What interests me most about the concept of business growth, is that the principles are not difficult, in fact they are relatively basic common sense, the challenge is in the implementation.  For most businesses that we consult to, struggle with looking at growth from a holistic perspective and putting aside the time to actually do it. Sitting in a clients lounge room and securing a new property is not as simple as “turning up”, there is a succinct process to get into, not only one lounge room, but many. 

There are in essence, 7 Steps to winning business, the most vital of them all, is Step 1 – Planning. Without a plan you are on the road to destination unknown.

Planning

1. Consider your brand

Visualise the brands, Qantas, Virgin and Tiger at the mere sighting of these brands, there is an immediate perception of what these companies stand for, the service you would receive as a customer and an expectation of price.

As a consumer visualising your brand, what do I perceive you stand for? What service will you provide and how much will I pay?

Is this the brand you want? Do you have brand message consistency across everything that you do? Do you have a service to sell? If you don’t know who you are, how can we sell to others?

2. You’re unique…. Aren’t you?

In business when there are a myriad of service providers to choose from, in the absence of clear points of difference, I am left to make a selection based on price.  In working with agencies of all shapes and sizes, the general trend is a lack of identification within the business as to how they really are difference from their competition. As a business, be clear on the unique offering; be able to provide evidence to support this, and demonstrate to the customer the benefits these unique features will bring to them. Without this, you will be negotiating fees at every turn.

3. Targeted growth

In growth mode, you will be proactively marketing your business to would be customers, what is your target market?  Consider the geographical location, the type of property, value of property, and the landlord demographic that is in line with your brand and growth plans. 

Without this focus, it is similar to casting out a net in the ocean and just seeing what fish you get, not all of them are worth eating.

4. Your channels

Leveraging relationships makes building a business easier. It is simple mathematics, build a relationship with key influencers of owners of investment properties and have them channelling their clients through to you.

How do you do this and who should be your channel partners? Now that you have been smart about the process, you have already completed element 3 of planning – Targeted Growth, and as such you know who you are targeting. In a channel partner, you simply want partners who have access at greater volumes to this target group.

Compile a list of businesses and individuals in your area whom are connected to your target, having done this, identify those already in some way connected to your business, and leverage these relationships to gain access to the investors.  These channels work best with formal arrangements, including personalised communication plans. 

5. The database

The database of a service business is the most important element of the business, without it, there is no growth. Unfortunately in the average real estate business we find this to be the most poorly managed resource. As a business you have potentially spent $100,000”s in marketing and brand awareness throughout the lifetime of your business, creating opportunities to connect with potential customers. What do you do with this contact information?  Where does it live?

Quite simply, you MUST, create a “company” database which houses the data of every person whom has ever come into contact with your business, from here we can segment data, maintain communication logs and move through the element 6 of planning – Communication

6. Communication Plan

Imagine now you have 20,000 people whom have come into contact with your business over the past 10 years, these people are stored on your “database”, but having data is worthless if you don’t use it. A communication plan across your business provides for an outline of who will be communicated to, when they will be communicated with, the method that will be used and the message that will be sent.

A plan of this nature, allows you to build relationships, create a fan base, improve your brand message and be constantly on the consumers shopping list.

7. Your tool box

Every professional has a toolbox, as Property Managers we have an array of tools that we work with daily in the management of property, so when it comes the winning business what tools do you need?

Whilst the list of tools is endless, you would be well served to review some of these to start;

• Print marketing for display opportunities, such as open homes, auctions…
• Pre Listing information
• Channel partner kits
• Your website – what is it saying about you
• Educational tools as giveaways for investors

Now that you have created your plan, you are on your way to winning business; the next 6 stages are all about the presentation. 2. Preparing to present 3. Arriving at the home. 4. Touring the home. 5. Show time 6.The close and 7. The follow up

Part of your winning strategy, will be having one. – A strategy that is. Mapping out your plan for step 6 – 7, honing and refining your presentation and follow up, will improve your conversion and ensure that you are not practicing on your client!

Winning new business, is as much about preparation as it is delivery, happy preparing.

As a property investor and buyer’s agent who has been in the market for over two decades I have dealt with my fair share of property managers. Most are great at dealing with the tenant’s needs but are not property investors themselves and do not understand investors’ different needs. Getting great results for your landlord also benefits the tenants, and makes your life easier. It’s also a simpler process than you might imagine. 

As in any other industry, the better your relationships, the more successful you are likely to be. Building a relationship with an investor involves open communication and trust. Keep investors informed about what’s going on with the property at all stages from the initial inspections and finding a tenant through to inspections and maintenance. Investors are focused on returns and rarely get emotional about a property. They want you to give a good rundown of the numbers: it’s important to explain rental returns, renovation potential and a breakdown of the demographics.

Investors are busy people who expect access to all the latest facts and figures so they understand how their investment is performing.  If possible, organise all necessary information on rental yields and capital growth for your meeting with a new landlord. Ongoing clients need to be kept updated on the big picture – how the area is trending – and the day-to-day happenings at their property.

Serious investors understand the benefits of a well maintained property. It is up to you, or your junior staff, to organise routine inspections and repairs, and it will be far easier to get necessary maintenance approved than with somebody who has one investment property. A serious investor has the big picture in mind so understands that little bills are all part of owning property. You will be doing less chasing and will have happier tenants. Happy tenants are more willing to pay more rent, and this can get you a happy landlord with a property portfolio they would likely consider placing in your capable hands.

Now that you have a property investor as your client, it’s likely you will discover they have a network of investor friends looking for good property managers. You could soon benefit from a rush of new business with good properties and a good approach to the property management process. Ten years ago a young property manager helped me out when no one else would, he now looks after over 100 of my and my clients properties which gives him a six figure income from me alone.

Top tips for working with investor landlords        

1.  Know your clients.

Investors like to be kept updated on what is happening with their portfolio. If they have a number of properties they will appreciate being kept in the loop without having to chase you for details. 

2. Maintain regular, open communication.  

Keep landlords informed with what opportunities are currently around. They may also appreciate being kept updated on new investment opportunities within the area.        

3. Have thorough research at the ready.

Investors do their own research, but they don’t know it all. Make sure you have the latest facts and figures and strata reports ready for investors so they know what is going on with their property. Give investors inside knowledge on what rental yields are like, and how the rest of the market is performing.

4. Present the facts and figures.

Investors are motivated by finances. They will make a rational decision so give them up-to-date market statistics, rental yields and information on the number of working professionals in the area who can rent the property.

5. Good tenants 

An investor wants good tenants in their property. They want professionals who will pay the rent on time and who can afford to keep paying it. To keep the landlord happy, you need to be diligent about finding good tenants (so check their applications and choose wisely – the stockbroker over the student and so on) and keeping them happy so their property doesn’t go untenanted.

We are the architects and builders of our own brains.

For millennia, however, we were oblivious to our enormous creative capabilities. We had no idea that our brains were changing in response to our actions and attitudes, every day of our lives. So we unconsciously and randomly shaped our brains and our latter years because we believed we had an immutable brain that was at the mercy of our genes.

 Nothing could be further from the truth.

The human brain is continually altering its structure, cell number, circuitry and chemistry as a direct result of everything we do, experience, think and believe. This is called “neuroplasticity”.  Neuroplasticity comes from two words: neuron or nerve cell and plastic, meaning malleable or able to be moulded. 

 The implications of neuroplasticity are enormous: we have the ability to keep our brains sharp, effective and capable of learning new skills well into our 90s, if we protect our brains from damaging habits and give them ongoing stimulation and appropriate fuel.  One way to illustrate this is to think of the brain and mind as a large boat, complete with captain and crew, sailing the ocean blue.

 The captain makes the decisions and gives the orders, which the loyal crew follow. Without a captain, the boat would be directionless. Without a crew, the day-to-day running of the boat would be impossible. The crew know their role and don’t need the captain to tell them how to do their job or to remind them of their job on a daily basis. They’re very well trained. The captain only notifies the crew if he or she wants something to change and takes charge whenever leadership is required. As for the boat, it needs to be kept in good nick and fuelled on a regular basis.

 The captain, the crew and the boat form a single, interdependent unit, each party influencing the other two. If the captain and crew don’t do their job properly, the boat can get damaged and end up in disrepair. If the boat is damaged, the journey is more arduous; in particular, rough seas are more difficult to handle. If the captain is apathetic, incompetent or drunk, there is an absence of leadership. And if the captain and crew are in constant disagreement, they won’t get very far.

 How does this relate to the brain and mind? The captain represents the conscious mind; the crew is the subconscious mind; the boat is the brain; and the ocean is life.

 The conscious mind is the thinking part of ourselves. It sets goals, makes decisions and interprets experiences. The subconscious mind is the part of ourselves beneath our conscious awareness that keeps us alive and running. It’s what keeps our hearts pumping, our lungs expanding and our hair growing. We don’t consciously say to ourselves, “Pump, breathe, grow!”—these things are handled subconsciously, through the autonomic nervous system. The number one priority of the subconscious mind is our survival: physical, emotional and psychological. This is why our subconscious plays a powerful role in dictating behaviour. It prioritises our emotional wellbeing over our conscious wants. It’s why sometimes we consciously think we want one thing, but still end up doing another. One reason that diets don’t work is they don’t address subconscious issues that may be at play. We always sabotage our efforts if the subconscious pay-offs for not changing override the conscious desire to lose weight. Finally, the brain is the vessel through which our conscious and subconscious minds operate.

 Based on the analogy of boat, captain and crew, the following is an overview of how we can boost our brains.

 1.      Don’t damage the boat.

On day one in medical school, I was taught Primum non nocere—“First do no harm”. No boat owner would knowingly damage their boat, so it follows that no human would knowingly damage their brain. Apart from the obvious injury caused by falling off ladders and falling into illegal drugs, things which harm the brain and reduce our cognitive abilities include smoking, stress, sleep deprivation, soft drinks, a sedentary lifestyle, excessive alcohol, junk food, high blood pressure, high cholesterol levels, obesity, loneliness, pessimism and negative self-talk. Goal number one is to avoid these damaging entities.

2.      Dock the boat in stimulating surroundings.

Our brain function improves in every measurable way when we find ourselves in environments that are mentally, physically and socially stimulating.  Adventure prevents dementia!

3.      Fuel it the finest.

Our dietary choices affect not only the health of our bodies but also the health of our brains. In fact our brains consume one fifth of all the nutrients and kilojoules we ingest. What we eat has a significant impact on our neurotransmitters (chemicals that carry messages between neurons across synapses), our alertness, our mood and our cognitive functioning.

4.      Keep the cargo light.

Obesity is a major risk factor for dementia.

5.      Run the motor.

Without physical exercise our brains waste away as much as our muscles waste away. Exercise actually induces the growth of new brain cells.

6.      Learn the ropes and keep on learning.

Having a good education and engaging in lifelong, active learning help to protect us from dementia and contribute to our developing “cognitive reserve”. This reserve acts as a buffer against mental decline as we age.

7.      Sail to new shores.

Boredom and monotony are poisonous to our brains. We need to get out there, get exploring and get out of our comfort zones. We need to sail to new shores to find riches outside our usual boundaries. We need to change our routines, do things differently and give ourselves ongoing challenges.

8.      Use it or lose it.

This applies to every function of the brain and body, from studying to socialising to sex. In order to maintain our capacity for learning new skills, we need to engage in learning new skills on a regular basis. In order to become creative, inventive and re-sourceful, we need to give ourselves tasks that require creativity, inventiveness and resourcefulness. In order to have a good memory, we need to make a conscious effort to pay attention. In order to remain socially adept, we need to remain socially active.

9.      Train it and regain it.

If we lose a specific brain function, all is not lost. Progressive, persistent, goal-focused practice can help us regain the lost function.

10.  Charge the battery.

Stilling the mind is as important as stimulating the mind. Getting adequate sleep and pressing the pause button on our mind chatter are essential for peak performance on a day-to-day basis, as well as preservation of brain function as we age.

11.  Connect with fellow travellers.

Lifelong social interaction and meaningful connection with others is vital for a healthy brain.

12.  Choose the destination.

The brain is a teleological device—it is fed by having goals to strive for and aspirations to work towards. The clearer we are about where we want to go and what we want to achieve, the more effective the brain is in accomplishing the required tasks. This is analogous to the captain giving the crew clear instructions about where they’re going and what is expected of them.

13.  Command the crew.

Having decided on what we want, we need to direct our self-talk to support our goals. Our internal dialogue is a constant stream of instructions to the subconscious mind. Uplifting, solution-focused self-talk switches on brain cell activity; negative, discouraging self-talk dampens it.

14.  Communicate gratitude.

When we think about what we’re thankful for, we wire our brains to continue finding things to be thankful for. Our brains are designed so that we see whatever we’re looking for. We are never objective, even when we make a concerted effort to be so. Subjectivity always enters our perceptions. We don’t see things as they are; we see things as we are. Therefore, by regularly reflecting on things that we’re grateful for, we construct a filter through which we see the world and we create more experiences for which to feel grateful.

15.  Practise perfectly.

When we practise a skill in our imaginations, the same neurons are firing as if we were performing the skill in real life! If we see ourselves executing a task perfectly in the mind’s eye, we become better at it in the real world because every mental rehearsal increases the efficiency of electrical transmissions between the involved nerve cells. Mental practice turbocharges our progress.

16.  Bon voyage!

Enjoy the journey! Get excited about where you’re going. Passion, enthusiasm and excitement are the most powerful brain fuels of all. The word enthusiasm comes from the Greek entheos, meaning “to be divinely inspired or possessed by a god”. 

Ralph Waldo Emerson observed, “Nothing great has ever been achieved without enthusiasm.”

 * * *

About the Author 

Dr Helena Popovic MBBS is a medical doctor, researcher, international speaker and consultant to leading businesses, professionals and individuals seeking peak health for peak performance.

 Helena is one of Australia’s foremost authorities on how to improve brain function and on how our lifestyles impact our health. She is also the founder of Mission SlimPossible–Licence to Lose, a weight loss program that teaches the secrets of successful, lifelong slimming.

Team Development & Retention
by Melissa Hamilton

Following on from our Client Care Program we now take a look at Team Development & Retention. This is an area that often gets left till last, however, is one of the most important aspects in your business. Your team are the heart and soul of your business – you need to train, develop & nurture them.

Are your team fully trained? Do you have a training & development plan for your people? Training & development programmes assist in the retention of team members. To feel that there is a contribution being made to their careers is a powerful value-add over any competitors. The average career person wants to progress, they want to be shown what skills, knowledge and attributes are required for the next position & they want to work with their employer to develop these. Don’t forget to ask staff around the office about what skills would help them do their jobs more efficiently.

Are job descriptions provided to team members in your business? Job descriptions ensure each member is aware of what they are responsible for. They create clear activity lines and eliminate finger pointing. Team members can plan and prioritise their own day and also utilise training to develop any skills required for their role. By utilising job descriptions the team leader can monitor the team to ensure they are working together to reach the end goal.

Do your team members know when they are doing a good job? Key Performance Indicators (KPI’s) provide a benchmark for the performance of certain tasks within the business. The attainment of the KPI means the team member is doing a good job, however, to exceed the KPI is exceeding the expectation of the business. These KPI’s mean that a team member can monitor their own performance too. KPI’s can then be monitored on a weekly and/or monthly basis by management to ensure the team is tracking toward business goals.

Do you offer incentives and rewards for exceptional performance? How do you recognise success? Rewards/incentives can offer a team a great deal of positive reinforcement. You need to ask yourself what goal can the team and/or individual control and this is what you need to reward them for. Ensure it is related to the goals and their role. A recognition program can create a healthy competition among peers, together with peer recognition programmes.

Finally, communication goes a long way. The team need to be able to discuss all aspects of the business. They need to know and acknowledge goals so they can work together to achieve them.

Until the next edition, be good to your staff members, and if you have any questions please contact us on hayleyandrew@blayneypotentialplus.com

Now that we have completed our plan for growth and our business plan it is time to look at our client care program. Client care I hear you ask… what is that?

So many businesses spend so much time and money on getting new business but they don’t spend time and money nurturing the clients they already have. Happy clients can be your biggest asset, they will tell their friends, family, colleagues and pretty much everyone they know about how great you are. However, unhappy clients can do a lot of damage, they will tell their family, friends, colleagues, as well as anyone else that they come across. So what are some ideas that you can implement to ensure your clients are talking about you in a positive way, not a negative one?

So many people I talk to say the number one point of frustration is not receiving a response to a call or email in a timely manner. What is a timely manner? Does your office have documented customer service standards that each team member adheres to? Do all calls and emails have to be responded to by the end of each business day? Do your customers know your standards? Some of these things are not hard to fix, but they require the whole team to be on board.

What do you give back to your clients? Many businesses that we work with have investor information nights, cocktail parties, race days, movie nights, draws for weekends away including luxury car and accommodation. It is important that your clients feel like they are a part of your business, that they are recognised and rewarded, after all you are looking after their most expensive asset.

Know your clients. Your clients are not restricted to your landlords, don’t forget your tenants, your tradesmen, your owners corporations, your service providers, your sales team, your employees. Everyone that comes in contact with your business is a potential client, they know people and speak to people, it is amazing how powerful word of mouth is and best of all it is free!

1% – what are you doing that is 1% higher than your competitors? Do you and your team make no news calls to your clients? Do they end the conversation with “do you or your friends/family have any properties that I can assist with?” Your clients might think you do a great job but they might think you are to busy to take on more properties so they might not recommend you. Put the idea to them and watch the results. Do you send cards to your clients on a regular basis, many of our clients have started sending one card a day per team member, this helps to cement the customer care experience that your clients receive at your company.

Referral programs are a great way to get people talking about you, but in order for them to talk about your company you need to be making them happy. There are many different methods for rewarding your clients and these can include vouchers, dinners, movies or fee free management periods. Send out an offer to your clients and do it for a specific period. For example: For the month of July any referrals sent through to the agency that are converted to a management receive a $200 Myer voucher. Once again it makes the client talk about you.

Until the next edition enjoy setting up your client care program and if you have any questions please email me at hayley@blayneypotentialplus.com

Ever wondered where the time went? Ever thought you would have done something differently if you knew what you know now? Well forward planning might be the answer for you!

In an earlier edition of the BPP newsletter we went through the Top 5 Tips for 500% growth in 5 years and in upcoming editions we are going to drill down into the top 5 tips in greater detail.

So many businesses that I visit do not have a plan for growth or a business plan. It seems to be one of the many tasks that hits the too hard basket or ends up at the bottom of the in tray! Don’t despair as we are going to make this daunting task easy and effective for every business to use. If you do have a business plan in place when was the last time you looked at it or updated it? Does your team know it exists and are they on the same path as you?

The plan does not need to be complicated and it does not need to be 100 pages long. It needs to be clear and concise. Start with the end in mind or work backwards from the end to the beginning. It is a good idea to do a 1 to 5 year plan.

So let’s get started.

What is your Mission Statement? What is it that is special about your department? What do you want your clients to say about you?

What is your current position? You must know where you are at in order to know where you want to be! What are the services that you provide? What is your market? Who are your key clients? Who are your competitors? Have you done a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats).

What is the future direction of your business? What are the objectives and strategies and how can these be achieved?

What is the organization and plan for the business? Do you know what number of properties or income you have to reach before you need another team member?

What is the financial prediction for the business? To know this you need to know where the business is currently at and where it needs to be.

If you already have a business plan then it is time to review and compare to last years results. Are you on track? What worked or didn’t work and what needs to change to get you back to where you need to be?

Analysis of business risks and what needs to be done to address them. Are you fully compliant? Are your tradesman’s licences and insurance details up to date? Do all your landlords have adequate Landlord Insurance? These are some examples of risks that can easily be avoided in every business.

The plan is your roadmap and it is important that your team know where the business is at and where it is heading so they can help to achieve the end goal. It might be a good idea to do a planning and training session, get the whole team involved in creating the plan, after all without their help it is going to be hard to achieve the results that you are after.

Until the next edition, happy planning and if you haven’t already done so please email me for a copy of our business plan template on hayley@blayneypotentialplus.com.

By Hayley Mitchell

Continuing low residential vacancy rates in Melbourne and regional Victoria coupled with falling interest rates and the slowing of house price growth have created opportunities for investors.

Melbourne’s vacancy rate for December was 1.2%, only up marginally from the 1.1% recorded the previous month but lower than the figure for December 2007 which was 1.6%.

Real Estate Institute of Victoria data reveals that, although the inner city is the most difficult place for tenants to find a rental property, this is a good thing for those who own or are looking to purchase in this area.

The REIV considers the rental market to be balanced when the vacancy rate is around the 3.0% mark, a level that has not been achieved since January 2005.

With statistics like these it is no wonder that there are still many investors looking to purchase investment properties. The question is what are you doing to ensure you are the agency of choice when it comes to decision time?

I would also like to congratulate our friend Melanie Dennis from Domain Property Advocates, Fairfield Victoria who was awarded the Residential Property Manager of the Year for Victoria. Well done to all the winners and runners up, we look forward to the REIA show down next year.

All this aside, we have spent the last month navigating the world of Facebook and identifying the best ways to connect with our “friends” at Blayney Potential Plus. So I introduce to you the Blayney Potential Plus group… I look forward to seeing your name as one of our “members”.

http://www.facebook.com/group.php?gid=33041349866&ref=nf

Hopefully we will end up with a few more than that of the “I hate real estate rental agents” group.

See you on Facebook.