For most, the idea of earning an income without working is exciting and aspirational. Is it realistic, however? Can you ever really make money while doing nothing at all? On this episode, we weigh in on what passivity actually means in a business and why the very notion of passivity needs to be redefined.
No one gets 'mailbox money' without putting in effort. -Greg Harrelson
Takeaways + Tactics
You need to put in a good deal of effort and energy to maintain a "passive income"
Consider where your worries come from, before presuming money will eliminate them
Respond to the events in your life, rather than reacting to them
The idea of passive income certainly allows us to dream about what we might do in our spare time. However, never forget about the fulfillment and satisfaction your work can give you. Carefully consider what you mean by passivity. The reality is, it’s incredibly rare to truly detach from any work, as your mind continues to contemplate every detail of your life.
Lead conversion is a popular subject in real estate, but many agents are unsure of how to improve their conversion rate or interpret what the numbers might be saying. How can you boost your conversion? Are there steps you should be taking (or avoiding) to improve it?
On this episode, I talk with coach and founder of Smart Inside Sales, Dale Archdekin, to answer these questions and more.
People should either be a team or get on one. –Dale Archdekin
Takeaways + Tactics
Ask yourself if you’re having enough conversations with prospective clients. The volume of calls you make is crucial to your business.
Track what you’re doing. Record your phone calls and pay attention to what’s working— and what isn’t.
Ensure your staff is held accountable and that they do what they’re supposed to do. Your company’s culture plays a huge role in its success.
On this episode we discussed some of the ways agents can improve their conversion rate. Dale notes the mistakes he’s observed while training agents, and provides solutions to the issues he’s noticed.
We also shared on:
How to communicate, rather than recycle a script
Who you should avoid hiring when your business is young
How rephrasing your questions can help you attain better results
For people looking to start their own businesses or take on managerial positions, considering conversion rate is of the utmost importance. The best way to do this is by paying attention to each step you- or your team- take while in the process. Think about the questions you’re asking and the value you’re promising.
After working part-time in a call centre for credit card insurance during high school, Dale Archdekin has gone on to become a force to be reckoned with in the real estate industry. In addition to having 10 years experience as a real estate agent, Dale is the founder of coaching company, Smart Inside Sales. Dale is passionate about teaching salespeople (both in the real estate industry and otherwise) how to improve their conversion rates and see amazing success.
People often think that the mental shift of a new calendar year will be enough to motivate them reach their goals, but there are steps that must be taken to make it happen. Why is it so important for us to have focus and limit distractions? How do we prepare for the inevitable boredom that comes with implementing and becoming consistent with something?
On this episode, Brendon Payne and I discuss the 4 conditions we need to create in order to get a breakthrough.
Consistency leads to boredom, but boredom leads to breakthrough. -Greg Harrelson
Takeaways + Tactics
Be intentional: Define what a breakthrough looks like and state what you want to accomplish.
Be focused: Put all your attention on this one goal and resist distractions. It’s not about how many things you can work on at one time, but about how many circles you can complete.
Be consistent: Progress will often take longer than you originally thought, and you may get bored when that new idea isn’t fresh anymore. That’s when we have to push through the most.
Be determined: Keep going when things get challenging. Understand that the path to mastery requires us to push through the difficult moments.
In order to reach our goals, there has to be something motivating us beyond turning the calendar at the beginning of the year. We have to implement strategy and action to reach that goal in order to push through the inevitable challenges, pivots and shifts. Before you have a breakthrough, you’re going to get bored because the new thing inevitably becomes old.
In those moments many agents shift to the next thing and become inconsistent. To combat that we need to have a strong intention, focus, consistency and determination. This is what will lead to breakthrough.
Buying leads can help your business tremendously, but for the vast majority of agents, a large portion of those leads will never make contact. Are those leads truly ‘inactive’? Or is there a way for you to make contact with them and capitalize on what you’ve already invested in? What is the barrier that stops agents from taking full advantage of the leads they’ve bought?
On this episode, we identify what the lead contact problem is, and discuss solutions to an issue we all face.
Think of it like this: ‘dead’ leads are not dead.They’re only dead to you. They’re alive to someone else. - Greg Harrelson
Takeaways + Tactics
Agents typically do not have enough bandwidth to properly follow up with their leads. This is a problem experienced by everyone in the industry, including top agents.
After making an initial attempt at contact, use multiple platforms to get a response. If, after calling, texting and emailing, a lead is not interested, you can then remove them from your list.
Avoid labelling leads as ‘inactive’ if they do not respond immediately. Continue with your communication for 8 days, and it’s likely they will get back to you.
The opportunities presented by buying leads are endless. Your time, however, is finite. This is a predicament faced by everyone buying leads, and there is no single solution. That said, if you engage in a campaign of communication after making initial contact, you will come closer to taking full advantage of your leads.
As leaders, we understand the importance of developing talent, but we can easily miss the mark on what that actually means. Why does our talent development have to go beyond teaching real estate? How can we identify talent on the front end and grow our teams? Why do leaders need accountability as much as the agents do?
On this episode, we are joined by Samer Kuraishi to discuss creating an environment of excellence and collaboration on our teams.
I’m not leading with money, I’m leading with experience and maturity and gaining wealth in the mind. -Samer Kuraishi
Our job isn’t teaching agents to sell real estate. We have to teach them what it takes to be successful.
A dominant culture will flush out the wrong people on its own.
A huge part of growing as a leader is learning to let go of control and empowering the people around us.
At the start, Samer shares on how the team is set up, and the importance of being multidimensional. Next we talked about the important thing leaders miss when it comes to developing talent. We also talked about how to identify talent, and why so many existing agents lose faith in their teams.
We also discussed:
Using accountability to grow and how delegation protects us
What to do when we hire the wrong person
The importance of letting go of control
In order to build an environment of excellence, we have to train people the right way. Our job in developing talent shouldn’t be about showing agents how to buy and sell homes. It has more to do with showing them how to be disciplined, teaching them to make commitment to the habits that leads to results, handling rejection, and getting through when things go wrong. It’s our responsibility to help them the solution instead of being part of the problem in the industry. Everything we do is to prepare them to be that top level talent in the game.
Samer is the team lead of One Real Estate. His team offers a diverse, motivated group of real estate professionals—all of whom are dedicated to putting the DC Metropolitan clients' needs first. Using the most cutting edge technology and providing constant education and training, Samer's agents are always prepared and ahead of the market. To get in touch email email@example.com or call 301.385.0049.
In an era where social media marketing has become so prolific, it’s becoming more and more difficult to cut through all the information we are exposed to. How do we even begin to know what we should be listening to? Have we made progress more difficult for ourselves by letting so many voices and tactics influence us? Alternatively, should we ignore all the information coming our way and stick with what we know?
On this episode, we discuss how to engage with the inundation of voices we encounter.
You need a clear plan of what you’re subscribing to, who you’re listening to, and whether it’s legitimate. If you don’t have that, all the other noise is going to influence you. – Brendon Payne
The prevalence of online access has created a constant cycle of new information, which leads to a lack of focus on getting the job done.
Although software can be helpful to real estate agents, outbound lead generation is something we can actively control.
Having a clear path in mind is crucial. Although new information is always helpful, it should be used to improve the ideas and systems you already have in place, not distract from them.
The influx of information afforded by social media marketing offers many opportunities to people in the real estate industry. However, it’s important to always bring what you’ve learned back to what’s already been working for you. Don’t allow the noise and sheer volume of voices online discourage you from what you already know.
One of the key skills we have to have as entrepreneurs is how to have a good return on our time. How do we know that having a team is the right move for us? What skill set makes a good real estate investor? Why are the skills we learn over the phone valuable for so many other opportunities? In this episode, we are joined by multiple business owner, real estate investor, team leader, and CEO, Mark Loeffler, to talk about making the choice between leading our team and building an investment business.
When you look at businesses on a grand scale, taking a real estate business and making it into something worth owning is difficult. -Mark Loeffler
Takeaways + Tactics
For most agents, the evolution is from successful solo agent, to team leader, and then investor. The team is the vehicle that creates the cash flow, leverage, and time to become an investor.
Most people who are doing well on a team are doing so because somebody is coaching them on personal problems.
If you see yourself as a professional, you’re confident in the dialogue and confident about the transaction— so getting on the phone to provide value isn’t an issue.
At the start of the show, Mark shares on his background and starting off as an investor, and how that influenced his decision to downsize his team. We also talked about how to know when you have the wrong people on your team, and the actions Mark took when he realized this. Towards, the end we talked about why leaders often have to help people through personal problems.
We also discussed:
The importance of tracking return on time
The skill set that makes Mark a good real estate investor
Why getting on a sales call isn’t an issue if you know the value you bring
For most successful solo agents, the decision between investing and leading a team isn’t a decision at all. We need cashflow to do the former, and that can only be provided by the latter. If you don’t need the cash flow from the team to allow you to do other things like investing, you don’t have the same need to start a team. To know what move we need to make, we must evaluate what we’re currently doing, what it’s costing us in terms of time, and what we’re getting out. Then we have to ask ourselves if the return on investment and time on that activity outweighs a return we could get elsewhere.
No matter how many new tactics and tools come up in the industry, the core fundamentals will never change. Why is this the same for both new agents and agents trying to level up? How can you avoid the stalemate? Why is consistency so critical? On this episode, Brendon Payne offers valuable insight on what to do when it feel like we’ve plateaued in business.
Breaking through as a top agent requires similar strategies as those for a new agent. -Greg Harrelson
Both top agents and those new to the industry should constantly refer to core fundamentals.
The core fundamentals are skills, contacts and systems. Contacts, in particular, are non-negotiable.
Once success is attained, the means of attainment should never be discounted.
In a world that privileges innovation and constant change, a desire to find new ways of doing business is to be expected. However, even while exploring new avenues, it’s important to stick with the core fundamentals that helped you attain success in the first place. Rather than searching for breakthroughs, entrepreneurs need to constantly revisit the basics that built them.
Many real estate teams are people-heavy, but light on leads— which means they can’t grow. What is the right way to go about growing our teams and taking on more agents? Why isn’t it enough to have name recognition in the market? How do we build something big from the beginning and put the work in on the front end to create our business?
On this episode, we are joined by the leader of Louisville, Kentucky’s #1 team and former news anchor, Bob Sokoler, to talk about building the right foundation and proving yourself to the market.
Leads are the genesis for growing the business. -Bob Sokoler
There’s a lot of burnout in the ISA role. Giving them a chance to move into the field or become an assistant is a way to mitigate that.
Go deep with a few people first rather than going wide with a lot of people. Let the availability of leads dictate whether to grow the team or not.
Start getting comfortable with video - just grab your iPhone and start recording. Marketing doesn't have to be complicated.
At the start of the show, Bob shared on his team setup and what it took to make the jump from 100 deals. He talked about the importance of being accountable to the lenders we work with and building a team of reliable people. Bob also talked about the importance of letting leads dictate if you should grow, as well as why he still had to build a brand even though he had a career in TV before real estate.
We also discussed;
How to teach skills that come easy to us but are new to other people
Why having name recognition isn’t enough
How to create engaging videos
The most successful people in any business don’t build small to begin with. They build it big from the beginning so that the foundation is there. This is harder work on the front end, but once it grows, it gets easier. We have to think about this when we’re building our brands, because having name recognition isn’t enough. We have to dig our heels in and prove ourselves. Resting on our brand name and not putting that work in will spell disaster in a shifting market where inventory is low because business will flock to those who have already built trust.
Bob Sokoler has bought and sold homes for more than 25 years in cities all over the United States. Known locally as a technology expert, Bob combines his love of real estate with technology and prides himself on being on call 24 hours a day. With his son Greg (a great agent and top technology expert), and a team of 20 agents, The Sokoler Medley Team has been number 1 in the Louisville area 7 years in a row. Bob's office, RE/MAX Properties East, is the highest producing office in Kentucky and among the top 10 offices in the United States. Go to https://www.weselllouisville.com/ for more information, and check out the team’s Youtube here louisvillehomestv.com.
Many team leaders fall into the trap of building a business filled with people who match their personalities, but with core values that don’t align. How do we make sure we’re pulling the right people into our world? How do we actually build culture in our team and not just talk about it? What are some of the challenges unique to working in a resort market? On this episode, Allison Simson talks about fostering a supportive team environment, building a team we’re happy with, and staying on top of our team culture.
A strong team culture is the attitudes and values of how people come together, and how they are flowing. -Allison Simson
Track the leading measures, not just the lagging measures.
In all relationships, it’s a lot easier to get along and have long-term relationships with people when you share the same core values.
Asking the right questions at the beginning gets people attuned to the meeting, and it sets an intention for the actions needed to improve the systems.
At the beginning of the show, Allison shared how she got started, how she inherited a team and what she learned from it. Next, we talked about how to keep an eye on the leading measures on a consistent basis so the team can actually get better. We also talked about the importance of aligned values and why Allison keeps an eye on the San Francisco market even though she’s in Colorado
We also discussed:
How Allison strengthens personality connection on her team
How Allison gets people attuned to the meeting and setting an intention at the beginning
What it takes to grow in a resort market
There is a massive difference between just talking about team culture and actually rolling up our sleeves and building it. As a result, it’s easy for culture to be on autopilot and to just chug along— and ultimately get ruined. We have to be purposeful and intentional about bringing our people together and implementing measures in our businesses that will strengthen values and personality connections. If we set those intentions, it will create an establishment and team we’re proud of.
Featuring masterminds with real estate leaders, coaches and influencers PLUS eye-opening strategy sessions with up-and-coming agents. Past guests include Hoss Pratt, Michael Reese, Rick Davidson, Danny Morel, Pat Hiban, Jeff Cohn and many more!