The Effective Real Estate Executive
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The Effective Executive (RE) with Matthew Ferrara matthewferrara.com
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Transcript of The Effective Real Estate Executive
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If you would like a copy of the slides:
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To be reasonably effective, it is not enough for the individual to be intelligent, to work hard or to be knowledgeable….
Effectiveness as an executive demands doing certain and fairly simple things....
But these practices are not “inborn.” In forty five years of work. I have not come across a single “natural” who was
born effective. All the effective ones have had to learn to be effective.
Effectiveness is what executives are being paid for.
- Peter Drucker, The Effective Executive (1967)
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Effectiveness in Key Roles
! Focus Setter ! Cultural Warrior ! Critical Recruiter ! Knowledge Amplifier ! Mad Scientist ! Bench Builder
- Almost everything is for a specialist.
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Effectiveness in Key Roles
! Focus Setter ! Cultural Warrior ! Critical Recruiter ! Knowledge Amplifier ! Mad Scientist ! Bench Builder
matthewferrara.com
“The purpose of business is to create and keep a customer.” ― Peter F. Drucker
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Market makers seek to combine a broader trend in society with a competitive advantage in their
organization.
Study Trends, Set a Focus
• Gather, analyze and create strategies from multiple data sources
• Direct agent activity towards the “next” customers to be created
• Predictive CRM • Website traffic • Leads management • Industry research • Public data • Closed / Past deals • News / Research
• Redefine meetings as “assessment and targeting times”
• Pull “context” from the agents, closed sales, etc and incorporate into listing presentations, online marketing, social, etc.
• Create opportunities by interpreting and visualizing the market for the salesforce (and demonstrate a higher-order value than just a tool)
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If you start creating “new market opportunity” for your sales team, you won’t need to “recruit”
once the market notices…
Got beyond “your” data
• Look for sources of major social trends (actually, changes in trends are more important)
• Look at “feeder” patterns (household formation, student debt, consumer sentiment, etc.)
• Pull context out of your assessments (stop ranking and rating, and start listening and learning)
• Connect unlikely dots, between content you might not otherwise think applies
• Example: • Could a magazine on
weddings have told us something about first time home buyers? (See, the micro-rental building)
• Could an insurance rating system tell us something about selling livery service (see, Uber)
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If you feed your data to your Critical Recruiter:
What salesforce does the *market* need you to bring into existence?
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PLUS! as you’ll see later, you’ll need to feed these observations to your Mad Scientist…
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Effectiveness in Key Roles
! Focus Setter ! Cultural Warrior ! Critical Recruiter ! Knowledge Amplifier ! Mad Scientist ! Bench Builder
Culture: The combination of values and vision that guide internal and external interactions.
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If your culture stinks, does anything else matter?
Let’s ask Tony Hsieh
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Now add in the fact that recruiting is the single most dangerous thing you do in a
sales organization.
Building and Leveraging Culture
•Articulate your Purpose (mission)
•Define a clear core set of values and identify what they “look like” in the real world
•Use common language and shared stories
•Audit and Align internal practices - from support to sales - to particular value(s)
•“Nurture” culture by making it part of the ordinary conversations at meetings, coaching, training, on-boarding, etc.
•Recruiting: •Learn to use culture-seeking
behavioral interview questions
•Have a cultural-scorecard (or assessment/TQ16) that helps you “match up” candidates
•Evaluate your career site, materials, scripts…
•Use culture as a marketing tool - social, video, etc.
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Remember: If you think it’s expensive to hire a professional,
wait until you hire an amateur.
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Effectiveness in Key Roles
! Focus Setter ! Cultural Warrior ! Critical Recruiter ! Knowledge Amplifier ! Mad Scientist ! Bench Builder
matthewferrara.com
“So much of what we call management consists in making it difficult for people to work.” ― Peter F. Drucker
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Two things clear the paths to peak performance:
Observation +
Mentoring
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What is measured, improves.
You must not just rely upon “backward” measurements, but the forward ones.
And the most forward-leaning measurement is direct observation.
When was the last time you went to a listing presentation, listened to a phone call,
incubated a lead, or did an open house ....... with one of your agents?
How do we make decisions about
training recruiting technology marketing
pricing
if we’re not evaluating them first-hand in action with consumers?
82% of people said they didn’t know what they were supposed to be contributing at work.
83% said what they were asked to do was not the thing they were best at doing.
- Gallup
A company isn’t an invisible thing. It occurs in real moments with real people. Go see those moments, to see your brand
happen.
Then you’ll know exactly what needs to be mentored:
And better yet: You’ll know how.
Added Benefit: You will also have seen the looks on the face of consumers
(see Trend Spotter)
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Effectiveness in Key Roles
! Focus Setter ! Cultural Warrior ! Critical Recruiter ! Knowledge Amplifier ! Mad Scientist ! Bench Builder
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“Business has only two functions — marketing and innovation.” ― Peter F. Drucker
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• Foster an innovation-thinking culture • Have the right relationship to trial, error, failure
and success • Provide consistent resources for innovation, not
just when a crisis or competitor shows up • Conduct a small number of tests at all times • Put equal emphasis on driving “systematic
integration” of innovations, not just developing the next shiny thing
• Develop a “skunk works” department, team or process for their organization
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Use Innovation Techniques - War-Rooms
- Provocation Exercises - Random Word
- Toyoda’s Five Whys - New Design Thinking
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Run Pilots on Everything: - Pricing (insurance)
- Sales model (auction) - Compensation (IRA)
- Management (non-office model)
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Effectiveness in Key Roles
! Focus Setter ! Cultural Warrior ! Critical Recruiter ! Knowledge Amplifier ! Mad Scientist ! Bench Builder
A leader must ask, “What must I do?” not “What do I want to do?”- Peter Drucker
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Succession Planning
•Huge number of companies have leadership and management that is Boomer/Silent Generation
•Few companies have a written, detailed and resourced succession plan
•Less than ̛ of family owned franchises make it through the second generation
•Successions take TIME (lots and lots of it)
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Succession Planning
•Organizational Succession •A new component in talent attraction •Management Bench •War on Talent: Staff / specialized functions •Salesperson Exit Strategies
•Stoploss / capture of existing book/biz •A new requirement of potential sales
candidates looking for a 10-yr career
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The Effective Executive
! Focus Setter ! Cultural Warrior ! Critical Recruiter
! Knowledge Amplifier ! Mad Scientist ! Bench Builder
It’s entirely up to you.
If you’d like a copy of the slides: [email protected]
