The Move to Models
Rapid changes in conditions require us to think at speed. Mental models allow us to gain perspective and make game-changing decisions. Here are some favourites:
Edit - and do it frequently.
If it doesn’t serve you well, edit it out. If it works, edit it in. Review what steals energy from you; stop doing it. Review what brings energy to the table, do more of that.
What matters? And what motivates?
Write a list of the things that matter to you. They could include:
Owning your own home
Having spaces for living and working that inspire you
Meaningful work that stretches you
Connection with the people around you
Then write out a list of what motivates. Simple things could include:
An early morning run
Seeing a great sunrise/sunset
A motorbike ride
Shared experiences with others
Only do things that matter and motivate. If it doesn’t matter, and/or it doesn’t motivate, stop doing it.
Agree on, Work on, and the Third Option
Perspective shifters in negotiation change how you play the game. Write out T, left-hand side; what are the things you agree on? Then on the right-hand side, what do you need to work on? It gives clarity on areas of contention. Focus on what you already agree on. Promote flexibility via the work-on column to close out the deal, whether it’s selling a property or recurring a new candidate for your team.
The third option invites the subject into the negotiation. What we can do from here is either 1, 2, or maybe there’s a third option that you can see?
Most people have become tactically excellent during this era, but they are strategically negligent. The secret: Stop playing by an outdated rule book. We’ve never lived through this before, and it requires new thinking. Escape the traps of old school thinking and new age detours. Amplify what works.
Digital and Physical Headquarters
This new era forces us into two headquarters. We have your physical headquarters. These buildings provide collaboration spaces, spontaneity, on the job training and a real sense of community. What’s the benefit of someone working from your physical headquarters? It allows for on the job training, connection, and an environment that supports the type of person they want to become.
The digital headquarters is what we used to call the 'paperless office'; now it’s a work-anywhere digital world. Your digital headquarters is where work happens in the digital space. Communicating and connection tools like Slack change the game. Integrations with essential software give you notifications the second anything happens in your business, direct on mobile. We need to facilitate information flow, collaboration and a sense of community in our digital headquarters.
Workflow has gone digital, from signing agency agreements to exchanging contracts. It’s helped automate compliance, drive system usage, and provide digital reporting for more timely decision making.
Definition - Personal and Business
It’s easy to get lost in the sea of emotions on social. We have real-world experiences and digital lives. Those digital lives are forcing us to redefine what’s important, and when.
Simon Sinek had a global best selling book ‘Start With Why’. In it, he challenged people to find their way. Anyone who reads it often leaves feeling a loss of identity. I prefer to go the opposite and get people to provide definition about who you are.
If you’re not being a real estate agent, what would I find you doing? Here’s a list of interests for me:
Music and live events
Restaurants and dining experiences
Once you have a defined list of what interests you, you go all in. There’s no time to be bored when you’ve got a definition of who you are and what interests you.
In business, it’s time to get definition. Let’s get strategic to find big opportunities:
When the buyers buy, where do they come from?
When the sellers sell, where do they move to?
Both of those are future markets for trade-ins. There’s so much data that can provide incredible insights into the markets you want next and your existing relationships in those markets.
Then there’s the power of landlords. If we mapped every landlord and their principal place of residence, where do they live? How many of our landlords have we given an opportunity to have their principal place of residence appraised? If they have additional equity, they may purchase an additional investment property or trade their existing principal place of residence.
The secret to business success is to know your formulas.
How do you generate your leads?
Review every listing your business won this year and ask one simple question:
How did you meet the seller?
How Did You Win Your Business?
Stop guessing. Start asking. Have an independent marketer conduct a study with clients within 36 hours of signing an agency agreement. Find out why they decided to use you. The sooner you know how modern consumers decide to select an agent, the faster you can alter your trajectory for the future. Do more of what works.
How Does Your Firm Deliver Experiences?
Every moment for the customer is either happy, anxious or sad.
A buyer decides to buy - happy moment.
The buyer finds something online they like - happy moment.
The buyer turns up at an open with many buyers present - anxious moment.
The buyer asks to move forward in an offer, and the agent discourages it, preferring they bring their offer to auction day - anxious moment.
The agent rings and advises they are now taking offers - anxious moment.
The buyer puts forward an offer - happy moment.
The agent calls to advise they are now in a multi-offer situation - anxious moment.
The buyer increases their offer - anxious moment.
The agent calls to advise the offer is accepted - happy moment.
Great businesses manufacture the happy, sad and anxious moments to produce better customer experiences. Disneyland gives a wait time expectation on rides, then they exceed the expectation to land the customer on the happy moment at just the right time.
To develop a deeper understanding of what you do next, we teach the ‘then what?’ philosophy. You attend a market appraisal, then what?
Add to ‘market appraisal’ category
Add to ‘buyer/seller' list
Add weekly email to ‘buyer/seller’ for total market listings and sales summary
Call re: Underbidder on a similar property, can we show them through?
Call re: We have something for you to see, can you spend an hour with us on Thursday to see two homes?
Connect to property services suppliers
Invite to auctions/opens