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
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! Coach
! Manager
! Leader
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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
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! Individual ! Partnership
! Team
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Points of Difference
• List and sell anywhere -‐ Lockboxes -‐ Buyer Registra=on -‐ Database/Customer Echo
• No selling Managers • Free upload of systems • Compliance • Branding
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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?”
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• 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
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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
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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
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Why do people leave?
• Sold the dream somewhere else • Lost connec=on with them
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“Great leaders can take a company well beyond its potential”
“Regardless of rank and title, you are still just a person”
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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
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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
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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
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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
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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?”
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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
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Know your People
• Devoted • Plugged in • Cruise control • Checked out “Know your people and know their stuff”
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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”
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Gorillas and Snakes
“Gorillas create shade space”
“Stinking Thinking”
“2 minute conversations”
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1. 2.
4. 3.
01 2 3 4 5 6 7 8 9 10
10
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Energy – Enthusiasm – Drive - Commitment
Com
pete
nce
and
Cap
abili
ty
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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
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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”
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It all starts with Leadership
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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
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Think Space
• A confused mind stalls • It’s your life – live it • It’s your day – manage it
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Coach for performance
Manage things/processes
Lead people
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