Archive for termination
Team is No Longer a ‘Four-Letter Word
Posted by: | CommentsIn real estate, for years we said,
we don’t need to think of ourselves as a team. We’re independent contractors. We work alone.
That perspective has certainly changed in the last few years, and it’s a continuing trend. Why? Because the challenges are so much greater. The needs for specialists is so much greater. Both managers and agents are learning the benefits a synergystic team. And, for managers, it gives them an opportunity to stop that old ‘top-down’ management style and step into participative management (see the 365 Leadership coaching program for more on this).
Who Has Supported You in your Life?
Think of a time in your life when you accomplished something noteworthy. Were you completely alone? Or was someone with you? If someone was involved in your accomplishment, think of how that person was involved. Did he or she help you get that done? Taught you the skills to do that job? Encouraged you?
That exercise always elicits smiles, warm memories and enthusiasm. And no one with whom I’ve done that exercise has ever said that he or she accomplished something important alone.
Management tip: Try that in your real estate office. See what kind of response you get. Then hold a discussion using the points in this and my next blog.
No One Succeeds Alone
What about talented people? Can’t they master skills alone? The answer is—no. Since I have been a musician from age four, I thought about my musical experiences—and how much musicians can accomplish alone—or not. I concluded as I thought about my musician friends, that, no one could succeed without outside coaching.
As I grew up, I watched innately talented musicians get “stuck.” They could take themselves only so far without some coaching. (You would call that “playing by ear.”) For example, many found they had to learn to read music to achieve their goals. Why? It’s impossible to learn a Beethoven sonata “by ear”—it’s simply too long. I don’t know anyone who taught him- or herself to read music—alone. And that’s just the basics. We musicians know that we can’t hear ourselves play or sing well enough to correct all our mistakes. We need a coach with a great ear to help us refine our performances. And the need for coaching never ends, as long as we want to maintain levels of performance.
Who Is Supporting You to Master Real Estate Management?
It’s time to acknowledge that none of us can master real estate alone. How did we ever create the folklore that we had to work alone in our endeavors to achieve accomplishments in real estate? I can’t think of a skill that anyone can master where the “practitioner” had no teaching, coaching, mentoring or encouragement.
But by perpetuating this folklore, we have damaged the real estate industry. We did the easy, expedient and inexpensive thing: We told our sales associates that this was an “independent business”—that they were in business for themselves. We trashed our training programs. We forced our sales associates to seek outside coaching and consulting. What we got was a very uneven standard of performance, and we created adversarial relationships among sales associates—and between sales associates and managers. What we allowed were uncommon goals, more competition, less cooperation—and we did it with a bunch of people who already are highly competitive. We threw out leadership—and what we got was anarchy, in some cases.
Leadership Steps
Start coaching your sales associates again. Help them discover that no one achieves alone. Then start building a team atmosphere. What do I mean by “team”? Not what you might think. Don’t get up in front of your sales associates and say, “We will accomplish more together as a team. So now we’re a team.” That’s ludicrous. And yet, that’s exactly why so many teamwork concepts fail. Teamwork is not an announcement. It’s a process—a process that requires skills that many managers, and sports coaches, have not mastered.
What Exactly is a ‘Team’?
A team is not a rah-rah group of people drawn together in a power play. A team isn’t a social group. A team isn’t a group of people who agree to do things the manager’s way, or whoever is the “boss” such as the dominant sales associate. A team is two or more people working on a common task, focused on mutually agreed to and mutually beneficial results.
You can think of the team acronym, “Together Everyone Accomplishes More.”
Want to get specific strategies, that you can immediately implement, to build your team with confidence, take a look at 365 Leadership. It’s a small-group coaching program ONLY for owners and managers. Each month, you’ll get a new leadership strategy to recruit, coach, train, and motivate your associates. You’ll build new structures to get out of that old ‘top down’ management that agents hate! Take a look at 365 Leadership and see what others think of the first program. Our next program starts in September.
You deserve the kind of coaching and support to take your management career to the next level!
What Does a Non-Productive Agent Really Cost You?
Posted by: | CommentsWhat does that non-productive agent really cost you? I don’t believe most brokers realize they are doing irreparable damage to their companies by hiring those who aren’t going to go right to work—and keeping those who won’t work. Here are the 3 biggest consequences to recruiting I see. What do you think?
Non-Productive agents kill your recruiting three ways.
1. Likes attract. How can brokers hope to hire that great producer when they have more than 10% of their office as non-producers? I can see it now. “Sure, I’ll come to your office. I’m a top producer, and I just love to be dragged down by those non-producers. It will be my pleasure to waste my time with them.” Not.
2. Kills your recruiting message. Do you have a training program? Do you use it to recruit? Here’s the real message: “We have a training program. All our new agents go through it. We don’t get any results from the program, so it really doesn’t work. But, join us.” You can’t possibly show how successful your training program makes your agents because your training program can’t possibly get results—poor people in and no actions and accountability required.
3. Kills your agents’ desire to provide referrals to you. Your outcomes and hiring practices speak more loudly than you could possible speak. Why would one of your good agents possibly refer someone to you when your good agent doesn’t see those you hired starting right out and making money fast?
This Market Won’t Cure Your Hiring-Retention Problem
In a fast market, ‘accidental sales’ buoyed poor agents and made them look at though they were actually selling enough real estate to be a ‘median’ agent. When the market left, so did the agents’ ‘mirage’ of decent production. Now, brokers, need to hire with purpose (using a stringent, professional interview process). Then, they need to put agents right to work with a proven start-up plan.
What do you think a non-productive agent costs the company? What isn’t in my line items that you’ve observed? Click here for a document I’m sharing with you so you can see what I think the real costs of poor hiring and retention costs a company.
Your Sales Meetings: Knocking Their Socks Off?
Posted by: | CommentsManagers: Are your sales meetings knocking their socks off? If not, help is here! Organize your presentation with the three steps here, and watch your agent count go way up for your sales meetings and training presentations.
Who Is a Presenter?
We’re all presenters: Any time we’re in front of two or two thousand, our goal is to persuade the audience to our point of view. However, most of the time, we just get in front of people and say whatever we think of first. That lack of attention to presentation organization leads to some big presentation mistakes, and costs us ‘sales’. Instead of stumbling through a presentation, why not organize it to grab their attention, persuade them to your way of thinking, and motivate them to action?
Grab Their Attention in the Opening
Have you thought about your opening? Are you hiding in your office because you dread doing that sales meeting? When we haven’t organized our presentation, we come up with some really boring, off-putting openings, like:
I won’t take much of your time, but
We have a lot to cover today
We won’t get through the outline
I know you don’t want to listen, but
I’m not really prepared
You just open your presentation book, point to the pretty pages, and say, “here’s a keybox” (I’m not kidding. I’ve seen it….)
Great openings, yes? Yet, we’ve heard them dozens of times. You don’t have to settle for whatever comes ‘naturally’. Instead, make your openings
Provocative
Interesting
Different
Engaging
A Middle that Educates your ‘Audience’ to your Point of View
In the middle of your presentation, add those stories, statistics, and visuals that support your point of view. By the way, as you create that presentation, jot down your point of view. What do you want to persuade your agents to do?
Why use Visuals?
There are two reasons to use visuals in your presentation:
We believe what we see
We retain the information much longer
As you organize your presentation, ask yourself:
What are the main, and frequently, unspoken objections my ‘audience’ will have? How do I educate them to show them the reasoning behind my point of view?
The Ending: Back to the Beginning
Have you thought about your wrap-up? Or, like many presenters, does your ending sound like this?
Well, that’s all. What do you think?
We’re out of time. Thank you. I hope you’ll list with me
I don’t have time to close.
I couldn’t get to much of the material, but you can read it
In fact, even the most professional presenters frequently have trouble with their endings. One of the main reasons is that they run out of time. Another is that they haven’t thought the ending through.
How to Do a Stunning Ending
Crafting an effecting ending is the second most important part of your presentation. (The first is the opening). To craft a great ending,
Go back to your beginning opening theme
Summarize the benefits of going ahead with you/take action
Motivate your ‘audience’ to take action
A Great Presentation is Crafted like a Pop Song
As a musician, I know that all pop tunes are constructed with this format:
theme—variation—theme
This is known in the music business as the ABA format. Think of your favorite pop tune: Hum the beginning. Think of the end. They’re alike, right? It’s the middle—known as the ‘bridge’—that is the humdinger. It wanders all around. Your persuasive presentation should be crafted like that pop tune:
A A compelling start (think Billy Joel, Neil Diamond, etc.)
B An interesting, developed middle, with stories, statistics
A Back to that theme, with a motivating ending
Now, you’re all set to craft a great listing or buyer presentation, great recruiting meeting or sales meeting, or awesome product/service presentation to any audience.
P. S. Practice!
Many more tips on presentations and presentation skills are in my new resource, Knock Their Socks Off: Tips to Make your Best Presentation Ever.
Who Adds Value to Your Environment?
Posted by: | CommentsWho adds value to your environment? Hiring and firing is not a ‘black or white’ issue. There are many shades of gray. I know. I managed almost two decades. We become friends with our agents. They rely on us. We rely on them. In some cases, we become almost moms and dads to them. It becomes a very dependent environment. No one wants to disrupt it. However, you are running a business–not a social welfare state.
Use This Analytical Tool to Evaluate Your Agents
Let’s recognize that not all the value, or, to some of us, even half the value of our agents is in their ability to close sales. In other words, your top producer may not be your most desired agent. There are other valued assets they bring to the table, like:
Uphold the culture
Provide mentoring
Create stability in the office
Team player
Longevity and consistency
What are yours? Write them down. (Use 4-6 values).
Assign a Relative Weight
Now, give each one of these values a possible rating of 0 to 4 (4 being highest). Finally, evaluate each of your agents with each of your important values. For example, let’s say you are evaluating your top producer. In the production value, that producer would get a “4″. But, let’s say that top producer isn’t much of a team player, and you’ve evaluated her as a “1″. When you’re through evaluating that agent, add all the numbers to get a cumulative number.
Click here to see an example of an evaluative table.
What’s Your Agent’s Real Value to Your Office?
Now, you have evaluated each agent on all the values you feel are important to the success of your company. To see how they stack up, make a list of them, starting with the agent who scored the highest cumulative number. This evaluation process will give you a very different picture of who your best producers are-and who your worst office associates are.
Bottom-Line Questions to Ask Yourself
I know it’s very difficult to terminate people. In fact, one manager asked me to advise him on how to do a ‘graceful termination.’ Really, behind termination anxiety lurks these questions. They need to be answered for you, as leader, to take the actions that your good agents are expecting from you:
Can an agent be a noteworthy negative to your reaching your goals?
Can an agent actually provide substantial energy against your culture?
What’s Joe’s value to you?
Can this value be quantified in a business sense?
What are you getting personally out of keeping Joe?
What are your next actions?
Why are you avoiding what you need to do?
Don’t you deserve more than Joe is giving you?
How does Joe feel now? Does Joe deserve an environment where he can win?
Make a Plan of Action
It could be to get Joe into production within a certain time period, or help him find a better career fit for himself. It could be to help Joe into that new career right now. I’ll bet Joe is just waiting to see what you will do. After all, you’re the leader….
