ASK THE COACH
QWhat tips or strategies can I use to get vendors to understand where to set the price guide? William Savopoulos, Cobden Hayson Marrickville
AIn a changing market, you have the opportunity to review all the current structures and systems in your business, especially entering a new year. The high-performing agents are tightening their structures and processes even more. One process they are introducing is a price guide strategy meeting with vendors just before the actual launch of their property.
Here are the steps you should follow at this meeting: 1 Go through the current listings on the market with similar features and benefits to their property on your computer or office TV. 2 Review any recent sales in the last 14 days after listing sign-up. 3 Use a case study of another agent's property in your marketplace that sold well below the initial price guide, either by auction or private treaty. Show how an ineffective price guide can cost the clients thousands of dollars, if not hundreds of thousands. Explain to them that if you get the price guide wrong you're in a downward spiral chasing price. 4 Explain to Mr and Mrs Seller the five rules of buyer psychology and behaviour in the marketplace today. 5 Demonstrate where you believe the price guide should be set based on the above. Show one of your case studies with an exceptional result where the price guide was at the sweet spot.
You are in one of two markets: ‘chasing' or ‘leading'. In the current climate, you want to be leading the market.
QThis year has been very challenging – what can I do to reset for 2019? Jonathan Warren, Independent Property Group Canberra
AThe new year allows you the chance to do three key things in your business which I call the 3R Principle. Reflect Take the time to review every part of your business by understanding where your results came from in 2018. By reviewing this you will begin to identify the opportunities for 2019. Then do a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) to learn more about your business. What major lessons did you learn in 2018? The answers will help you map out a plan for 2019. Recharge Sometimes real estate feels like it takes and takes, so use the next few weeks to recharge the batteries for 2019. Get energised to take on the new year ahead by planning three mini-breaks in your diary. This will help you move to a completely new level and be more engaged in your work and clients. Refocus Do you have a plan to avoid last year's mistakes? What are the short and longterm goals for your business in 2019? Make this the year where you focus on the right areas rather than areas that drain and dilute your attention and energy. Plan 2019 completely by design with ideas, actions, outcomes and results. Here are some tips to get you refocused today: Organise Get on the phone and set up appointments as quickly as possible for next year so you can keep momentum in your business. Prioritise a list of potential people you can contact. Change Take a look at the systems and processes currently in your business. Are they the right ones? Do any need updating? Are they helping you close business? Make this year the year you change things that aren't working! Plan Have a plan for every part of your business, from writing your 2019 Business Plan goals to breaking down how you're going to generate leads in your core market. This is not the year to ‘wing it' but have a carefully drafted plan to be in complete control. Learn What skills would make you a better salesperson this year? The beginning of the year is a great time to evaluate your skill set and figure out how you can improve in the next 12 months. Skills played a large part in agents succeeding in 2018 vs. agents who failed.
Establish your goals and develop a system of accountability that will keep you on track in 2019. By learning from what you know and mapping your year ahead you can ensure you succeed at the highest level and have your best year ever in real estate!