Leadership Lessons from NZ’s Most Successful Real Estate Company
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Transcript of Leadership Lessons from NZ’s Most Successful Real Estate Company
! Coach
! Manager
! Leader
Who are we? • 91 years old • Privately owned • Family Business • Auckland only • Residen=al/Rural/Commercial • 2100 staff, including 1400 salespeople
-‐ Age range (Gen Y) -‐ Team size
• 67 Branches -‐ Expanding the footprint -‐ Unitary Plan
• Culturally Diverse
! Individual ! Partnership
! Team
Points of Difference
• List and sell anywhere -‐ Lockboxes -‐ Buyer Registra=on -‐ Database/Customer Echo
• No selling Managers • Free upload of systems • Compliance • Branding
KPI Examples
• Market Share • Sales per Salesperson • Vendor Investment/% of controlled stock • Bonus performance levels • Property Management -‐ # tenancies/turnover “What if the branch makes a loss?”
• 3.95% on first $300,000 • 2% on balance (discounts pre-‐approved) • $500 off the top • 50% commission to $75,000 gross commission • 60% commission $75,000 to $105,000 gross commission • 70% commission $105,000 to $125,000 gross commission • 80% commission from $125,000 gross commission • All revert on 01 April • As at 31.03.2014 – 662 salespeople on 80%
Commission Splits and Bonuses
Our Results • 13,693 proper=es sold – including 8,997 auc=ons
-‐ record of 362 auc=ons in a week • $9,759 billion worth of property sold • Vendor investment $25.4 million • Market Share of approximately 40% across Auckland • Average sale price (Auckland) of $725,000 • Average income per Manager $500,000 (before tax) • Average income per Salesperson $200,000 (net) • Na=onal and Interna=onal recogni=on
Why do they stay? • Loyalty -‐ Engagement survey -‐ Remits
• Celebra=on and fun • Training and Conven=on – free • Free coaching and counselling • Sponsorship and community involvement • 20 year lunches • Hall of Fame • Market dominant • Well remunerated
Why do people leave?
• Sold the dream somewhere else • Lost connec=on with them
“Great leaders can take a company well beyond its potential”
“Regardless of rank and title, you are still just a person”
Things to know
• Who I am. What I do • My strengths and weaknesses • Who will fill the gaps? • Learning and copying • Line in the sand
Manager Review Bonus Performance Levels Ranking -‐ Sales Commission -‐ Rental Revenue -‐ Total Revenue -‐ Net Profit
Market Share
Lis=ngs -‐ New for the month -‐ Percentage controlled -‐ YTD average
Manager Review Sales -‐ New for the month -‐ Average sales price for month -‐ Average YTD -‐ Average sales price YTD -‐ Same period last year -‐ Sales per salesperson
Quality of Lis=ng Stock -‐ Total -‐ Splits: Sole/Joint/General/Auc=on/Tender/Promo=on/Project
Manager Review Property Management -‐ Number of Landlords/Tenants -‐ Same =me last year -‐ Financial YTD -‐ Same =me last year -‐ Ranking YTD
Adver=sing Expenditure -‐ Vendor/Salesperson splits
Compliance Issues and Examples Company Results YTD Best Idea
Staying in Touch
• 4 key words • 3/4 key mo=va=ng factors • Structure cri=cal • Connec=ng with key people -‐ Monday mornings -‐ Manager Mee=ngs
• Mixing up the communica=on op=ons • “We need to talk” “Your place or mine?”
100 people aged 25 today
At re=rement: • 1 will be rich • 4 will be independently wealthy • 5 will be s=ll working • 27 will be dead or very unwell • 63 will be struggling financially
Know your People
• Devoted • Plugged in • Cruise control • Checked out “Know your people and know their stuff”
Tips
• CVs • Walking Speed • Shoulders • Dress and Car • Self Talk • “Eat the frog”
“When all else fails, just put one foot in front of the other”
Gorillas and Snakes
“Gorillas create shade space”
“Stinking Thinking”
“2 minute conversations”
1. 2.
4. 3.
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Energy – Enthusiasm – Drive - Commitment
Com
pete
nce
and
Cap
abili
ty
Recruitment Induc=on and Review Recruit in Pairs • Know -‐ When to talk ac=vi=es -‐ When to talk deadlines -‐ When to talk review/support/re-‐direc=on -‐ When to talk mee=ng schedule
• Let them know
-‐ “You’re on track” -‐ “You’re off track” (Big 3) -‐ “You did good” -‐ “You let yourself down” -‐ Praise sandwich
Culture
• Value culture as highly as performance • Culture spits non-‐performers out • Success is normal
“Without energy and excitement you can kill the enthusiasm of others, and you can kill your business”
“Poor mental and physical energy is infecCous”
It all starts with Leadership
Leadership Learnings • Loneliness and self doubt • Hungry • Share the good bits • Over the shoulder • The look maoers • Warmth and Competence • Get over yourself • “I did good” is fine • Headspace
Think Space
• A confused mind stalls • It’s your life – live it • It’s your day – manage it
Coach for performance
Manage things/processes
Lead people