting |
| coordinator and multiple buyer's agents and field | | | | When you increase your number of contacts, you |
| coordinator | | | | will increase the volume of leads. Some of the |
| Stage 6 - You and closing coordinator and listing | | | | leads that you create will be now leads, and some |
| coordinator and multiple buyer's agents and field | | | | will be long-term leads. The source you select to |
| coordinator and lead manager | | | | prospect will have a strong influence on the time |
| Stage 7 - You and closing coordinator and listing | | | | line and urgency of the leads. You will more likely |
| coordinator and multiple buyer's agents and head | | | | gain long-term leads from prospecting your |
| buyer's agent and field coordinator and lead | | | | sphere and past clients. You will receive short |
| manager | | | | time frame leads with a higher level of urgency |
| Stage 8 - All of the above and Chief Operating | | | | when you prospect FSBOs or expires, for |
| Officer | | | | example. This is due to the motivation level |
| I really believe you can't deviate from this order | | | | difference of these groups. |
| until after you pass stage 5. You can add | | | | Avoiding the major mistakes of building out of |
| additional buyer's agents between stages four and | | | | order |
| five, but you must not change the structure until | | | | The most common out of order mistake agents |
| you hit stage 5. | | | | make is adding producing assistants like buyer's |
| Don't get the cart before the horse | | | | agents before they add support staff. When this |
| The biggest adjustment most agents make is | | | | happens, the lead agent is forced to train, |
| adding buyer's agents before they have | | | | manage, and coach someone to a reasonable |
| administrative help. I guarantee you will see | | | | level of productivity while still trying to do all of |
| significant consequences for that error. Your | | | | the facets of their own production. When the |
| service to the clients will be sub-standard. Your | | | | buyer's agent makes a sale, it creates even more |
| time invested in closing their transactions, even if | | | | administration the lead agent must take on, as |
| they are an experienced agent, will be needed. | | | | well. The problem is their administration tasks are |
| The relationship with the client will still be with the | | | | usually worth half the money. It's worth the |
| buyer's agent, not the team. When they decide to | | | | money because the other half is going to the |
| leave, the clients they have worked with will leave | | | | buyer's agent. You will end up doing most of the |
| with them. The reason is there really wasn't a | | | | administrative work to close the deal for only half |
| team at all that serviced them. | | | | the normal fee. Their efficiency model is blown up, |
| If you reduced your production in the short run | | | | net profit is demolished, hourly pay is reduced, |
| to help your buyer's agent and only received a | | | | and prospecting ceases. All these things add up to |
| fraction of the gross fee, you didn't secure the | | | | disaster in their business. |
| long-term client . . . didn't get the cart in front of | | | | Champion Team Rule - If you are spending more |
| the horse. A great administrative assistant is the | | | | than 50% of your time in administration, you |
| horse of your practice. | | | | probably don't have enough administrative help. |
| If you build it, the sales will come | | | | We don't want too many people because it |
| I know that first extra mouth to feed is scary. | | | | causes too much in the management arena. |
| To have another person or family to be | | | | Based on my years of experience, the tendency |
| responsible for, who is counting on your | | | | for agents is to run too lean on staff rather than |
| production for their livelihood, is an awesome | | | | too heavy. Check your allocation of time. That will |
| burden. I understand how scary that position is as | | | | tell you if it's time to add staff. |
| an agent and business owner. In more than | | | | I meet many agents who have been thinking of |
| twenty years of having an entrepreneurial sales | | | | adding a staff member for years and have never |
| business, I have never had to lay anyone off | | | | done it. It's as if they are waiting for the perfect |
| because of slow sales. I didn't want to do that to | | | | situation or perfect person to walk up, bonk them |
| the people and families that rely on me and my | | | | on the head, and say, "Here I am!" You will never |
| companies. I have certainly fired people for | | | | act on your desire or find someone outstanding |
| non-performance, but I haven't ever had to lay | | | | with that philosophy. |
| anyone off. | | | | If you have been evaluating building a team or |
| The first time you hire and start paying someone | | | | adding to your existing team for more than six |
| a base salary out of a 100% commission job, it | | | | months, it's time to act. A decision is in order . . . |
| will scare you to death. When you have to pay | | | | now. The biggest waste of time in life is from the |
| them and forgo your paycheck this pay period, | | | | moment you know that a decision needs to be |
| you will want to go back to the comfort of no | | | | made to when you actually do it - when you act |
| assistant. The best way to solve this is to | | | | and move into action with that decision. The span |
| increase your time in direct income producing | | | | of time that we waste in knowing and non-action |
| activities. Increase your time in prospecting and | | | | kills too many people's success - don't let it kill |
| especially in lead follow-up. When your cash flow is | | | | yours. |
| low, you need to respond quickly to this order. | | | | Your systems, processes, procedures, checklists, |
| 1. Aggressive action on price reductions | | | | and other support structures for your business |
| You won't ever be able to keep a good listing a | | | | will never be perfect. You will never get it dialed, |
| secret. Make sure you have good listings - get the | | | | so there will be zero changes in the future. If you |
| price down. The shortest line between a | | | | aren't changing, you aren't growing, improving, and |
| commission check and you is a price reduction. | | | | staying ahead of the competition. |
| 2. Sell your committed buyer a home | | | | Establishing your business vision, organizational |
| Anyone who is committed to you exclusively who | | | | chart, hiring and monitoring practices, checklists, |
| hasn't bought yet and is reasonable in their | | | | time schedules, task lists, and team |
| expectations needs you to find them a house. | | | | communication systems is enough to create a |
| Take them out more frequently and get them in | | | | solid foundation to start the team building process. |
| a home now. With either step one or step two, | | | | |