Tag Archives: skills training

To Succeed in C.R.E. Focus on the Basics

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Top Dogs - tdogs.com

I was happy when a mentor told me that in any endeavor there are a half a dozen things that make up 95% of our success, and that there are hundreds of things that make up the other 5%. Our challenge is not to focus on the 5% but on mastering the fundamentals. The most successful people are those who master the basics. Fortunately, I also learned the correct syntax for success from my mentor. The proper foundation for success at anything is an education that compresses what it has taken other people years to learn into a few weeks.

The next level in the success pyramid is training and focuses on skill building. If there is no skill training, there cannot be any deliberate practice. Without deliberate practice there cannot be coaching to provide the immediate feedback necessary to assess what we have done correctly and where we need to improve. The role of mentors is to help us innovate and solve unusual problems. He taught me that the reason so many new commercial real estate agents have problems, is that they utilize a mentor as the basis of their career.  In this situation very little coaching occurs because the new agent tags along to meetings where the mentor does the heavy lifting. The new agent is the observer so there is nothing to coach. There is no deliberate practice because the mentor has no time for the necessary skills training. And an education in the fundamentals is almost entirely absent.

top-dogs-1
The Top Dogs programs provide you the correct step-by-step path to success. How to Fast Track your Expertise in Commercial Real Estate will educate you quickly. How to Run with the Big Dogs in Commercial Real Estate will provide you the skills training. The action assignments will engage you in deliberate practice. This will allow your mentor to fulfill their proper role as your coach and provide you the immediate coaching and feedback necessary to perfect performance.

The simple truth is success only requires that people use the correct syntax. In the commercial real estate industry it is axiomatic that 20% of the broker’s produce 80% of the transactions. It is those who master the basics that produce. Be one of those few who focuses on and masters the basics of the business and learn how to produce.

 

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5 Steps to High-level CRE Success

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Five CRE Success Strategies

1- Bring Them the News – Identify changes or a new trend in your market service area that your prospects need to know about. Then narrowcast this information to them. Start by making calls to them with important news to share, and why they need to know it. Also use Youtube, a webinar, or a podcast to narrowcast your message.

2- Communicate Confidently – Know your song well before you start singing. The only way to develop a confident communication style is to practice, roll play and get feedback on your practice. How you say something always speaks louder than what you say. Wrap your message in stories to make them engaging and memorable. Be passionate about helping your ideal client and let your passion show.

3- Get Competitive – Commit to being the top cold-caller in your firm for a full month to generate new, solid leads. Then build relationships with those leads. It takes 5 to 8 contacts to build trust. Structure your lead follow-up to ensure 5 to 8 contacts within a few weeks. Do this by always leaving them with a promise to do something for them, and then fulfilling on your promises. Follow up, and remind them that you are keeping your promises.

4- Create Certainty – Clients are looking for a FEELING of CERTAINTY that if they work with you, that they will get what they want! For them to get this feeling, you must build your expertise. Webster says an expert is, “a person with knowledge, skill and experience in a particular field”. Adopt an intense approach to education and training to master the basics. You need to get better and smarter, fast. This is the only way to harvest the lifetime value of the account.

5- Be an Athlete – Develop the attitude of top athletes. Nobody practices the fundamentals more than the professional athlete. It’s all about constant improvement in the fundamentals. Sharpen your skills daily.

Use the Top Dogs programs to improve your business. “People want to hire the best, and skip the rest”, Bob McComb

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Five CRE Success Strategies

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Man about to walk over precipice on SUCCESS word bridge. Dream sky and mountains. Motivation, ambition, business concept.

“https://www.tdogs.com/wp-content/uploads/2016/09/Five-CRE-Success-Strategies.mp3”][/audio]

 

Five CRE Success Strategies

1- Bring Them the News – Identify changes or a new trend in your market service area that your prospects need to know about. Then narrowcast this information to them. Start by making calls to them with important news to share, and why they need to know it. Also use Youtube, a webinar, or a podcast to narrowcast your message.

2- Communicate Confidently – Know your song well before you start singing. The only way to develop a confident communication style is to practice, roll play and get feedback on your practice.  How you say something always speaks louder than what you say. Wrap your message in stories to make them engaging and memorable.  Be passionate about helping your ideal client and let your passion show.

3- Get Competitive – Commit to being the top cold-caller in your firm for a full month to generate new, solid leads. Then build relationships with those leads. It takes 5 to 8 contacts to build trust. Structure your lead follow-up to ensure 5 to 8 contacts within a few weeks. Do this by always leaving them with a promise to do something for them, and then fulfilling on your promises. Follow up, and remind them that you are keeping your promises.

4- Create Certainty – Clients are looking for a FEELING of CERTAINTY that if they work with you, that they will get what they want!   For them to get this feeling, you must build your expertise.  Webster says an expert is, “a person with knowledge, skill and experience in a particular field”.   Adopt an intense approach to education and training to master the basics. You need to get better and smarter, fast. This is the only way to harvest the lifetime value of the account.

5- Be an Athlete – Develop the attitude of top athletes. Nobody practices the fundamentals more than the professional athlete. It’s all about constant improvement in the fundamentals. Sharpen your skills daily.

Use the Top Dogs programs to improve your business.

“People want to hire the best, and skip the rest”, Bob McComb.

 

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Focusing on CRE Brokerage Profitability

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Cash Flow pie chart on a blackboard. As a business, it is important as part of your business plan to record income minus expenses to calculate the profit on which tax must be paid.

Focusing on CRE Brokerage Profitability

The importance of profitability cannot be overstated, without it the brokerage doors close. Profitability is a compound word. Most of us focus on the word ‘profit’ when we think of profitability. Instead we should focus on the word ability. Why? Because the agent’s abilities are the source of the profits for them and the company.

 

They absolutely must have the ability to:
Generate lead
Convert prospects into exclusive representation agreements
Deliver the services that harvest the lifetime value of the account
Manage their time effectively
Create lasting relationships

 

What do all these things have in common? They are skills, none of them are natural talents . Skills are learned abilities. Great managers understand the steps required for skill building.

 

Teach the fundamentals of the skills

  1. Prospecting, networking, and marketing for lead generation
    Rapport building, presentation and closing for lead conversion
    Transaction anatomy for sales and leasing for services
    Time management for the effective use of their ‘Golden Hours
    Creating a system for relationship building
  2. Engage in deliberate practice of the skills being taught
    Role playing
    Rehearsal for presentations
    Closing skills
  3. Provide immediate coaching and feedback
    In practice sessions
    Following work with prospects and clients

 

Motivation without the ability to perform well on the fundamental skills required will not create profitability. The same is true if the agents lack the fundamental knowledge of the business.

 

Knowledge and skill are the twin pillars of expertise. The more knowledge and skills an agent possesses the more they will get from each experience. This translates into meaningful, bottom-line profitability. Focus on the abilities of your agents and profitability will come.

 

Management and leadership abilities are also learned skills. Schedule your half-hour no-cost consultation with Bob right now, because nobody gets to great alone.

 

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How to Recruit and Manage Younger Agents podcast!

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Estate Agent Showing Empty Office Space To Clients

Estate Agent Showing Empty Office Space To Clients

 

Take our Manager’s Survey and download this audio program for free!

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Full transcript

Secrets of Recruiting Young C.R.E. Agents and Making it Work. (They are not Boomers)  

With 75 million younger people entering the workplace, commercial brokerage owners and managers have no choice but to learn how to recruit, develop and retain younger commercial agentsWe are speaking of the generation born after 1977.

We have the opportunity to recruit talented agents who, because of their strong social media and technological capabilities, have the ability to be highly productive. However, if we fail to understand their needs, how they work and live, we will lose them and the opportunity to grow our business.

If you have hired people from this generation in the past, you may have asked yourself these questions… 

“What makes them so needy?”
“Why can’t they stay out of my office and think for themselves?”
“If they’re so smart, how come they’re always looking to me for help?”

Let’s begin by exploring their characteristics, then look the strengths they can bring to our business. And finally, what we will need to do differently to manage them productively. 

They believe they are highly valuable to any organization. They thrive on learning new job skills and are focused on developing themselves by setting new challenges to achieve. 

They are a “can do” generation, rarely worrying about failure.

They see themselves as running the world and work environments.

They value having flexibility and choose careers that allow them to live the life they desire

They stay busy with after-work activities, including philanthropic involvement, going to gyms, volunteer positions, classes and social events. The result of their minimal “down time” is that they are highly comfortable going from activity to activity in their adult world. They grew up with little unstructured time as their parents carefully selected their life choices. 

 For them, multitasking is their way of life.  What this means to us, is that when it comes to work-life balance, they are not going to give up their lifestyle for a career. 

Overworked brokerage owners and managers are frustrated by the endless parade of questions, suggestionsapproval seeking and other daily demands from young agents.

However, if you ask them, they’ll tell you that they’re frustrated by failure of management to give them clear directions, who seem too busy to provide feedback. Why? Because, at their core, they are anxious to please.

One problem is that younger agents don’t appear to take initiative andseem to lack situational awareness. They never seem to look up from their mobile screens and look around to see what needs doing next. They prefer to ask questionsrather than looking for themselves. 

Because so many brokerage owners and managers bootstrapped their way to success with little more than a desk and phone, they do not understand this generation’s need to be coached on how to workor tobeing told what to wearor about showing up on time and putting in a good day’s work.

Essentially it’s about providing immediate coaching and feedback. You might expect them to think for themselves, but they are conditioned to ask lots of questions because they have received a lot of feedback in their youth about how they’re doing, and expect it to continue. Being frustrated with their behavior is not the answer. 

In a business that requires agents to think for themselves, how can we shift their behavior?  The solution is to increase their self-confidence by developing a belief in their own competence. We need to grow their confidence and help them thrive in the commercial brokerageenvironment with meaningful education and training.

One way to do this is to catch them doing things right much more often than you might think necessary, because they are not us. They crave the approvalattention and the trophies they received from parents and sports coaches.

Here is some great news for some of you. These people are team-oriented. They like banding together to socialize or work in groups. They have learned their lessons using a cooperative learning style and are comfortable working on teams. They need and want to make friends with the people at work. They believe that a team can accomplish more and create a better end result.

What this means to you is that it is vital to create a winning team atmosphere at your firm. Where the competition is outside the office. And because their Baby Boomer parents raised them to believe that education is the road to successyou need to provide ample opportunity for growth through education and training.  

Although they are technologically very savvy, spending time on the phone is not their number one choice. Additionally, they are typically unaware of non-verbal cues. As a result, this generation tends to have more miscommunications. They are unaware that words only account for a small part of the communication. This makes skills building an imperative, telephone prospecting and networking, rapport building, interpreting body language, negotiation training and much more.  

They are conditioned to quick and efficient communication, such as instant messaging, texting, Facebook and e-mail.  Too often they choose other than face-to-face methods of communication. In a people business like CRE, this produces poor results. They need to be taught how to get out of the dugout and meet people. Again, the self-confidence to get out of the dugout has to come through increased competency, combined with immediate coaching and feedback on their performance.  This means, education, skills training, role-playing, and coaching. 

When providing coaching and feedback, compliment first, so they will be able to listen to any criticism. Develop a habit of complimenting at ratio of 4 compliments to 1 criticism.

Directions during feedback sessions must be clear and specific. And understand that they too want to be heard, so make your sessions interactive, so that there is an opportunity for them to share their feelings and ideas.

You will be more successful with your agents in delivering personal performance reviews more frequently. Brainstorming is also a very effective technique with this generation.

So how do you integrate and manage the younger generation within the workplace? Here are some key tips and insights.

Provide flexible work schedules and a relaxed workplace. Create opportunities for social interaction like Friday afternoon alcohol-free “happy hours

Create education and skills training opportunitiesYou can create an educational savings account, or provide tuition reimbursement

When recruiting, emphasize the ways that being a successful agent will contribute to society and how the company can facilitate that.

Younger agents want connections, checkpoints and coaching.  Provide coaching sessions to discuss their career. Shorten the feedback loop. They set short-term goals and are resistant to paying their dues. Do reviews at least quarterly. Create career paths with a timeframe short enough for them to see resultsBe sure to reward small successes along the way.

To bring out the best in them, teach them about the company and explain how their work will lead to specific results. Give them exposure to different aspects of the business and help them build relationships with clients.

Make sure thathey understand the objectives of their job by describingthe result you’re looking for and encourage them to figurout the bestways to get it done. In many cases they’ll develop a better process. They grew up learning how to figure out things on their own using the Internet and a network of friend to find their own answers.

Hold them accountable for mistakes and praise them for success. Be aware that they do not take well to orders. They are impatient, but always eager and quick to learn. If you tell them it’s your way or the highway, they may walk.

Loyalty to you and the company is the number one reason they stay in a job. Dissatisfaction with management is the number one reason they quit.They want a tight bond with caring coach who is aware and who wins their affection.

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