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Posts tagged ‘Mark McLean’


Truth in Advertising

office meetingHi Everyone. I have another great meeting for you to try out. It was a lot of fun and a great learning experience and really, isn’t that the point? The idea came from my daily peek at the new listings. For a few weeks now the same property kept showing up. I found it strange that it was always appearing in my “new” feed. Upon closer look I saw that over the past 4 months it was listed in one way or another about 6 separate times. The price was up on one listing, down on another and then back up again. I started to wonder what the problem was. Could badly worded descriptions, lack of room sizes or poor quality pictures be to blame?

A thought was born. I looked through MLS and picked out the 4 listings (and pictures) with the longest days on market. Boom. At our meeting I divided everyone into four groups and gave them one listing each. The first part of the task was simple; circle every mistake or missed opportunity on the actual listing. Next they were asked to come up with 5 marketing strategies that the current listing agent didn’t appear to do. The problem with not knowing the motivation of the sellers, the condition of the property or special circumstances is that it is easy to blame the longevity of the listing simply on the property being overpriced. To make it a bit more interesting I created some made up back stories on the owners. One owner was an absentee landlord who lived in Dubai, one lived in the home but rented out rooms, one was tenanted with difficult tenants, and one home was owned by an elderly couple that didn’t speak English. I threw in a couple of zingers to…just to make it interesting. Days on market ranged from 91 to 442.

Each group had a leader who presented their findings. All MLS listings were missing information in one way or another. Of course there was enough information to write an offer but things like room sizes and descriptions were missing, two didn’t have inclusions mentioned, one had very limited showing ability, and all had terrible spelling and grammatical errors. Listings had between 8 and 12 glaring errors. As for new marketing techniques well every group came up with something unique however there were a bunch that were similar. They included professional photos, floor plans, staging, and utilizing every inch of the very limited space in the client and broker fields to mention some of the positive selling features of the home…like location, walk out basement and income potential. Surprisingly two groups thought the offering price on their homes wasn’t all that bad and were willing to market the home at the existing price for a couple of weeks if everything could be put into place.

At the end, the meeting outlined a couple of key points. The first was the value of well written remarks. Check your spelling and don’t leave any field blank if you can help it. The second point was that you can’t underestimate the power of the first impression. As they say, you never get a second chance to make a good first impression. If you are going to list a home you have to come out of the gate strong. A lengthy conversation outlining your strategies for maximizing exposure to the market and ultimately receiving the most money for a home may include making some difficult decisions like evicting tenants, painting, staging or cleaning. That’s when your team comes into play. Clients have to know that you have to spend money to make money. What’s the alternative? How about honesty? Years ago I remember seeing something like this in the client remarks; This house is a dump. A little elbow grease, a broom and a coat of paint will add thousands of dollars in value. This could be the deal you have been waiting for. If I had the money I would by it myself.

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


Mission Possible. The Ultimate 12 Week RE Sales Contest. Task 10. Make A Plan, Stan.

Do you know that old saying that you can’t know where you are going if you don’t know where you’ve been? It’s not just a line from a Country and Western song. The truth is, in real estate, the mighty business plan is the key to success.
I’m a huge fan of plans. In fact every year I write down about ten things I want to achieve. I keep that list close to me at all times . If you know me, then you know I have pretty lofty goals so if I achieve 5 or 6 of them, well, that’s a win. But a well formulated plan can help your business dramatically. It can balance your budget, help determine where to spend your money, how much prospecting you have to do and, of course, help you figure out how hard you have to work to achieve your desired income.
If you are new to real estate, a business plan will put you on track quickly as long as it is comprehensive enough, but if you are a veteran, than the good business plan will help you review your successes and failures of the past year and hey, we all want to learn from our mistakes don`t we?
So my 10th task asked agents to go over the business plan in detail. Now, a business plan is not much good to you if it is filled with unattainable goals so part two of the task includes talking to a manager or, at the very least, someone who can ask questions or poke holes in your plan. Is your plan reasonable and attainable?
I have included our company business plan for you to review. Feel free to copy or print it out. It’s pretty comprehensive and not something that can be completed in a few minutes.

Real Estate Business Plan 2015_Page_1

Real Estate Business Plan 2015_Page_2

Real Estate Business Plan 2015_Page_3

Real Estate Business Plan 2015_Page_4

Real Estate Business Plan 2015_Page_5

Real Estate Business Plan 2015_Page_6

I hope you take the time to work on your plan this year. Don’t just go through the motions. Be as honest with yourself as possible. I guarantee that creating your plan is just another step in achieving success in our business.

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.


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.


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