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Who else uses Express Commission?

In September 2010 Express Commission provides commission advance s to leading residential, commercial, and industrial real estate agencies and business brokers across Australia.

Our clients are based in every state of Australia and include both independent agencies and members of Australia’s most successful real estate groups including:

• Barry Plant
• Biggin & Scott
• Brock Harcourts
• Century 21 
• Coldwell Banker
• First National
• Harcourts
• Elders    
• Hocking Stuart
• irean independent agency network
• LJ Hooker
• Laing & Simmons
• Professionals
• Pro-Active Real Estate
• PRD Nationwide
• Raine & Horne
• Ray White
• Realway
• Re/ MAX
• Richardson & Wrench
• Stockdale & Leggo

Selected article shown below. See all articles for this issue.

Ready to Quit?

I Quit Real Estate - Part 3

In the last edition of Express Agency News, I told you that if you wanted to quit real estate that I'd help you do it and do it right (link to revisit Part Two).  Well, if you stuck around to read this far then my guess is that you don't really want to quit.

Do you have enough time for work and a family life? Is your life in balance? Do you find yourself wishing there were more than twenty-four hours in a day? Are you working twelve hour days, six or seven days a week, with no vacation throughout the year?

Often answers to where we are in life rest in the questions that surround us.

If I could show you a fool proof system that gave you as much time as you need to be successful financially while maintaining a balanced family life with plenty of time off, would you be interested? If you answered yes, then read on.

Look back at history. Benjamin Franklin discovered electricity and created the free press system. Thomas Edison invented the light bulb. Alexander Graham Bell invented the telephone. Jonas Salk developed a polio vaccine. The Wright brothers learned to fly.

Every one of these people had something in common with you. They only had twenty-four hours in a day, and yet they were successful. If they can be successful in these extraordinary ways, then imagine how little time you really need to be successful in real estate?

Stick with me and I'll share with you eight ways to save time, money, and energy.

There is a true story about a prison inmate serving a fifteen year sentence. He decided to start his own tailoring business with other inmates and eventually guards and clerical staff as his clientele.

This man earned himself a fortune. When asked what motivated him to amass such wealth, the inmate replied, "I decided that, instead of serving time, time would serve me."

We hear that time is money, but I'm here to say that time is infinitely more valuable than money. If you've made money then lose it, you can always make more money. Waste a day and it is gone forever. We can spend them wisely or we can waste them, but we can never save them.

1. Account for your time.

Keep a log of what you do. You will be surprised how much time you waste; I know I was the first time I did this exercise.

• List each activity and how much time it took
• Circle what could have been delegated
• Cross out what could have been eliminated
• Total up your potential time savings
• Create a new schedule and stick to it

I call this the reengineering checklist.

 

2. Avoid people that waste your time, they don't pay your bills.

I'm not saying you shouldn't be helpful, but make sure you prioritise. Two techniques I want to share:

Put a sign on your office desk that reads "Working" and inform every one in your office that when they see this sign you would rather not be disturbed.
Add these four words to your vocabulary and use them the next time someone asks you for a favor. "Love to, can't now." In an instant you send the message that you do care but that you don't have the time.

3. Work Smart.

Working hard is fine as long as you are working smart too. For example, use what you learned in #1 above to delegate nonproductive or menial tasks. Listen closely. You will never make $100,000 a year doing $10/hour work. Delegate those tasks to another and do what you do best.

 

4. Finish what you start.

You'll make more money and have a greater peace of mind.

Psychiatrists say the leading cause of nervous breakdowns is leaving tasks and projects unfinished. Winners are good at what they do because they start productive projects, and then they see them through to completion. In the process they save time and enjoy the rewards of success, which certainly helps your PMA.

 

5. List your daily priorities and rank them by order of importance.

If you have five things to do, do the most important one first and don't move on to number two until you complete number one. Complete number two before moving on to number three, etc., etc., etc. Repeat this process every day and you'll be spending your days doing only what is the most important...not merely responding to that which is urgent.

6. Invest your time with your best prospects.

Determine the most likely prospect from whom you'll get a commission and deal with that one first.

There is a simple way to grade your clients. Next to a list of your clients names create two columns. Label one column Motivation and the other Financial Ability. Go through each name and place a plus (+) or a minus (-) in each column. Those that rate ++ go to the top of the list and those that are - - go to the bottom, while the rest are placed in the middle with regards to priority. Examples:

The Browns have just transferred to town, currently living in a motel, already sold their previous home. Rate them + + as they have money from their previous home sale and strong motivation to get out of the motel.
The Smiths have $75,000 in the bank, their current home is paid for, they want to move closer to their grand kids but know that their son may be transferred within the year. Rate them + for financial ability but a - for motivation.

7. Keep an orderly file system for proper follow up.

There are many filing systems you can use be it paper or computer.

Computer based file systems work great if you are a computer expert but can be expensive. If you don't have money to spend, a simple 1-30 numbering system works great. The objective is to contact every client at least once a month. Divide your list into 30 equal parts and file them evenly in folders marked 1-30. If today is the tenth, pull file #10 and contact every person listed. Repeat for each day of the month.

8. Learn how to close.

I'll spend time later focusing on closing techniques, but I would like to emphasize the advantages of the close.

Let's pretend that on your listing appointment and the seller stalls with an "I want to think it over" routine. You go back the next week and the seller stalls again. Your third trip you get the listing. Congratulations!

Should you be elated? No. Be happy you got the listing but if you were adept at closing on the first visit you could have used that extra time to close two other listings. Possibly doubling or tripling your income.

Are you a flounder or a trout?

If you still don't understand the importance of working smart and saving time, this little story may help you visualize.

The flounder lies on the bottom of the sea, waiting for food to come to it. It allows the tides to control its movements and it doesn't resist natural forces. Consequently, it can be easily caught.

The trout swims against the currents, chooses carefully what it will eat, decides when to resist, when to rest and consequently, is very difficult to catch.

Correspondingly, the flounder person reacts only to what comes his or her way. The trout person acts with forethought and self-discipline. The flounder person waits for something to happen while the trout person makes things happen. The flounder person concentrates on activities, and the trout person concentrates on goals and objectives.

If you're not a trout person, you can be. Take charge of your life by controlling your habits, don't let them control you. Hard work alone won't get you ahead you need to also work smart. When you do, there will be plenty of time to take care of all your needs.

Stay tuned for Part 4 in this series.

By: Floyd Wickman

Do you have any feedback on this article or ideas for a topic that you would like us to cover in future editions?

Email us at admin@expresscommission.com.au