This is how the best operators work.
Topic – Principal Coaching Made Simple
Mentor – Barney McGrath
- Track numbers
- Communicate with market
- Integrate Digital
- Authentic, Hyper Local
- Buyers are Gold
Mastering Social Media with John Hellaby – Building Omnipresence
Kevin: Let’s give you an insight this morning into some sales tips. Barney McGrath is our guest all this week as our mentor, from McGrath Consulting with some principal coaching. Sales tips. Give us some thoughts on running a better sales department, Barney.
Barney: Okay. Good morning, Kevin. Look, I think first and foremost, as we all know, there’s a talent war out there. I think the role of the principal is really crucial at the starting point at any of this discussion. Is he/she a revenue driver in the business? Are they a key sales driver? And for many businesses, they are. And if they’re gonna be in that role, they have to be the sales manager as well, and understand that being competing principal has its own unique issues for the business.
Barney: I guess when you’re looking at your sales business, like every other part, we’ve discussed this over the last few days, really setting clean KPI’s for your business are crucial. And every one of your clients knows what these are. They’re GCI numbers, they’re numbers of appraisals, numbers of listings, sales rates, your percentage fees, your market shares, all those things. I think tracking them, keeping an eye on them, making sure that we set budgets at the start of each year and hold ourselves accountable monthly and quarterly throughout the year is absolutely fundamental if you’re gonna hit your numbers.
Barney: It’s really easy to have an open-whisk kind of strategy that says, “Gee, the team isn’t performing too well this month, but let’s hope they tick it up next month,” but you’ve really, really, really got to drill in, every business I’ve ever worked in, appraisals are king. You do the work in the appraisal area, you will get the listings, you will get the sales. So if your numbers are down it’s all about prospecting and appraising, and you’re not gonna know that if you’re not tracking it. So I’m not gonna go into that a huge amount, but every principal knows those numbers. And they should know them, and they should be reporting on them every single month.
Kevin: One of the changes I’ve noticed too, Barney, to move you to the next point, is all about building your tribe, communicating, working on relationships, communicating well with the marketplace.
Barney: Look, and I think it’s a constant battle. You need to continually remind the market who you are, what you stand for, what outcomes you deliver. But you need to be doing it in a way that’s not just sort of spam, rubbish, garbage going out. So I think really well-tailored newsletters, whether they be hard copy, knock-and-drop, take it out to the market and use it to prospect, or whether it be digital, communicating through social media, EDM’s, etc.., ongoing communication with the marketplace and having testimonial support is more important today than ever.
Barney: I’m just gonna jump to an overarching trend that I see in the market. At the risk of offending some of your clients, the market has moved, I guess, sort of as the pendulum has swung, we seem to be going back to an independent, boutique, small local business mentality. People want to know who they’re working with, who the agents are, and it’s really important to be seen as a hyper-local, hyper-knowledgeable, advice-driven business. We keep hearing about disruption, and I think the people that will survive any disruption are those agencies and agents who are giving high-quality advice and getting great client relationships, because that is irreplaceable in the market by robots or anybody else. So I believe that is a really fundamental thing.
Barney: One of the other things, I’ve sort of just started to move towards it, is integrated digital strategies. I see so many businesses at the moment, Kevin, they’ve got the website strategy, they’ve got a database strategy, they’ve got social media out there, they’ve got all this stuff going on, but they’re not really integrating and it has no overarching digital strategy. I know we’re gonna talk about digital later in the week, but I truly believe agencies that are gonna succeed need to get control of their database, need to start owning the relationships and stop abdicating to the agents, and start driving growth and engagement with their own database. And when they do that well, they will actually give leads to their agents.
Kevin: Yeah, it’s something that we have actually abdicated on, and I think it is wrong. We need to keep control of that data. Hey, we will talk about digital tomorrow. We touched a little bit on it today. I think it’s such a huge subject, we’ll talk about it tomorrow when you come back. Thanks, Barney.
Barney: All right, Kevin, thank you.