Episode 007 - Systems Can Make or Break You
Episode 007 - Systems Can Make or Break You
Everything in your business is going great and then BAM! A new client calls you out of the blue when you're on vacation. Or, a transaction issue comes up while you’re showing a home. “What do I do?” is not a good reply to either situation. Systems keep you organized and give you a plan for how to work through your daily processes. Systems should include both business and personal activities. On this episode, we provide tips on what to include in your systems and how to make your business run efficiently and legendarily!
SHOW NOTES
- 00:50 – Welcome to the episode. Systems can make or break you.
- 01:15 – Song of the week: System of a Down, “Chop Suey”, meaning “miscellaneous leftovers.”
- 05:00 – Everyone will have a different system. There is not a be all, end all plan that everyone will be able to follow. Work with your team, your broker, yourself to break down your operations into a checklist.
- 06:15 – You don’t need to come up with a highly customized plan. It is okay to R.O.A.D. (Tom Ferry: "Rip Off And Duplicate"). Find what others are doing and then incorporate it into your process. Sit down with another agent that you respect to help put this together.
- 07:20 – 1st System, Client Acquisition: drip campaigns, marketing, client touches, break down clients into A/B/C/D tiers or segments. Spend your marketing dollars in the right place.
- 08:45 – 2nd System, Client Handling: working with a buyer or seller, assess what is needed. Signs, lockboxes, contracts, marketing materials, other documents. Break down systems for buyers and sellers. Get a checklist to the client so they know what is going on and what comes next. Remember to include the client in the process, too.
- 10:45 – Cate uses email templates ready to send out to client and reps for title, mortgage, inspection, etc.
- 11:10 – 3rd System, Transaction Checklist: includes a list of things that need to happen through a purchase/sale. Make sure it considers both sides of the transaction. You may only represent one side of the deal, but if the other side doesn’t do what they are supposed to, your client will suffer. Should include inspection, title, appraisal, mortgage, closing, etc.
- 12:20 – Talk to each segment of the profession to find out what they need. Example: the mortgage rep can set their expectations, such as bank statements, paystubs, W-2s, etc.
- 13:00 – 4th System, Business Backend: since the closing has occurred, we turn in paperwork, accounting (commission), and follow up with client after closing, then input them into your CRM.
- 14:00 – Don’t forget your business. You need receipts, notes for each transaction so you can maximize deductions and tracking expenses.
- 15:00 – Cate’s Side Note Tangent – 2,000,000 people are diagnosed with OCD in the US.
- 18:05 – Set up your tasks into tiers. Dustin Harris’ (The Appraiser Coach) tier system. Tier 1 through 5.
- 19:00 – Tier 1 level: Entry level (secretarial) position, likely not licensed. Gatekeeper to take phone calls and emails and directs them to the necessary person. Provides a benefit to the licensed person by taking over “simple” or innocuous tasks.
- 19:45 – Tier 2 level: Highly trained, but still likely unlicensed. Probably a transaction coordinator. Highly knowledgeable about the processes, but not licensed to handle licensed activities. Can order title, follow up with lender, ensure paperwork is in order, etc. Watches and monitors systems.
- 20:45 – Tier 3 level: Usually a licensed person. They will have a lot of interaction with the client. Showing homes, talking in depth with clients about specialized issues.
- 21:45 – Tier 4 level: Management, team leader. Office manager person. This tier is usually only needed with high production agents with several transactions working at once.
- 22:10 – Tier 5 level: Owner, lead agent, head of the team.
- 22:20 – Each of these tiers could be one, two or more individuals. Each tier can be different people. But, if you're a newer agent, you might be all 5 tiers simultaneously and need to understand the responsibilities for each tier that must be managed. As you grow, it will be easier to hire and manage those others by including them in tiered tasks.
- 23:00 – Cate – What hat am I wearing today? OINII (On It Not In It).
- 24:00 – Recognize your system will be different than other agents. Hire based upon your need, not what everyone else is doing.
- 24:40 – Training systems, videos. Videos for other agents, clients, etc. Videos help convey your message more clearly. Also, the videos can be sent to any client to let them know more about the process.
- 25:45 – B’s Quote of the Week
- 26:35 – Closing
SHOW LINKS
- System of a Down, Chop Suey: https://www.youtube.com/watch?v=CSvFpBOe8eY
- Tom Ferry, ROAD (Rip Off And Duplicate): https://www.tomferry.com/tag/ripoff-and-duplicate/
- Real Estate CRM: https://theclose.com/best-real-estate-crm/
- Dustin Harris – The Appraiser’s Coach, Tier system: https://theappraisercoach.com/the-tiered-appraisal-office/
- OCD: https://iocdf.org/about-ocd/
- Cate templates: sidenotetangent.com
BETWEEN THE LINES LINKS
Web
https://www.facebook.com/groups/realestatebetweenthelines/
https://www.facebook.com/Brian-C-Lee-111822417027919/?
YouTube
Activity