I have nothing against expired listings.  In fact, expired listings are a perfect target for agents because these are people who’ve proven that they want to sell and move.   Actually, I believe if you approach expired listings the right way, you can make a darn good living on them and them alone. 

The problem is timing.  Take careful note here, most agents are picking the fruit before it’s ripe.   Repeat after me, “I will pick no fruit before its time.”  What happens when you join hundreds of your fellow agents all jumping at and reaching for the same apple?  You get trampled.  You get frustrated.  You get lost in the crowd. 

Here is a statistic for you to nibble on; a newly expired listing gets anywhere from 15 to 25 calls from agents a day when it first expires.  A bunch of agents jumping, reaching and clawing for one apple that’s not ready to be picked or enjoyed...yet.   Consider the homeowners whose listing has just expired.  First, because their home didn’t sell, agents are likely not at the top of their “I love” list.  They have that bad sour apple taste in their mouth.  They’re upset.  Most important, they didn’t get what they desperately wanted.   It is a time when emotions run high.  Here is the secret to making a living with expired listings, WAIT!  Wait and let the fruit ripen before you start picking.  Let homeowners get their bearings back.  Let the wound heal. 

How long? I say give it three months.  “Oh Bob, all the expired listings will be gone.  There won’t be any left in three months.”  Bologna!  There are thousands of homes out there that have been off the market for many months.  Believe me, agents get shunned and shut out by the newly expired listings every day.  By waiting three months you automatically distance yourself from the pack and here is the kicker, you don’t appear desperate.  Nobody wants to hire a desperate anybody. 

How exactly should you approach a three-month-old expired?  First, be dripping with empathy.  Start with emotion.  Let them know you know how they feel.  Personalize the circumstances.  Ask open-ended questions to learn why they wanted to move in the first place and how not selling has impacted their life.

Move from emotion to facts.  Share your numbers - the average number of days on the market for your listings and your list-to-sell ratio numbers.  If your numbers are lacking, share your brokerage numbers. 

Become a teacher.  This is key.  Listings expire because agents don’t educate the sellers about the marketplace and where it is.  When your client’s expectations get off track at the start, nothing good happens. 

Explain why listings expire - the number one reason is price.  NAR reports that if a listing doesn’t land a contract within 21 days it is typically overpriced by four to six percent. 

If the seller doesn’t let you have a say in determining the price, be wary.  Don’t take the listing if you feel it’s overpriced.  That’s a total waste of everyone’s time. 

So the lesson is this; there’s virtue in patience.  So develop some!

Expired listings can be fruitful.  Just remember, you have to know when to pick your fruit. 

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will be patient when following up with Expired listings. 

Deadline: _________

Your questionnaire could be very simple and straightforward.  Asking what good things happened during the transaction as well as what can be improved might give you surprising insight you might not otherwise have.  Make sure you are prepared to act on negative responses.  Nothing would turn a customer sour faster than to complete a questionnaire voicing dissatisfaction, only to never be contacted by that company again.

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will implement satisfaction questionnaires and follow up with responses to better my business.

Deadline: ______________________

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will start writing thank-you notes to my clients.

Deadline: ______________________

Most brochures focus mainly on what a business does, rather than the problem the client has and how a business can solve it.  No one is really interested in what a company does unless they believe that company can solve a problem they have or the company created a want or need in the customer.

Do not give in to the temptation to put every detail about your business in your brochure.  Stick to the maxim, “less is more”.  If the brochure is filled with writing and little white space, it is less likely to be read.  Better to limit it to a few strong bullets about problems clients may be facing, accompanied by the solutions your company can provide.  Good use of color and photographs can enhance brochures, but they are not necessary.

You can include a brochure to a client with regular correspondence.  Or, you could hand one to a customer in your store or office.  They may not be aware of all the solutions you can offer.  Again, they can be the source of a referral.  Or they can be repeat customers, themselves.

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will implement a brochure and tracking system to see if it is productive for my business. 

Deadline: ______________________

Your newsletter can be mailed or sent as an email to an opt-in email list.  This means your customers have agreed to receive email from you.  If you email your newsletter, remember to give it a title besides “May Newsletter”.  Name it something like “Your Real Estate Review”.  You want to grab you reader’s attention and get them to actually read the newsletter.  If they just delete the email without opening it, it does not help you at all.

Keep in mind, your goal is to keep your name fresh in your client’s mind.  When they are in conversation with someone in the market for a real estate agent, your existing client is the best advertisement for which you could ask.  What has it cost you?  Not TV airtime, which most small businesses cannot afford, or radio time, which may not always target the right audience for you.  The cost of setting up a newsletter layout and publishing it on a bi-monthly or quarterly basis is much less, comparatively.

So, what are the steps to implementing your own newsletter?  First you need to collect all your current and past customers’ email addresses using a newsletter request sheet.  Next, you will want to create the foundation for your newsletter.  Decide what the layout should be, what the newsletter should include, how often to publish and who will write it.  Will it make sense to do it in house or outsource your newsletter?

You may find it will be much more productive to use a professional writing service.  A professional writing service will help during the planning process for the newsletter, ensuring the layout suits your purpose and your target audience.  The time saved in actually producing the newsletter can be spent concentrating on your business.  The consistent, professional publication of your newsletter will help to enhance your business image.  Your business will most likely see an increase in repeat business, add on sales and referral if you are consistent with your newsletter program.

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will implement a newsletter and tracking system to see if it is productive for my business.

Deadline: ______________________

Newsletters can give updates on services, highlight new services or contain a coupon customers can use in your community.

Brochures give a good summary of the solutions your business has to customers’ problems.

Thank-you notes are a nice personal touch to follow-up on a completed transaction.

Even handling customer complaints through questionnaires may help your bottom line.

You might consider several of these ideas to keep in touch with your clients, each of which is relatively inexpensive when compared to other forms of communication.

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will implement at least one of the above and track what my results are.

Deadline: ______________________

5. A positive attitude. If there were a single ingredient of success, attitude would be it. Can you imagine a top producer with a bad attitude? Well, if you can, I promise you they won’t be one for long. The fire inside successful agents is at the very center of their belief that they can succeed – that they will succeed – no matter what. Period. Stop for a minute and ask yourself if you really, truly believe this about yourself. If not, do some soul searching to find out what will help you believe. Because once you do, watch out – this main ingredient kicks in and you’ll have all the success you can handle.

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will look inside myself to find my successful attitude.   

Deadline: ______________________

4. A vast network of people. No agent has reached success by him or herself. Successful agents have assistants. They have mentors. They have coaches. They have a sardine-like pipeline crammed full of contacts who work in the real estate industry: lawyers, home inspectors, loan officers, closing specialists, other agents and brokers, developers – a rolodex fatter than a spoiled cat. Surrounded by people, not just professionally, but socially, too. They attend church, they serve on school committees, go to baseball games, volunteer at the food bank, visit the elderly. Always out in front of people. Could you be more connected? Probably. Go do it. 

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will become more connected and pack my pipeline full of mentors and assistants. 

Deadline: ______________________

If successful agents had a list of ingredients on their backs like a can of cola, I have no doubt you’d find these five key (and all-natural) contents listed:  

2. A stellar and consistent display of customer service. There are plenty of agents who can talk all day about giving good customer service. But that’s where it all ends -- at the talking. They postpone returning e-mails and phone calls from leads. They never look for ways to go above and beyond what the clients might expect and mediocrity is their best friend. They refuse to look for ways to improve themselves. Sad but true. Look at other agents in your market who are known for outstanding customer service. Then create five specific ways to make your service even better.

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will look at other agents in my market who are known for customer service and create five ways to make my service better. 

Deadline: ______________________

1. An unquenchable thirst for knowledge. Sure, you expect agents to know their business and many will have the CRS, GRE and other certifications. But you’d also never find them thinking they know it all. In fact, they’d be the first to tell you they learn something new every day. That’s because they’re curious and they’re always seeking – and usually finding – opportunities in their market where others only see roadblocks. Is your level of curiosity where it should be? If not, hit the books, the classrooms and the media to keep learning.

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will continue to seek knowledge and be curious. 

Deadline: ______________________

You need to watch exactly where your money is going and where it’s coming in from.  Track your marketing and how many leads are coming in from each.  You also need to watch how many of those leads are converting into clients.  If you’re spending and not converting, then stop spending money on that particular piece of marketing.

Have you researched the brokerage your with to see if you could be getting a better deal somewhere else?  What technology are you paying for and not using?  It could be as simple as starting to use that technology to get more leads and clients, not necessarily getting rid of the technology.

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will look at all of my finances and cut where necessary. 

Deadline: ______________________

The best way to ensure that this happens, is to use systems.  The goal is to get the office running on autopilot so agents can do what they do best -- sell real estate.

It’s takes a while to implement, but you start developing systems by documenting all aspects of each job in your office so each person knows exactly what his or her job is, inside and out. 

A big part of systems is technology. From automated e-mail and drip systems, to databases and Blackberries, nothing saves time like technology. Ignore it at your peril. 

One area of technology I’ve seen brokers save literally thousands a month is through virtual assistants. When you find that you don’t need a full-time person, but still need help, they’re a phenomenal tool – and you save social security, insurance and all the other personnel costs. 

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will use systems so that I can focus on dollar productive activities and let someone else focus on all the rest.

Deadline: ______________________

So now that you're getting your business in order, you really need to start marketing yourself!  Develop a proven way to make clients know that you and your business exist.

Focus on both the first-time buyer and  current homeowners.  Go after your past clients who bought from you five or more years ago. They may have added to their family and need a bigger home. And don't forget the baby-booming emptynesters who are looking to scale down because their kids have moved on.

Please visit us awww.CorcoranCoaching.com!

Make A Commitment:  Iwill focus on both first-time home buyer's, current home owners and my past clients!

Deadline: ______________________

Be sure you are looking at everything you do for your clients.  Do you have assistants?  How about a team?  Any buyer’s agents, listing partners?  Include the MSL, it is a service as well!!  Do you use signs, post listings on a website, or flyers?  Do you take photos, and if so, do you put them in any real estate magazines?  Do you use brochures?  

Do you send any type of market updates, feedback reports, or at least a weekly phone call?  Be sure to include your easy availability.  Are you using a 24-hour recording system?  Do you give your buyers community data, financing information, and home inventory?  Do you show properties and negotiate?

Once you have your list of services put together, you need to look at what’s missing.  How can you boost your services to stand out against the competition?  What do you offer that they don’t?

The information you’ve gathered can not only be used for marketing, but you can also use it for your buyer and seller presentation.  In presentations be sure to also describe how you position and market yourself to attract clients: describe buyer attraction to sellers and seller attraction to buyers.

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will put together a list of services and learn to use it to my advantage with marketing.

Deadline: ______________________

 Your business strategy really involves everything you’ve already researched.  Your Vision – what you want the future of the business to be, The Market Analysis – knowing your market and how the business can perform better in it, and The Competitive Analysis – knowing your competition and knowing what advantages your company has over them and how to improve it’s weaknesses. 

Your business strategy is also going to include resources, external factors, and your values.  What skills, assets, financing, relationships, and facilities is it going to take to make your business successful?  Are there any external things to take into account that could affect your business?  And of course, you need to be sure that all of these things are within your core values.

Once you have built your business strategy you can really begin to make the changes necessary to kick start your business into a successful one. 

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will build my business strategy and implement it!

Deadline: ______________________

There have been some updates and additions!

ANNOUNCING

 16 Corcoran Consulting & Coaching Client Teams as well as Individual Agents were recognized for 25 Achievements among the 'The Real Estate Top 400', a national ranking of 2009's top-producing agents and teams generated by The Wall Street Journal and REAL Trends.

Corcoran’s WHO'S WHO of Real Estate includes:

 Top 100 in Teams by Transaction Sides

Pam Marion and Barry Ezerski of Lawton, OK # 8

Jean Shine of Killeen, TX #19

Lisa Burridge of Casper, WY # 35

Jeff Pitts of Elizabethtown, KY # 38

Leo Pareja of Springfield, VA # 45

Curtis Johnson of Gilbert, AZ # 50

Earl Gervias of Cardiff, CA # 51

Linda Vane of Annandale, VA # 52

Ken Kellermann and Louie Norwood of Covina, CA # 54

Valerie Hunter-Kelly of Clarksville, TN # 63

Terry DeSelms of Franklin, TN # 79

Buddy Blake of Wilmington, NC # 85

Aaron Marshall of Salt Lake City, UT #94

Top 100 Agents by Transaction Sides

Laurice McCarty of Bakersfield CA # 9

Krista Mashore of Brentwood, CA # 78

Top 100 Teams by Sales Volume

Pam Marion and Barry Ezerski of Lawton, OK # 36

Marti Hampton of Raleigh, NC # 37

Jean Shine of Killeen, TX #42

Linda Vane of Annandale, VA # 49

Earl Gervais of Cardiff CA, # 51

Lisa Burridge of Casper, WY # 52

Leo Pareja of Springfield, VA # 71

Ken Kellermann & Louie Norwood of Covina, CA # 87

Buddy Blake of Wilmington, NC # 89

Top 100 Agents by Sales Volume

Laurice McCarty of Bakersfield, CA # 50

Congratulations to an amazing group of professionals!!! Ranking among the nation's top real estate professionals is a true testament to their commitment to providing their customers with great value through their hard work, dedication and passion for real estate.   Please visit us at www.CorcoranCoaching.com!

Using the information you find, decide how you can offer better quality services, more support, and easier access. By offering outstanding customer service and support you will see an increase in both your new business as well as growing a strong past client referral base as well. 

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will understand my competitors and use the information to better my business. 

Deadline: ______________________

A vision statement can be a difficult thing to write, however, be sure to take your time.  It is an important task.  If you need some inspiration, research other companies’ vision statements. 

Be sure to hit the high points:  services, technology, your values and philosophy, and of course your vision for your business and future business.

Once you have your main points, summarize.  A vision statement should be between one and four sentences.  Get some input, and you’re done!

Please visit us at www.CorcoranCoaching.com!

Make A Commitment:  I will write a vision statement that provides value to the customer. 

Deadline: ______________________

Begin by reviewing 2009.  Start with your goals.  Did you hit the mark with all of them?  If not, what were the challenges?

Look at your operations systems.  Where are you lacking?  How about sales and marketing?  Are all these things where they should be? 

Honestly look at every aspect of your business and identify the challenges and their solutions.

Please visit us at www.CorcoranCoaching.com for more information!

Make A Commitment:  I will look at every aspect of my business and identify the challenges and their solutions. 

Deadline: ______________________

13 Corcoran Consulting & Coaching Client Teams as well as Individual Agents were recognized for 19 Achievements among the 'The Real Estate Top 400', a national ranking of 2009's top-producing agents and teams generated by The Wall Street Journal and REAL Trends.

Corcoran’s WHO'S WHO of Real Estate includes:

Top 100 in Teams

Pam Marion and Barry Ezerski of Lawton, OK, # 8

Lisa Burridge of Casper WY, # 33

Jeff Pitts of Elizabethtown, KY # 36

Leo Pareja of Springfield, VA # 44

Earl Gervias of Cardiff, CA # 49

Ken Kellermann and Louie Norwood of Covina, CA # 52

Valerie Hunter-Kelly of Clarksville, TN # 61

Terry DeSelms of Franklin, TN # 75

Buddy Blake of Wilmington, NC # 81

Aaron Marshall of Salt Lake City, UT #90

Top 100 Agents by Transaction Sides

Laurice McCarty of Bakersfield CA, # 9

Krista Mashore of Brentwood, CA # 78

Top 100 Agents by Sales Volume

Laurice McCarty of Bakersfield, CA # 50

Top 100 Teams by Sales Volume

Pam Marion and Barry Ezerski of Lawton, OK # 35

Marti Hampton of Raleigh, NC # 36

Earl Gervais of Cardiff CA, # 49

Lisa Burridge of Casper, WY #50

Ken Kellermann & Louie Norwood of Covina, CA # 82

Buddy Blake of Wilmington, NC # 84

Congratulations to an amazing group of professionals!!! Ranking among the nation's top real estate professionals is a true testament to their commitment to providing their customers with great value through their hard work, dedication and passion for real estate.

Please visit us at www.CorcoranCoaching.com!

The question is, are you prepared?  The solution is the same as it was when foreclosures were on the rise.  A lot of people see the trend and drop everything to run after it.  Think of the definition of the word “trend.”  It’s not going to be around forever.  But that doesn’t mean you can’t take advantage of it while it is here.

Property management is definitely a whole different ball game, but if you can conquer it, it can be very profitable.  Adding something like this to your business is a great idea.  As long as you have your residential side of things under control, and your REO business if you have one, then there is no reason why you can’t ride the wave too.

Have you seen this trend in your market?  If so, what have you done, if anything, to make a profit from it?  We love to hear back from you!

Please visit us at www.CorcoranCoaching.com

.

1. Sharpen the Saw– “This is the habit of renewal… It circles and embodies all the other habits.  It is the habit of continuous improvement… that lifts you to new levels of understanding and living each of the habits.”

This habit allows the other habits to happen and grow spiritually, mentally, physically, and socially/ emotionally. 

As it has been said before, when you’re running a business, you have to take time to take care of that business.  As a CEO of a business, that means taking care of yourself as well.  If we don’t take the time to look back over things, it will cause us to become side tracked with the day to day.

subjects can avoid a blowout at the negotiation table.

n use to your advantage.  Steering the conversation away from "all can s

Please visit us at www.CorcoranCoaching.com

Make A Commitment: I will create a plan for my business, visualize, and carry out my plan to obtain the successes I want for my business and my personal life.

Deadline: _________

The second three habits Stephen Covey goes thru teach us to be interdependent.  Once we have learned to be independent, we can move our focus to interdependence.

1. Synergize– “Synergy works; it’s a correct principle. It is the crowning achievement of all the previous habits.  It is effectiveness in an interdependent reality – it is teamwork, team building, the development of unity and creativity with other human beings.”

It’s all about co-operation.  You must see the potential and the good that other people can contribute.  Other’s ideas, views of the world, can be the key component we are missing in the path to our success.

It is important in every business to see the value in others.  We cannot rely completely on ourselves to reach any goal.  Having specialized people doing different things, rather than wearing those multiple hats, gives us the time we need to specialize in our own skills.

subjects can avoid a blowout at the negotiation table.

n use to your advantage.  Steering the conversation away from "all can s

Please visit us at www.CorcoranCoaching.com

Make A Commitment: I will learn to see other’s values and how they can help me on my path to success.

Deadline: _________

We, as a people, along with our environment, are interdependent.  We require a certain amount of dependence and need to be in control of other parts of our lives to truly thrive.  This has been proven in the real estate world as well.  Teams full of specialized people, from agents to administrative staff, do better than traditional agents, wearing multiple hats and being pulled in different directions, stretching their time.

The second three habits Stephen Covey goes thru teach us to be interdependent.  Once we have learned to be independent, we can move our focus to interdependence.

          5.   Seek First to Understand then to be Understood– “We typically seek first to be understood. Most people do not listen with the intent to understand; they listen with                       the intent to reply. They're either speaking or preparing to speak.”

This habit deals all in communication.  As Covey puts it “diagnose before you prescribe.”  It is extremely important for maintaining and developing positive and thriving relationships.

It’s rare to find someone who is listening rather than waiting for their turn to talk.  It’s impossible to think win/win if you don’t listen.  How else will you know what the other side wants?  You also have to be careful not to project your own feelings and experiences into what the other person is saying. 

And it’s not all about what the other person is saying.  Listen for their tone, inflections, and watch for body language.  All of these things will help you to understand the person better.

In real estate understanding your clients and other agents and their clients is very important.  Step back for a moment and learn about them before letting your tongue loose.  This can be very difficult for most agents.  Sales people, as we all know, love to talk, especially about themselves!  God gave us two ears and one mouth for a reason.  You should be listening twice as much as you’re talking.

When you’re at an appointment, let your client tell you what their needs are first, then take the time to tell them about your business.  And listen to what they’re saying!  It’s their idea of a perfect home, not yours.  The smallest unimportant detail to you, could be the biggest and most important to your client. 

When you’re at negotiations, find out what is important to the buyer and seller, and do your best to come up with a solution that everyone can be satisfied with, rather than worrying about just your client, or your commission.  Body language can say more than words.  A shift in their seat, a hand across the forehead, it all can say what the person is really thinking, which you can then use to your advantage.  Steering the conversation away from “touchy” subjects can avoid a blowout at the negotiation table.

subjects can avoid a blowout at the negotiation table.

n use to your advantage.  Steering the conversation away from "all can s

Please visit us at www.CorcoranCoaching.com

Make A Commitment: I will seek first to understand then to be understood.

Deadline: _________

The second three habits Stephen Covey goes thru teach us to be interdependent.  Once we have learned to be independent, we can move our focus to interdependence.

1. Think Win/Win– “Win/Win is a frame of mind that constantly seeks mutual benefit in all human interactions.  Win/Win means that agreements or solutions are mutually beneficial and satisfying.”

Thinking in a win/win way we realize that there is more than enough to go around.  Almost all successes are not accomplished completely on our own, but require a cooperative effort from others.  Therefore, we need to be cooperative and share the success we gain because of it.

Most people are programmed to think win/lose.  When you think this way, you are the only one losing.  We all have strengths and weaknesses.  Why not utilize others’ strengths in areas where you are weak?  Thinking win/lose causes us to be cut throat and focus on power rather than building meaningful relationships.

When you’re sitting across the table at a negotiation are thinking of how you can take advantage of the other side just to get your commission?  Or maybe to keep them from getting theirs?  Or how about the client who ends up paying too much for their new home and the one that doesn’t get what their home is worth?  In the end, the situation is bad for everyone.  That agent will probably go out of his/her way not to work with you again.  All of the sudden your reputation is trashed.

If you keep everyone’s needs in mind and are respectful you may have just made a great networking opportunity.  The agent may call you again next time they have a listing that meets your client’s needs.  You making your commission or making your client happy doesn’t mean that no one else can be happy.  There is a listing out there that is perfect for every buyer and a perfect buyer for every listing.  It’s just a matter of being patient and finding it. 

Build relationships where ever you can.  With lenders, inspectors, other agents.  Anybody and everybody that you deal with can become an amazing connection to propel you toward your goals.  You simply have to recognize the opportunity and take advantage of it.

Please visit us at www.CorcoranCoaching.com

Make A Commitment: I will create a plan for my business, visualize, and carry out my plan to obtain the successes I want for my business and my personal life.

Deadline: _________

Everyone should read this book and learn Stephen Covey’s wisdom so that we can all become successful people.  I will be going over the 7 Habits and how they can be applied to real estate.  Please keep in mind that these habits are not only business or real estate related, but can be used in everything we do. 

We, as a people, along with our environment, are interdependent.  We require a certain amount of dependence and need to be in control of other parts of our lives to truly thrive.  This has been proven in the real estate world as well.  Teams full of specialized people, from agents to administrative staff, do better than traditional agents, wearing multiple hats and being pulled in different directions, stretching their time.

The first three habits Stephen Covey goes thru teach us to be independent.  We must learn to be independent before we can be interdependent.

1. Put First Things First – “Create a clear, mutual understanding of what needs to be accomplished, focusing on what, not how; results not methods.  Spend time.  Be patient.  Visualize the desired result.”

Learning this habit will give you personal management.  It will organize the end result into actions rather than just ideas.  Habit two is the mental creation of your success, while habit three is the physical manifestation of that idea.

You have to recognize the opportunities in your life that contribute to your success rather than getting lost in the day to day “priorities.”  We delay the things that are important by putting things that seem urgent in front of our true priorities. 

You also have to learn to balance the “supply and demand” of things in your life.  If you don’t have the supply, don’t look for a demand.  If you don’t have demand, stop wasting money and time on the supply.

In real estate we have to keep focused on the final results of all our hard work.  Otherwise, we get wrapped up in this client, or that client, and before we know it, we have no time left to focus on our true goal.  Don’t get me wrong, we need to focus on our clients and take care of their needs, as that is usually a big part of reaching our goal.  But be careful not to let them “waste” your time either.

What it comes down to is time management.  Prioritizing, creating a schedule, and sticking to that schedule.  Running a business means scheduling time to work on that business.  Watch for networking opportunities to get yourself recognized not only in the real estate world but in your community.  After all, that’s where your clients will be coming from.

Balancing supply and demand can be a careful game as well.  Don’t stretch yourself thin by taking on more than you can handle.  This is especially important if you decide to build a team.  We’ve all been there.  You hire an assistant to give you more time to focus on more clients, then business slows down and you have to fire them.  The cycle goes around and around.  Don’t be afraid to hire someone on a part time basis.  If you get someone in for only 10 hrs a week, that frees up 10 hours of your time! 

Please visit us at www.CorcoranCoaching.com

Make A Commitment: I will focus on opportunities and the end result and not get caught up in the day to day.

Deadline: _________

Everyone should read this book and learn Stephen Covey’s wisdom so that we can all become successful people.  I will be going over the 7 Habits and how they can be applied to real estate.  Please keep in mind that these habits are not only business or real estate related, but can be used in everything we do. 

We, as a people, along with our environment, are interdependent.  We require a certain amount of dependence and need to be in control of other parts of our lives to truly thrive.  This has been proven in the real estate world as well.  Teams full of specialized people, from agents to administrative staff, do better than traditional agents, wearing multiple hats and being pulled in different directions, stretching their time.

The first three habits Stephen Covey goes thru teach us to be independent.  We must learn to be independent before we can be interdependent.

1. Begin with the End in Mind – “This habit is based on imagination – the ability to envision, to see potential, to create with our minds what we cannot at present see with our eyes…”

This habit deals in leadership of oneself.  You must lead yourself in the direction of what you see as your aim.  By knowing what you want, and developing a plan to get there, you can avoid distractions. 

Once you have a “plan” in place, you must visualize every step of the way.  This can be a way of protecting yourself from the unknown.  Once you’ve visualized it, it’s no longer foreign to your mind.

We can apply this lesson in many ways to real estate.  We all have to know what we want.  Next we make a plan for, visualize, and put it into action.  Anytime you thinking of your own success you have to know what success means to you.  Do you want more time with your family, more money, nice things, a profitable business, the opportunity to help people?  What do you want out of real estate?

Once you’ve figured that out you can use visualization to explore the possibilities.  Expand your own imagination to hone in on things you may never have realized were important to you. 

Now, you can put a plan in place to obtain those things thru success in your real estate business.  Make a plan for your business, be proactive and carry that plan out, and use visualization to eliminate “fear” of the unknown.

Please visit us at www.CorcoranCoaching.com

Make A Commitment: I will create a plan for my business, visualize, and carry out my plan to obtain the successes I want for my business and my personal life.

Deadline: _________

1. Be Proactive – “Taking initiative does not mean being pushy, obnoxious, or aggressive. It does mean recognizing our responsibility to make things happen.”

There will probably be a next time when you need to negotiate with a sales associate representing the other party.  How will others remember you and your negotiation style?  You need to remember to conduct yourself properly during all negotiations so as to maintain your professional reputation for future transactions.  Employing manipulative tactics will only make a bad impression on the customer, client or the cooperating salesperson.  This will hurt you down the road.  Note that more dissatisfied customers will tell people about their experiences than those who are happy.

You might lose a little on a particular transaction by using good negotiating skills and avoiding manipulative tactics, but you will  come out ahead by gaining loyalty and trust.  Effective negotiating skills will help you achieve longevity, establish your reputation within the community and build referral business from your clients.

Go to www.CorcoranCoaching.com for more information!

Make A Commitment: I will not forget who I’m negotiating with.

Deadline: _________

In almost all negotiations, both sides want to win.  If one person is victorious, then someone else will leave the transaction unhappy.  It is important to understand that to have a successful negotiation; both parties need to feel as though they’ve won something.  Your clients might not get exactly what they want in the transaction, but if you can achieve most of their goals and allow the other party to achieve a portion of their desired outcome, then everyone is a winner.  If you use manipulative selling to beat the other party in a negotiation, expect long-term referrals and repeat business to disappear.

Present all of the facts. 

Don’t “wing it” when you present information to your clients.  It is your duty to your clients and customers to present all the facts during the negotiation process.  If you’re presenting two offers, but the lower one gives the sellers more time to move, which you know they want, don’t pressure them into taking the higher offer by failing to mention other factors.

Go to www.CorcoranCoaching.com for more information!

Make A Commitment: I will let both sides win and present all the facts.

Deadline: _________

Realize that negotiation is a process. 

Regardless of how quickly you want to move a negotiation to completion, some people need time to consider an offer or to discuss it with a family member.  Although you may sometimes need to encourage your clients to act quickly so they don’t lose out on a particular offer, respect the negotiation process and honor your client’s right to think it over.

Avoid high-pressure tactics.  

Remember there is a wanted result sought by all parties in the transaction - to transfer the ownership of a home.  When a disagreement arises during the negotiation, look for solutions that will appease both sides without forcing the issue.  High-pressure tactics do not work.  If this is something that you use, the practice will backfire on you and eventually lead to a short-term career in the real estate industry.

Go to www.CorcoranCoaching.com for more information!

Make A Commitment: I will realize that negotiation is a process and avoid high-pressure tactics.

Deadline: _________

·         Recruiting – I like the way author Jim Collins puts it in his book, Good to Great: “CEOs need to fill the bus with the right people and then get the bus going in the right direction. To find the right people, you must assess the firm’s weaknesses and then seek team members who can compensate for them.”

·         Training – I hear over and over from agents that they want brokers to provide plenty of training opportunities so their skills stay sharp and powerful. 

·         Delegating – Think of the restaurant analogy: you do not see one guy cooking, waiting tables, cleaning tables and greeting guests. Not delegating is one of the biggest mistakes brokers make. They fail to stay focused on the big picture and end up becoming too involved in minor, day-to-day operations of the company.

·         Keeping Return on Investment (ROI) front and center – CEOs live and breathe ROI. Look at the goal of your business and then ask if every action you, your agents, and your support staff take is leading toward that goal. Start with yourself. Are your actions helping everyone else achieve the goal? Are you pouring the right kind of oil into the machine? If not, you have some work to do. These actions, all of them, must pay for themselves in some way.

·         Building relationships – For offices to reach the highest profitability, brokers must be effective at building relationships with their agents. (I recommend thinking of agents as clients and treating them as such.) However, brokers also must develop affinity relationships with peripheral industries such as mortgage, title, insurance, builders, etc.

·        Communicating – Place an emphasis on face-to-face communication and make sure communication is two-way by putting as much effort into allowing agents and support staff to communicate with you as you do with them. Then have a system in place to manage that feedback, because a common complaint from employees is nothing ever happens from their feedback.

When brokers do these activities well, I have seen first-hand accounts of drastic and favorable change: First I see focus, then consistency, accountability, and finally, sustained growth.

It is one thing to know the skills required to be a successful broker, but how do you develop them? Like anyone else seeking to improve an activity, you take classes, get mentors and hire coaches and consultants. There is no magic pill. It takes courage, determination, humility and a constant desire to improve.

Brokers who set up systems and free up their time to take on the responsibilities of CEO can make great strides. I have worked with clients who have doubled their firm’s revenue in a year. Sometimes an outside perspective can make all the difference.

By taking the time to develop CEO skills, your business will grow and you will realize a greater level of success. 

Go to www.CorcoranCoaching.com for more information!

Make A Commitment: I will develop my CEO skills! 

Deadline: ____          

What a wonderful country we live in, where we are truly blessed, with freedom and great opportunities.  Take time each day to be thankful for everything you have and to reflect on the wonderful people that have come into your life along the way.  Happy 4^th of July everyone!

Please visit us at www.CorcoranCoaching.com

To become a CEO, change the way you think

When agents become brokers, they really do need a mindset makeover to become a successful CEO. And I think brokers who choose to become CEOs need to first fully understand and accept this next fact: The success or failure of their real estate business is their responsibility. If something is not going right, go straight to the mirror and take a hard look. To me, that is the foundation a CEO must accept; if not, the business will be sitting atop shifting sand.

If you think an agent is not getting the job done, it may appear at first glance to be his fault—and certainly some responsibility does rest on his shoulders. But you are the boss. You hired him. Either fix the problem or fire him. But make no mistake—that agent and his production are your responsibility.

New brokers also need to set into place a system of accountability—not only for their agents, but also for themselves. CEOs have boards of directors. For brokers who run real estate offices, those directors can be many people. In fact, as a coach and consultant, I usually take on a director’s role for my clients. The key is to have people who hold you accountable. And by holding yourself accountable to your own success every day, you will stay on track to accomplish what you need to in order to run a successful office.

You are in charge … now what?

First and foremost, the real estate CEO’s primary job is to provide vision and direction. That begins with the business plan. Starting with the end in mind, you need to know where you want to take the company, and then you develop a clear plan to get there.

One thread I like to see in business plans is systems—not just for accountability, but for all aspects of the business. Systems break down tasks into their basic components so the office can run more smoothly. (Systems also help give brokers a life outside the office by putting a structure in place to handle many tasks even if the broker is not available at that moment.)

Some of the systems deal with administrative jobs, databases, lead generation, tracking, team building, agent training and accountability, advertising effectiveness and prospecting. And know that you will need to constantly evaluate the effectiveness of your plan, and adjust it as needed.

Go to www.CorcoranCoaching.com for more information!

Make A Commitment: I will develop my CEO skills! 

Deadline: ____          

It is just the way things are: you make money, you pay taxes. Do not go when the light turns green and someone will honk at you. And if you are a top-producing agent, you may very well become the managing broker of an office.

But as many former top producers have learned—sometimes the hard way—the roles of agent and broker are very different. And often, those savvy selling standouts become a dartboard with former colleagues hurling daggers at them because they lack the right tools to be a good broker.

I shudder at the thought of all the lost productivity the real estate industry suffers at the hands of those people who do not successfully make the transition from top agent to first-rate broker. If a broker does a bad job—and face it, sometimes they stink up the place pretty bad—it can wreak serious havoc, leading to tons of turnover, low morale, dwindling profits and eventually a failed business.

But I am not delusional enough to think that suddenly things will change and that Master of Business Administrations (MBAs) will start getting bussed in to run things. So the question to tackle is this: How do former top producers become effective brokers?

The metamorphosis

Let us start first with what top producers bring to the table—their skill set. The reason they were good agents to start with was they poured all their efforts into four dollar-producing activities: listing, prospecting, selling and negotiating. Those four items put them on the top-producing summit. While brokers will no longer focus on those activities, fortunately, the basics of those skills are transferable to the broker’s job. These fundamentals help top producers as brokers because they:

·         Understand the business, at least as it relates to what actually happens out in the trenches between agents and consumers.

·         Have solid people and communication skills. They can talk and listen. They are obviously persuasive.

·         Know how to set goals and build strategies to reach those goals.

But strong brokers need other skills, too. In fact, what I have learned as I travel the country working with brokers is they need a full shift in their thinking so they transform themselves into CEOs.

Go to www.CorcoranCoaching.com for more information!

Make A Commitment: I will develop my agent skills into transferrable CEO skills.

Deadline: ____          

The 90-day rule will keep you going because you will understand what your business is doing.  When there is an explanation, you can overcome it.  It's fun to be looking days ahead; it takes the pressure off.  You don't have to beat yourself up over what you did 90 days ago, that's passed.  What you do today is important!  When you accept this rule, it's much easier to get over any “downturns.” 

How can you make this advice profitable?  Never take your current situation for granted.  Remember that you will have no sales in 90 days if you do nothing but paperwork today.  It’s that simple.  If you are always thinking 90 days ahead, you will end up with a tremendous career of constant sales. 

What are you going to be doing in 90 days?  I hope you are prospecting like crazy right now.  Keep in touch monthly with your past clients and sphere of influence, seeing for-sale-by-owners, contacting absentee owners, cold calling, warm calling, farming, etc.  Build all this prospecting into your plan daily and watch your consistency grow.  If you think 90 days out, you will keep busy today doing what is important to your business. 

Go to www.CorcoranCoaching.com for more information!

Make A Commitment: I will prospect daily and keep in touch with my past clients and sphere of influence. 

Deadline: _________

Agents often ask me, “What is the challenge?  Why aren’t things happening for me?”  I have applied this rule to my response, “What were you doing 90 days ago?”  It sure makes you think.  It opens your eyes and makes you realize the importance of what you do today.

The way to have a good stable career in real estate is to always be working 90 days out.  Don't get wrapped up in your sales and forget to prospect.  You can make sure your business plan pays off.  All you need to do when you have multiple sales going is to remember “an hour a day.”  If you keep prospecting an hour a day you will be one of the top agents anywhere!

Plan for your vacations. 

Get postcards and send them to all your clients when you are away.  What an easy way to keep prospecting!  You can get your travel agent to get you postcards from your destination, write them ahead of time and mail them from the airport when you land.  It’s a great way to keep you on track.  It’s fun for everyone to get a postcard from another place in the mail.  Send postcards to your clients and your farm!  It is a “cheap” way to get maximum results while you are having a good time not thinking about real estate. 

When thinking of what to write on the card, do something as simple as, “I’m in Hawaii (or wherever).  Having a great time.  Thinking of you.  Be back home and in the office on June 10!”  Imagine how surprised your clients will be when they receive the card.

Go to www.CorcoranCoaching.com for more information!

Make A Commitment: I will prospect daily and keep in touch with my past clients and sphere of influence. 

Deadline: _________

The purpose of this exercise is to identify the strategic and non-strategic costs of a company so that the whole organization knows how to save money and help make a profit.

Position With Overall Accountability: CEO or General Manager (whoever has the responsibility for the financial well being of the company)

Reporting Positions: All

Staff Positions: All

Items Needed: All costs within the company

Standards:

1.                All Department Heads shall review budget and direct any and all questions to the Chief Executive Officer (CEO) or General Manager (GM).

2.                All company employees and salespeople shall adhere to company budget.

3.                The CEO reserves the right to alter budgets provided that alterations add to the profitability of the company.

Benchmark

Position

Due

1.  List all costs the company incurs on a

monthly basis

CEO or GM

At end of every month

2. Divide all costs into two categories. Strategic costs are all those things that clearly bring in business and improve the bottom line. Typical items in this category are the cost of sales people’s commissions and effective advertising. Non-strategic costs include all other costs necessary to run the business that don't clearly bring in more business. Administrative costs of all kinds fall into this category such as rent, office supplies, managers salaries, etc.

CEO or GM

Next

3. Explain to all employees and salespeople that you will outspend your competition for strategic costs and spend this money in good times as well as bad times.  Emphasize that non-strategic costs will be maintained at a bare minimum.

CEO or GM

Monthly

4. Obtain all tracking reports for the previous month on all marketing expenditures from the marketing manager showing the breakdown of cost per call, cost per closing, which marketing is wasteful and unlikely to pay off and which marketing is truly affecting the bottom line.

CEO or GM

1st Week of month

5. Analyze strategic costs and consider margins of revenues or absolute dollars produced for the business. Cut costs on all marketing that is not building your business.

CEO or GM, Marketing Manager

Monthly

6. Review the list of non-strategic costs and cut where possible. Ask “can this be eliminated and not cause the clients and customers to feel neglected?”  If the answer is “Yes”, cut the cost.  Be suspicious of every single non-strategic cost. If you cut a cost and no one screams for it, it was not needed.

CEO or GM

Monthly

7. Place the burden of proof on justifying costs, not on eliminating them.

CEO or GM

Monthly

Go to www.CorcoranCoaching.com for more information!

Make A Commitment: I will review my Budget vs. my Actual income and expenses on a monthly basis. 

Deadline: _________

Take some time and bake... and bake...and bake little loaves of pumpkin bread or any other baked food that you are proud of. The kind of loafs that can be baked in little tins four at a time. The baking needs to be done by hand.  When you are done with the baking, hand deliver the baked goods along with a bottle of wine from your local winery or gourmet hot chocolate to every person in your special group (people sending you 3 referrals or more a year).  Do you think those clients remember to send you referrals every year?  Absolutely!

Go to www.CorcoranCoaching.com for more information!

Make A Commitment:  I will bake and hand deliver my goods to my top tier of sphere of influence. 

Deadline: _________

First you could do a mailing announcing your involvement (if nothing else you look like a hero), second you could do a follow up phone call (active contact) inviting your sphere members to the event, third at the event have photos taken of yourself as well as other sphere members involved in the event.  Using those photos you could then mail (or e-mail) a success sheet to your sphere members showing them what happened.  Be sure to notify your newspaper marketing representative that you are involved with the charity and that the charity would benefit from press releases.  Prepare the press releases in advance so that you can give them to your representative to turn into their community news director.

Go to www.CorcoranCoaching.com for more information!

Make A Commitment:  I will begin being a part of charity events and get my sphere involved.

Deadline: _________

The way the system works is very simple.  When you sell a home you may want to begin to keep detailed records of each sale.  Sales price, loan amount, interest rate, down payment and the term of the loan would be some key numbers to record along with the date of closing.  Armed with this information you can then use this data as a basis to update your clients on how their investment is building in their home.  Remember, it is always a good idea for your sphere to bring along a neighbor or friend to the equity update as well.  This way you will be able to meet their guest and add another listing lead to your pipeline!

Go to www.CorcoranCoaching.com for more information!

Make A Commitment:  I will meet with my sphere that has purchased a home thru me once a year for Equity Updates. 

Deadline: _________

1. Listing Partners: Don't Forget the Outside

Remind your sellers to keep up with the landscaping and other outdoor spaces.  These are very important aspects during the summer.  Make sure outdoor spaces are organized, clean, and inviting.  Regular maintenance like pressure washing and lawn care, can really do wonders to attract buyers.

2. Buyers Agents: Don't Forget the Inside

Just as listing agents are reminding their sellers to keep their outside spaces looking great to attract buyers, be sure to remind your buyers about this little trick.  It’s easy to get swept up in pools, decks, and fenced lawns during the summer heat.  Be sure the buyer is really looking at the interior and not overlooking concerns with thoughts of entertaining and outdoor relaxation.

3. Listing Partners: Know Your Competition

We all know that a market analysis is an important step when pricing a home.  Don’t forget to check out the other homes in the neighborhood that are on the market to identify your listings strengths and weaknesses. 

4. Buyers Agents: Remember Your Goals

It is easy for buyers to get swept away and overwhelmed with the number of listings that come into the market at the beginning of summer.  Be sure clear goals are established before looking at homes so that you can help them keep on track when the searching starts.  Be sure reasonable goals are set that suit their budget, lifestyle, and overall needs..

5. Everybody: Don't Get Squeezed by the Season

We know summer is prime time to list or buy, however, don’t let your clients get stressed about the time frame.  There are plenty of houses on the market for buyers to choose from throughout the year, and plenty of buyers looking. 

Go to www.CorcoranCoaching.com for more information!

Make A Commitment:  I will keep my sellers and buyers focused to eliminate stress during the busy season!

Deadline: _________

A:         People who give you multiple referrals

B:         People who purchase multiple properties

C:         Everyone else

Group A is a special group of people who will send you many referrals.  The question then becomes should I treat these people special?  Many agents say yes.

Although most state laws prohibit you from providing a direct gift for a referral, many agents choose to provide their special friends with a once-a-year dinner. This dinner could be held at an exclusive restaurant or a catered event.  The agent, acting as host, can then send out exclusive invitations for this semi-formal affair.  (Check Your State Laws)  The sphere members are usually encouraged to bring a guest, their spouse or significant other.  This is by no means low cost but it can be of high value.

Go to www.CorcoranCoaching.com for more information!

Make A Commitment:  I will check my state laws and, if legal, implement special dinners for my top tier of sphere of influence.

Deadline: _________

Go to www.CorcoranCoaching.com for more information!

Make A Commitment:  I will host an Office Open House.

Deadline: _________

You may provide a tax seminar in April or a living trust seminar before the end of the year.  In both of these cases you could invite a local business owner to present the information.  Potential speakers could be a CPA, an accountant or an attorney.  These local experts would no doubt speak for free just for the chance of building their own business. Another great event is to have local celebrities such as political leaders, come in to discuss pertinent issues like zoning changes or tax reform.

Go to www.CorcoranCoaching.com for more information!

Make A Commitment:  I will have local business speak at seminars to provide valuable information and build my brand.

Deadline: _________

This is an incredible idea that really works.  Who is the center of attention at these events?  Your sphere of influence is of course!  Do you sell yourself at the event?  No!  You just have fun and so do your past clients, friends and neighbors.  Will every one come to the event?  No.  That is not the point.  The point is that you have invited everyone and they have an opportunity to come.  Some agents co-op the event with partners for instance - title companies, pest and dry rot companies, mortgage brokers and other ancillary business. Be sure to let your team members know that the event is for your sphere of influence and not a time for them to party! 

Go to www.CorcoranCoaching.com for more information!

Make A Commitment:  I will schedule special events for my sphere of influence and have fun.

Deadline: _________

The logistics of this can become a little more complicated. What if you have 500 sphere of influence members?  How would you be able to make contact with all these folks twice a year?  The reality is that this would be next to impossible because there are only 220 working days in a year.  It would mean that you would have to make time to physically go and visit with two sphere members every day.  This would be terrific but in my experience it is just not realistic.  I am going to give you a list of seven ways to make this process easier, less time consuming, and far more effective:

1.         Schedule Sphere of Influence Events

2.         Provide a Seminar

3.         Invite Your Sphere of Influence to an Office Open House

4.         Special Dinners

5.         Annual Equity Updates

6.         Charity Events

7.         Special Delivery

So there you have it - all that is missing is your decision to take action. 

Go to www.CorcoranCoaching.com for more information!

Make A Commitment:  I will implement one of these strategies in my business and watch my income soar. 

Deadline: _________