GRI 409 Business Planning - Springfield, MO
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The document outlines essential business practices for real estate professionals, emphasizing the importance of a solid business plan, effective delegation, and community engagement. It also highlights common rookie mistakes, strategic planning, and the necessity of embracing technology and social networking to enhance connectivity with clients. Additionally, the text provides various productivity tips, organizational strategies, and emphasizes tracking key performance metrics for success in the real estate industry.
GRI 409 Business Planning - Springfield, MO
- 1. Business Planning2011 & Beyond!Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, eProMissouri Association of REALTORS®
- 2. May I introduce to you Dr. Fred Grosse!Have a “10” Today!Document your “Mooring Lines”Practice your “Morning Ritual!”Enjoy your “Rewards!”
- 3. Dr. Fred Grosse’s 6 RulesRecognize that life is primary; business funds life.Uncover your passions and give yourself permission to celebrate them.When working, only engage in top dollar-productive activities.Delegate effectively, so you can work less and earn more.Focus on what you can offer your clients, not what you can get from them.Remember to give back to the community you live in.
- 4. What is Your Biggest Challenge Right Now?
- 5. What Have You Tried?
- 7. #1 of Top 7 Rookie MistakesNo Business PlanBy Terry Watson!
- 8. Terry Watson’s Top 7 Rookie Mistakes!No Business Plan!Not using resources available to you!Not maximizing your productivity!Not earning REALTOR® designations!Not purchasing equipment as a business entity!Not crafting your message to prospects’ concerns!No income buffer, passive income, or nest egg!
- 9. Poverty Mentalitya way of thinking …perpetuates poverty …focus is on what one doesn’t have rather than what one does have.A common characteristic is making fear based decisions.
- 10. “Who Am I?” Audit
- 11. Where Am I Now?Units closed this year?Annual increase in the past 3 years?Average Commission?My average listing inventory Seller inventory
- 13. Percentage of listings taken/listings sold?Sources of Business?Whom do I prospect for seller listings?Whom do I prospect for buyer clients?How many contacts do I make a day?Am I still mailing instead of contacting? (throwing $ at the business?)How many property or buyer listings do I take each month?How many contacts (How many presentations) does it take to sign a seller or buyer listing contract?What’s my GCI?What’s my annual expense %?What’s my profit %?
- 14. Work On It & In It!Initially, no less than 10% on it & 90% in it!
- 15. Increase “on” for increased results!What’s My Bottom Line?GCI?(Gross Commission Income)Expense % (gross profit before taxes)Profit? (gross profit before taxes)Am I pleased with my numbers?
- 24. 4 Key Questions!“So that I may better serve you, please let me ask you a question.Of the following 4 options, which would your BEST FRIEND or your SPOUSE use to BEST describe YOU?Straight-to-the-point!
- 26. Stead and Dependable, or
- 27. Cautious & Perfectly Accurate?Michael Maher7L
- 29. For theDominantperson, you will want to include executive summaries, bullet pointed key details, easy-to-find information that can be quickly reviewed; “executive” styling; bold.For the Social/Influencerperson include color, interactivity, people-oriented materials; stylishly presented; recognition. Color flyers, web sites with flair.For the Conscientiousperson include accurate details, full explanations; honest and straightforward; correct information; quality. Charts and graphs.For the Steadyperson include information focused on security, dependability; remember their natural fear of change.
- 31. Weaknesses?
- 34. It’s Not Magic!MissionVisionValues & BeliefsGoalsStrategiesAction stepsEvaluationRefinement & Redirection
- 35. Mission StatementRalph Roberts Mission:Customer Focus
- 36. Personal Growth
- 37. Leadership
- 38. Team Concept
- 39. Profitability
- 40. Strategies?“Strategic” planning requires that once your mission, vision, values, and goals have been defined,You take the next step, creating strategies to accomplish your goals!
- 41. In the rectangle,Write a 1-sentencedescriptionof one of your goals for the next year!
- 46. Work “Billable” HoursBillable hours = hours that produce income!Prospecting, Presenting, Negotiating, Closing & Follow-thru!
- 47. Allan is from your neighborhood. Working with an agent who knows your community can be vital to the success of your transaction. After years of personal and business interaction in the area, Allan has gained an in-depth understanding of the many factors affecting real estate transactions in Philadelphia.Over 25 years of experience Experienced and skilled negotiator In-depth and active community member Top producer Detail oriented, trustworthy and committed to excellence Extensive marketing and advertising background Good rapport with lenders, appraisers and all other people involved with buying and selling real estate Comprehensive knowledge of neighborhood marketing conditions Totally committed to the luxury condo marketAllan has a a positive attitude, is a good listener and will go the extra mile to make your transaction as smooth and efficient as possible.ALLAN DOMB REAL STATE Philadelphia, PA Since 1980, Allan Domb and his highly reputable real estate brokerage firm have been known throughout the United States as key contributors to Center City Philadelphia’s luxury condominium market. Today, Mr. Domb continues to control 75% of Center City luxury condominium sales in buildings such as Academy House, The Barclay, Center City One, The Dorchester, Hopkinson House, Independence Place, Pier 3, Pier 5, The Philadelphian, Society Hill Towers and Wanamaker House. Nationally, Mr. Domb has been ranked the top producing residential real estate broker for the greater part of the past twenty years.Alan Domb
- 48. Protect PRIME Time!Prime time = “belly to belly” buyers & sellersProspecting, presenting, negotiating and closing plus following through!NO Administrative tasks during PRIME TIME!Administer in non-consumer hours (early or late)
- 49. Eliminate $ Wasters!Track “ROI” for all promotion expensesPlan expenses a year at a timeUse a business budgetHold yourself accountable to the plan and the budgetNo more “just one commission” excuses!If you need help, establish a “Board of Directors” with people you respect!
- 50. Practice Positive “Dumping”Spam? (Panda, McAfee,Norton)Spy-ware?Use Message Rules in Outlook Express or OutlookAuto emails into folders or Delete them before you see them!Capture leads with message rule flyers to emails from REALTOR.com leads, your firm’s website leads, or your own web leads
- 51. Do it now!Do it now!Do it now!Do it now!Do it now!Do it now!Do it now!Do it now!Do It Now!
- 52. Cold Calling’s Dead!So What?You never did it anyway!
- 53. Build My Referral Business!
- 55. Read, Study, Adopt 7L!
- 56. Make Your BusinessTechnology BasedNotPaper & Clutter Based!
- 58. Corky Hyatt QR Code!
- 60. Ally or Foe?
- 61. Communicating in a World Full of Noise!“Game Changer!”
- 62. Benefits of Social NetworkingEasy to get started!Not a techie? You can still network!Immediate gratification!“One-Click” referral sending/receiving!Blogging, social networking can create credibility!Excellent access to Gen X and Gen YMakes information readily available to consumersIt’s FREE!
- 63. How can you use social networking to “incubate” internet consumers?
- 66. Who is “New” Consumer
- 67. Who is Internet Buyer Today?84% of all buyers are internet consumersExpect “instant” response56% expect a response within 30 minutesTypical response by real estate agents was 10 hours, 16 minutesDo a lot for themselves – researching 1st on their own
- 69. How May Hats Can You Wear?Listing Agent?Buyer’s Agent?Ad Man?Sales Mgr?CIO (Chief Info Officer)?Accountant?Webmaster?Staffing???
- 70. Assistance For “Me, Inc.”Live assistanceVirtual assistanceChoosing the best “Office Manager”Create the job description, i.e. which “checklists” will you delegate first, later?DISC (Assess the personalities first)We hire for personality andFire for failure to perform!
- 72. Systems & Checklisting!For a sample you can useSee Page 15…Sale to Closing Checklist
- 73. Legal Structure Sole proprietorship, partnershipCorporation (S, C, or LLC)BudgetingOrganizational structure Agent aloneAdd technology toolsClerical supportBuyer and Seller agentsCEO & into Exit StrategiesStructural Decisions
- 79. Set Deadlines!Write plan deadline:Budget deadline:Tech-equipment review deadline:COI clean-out deadline:Computer back-up deadline:Legal structure review deadline:Schedule a physical deadline:Schedule time off deadline:Insurance review deadline:Living Trust deadline:
- 80. Resources!Check out the Links!Build Your Brain Trust!
- 81. EFFECTIVENESS & EFFICIENTY CHECLIST:How to Shut Down My Time, Effort, & Money Leaks!CRS members comprise just 4 percent of all REALTORS®. CRS Designees earn an average of $155,876 annually — three times as much as the typical REALTOR® who sells residential real estate.
Editor's Notes
- #47: PAGE 11 (next slide is also for page 11!)Action Steps to Building a Referral Business:What will I add to my business plan to build my referral business?Identify 30 top REALTORS in key communities across the Midwest and the nation, gathering their numbers, email address, and web address. (Check their production/experience. Use CRS’s whenever possible and WCR members because they are keyed into referring!)Ask for their referral business to your market areas not the entire Metro KC area. (They may have other agents in other KC areas and still use you for your area!)Provide a “Referral Action Program & Service Guarantee” to each identified referring agent.Make 12 contacts per year with each identified agent including a mix of phone, email, mail, and (when you’re on the road!) visits, coffee or lunch. Getting to know them means more referrals from them and from other agents in their office.Recognize referrals immediately! A gift delivered to their office, sitting on the receptionists counter, is good for several more referrals. Make the gift personal to them and their interests for better results EXERCISE:We’ve given you two ideas below:Sit with REALTORS from other areas when I attend GRI courses, MAR meetings, my franchise meetings and conventions, and NAR meetings, trade shows!Use a referral-service business card when attending functions with REALTORS who could refer to me. Your job is to enter at least two more ways to build your referral business on lines 3, 4, and 5!