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Business Planning
2010 & Beyond!
Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, eProMissouri Association of REALTORS®
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
Meet Corky Hyatt•Coach, Educator, & Instructor since 1988•REALTOR since 1978 with more than 75 sales a year before turning her attention to full-time training•Broker in both KS and MO•CRB, CRS, and GRI designations•REALTOR of the Year, 1990, Johnson County Board of REALTORS•WCR Governor, 2002 & CRS State Pres., 2004; KS CRS of Year, 2001•Distinguished Service Award, Kansas Association of REALTORS®, 2007
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
Meet John Mayfield
•Received his real estate license at the age of 18 in 1978•One of the first sales associates in his board of REALTORS® to reach the Missouri Association of REALTORS® Million Dollar Club…interest rates were record highs and ASP $25,000.•Practicing broker since 1981 and he owned and operated three offices in Southeast Missouri, and managed over 30 real estate agents.•ABR®, ABRM, GRI, CRB and e-PRO® designations•CRB Instructor and Senior GRI Instructor•Published author & national speaker!
“It is impossible to predict the future.
Being caught off guard is just foolish. Why would you fight the future? The future is coming, no matter what.”
• What are my numbers?
• Units closed this year?
Annual increase in the past 3 years?
• Average Commission?
• My average listing inventory
Seller inventory
Listings sold/year?
Percentage of listings taken/listings sold?
Where Am I Now?
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
Sources of Business?
• Whom do I prospect for seller listings, buyer clients?
• How many contacts do I make a day?• Am I still mailing instead of contacting? (throwing
$ at the business?)• How many property or buyer listings do I take
each month?• How many contacts (How many presentations)
does it take to sign a seller or buyer listing contract?
• What’s my GCI? What’s my annual expense %? What’s my profit %?
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
What’s My Bottom Line?
• GCI? (Gross Commission Income)
• Expense % (gross profit before taxes)
• Profit? (gross profit before taxes)
• Am I pleased with my numbers?
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
Numbers eExercise• Units not volume – duplicatable! (Sides=best)
• Low number of personal contacts with
– COI, PC’s (past customers), Raving Fans
• Number in your COI (too many or too few?)
– Ideal number=250 so that you can contact them 6X/year (250X6=1500/50 weeks/5 days = 6/day!
• Few using business plan
• Virtually none using business budget!
– Thought question: How can we be in business without a business budget?
• Email signatures: It’s feast or famine!
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
My Strengths
What are my business advantages? What are my core competencies?
Where am I making the most money? What am I doing well?
My Weaknesses
What am I avoiding? Where do I lack resources? What am I doing poorly?
Where am I losing money? What needs improvement?
My Opportunities
Any beneficial trends? Niches that competitors are missing? New technologies? What
the new needs of customers and clients? What opportunities do I see that are not
described here? How am I using “social networking” to build my business? Ability to
communicate with all personality types?
Ability to work with all Generations?
Threats
Obstacles to overcome? Aggressive & successful competitors?
Negative economic conditions? New brokerage models and alternative pricing models?
Government regulation? Changing business climate? Vulnerabilities?
What threats do I see that are not mentioned here? Inability to work with other
personality styles? Inability to work with the other generations?
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
SWOT… How will I …?
• Maximize my best “S” [strength] and “sell” it to consumers?
• Overcome my greatest “W” [weakness] and what specific action will I take NOW to overcome it?
• How will I take best advantage of my greatest “O” [opportunity] in the next 90 days?
• How will I specifically deal with my greatest “T” [threat] in 2008? How will I address each of the “outside” threats/issues in my business planning?
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
• Mission
• Vision
• Values & Beliefs
• Goals
• Strategies
• Action steps
• Evaluation
• Refinement & Redirection
It’s Not Magic!
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
Mission Statement
Ralph Roberts Mission:•Customer Focus•Personal Growth•Leadership•Team Concept•Profitability
Mission Statement Ideas
• “To maintain the high standards exemplified in the NAR Code of Ethics”
• “To attain a high level of expertise in the most up-to-date information, techniques, technology, and tools for marketing properties and for home-finding services.”
• “To promote the availability and affordability of housing.”
• “To build personal financial independence, growth, and stability through serving the wants and needs of motivated, qualified sellers and buyers.”
• “We will give the same level of care and attention in the sale or purchase of your home that we would use in buying or selling our own home.”
• “Our goal is to make lifelong clients, not sales. We stake our reputation on each and every transaction!”
• “We provide customer-centered service to exceed our clients’ real estate expectations.”
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
View from the Top?
Your “vision” is a vivid, 5-sense description of your business when you’ve accomplished your goals!
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
Vision Examples!• My past customers call me whenever they hear of someone wanting to
buy, sell, or trade real estate.
• My email contacts forward my emails to their centers of influence because they find them so valuable.
• I use state-of-the-art technology, especially my computer systems.
• My past customers and center of influence use my web site to find everything they need to know about real estate, housing, and related fields.
• Agents copy my email stationery ideas and web site ideas because I’m leading the field!
• My office functions beautifully, my workspace models organization and systematization, and I can find information and documents quickly.
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
More Vision Examples!
• My car, while fully outfitted for business, squeaks of cleanliness, smells fresh, & provides a comfortable place to work for me & to see properties for my clients.
• Prospects ringing my phones, happy voices, and appreciative smiles surround me daily!
• My real estate “team” and I provide the best information, service, and support available in my market area.
• My wardrobe and business equipment/accessories speak of quality and success.
• I’m known for being an excellent listener and for focusing on the needs and desires of my exclusive clients.
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
• Tom Peters, world-renowned lecturer & author, has a seminar entitled
"Be Distinct
or Be Extinct!”
To
m P
ete
rs
Don’t Become Extinct!
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
High D’s (Dominance)
Results, control oriented
Direct
Impatient, strong-willed
Quick
Takes Action
Hi I’s (Influence)
People-oriented
Optimistic
Recognition-seeking
Expressive & outgoing
Enthusiastic, energizing
Hi S’s (Steadiness)
Stable, predictable
Deliberate
Consistent
Good listener
Sympathetic
Hi C’s (Conscientious)
Analytical
Accurate and orderly
Deliberate
Correct & quality oriented
Systematic
Planners© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
Generation Impacts Attitudes Communicat’n
Style
Technology
Preferences
Silent
Generation
(1922-43)
Depression
WWII
Duty, Honor,
Hard Work,
Respect for
rules
Formal
communication
styles
Telephone; Some
use computers-
more comfortable
with written
letters
Baby
Boomers
(1943-60)
Era
of Safety,
Prosperity
Rebelled aga.
“hollow”
society
Personal
growth,
achievement,
political
correctness
Learned
computers
prefer
conversation,
esp. telephone
Gen X
(1960-80)
Social value
upheavals
Tough,
pragmatic,
individualistic
Adaptive,
balanced, comf.
with casual
communication
Emailers,
Net = source
of information
Gen Y
(1980-
2000)
Global
political
unrest; tech
since birth!
Grew up in
diverse &
multicultural
society; ‘02
Census = 37.6%
Tech since
birth! Family &
group centered;
Talk cell not in
person!
Cell Phone-
centric! Texting,
IM, cell
applications &
net thru cell
phone
…when a client truly believes nobody else can do the job the way you can do it, price
is no longer an issue!
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®
Questions - Structure & Organization!
In which legal identity do I choose to work? Sole proprietor, partner, S or C Corp, or LLC?
Which “role” do I choose to play with prospects and clients? Salesperson or consultant?
Which organizational structure do I choose for my business? Agent alone, computerized; Clerical staff;
buyer agents; seller agents; CEO
In which areas of my business do I need additional systems & check-listing?
What is my “exit strategy” & what am I doing to put it in place today?
© 2010, Corky Hyatt, CRB, CRS, GRI & John Mayfield, ABR, CRB, GRI. For use only by MAR GRI Participant REALTORS®