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September 8, 2011

Mastermind #15 September 7, 2011

by mark mclean

I guess I shouldn’t be surprised anymore. The turn out for Mastermind is fantastic. Nearly one-third of the agents in our office showed up for yesterday’s session. A clear sign that people want to learn more. One agent thought that, in many ways,  Mastermind meetings were better than the Monday Morning meeting, but the reality is, both are extremely important. On Mondays we talk policy, but on Wednesdays we talk shop. Two very different but equally important topics.

At yesterday’s meeting we had the pleasure of welcoming Ann Bosley our general manager and past president of both the Canadian Real Estate Association and the Toronto Real Estate Board. What I find amazing about her contributions to any conversation is her absolute in-depth knowledge on every topic. There are few in the real estate business with as strong a pedigree. The first of the topics we discussed  was the idea of firing a client. Last December I wrote a blog about it. You can read it here; https://realtylab.wordpress.com/2010/12/09/fire-a-client-yes/  . Yes it is true. We have all had them. Clients we refer to as ‘drainos’ and ‘blackholes’. They have the ability to suck the life out of you, and while all the agents came to the same conclusion about an agent’s relationship with his client, Ann had an interesting take on the manner. The term she used was “Requalify”. Hmm.  If you think there is still hope, have the client come into your office for a chat. Tell them that the two of you are off track. Let them know that some focus is lost and try to get them back to a realistic starting point. A great strategy if the relationship can be saved. If not, well then it is probably time to bid them adieu.

Finally, we talked about referrals. It happens from time to time that agents take some time off and hand their business to another agent in their office. At our company there is no hard and fast rule to the referral amounts as typically every situation is different. The most important rule to remember is have an agreement in writing. If you are going away, spell out all the ‘what ifs’. Don’t leave anything to chance. Loose verbal agreements between agents will create tention in the office. Best to set the ground rules first. Things to think about; You’ve been working with a buyer for a year. The same week that you are away, they buy a home with the agent you have left your clients with. How about this one; you have a new listing. You spent weeks nurturing the sellers. You have paid for preping the house, getting floor plans and virtual tours. Then you are called out of the city. The property sells the day after you leave. Would your referral fee be different if the agent double ended it to someone who may have come as a result of a mail drop? What about future business? Do you deserve a referral back from that agent on any clients they meet at your open house? Before you go away, figure out how you plan to compensate the agent who is looking after your business.  Questions? talk to your manager.

Thanks for reading this post. As always, I appreciate any comments you might have. Have a great week!

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