Category: Best Practices

To Team Or Not To Team

 So, you want to start a team?

Or you already have a team and are now questioning that choice?

Maybe you already have a team performing at a high level, and you are looking for a boost?

You see, we’ve just about seen it all:

• Starting a team too early;
• Starting a team for the wrong reasons;
• Starting a team without a straightforward value offering;
• Starting a team with no or poorly written team agreements;
• Letting your team and performance get stagnant.

In the most successful teams we know, the leader assumes the CEO role of the team, and they always lead with revenue! And they understand this:

“A system will produce what a system will produce, nothing less, nothing more.”

Here are a few thoughts to consider as it relates to team leadership:

Team Requirement No. 1:

Do you have a clear and compelling value proposition?

• Will you be a lead provider?
• Will you be a coach, trainer, and mentor?
• Without a clear value, turnover will be the challenge you face.

Team Requirement No. 2:

You’re on Target or Ahead of Your Production Goal

• Bringing additional team members aboard is not only a big responsibility… It’s taking on a serious expense.
• If your income cannot support additional team members, you only set yourself up for failure.
• Get your house in order, and then consider taking that next step.
• Lead with revenue first

Team Requirement No. 3:

You Have At Least 4 Successful Pillars of Lead Generation

• You have solid influence strategies (referrals) in place or control strategies (online leads) in place.
• You’re tracking and measuring all your leading indicators, right? (If not, you’re not ready for a team.
• When you look at your lead sources, are you producing multiple sales monthly from AT LEAST four different pillars?
• The key here is to ensure your business is diversified sufficiently to support additional sales agents on your team.

Team Requirement No. 4:

You Have Lead Follow-Up Systems in Place That Create Raving Fans and Ensure a High Level of Service

• Are your systems in place to the point that you can say you’ve operationalized your business?
• If not, it’s not a total deal-breaker, but know that developing systems as you grow your team will steal precious time away from your more immediate dollar-productive work. Can you afford that?

Team Requirement No. 5:

You Have an Accountability Structure in Place That is Utilized Daily

• As a team leader, you need a built-in system to hold you accountable to your schedule, the systems you have in place, and the others on your team.
• This accountability structure begins with you and must extend to all who join your team.
• Suppose you’re not consistently sticking to a morning schedule and setting that example for others. In that case, it will be difficult for you to expect team members to perform with the necessary daily discipline to succeed.
• If not, you might want to work on your discipline a bit before putting yourself out there as a role model.

Team Requirement No. 6:

You are on a mission to grow your leadership skills and serve your team members

• Face it, some of us just don’t want to “manage” others, and all that entails
• If you are not into people with a decent EQ level, you might want to consider options like a sales or operations manager who can handle those things.

Now that you’ve considered six factors for team success, I have a practical exercise to start the process.

1. Why do you – and your team – do what you do? This may sound like an odd question, yet one example could be: Are you in the real estate business (I sell real estate) or the problem-solving business? (We help consumers navigate the complex process of buying, selling, or investing in real estate with ease, transparency, and less stress.) See the difference?
2. How are you different or unique? And does that matter to the typical consumer?
3. Who is our ideal client? And how do you reach them in relevant, consistent ways?
4. Hyper-local. Are you constantly working to become a hyper-local expert? The portals and national chains can never be the hyper-local expert.
5. Growth plans – what is your vision? If you are in one city, do you want to expand into other cities or even another state?

There you have it; the opportunity is yours.

Consider this…

With all the plans, strategies, goals, innovations, business practices, and culture that make up your team, you are getting exactly the results your business systems and processes are currently capable of producing – nothing less, nothing more! Looking to be more outcome-focused? Read this blog from Mark Johnson, co-founder of CoRecruit.

To get better results, you must improve the design and execution of your business systems and processes—at the detail checklist level.

The law of cause and effect governs all business outcomes. To change an effect or result, you have to change the cause.

#WinTheDay

 

By design vs. by default with Seth Godin

Leaders make one thing more than any other: decisions.

Every environment has constraints, and the decisions about how time and resources are allocated – about what to do next – drive all outcomes.

How do leaders decide what’s next? Is it based on urgency, proximity, or values? It’s a mix of each, yet the top 1% make more value-based decisions.

The top 1% know the first in + first out approach is not an effective strategy; it’s typically an excuse or by default. Even worse: defaulting to the squeaky wheel strategy. Leaders minimize the whirlwind. By design vs. by default.

 

 

PS: Need help with talent attraction, selection, or sourcing accountability? Just a DM away.

If information was enough, we would all be top performers in our profession, exercise every day, eat more vegetables, be within the government’s height and weight standards, and have a ton of money saved for the future.

Think about it: you can use Google or YouTube for the instruction manual for almost anything. You can access a step-by-step guide, the best practices, and the quick start guide. So, I have a straightforward question – with access to all this information and proven evidence – why do we still struggle with limiting beliefs and behaviors?

The answer? Our feelings outweigh our commitments. When our commitments outweigh our feelings, that’s when a breakthrough begins.

The five words that kill more dreams, more potential, and more happiness than any other five words spoken are:

“I don’t feel like it.”

 

I’m not sure of your dream, yet I suspect that for many of you, it’s more financial freedom, better health, stronger relationships, and more connectedness with your community. Yet let’s face it, so many times when you are about to start something toward those dreams, the onslaught of excuses flood your mind like water gushing out of a broken pipe. The theme of these excuses always traces back to the same root:

“I don’t feel like it.”

 

How often have you said, “I don’t feel like it?”  How often have you listened to that thought, allowing it to alter the course of your actions? What has that cost you physically, financially, and emotionally?

What if you could make a different choice?

 

I know that “I don’t feel like it” is the universal human condition that silently kills dreams. Yet you and I don’t have to accept this dream killer, and we can overcome the feeling and move powerfully toward our goals and objectives. It starts with intention: the intention to live on your terms, not the terms of your moods and feelings.

 

When our commitments outweigh our feelings, that’s when a breakthrough begins.

 

Consumers – your agents – will be loyal to brands that deliver what they need – dependability, service, exceptional service, or exceptional value.

When a brand consistently meets a need, it becomes a brand promise and the company’s identity. FedEx, for example, the brand promise is “when it absolutely positively has to be there overnight.” FedEx consistently delivers on its promise, which creates an influential association, bond of trust, and loyalty with consumers.

The financial stakes of a transaction have a proportional effect on brand loyalty. Consumers – your agents – have far less to lose by trying another brand of candy than they do another brand of a real estate. As a service-oriented business, you are the brand that you enhance and solidify each time you meet and exceed your client’s expectations. If you have locked in your clients’ trust (and their willingness to refer you) through brand loyalty, you have a massive advantage over your competition.

How do you achieve brand loyalty? Consistently deliver your brand promise and do it better than your competitors. Sporadic high performance will not cut it — every customer (your agents) must have the same great experience. Instead of chasing the next technology tool or widget, think about your service delivery.

Rate your service delivery on a scale of 1 (low) to 10 (high). What will it take to be a 10?

Knowing your agents and team leaders’ anxiety points is critical to achieving a strong brand promise. After all, consumers want brands that meet their needs, but not if the experience is painful.

Action – what action can you take?

Ask your agents and team leaders what worries them most about this market. Then let them know what you will do to address their concerns. That’s one solid way to build brand trust and loyalty.

#WinTheDay

PS: Looking to increase your real estate team or office recruiting game? Book a demo to find out how we can 5X your ROI.

 

Total Inventory For Sale In North Texas Dropped 5%

This blog was written for my North Texas audience, yet in the links below, you can check out the stats in your local area. The North Texas market consistently ranks as one of the top 5 real estate markets across the US.

• Your local stats 
• Mike’s Market Update Webinar

Homebuyers are defying the real estate market in North Texas, and for real estate agents and brokers, this is a critical time to stay informed. For the week ending 2/10/2023, inventory for sale in the DFW MSA dropped nearly 5% while the median new list price remained flat. There is significantly more inventory for sale than we had just a year ago, and buyers are back in the market. The average days on the market range from 56 to 78 days, depending on the price range.

My view, along with the CEO of Altos Research, Michael Simonsen, is that buyers know if they buy now and rates drop, they can refinance in the future, or if rates tick up, they are in an excellent position.

On a national basis, we have record employment levels, and the North Texas area is expanding organically and with new businesses coming into the area. Thus, buyers can afford homes, and with the median rent in North Texas at nearly $2,300 per month, the rent vs. buy decision favors buying.

Looking at the current market as a demand-only equation could be a mistake. Before the pandemic period, a drop in inventory for sale in February was unusual, as historically, many sellers would list to get ahead of the spring market. Sellers are holding onto those 3% mortgages unless they have a compelling reason to move. Regardless, recently-listed properties with a price decrease have dropped from nearly 50% a month ago to 40% this month, indicating a strengthened market.

You can check out the DFW stats or your local city and zip; click here and if you can; participate in the Altos monthly webinar this Thursday, 2/16/2023, at noon central, register here. Topics will include:

– First signals of what Altos is seeing for 2023

– An update on home values and where this is likely headed

– What declining inventory means for the market

– The impact of interest rates and inflation

– How to talk to buyers and sellers about the data

Source: Altos Research DFW MSA for the week ending 2/10/2023

PS: Looking to increase your real estate team or office recruiting game? Book a demo to find out how we can 5X your ROI.

In a world brimming with uncertainty, it’s easy to let fear dictate our actions and confine us within the walls of the familiar. But what if we could replace that fear with something far more powerful?

What if we could harness the transformative power of curiosity?

This isn’t just about asking questions; it’s about cultivating a mindset that thrives on exploration and learning. Let’s delve into the ten habits of curious people.

 

10. A Love Affair with Learning

At the heart of curiosity lies a deep love for learning. It’s a romance that never fades, a relationship that grows stronger with every new discovery.

9. Self-Motivation: The Inner Flame

Curious individuals are driven by an internal desire to grow. They don’t need external rewards to fuel their quest for knowledge; their passion is self-sustaining.

8. Dedicating Time to Wonder

Curiosity requires investment. It’s about setting aside moments in our busy lives to ponder, to explore, and to satisfy our innate desire to know more.

7. The Courage to Admit Ignorance

There is strength in admitting “I don’t know.” It’s the first step in a quest for knowledge, an invitation for others to share their wisdom, and a sign of a mind that is always ready to learn.

6. Living in the Now

Curiosity anchors us in the present moment. It encourages us to notice the details, to fully engage with our environment, and to appreciate the richness of our current experience.

5. Empathy: The Heart of Curiosity

To be curious is to connect with others on a deeper level. It’s about understanding their experiences, emotions, and motivations. This natural empathy builds bridges between people and ideas.

4. Welcoming the Possibility of Being Wrong

There is a certain humility in acknowledging that we don’t have all the answers. Curious minds are open to being wrong because each mistake is a lesson in disguise, a steppingstone toward the truth.

3. The Endless Fascination with Life

For the perpetually curious, boredom is a foreign concept. They find wonder in the mundane and see the extraordinary in the ordinary. Life is a never-ending novel, and each day turns a fresh page filled with potential stories.

2. Listening Without Prejudice

To truly listen is to silence one’s own biases and judgments. It’s about giving space to different perspectives and soaking in new ideas like a sponge. Curious souls listen not to reply but to understand, and in doing so, they often find unexpected insights.

1. The Relentless Pursuit of Questions

Curious individuals understand that every question is a doorway to a new realm of knowledge. They are not deterred by the sheer volume of the unknown but are instead energized by the thrill of discovery. They ask “Why?” and “How?” and “What if?” with the persistence of a detective on the trail of a mystery.

Looking Forward: The Power of “What If?” and “Why Not?”

As we look to the future, curious people often play the game of “What if?” and “Why Not?” They envision where they want to be in 1, 5, or 10 years and align their actions with their vision. They challenge their goals and assumptions, ensuring that their path is not just comfortable but truly fulfilling.

Curiosity is not just a habit; it’s a way of life. It’s the antidote to fear, the spark of innovation, and the key to personal growth. So, let’s ask ourselves:

• Are we nurturing our curiosity?
• Are we doing things that support our vision?

The answers might just lead us to a life of endless wonder and discovery.

 

Three decisions the top 1% work on more than others:

1. What they focus on
2. What meaning they attach to things
3. What they do in spite of the obstacles they face

Bitter or better?
What can I learn from this, or why me?
I’ll do this until I get better or quit?

#100DaysOfSuccess