How the 'super month' will change your life
Blogger: Shane Smollen, principal, McGrath Estate Agents: Avalon, Castle Hill, Crows Nest Epping, Hunters Hill, Lane Cove, Lindfield, Mona Vale, Palm Beach and Pymble
There is no doubt we are creatures of habit. Habits take all forms – some attract success, some support the familiarity of our comfort zone, and others are perfectly formed to sabotage whatever we have set out to do that is different to what we are used to doing, even though we said at the time that the change was important.
Increasing our results in real estate – and I mean really increasing – is nowhere near as simple as it seems on paper. Why? Because we have to change what has become comfortable, even if what has become comfortable often feels anything but.
It never ceases to interest me how some agents can do almost an identical amount of business per year over several years. Just think about how clever that is – different market conditions, different clients, competition and situations. Even the plan and the genuine intentions were probably different. We even went to more training and yet the outcome is almost the same amount of income.
Clearly many of us are hardwired to perform at a certain level. It's the frequency we are set at and if nothing comes along to seriously attack it, the pattern can last forever.
If you are serious about a new reality and upgrading your choices in life, never take change for granted as it will probably not just happen by itself. Something has to break the circuit.
Right now, many markets are in full momentum – the extra pace we are experiencing is an invitation to move much more quickly and hopefully set a new level. The reality check to that is that if there is 25 per cent more business being transacted in your marketplace, your income should be up by at least 50 per cent otherwise there is no or minimal growth.
In fact, with 'days on market' statistics often halved, you should be able to do twice the business without having to work much harder and consequently the amount of hours required on each sale should be much less.
One of the simplest ways to create new internal software is to plan towards a single month where you set a listing and sales target that is much higher than you have ever done. Often it just takes one great sales month to change what you believe you deserve.
However, the accompanying listing target is vital so the following month doesn't become a flop and undermine all the good work.
For many of you, that opportunity is available in the first quarter of 2014. Pick a month and go for it. Make your target highly visible and commit to it publicly. It should be at the very peak of what is realistically possible. This is not just about a single month, but how you will view yourself for the rest of your career, so make it exciting. Include an enticing reward (something you've denied yourself for too long or never thought you deserved) and you may also like to add a painful penalty.
This is a case of whatever it takes. Nail it and life will probably never be the same.
If you're a two-to-four-month agent, then set sail for eight. With focus, increased prospecting and the fear of failure driving you, it's there for the taking. If you have a coach then make sure they do their part and work with you constantly as you can't afford too many hours where you are not at your best in the lead up.
Now for the fun bit. How about we pre-spend a little of that commission you have 100 per cent committed to earn? Do you dress, dine and drive like a million dollar performer? Life doesn't need to be all about delayed gratification and grind. Go and spoil yourself - don't be plainly irresponsible but this is about transformation and you have no income ceiling if you change a few habits. Stop living like you don't deserve abundance. Book that business class ticket, go and sit in the car you've dreamt of (I dare you to order it - what's the worst that can happen?), spend an afternoon in the best spa in town or maybe buy your folks the one thing they've been putting off for years. For less than one commission over at least the next 30 days, why not act and look like the million dollar agent you will be?
This is not about ego or wastage but a reminder that you're worth it and life is too short. Probably the most valuable prior investment that creates a step up is to take on an assistant. It's actually not just about the obvious advantage which is clearly to get rid of every ounce of low dollar productive work, but it actually creates a new level of self responsibility - you have somebody new in your life behind you, helping you achieve your goals and you shouldn't let them down.
Find somebody who actually cares what they are a part of and commit to them. You are no longer a lone wolf that can keep flying under the radar - you are now truly a business within the business and this is no longer just about you. Spend some really good time in those first few weeks ensuring they know exactly what's required and have the direction and tools to do so - don't dump and run as enticing as that is.
You'll find you take on a more serious view towards the business of real estate and in doing so you get to enjoy more of the fun parts of what we do, which also happen to pay at a rate of $1,000 per hour not your old rate of $25.
Yes we know it’s a marathon, we are reminded all the time,.but this time I want you to sprint towards a single worthwhile goal and it must happen by March 2014. You are going to have your biggest sales and listing month ever and never look back. The new you moves at a different pace, gets paid at a different rate and makes choices you once thought were only for the lucky ones. We make our luck.
ABOUT THE AUTHOR
Shane is considered on track record to be one of Australia's highest producing principals and a specialised coach to elite agents. His 10-office group within the McGrath group includes many of the country's highest producing agents, including five of the top 10 in NSW from the Real Estate Business Top 100 ranking, the recently awarded Agent of the Year John Paranchi, and last year's number one ranked agent Peter Chauncy. He has some limited availability to consult to agency principals wanting fast, sustainable growth.