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May 12, 2010

Management 2.0 Entertain, Inform and Motivate

by mark mclean

Over the last five months I have been getting more and more comfortable running the occasional office meeting. Standing up in front of 50 or 60 people can be nerve-racking at the best of times especially when you are talking to a roomful of over achievers. The key to a good meeting is to be one part entertainer, one part informer and one part motivator.

On the entertainment front, well, all I can say is that you must have fun and the best way to do that is to poke fun at yourself. In my case, my hair. I am in desperate need of a haircut. It looks like it has been styled by Carrot Top’s electrician.  I’m here all week, try the veal! Ba Boom.

This week I had a lot of great material. Last week I participated in three separate events; RealtorQuest and The Toronto Real estate Board’s Annual General meeting. Real Estate Bar Camp T.O. and our monthly senior management meeting. The RealtorQuest event was mostly boring but there were a few great nuggets. I was shocked to hear some very interesting statistics on real estate agents in Toronto. While I was surprised at what TREB’s profit and loss statement looks like, I was more interested in some statistics surrounding agents. There are currently 30,000 agents registered. One fifth of all those agents did not sell one property in 2009. Only more inconceivable than that is the fact that 50% of agents failed to sell more than 4 properties last year. Well that explains a lot. If you use the standard 90/10 rule and apply it to the 15000 agents that hopefully live above the poverty line, then you are looking at roughly 1500 agents in the city who would be considered true standouts in their field. In the grand scheme of things, that is a very small number especially when you consider there were under 90,000 transactions in the GTA in 2009. It is clear, that management must support successful agents and encourage and motivate those starting out.

Real Estate Bar Camp T.O. was a small event attended by fewer than a few hundred agents. We were all drawn together to discuss social media and the role it plays in real estate. Great guest speakers, great topics, and a wonderful sharing of ideas. It occurred to me that transparency is a good thing if we are all interested in bettering and promoting our business. With many of these organized events, I go to get a better understanding of the main topic. If I come away with one good idea, I feel like it was time well spent. Luckily, there were several people in our monday morning meeting who had attended the event and so I encouraged them to share with the group the one or two ideas that stood out for them. It was fantastic to get different views of what attendees liked and focused on.  At our meetings, audience participation is strongly encouraged.

Finally, our management meeting was an opportunity to remind everyone that, above all, our goal is to keep our company relevant. We discuss the challenges that exist and brainstorm on ways to stay ahead. While things like Social Media are important, we can’t let it overwhelm us. There are other issues that are key to keeping us successful. Our job is to make sure our agents know critical policy changes. Our firm is extremely lucky to have many members of the management team involved in various levels of organized real estate. This is a business that must constantly adapt to changes in market conditions. Strategies that worked last month, may not work with the same effect this month. Adapt or die should be the mantra of a successful brokerage.

finally, I would like to congratulate, Richard Silver, one of our top sales representatives at Bosley Real Estate, who was acclaimed as the new President of the Toronto Real estate Board. This is an amazing achievement. Richard is the fourth President of TREB who is also a member of the Bosley Real Estate team.

As always, the opinions expressed in this blog may not represent the views of Bosley Real Estate Ltd, Brokerage.

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