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23 November 2010

Project High Expectations or Forever Hold Your Peace

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The fact is that most leaders tell their new hires (new to the business) that it will take six months or more for them to become productive. Why then, do we seem surprised when their words become a reality? During the interview process, one particular manager always tells new hires that new agents in the office typically have a closing within 3-4 months (i.e. a transaction within 1 to 2 months!)

Not only do 40%-50% of new hires accomplish this goal, but later on, many have told the manager that their positive attitude toward the potential for early results was a main motivator in their decision to join the company!

Rule of Thumb

Since we are ‘influencers’, creating self-fulfilling prophesy is a natural byproduct of our communications – So mark your words carefully! – Bob Albanese

Another example: Listing standards

One area that real estate leaders can focus more on is tracking and holding agents accountable to ‘Listing Standards.’ Listing standards vary, but generally relate to both productivity as well as culture.

The impact of unsold inventory is stark and market conditions over the past several years exacerbate the problem. Awareness of this fact creates a compelling case for managerial control through the implementation of listing standards.

What are your standards for skill development, listing presentations and pricing adjustments?

  1. Are your agents accepting listings priced within +/- a certain percentage (varies with market conditions) of the price indicated in a comparative market analysis?
  2. Are your agents highly skilled at delivering the value proposition and demonstrating your company tools and services in a listing presentation?
  3. Are your agents bringing listing terms of at least 6 months in duration? (Varies with markets.)
  4. Are your listings easily accessible and well staged for marketing?
  5. Are your agents making sure properties are well positioned on the appropriate Internet sites with ample numbers and quality of pictures and video included in all postings?
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If the answers to these questions are unclear in your mind, the associated loss in revenue is likely far greater than you might ever expect. If it were up to me, every office would have listing standards for all the points mentioned above and the manager’s signature would be required before the processing of a new listing could occur.

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