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Posts tagged ‘Bosley Real Estate’

23
Jul

Looking For The Secret Ingredient During The RE Interview

dopeI have been interviewing new agents for many years now. I enjoy the process immensely. This might sound like a crazy notion, but I like looking for that key trait…that one thing that will pinpoint who is going to be successful and who isn’t. It isn’t black and white or an exact science either. Sometimes they throw you a curve ball. I have hired meek, mild-mannered types only to watch then turn into very successful agents and I have hired corporate types, used to working eighty hour work weeks, only to watch them fail miserably.

Last year I talked to a broker who performed psychological testing on everyone who applied for a job at his office. Depending on the results some would become buyer agents, others would work as seller agents and still others might end up as licensed assistants destined for a life of clerical work. Asking new recruits to sit in a room for an hour ticking off boxes of a questionnaire doesn’t seem like a lot of fun so I ask a lot of questions instead. Not just about work, but about hobbies, and successes outside of the work environment. I’m searching for the special chemical. That ingredient inside people that makes them want to be successful.

So far here is what I have learned. Good real estate agents are entrepreneurs at heart. They instinctively know what the end product looks like ( in the case of real estate it is nothing more than creating a system that will continually reward them with buyers and sellers) and then building a plan to get there. They have the ability to think on their feet, adapt or fine tune their strategy as the environment changes, and never lose sight of the prize. Every morning they wake up with set tasks and don’t rest until every chore is scratched off their list. They look for different ways to do work faster and better yet they quickly dismiss ideas that have no merit. Like entrepreneurs, creative types share similar traits. Whether they are craftsmen, chefs, set decorators, artists or designers, they start off with a vision and know what steps they need to create the finished product. Of course somewhere along the way both creative types and entrepreneurs know that learning the ins and outs of real estate is an important key to their success.

So the question remains, can success be learned or are we born with it? In doing the research for the this post I came across an article in psychology today about perseverance. According to the author, it’s what separates the winners from the losers in both sports and life. What makes us persevere and achieve our goals? It turns out that it boils down to science and something called Dopamine aka the “reward molecule”. Interestingly, scientists agree that we all have the power to increase our levels of Dopamine by forming good habits and having a positive attitude. Could it be as simple as that? Could the key to success be a positive attitude? Well maybe partially. Like in business, runners experience that same reward. If you ask a runner why they run their answer is usually something like “it makes me feel good”. Maybe all an agent needs to be a rock star is to experience the first taste of success.

At our company, we provide additional training for new agents that, amongst other goals, is designed to teach them the basics of day-to-day planning, time management and the art of prospecting. When we studied the agents that went through Bosley U over a three year period we found that nearly 80% had achieved significant success. In our minds that was proof that teaching the techniques of good business was a missing ingredient in standard licencing. A clear goal, a vision of the future, an understanding on what needs to happen to get there, and a strong knowledge of the real estate fundamentals are the building blocks of success. So it seems that the old saying “success breeds success” may have some value. Perhaps that explains why one person sell 40 homes a year and another sell 4.

mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office and President-Elect for the Toronto Real Estate Board. The opinions expressed here do not reflect the opinions of TREB or Bosley RE.

26
Jun

2800Kms and Counting And One More Lesson Learned

Three years ago, January 2012, I had a crazy notion to ramp up my fitness so I decided to set a goal of running one hundred 10K’s. I had no idea if I could do it. I liked running, just not THAT much. I’m a busy guy so I knew I would have to do it early in the morning if I had any chance. I ran in the cold, the rain, the snow. Often I woke up at 5am to get it done and just when I got close, a terrible thing happened. In early November I got hit by a car. I remember lying on the ground it total agony. Life in a wheelchair flashing before my eyes I remember being so terribly sad that after 890km in the bank, I would not achieve my goal. I spent the next six weeks hobbling around. Propping myself up with pillows just to sit upright. As time passed I watched any chance of my goal slip away. Then someone said that since I started my journey in mid January, I technically had two extra weeks to hit my goal. On Boxing Day, in a crazy snow storm, I put on my big Canada Goose Jacket and Sorels and went for a walk. After two and a half hours I completed run (walk) 90. Two days later, and in much lighter clothes I went out and did it again, and then again and again. With a day to spare, I finished my 100th 10k.

Along the way I learned some incredible things about myself and what I was capable of achieving. I recognized that there were some serious similarities to prospecting, because it starts with getting up, even on a lousy day, and “getting it done”! I started blogging about my experiences. It was awesome.

The following year I put another theory to the test. If running was like prospecting then surely I could run more and go farther. That would be like Prospecting more and for higher priced homes. So in 2013 I ran one hundred and fifteen 12k’s. That’s over 1300kms in one year.

Hot on the trails of that theory I thought that this year I would put my last theory to the test. If you were a successful realtor who made prospecting second nature, then surely, without set daily goals you could prospect without even thinking about it. Essentially you were hardwired to prospect. So this year’s goal was just to go out and run when I felt like it (of course I still kept track of my distances). Well today I hit the midway point and guess what? I am well over 500kms. Some of my runs were little 5k’s others were epic 25k battles. I just ran when I felt like it.

To be honest, I’m not the biggest fan of running but I’m getting better at it and for a guy with a busy schedule it has a few other benefits. I don’t have to spend money on a gym, I can do it anywhere, and it gives me time to spend an hour alone with my thoughts.

mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office and President-Elect for the Toronto Real Estate Board. The opinions expressed here do not reflect the opinions of TREB or Bosley RE.

21
May

Offer Night…Bring Multiple Copies and De-register If You Change Your Mind.

multiple copiesMastermind at my office is always a lot of fun and as the office expands and matures the topics tend to get a bit more technical in nature. That creates a challenge for some of the newer agents whose eyes start to glaze over. So every once in a while I have to reign in the conversation and steer it back to day-to-day operational questions. Like what happens on multiple offer night.
One of the policies that we have at Bosley Real Estate is that if an agent gets an offer on his own property AND is in multiple offers, one of the managers (in this case, me) steps in to represent the Seller. In an era where offers can be signed back multiple times, this is the third best way to handle a situation like this. The first of course, is to categorically refuse to represent a buyer, either as a client or customer, in the transaction. The second is to clearly state that you operate on the “one shot rule” so bring your best offer and be prepared to lose by one dollar. Our system works pretty well. The listing agent presents first then leaves the premises and has no way to know what the other offers are. If the seller wants to send all the offers back the listing agent has no advantage over any other agent thus guaranteeing that everyone remains on an equal playing field. Everyone is treated fairly.
Last week I was called in to manage an offer situation and the result of that process provided a great topic for the following day’s mastermind session.
So let me set the stage. The sellers come to my office and settle in to our large boardroom. We wait while the other agents arrive. There are supposed to be six in total including the listing agent and another agent from my office plus four agents from other competitor offices. All six have registered their offers through the front desk.
So we begin. The listing agent presents first. She brings in four copies of her offer. One for each of the two sellers, one for me and one for herself to refer to. The next Bosley agent presents, with three signed copies. The next agent presents with one copy of his offer which I review with the two sellers straining awkwardly to follow along. The next agent also presents with one copy of the offer but as soon as I turn the page I realize that the buyers have not signed the signature page. The next agent also only has one copy but is missing our schedule A. The final agent doesn’t show up at all or bother to call and rescind his offer.
So with six registered offers only four bring the required and properly executed paperwork, two bring enough copies to go around, one misses essential signatures, one misses the required schedule and one doesn’t even show up. Not good.
Despite the efforts, or perhaps because of the efforts of all the agents, the house sells well over the asking price, but it highlights two critical aspects of the offer presentation. First, it is essential to have enough copies to go around. I think that we often miss this critical step in the heat of the moment. There will be a time in the not-so-distant future when we will be using our tablets to conduct the sale but for now agents should provide multiple copies if only to be polite to all the parties in the room. Second, while you have every right to revoke your offer before the presentation, it is important to follow the necessary protocols. An agent must, at the very least, inform the listing brokerage that they will not be presenting. Sometimes it’s the little things that go along way to a successful transaction.

mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office and Director at Large for the Toronto Real Estate Board and President-Elect in 2014-15.

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