Tag Archives: Systems

Posted on

12 Keys to Becoming a Top Producer – Faster! Part 2

by

The path to success is not clearly marked.  It is muddled.  It is foggy.  You realize you have gone off the path as you get up from the ditch.  In this 2-part post, I want to help shed light on the path to success by sharing the 12 keys to becoming a top producer – faster!  In this post, I cover the second 6 keys.  (You can find Part 1 here.)

In my last post, I introduced the first 6 keys to becoming a top producer – faster!  Before I share 7 – 12, let me briefly review the first 6:

  1. Obtain Knowledge
  2. Become a Student of Top Producers
  3. Hire a coach!
  4. Go to Conferences
  5. Read!
  6. Systematize Your Business

12 Keys to Becoming a Top Producer – Faster!

7.  Use Technology for its Time Management & Efficiency Benefits – I am not the tech geek that can explain to you how things actually work.  I just love using technology to squeeze more productivity out of a day.  Top producers are fanatical about time management and efficiency.  I have written posts that go into more depth about this:

8.  Build a Team – Top producers are team oriented.  Top Producers are not loners.  They don’t try to do everything.  They understand the value of a team.  And not only just having a team, but maximizing the production of that team.  Rod Santomassimo discusses this in his best-selling CRE book – Brokers Who Dominate.  Beyond the fact that I am profiled – along with about 22 others – this is must reading for any CRE practitioner.

Top producing brokerage teams are generally made up of a Senior Producer (Rainmaker), and Junior/New to the Business advisor, and an administrative assistant.  The key to the best teams is hiring/recruiting well and assigning tasks according to the strengths of the team.  The best teams run like a well-oiled machine (or the Colts offense in the 2nd half of Sunday’s game!).  They do so because everyone knows the plays.  They know their roles.  Systems and communication are vital.  Read more about systems here.

9.  Treat Your Business Like a Business – The alternative is treating it like a hobby.  You’d be shocked at how many brokers treat their businesses like a hobby.  I can look at your books and tell you in 30 seconds whether you have a hobby or a business.  The difference?  Brokers that treat their business like a business invest in it.  They spend money hiring a coach.  They advertise.  They go to conferences (see key #4 above).  They hire talented team members.  Brokers that have a hobby tend to whine about not having money to put in their business.  It is really that simple.  Top producers invest in their business.

10.  Focused and Positive – Top producers work while they are at work.  This seems so simple, but it is not.  Top producers don’t spend much time chatting with others in the office.  They are not found at the water cooler.  They never take an hour “off” for lunch.  They may have a lunch meeting, but they never shut it down for an hour in the middle of the day.

They also have unwavering positive attitudes.  PMA – positive mental attitude.  They choose to be positive – optimistic.  They understand the message of Dead Poet’s Society because they live it.

11.  Specialization – In retrospect, specialization should be #2 on the list.  Top producers are not generalists.  They specialize in an asset vertical or at least a geography.  (I have to throw the geography part in here because I am a small town geographical specialist – at least in part.)  This allows them to create presence as an expert – to be the go-to guy.  If you are the broker who will work on anything – stop it.  Pick a lane and become the subject matter expert in that lane.

12.  Passion – Top producers bleed passion.  It oozes out of their pores.  They can’t wait to get to work in the morning and absolutely love what they do.  Everyone has tough days, but passion is what top producers rely on to persevere.  Passion is the ingredient that brings the other 11 keys together into a sum that is much great than its parts.  Passion sells – it is obvious to your clients whether you possess it – or you don’t!

So those are my 12 keys.  Which one speaks to you as most important?  What did I leave off the list?  I encourage you to share your thoughts below!
There was an issue loading your timed LeadBox™. Please check plugin settings.
Posted on

12 Keys to Becoming a Top Producer – Faster! Part 1

by

This post is the first in a two-part series on Top Producers.  You can find the second part here.

The Commercial Real Estate industry – or any industry really – is often so different from the Marine Corps.  I’m specifically thinking about advancement – growth – achievement.  In the Marines, there was a formula for promotion – at least at the lower enlisted ranks.  I knew exactly how to earn promotion.

Time in Grade – Time in Service – Physical Fitness Test (PFT) score – Education.  Add it all up, and you were ranked against all your peers.  You always knew where you stood.

Not so in CRE – or any other industry I’ve seen.  The path to success is not clearly marked.  It is muddled.  It is foggy.  You realize you have gone off the path as you get up from the ditch.

In this 2-part post, I want to help shed light on the path to success by sharing the 12 keys to becoming a top producer – faster!

12 Keys to Becoming a Top Producer – Faster!

  1. Obtain Knowledge – In the Commercial Real Estate industry, the best place to start is the CCIM Curriculum.  It is the best I’ve seen.  Additionally, regularly meet with and befriend commercial lenders, property owners, appraisers, and other agents.  They can give you key insights into your market.  Purpose to be the absolute market expert in your geography and niche.  You can do this quickly, but it is hard work.  Knowledge is what makes you valuable to those you wish to serve.  The following keys are meaningless without it.
  2. Become a Student of Top Producers – Find the top producers in your office or market.  Study them.  Ask them to meet with you.  Learn when they get to the office.  Dress like they dress.  Do what they do.  Read what they read.  How many calls do they make in a week?  How many meetings do they have?  Go and do likewise.  You do not need to recreate the wheel.
  3. Hire a coach – Nothing will speed your progress and personal growth faster than hiring the best coach you can afford.  All the best athletes in the world have coaches.  I have paid for a personal coach for 3 years now.  It is an investment in myself and my company and worth every penny.  It is like strapping a jet-pack on my back in my flight to success.  Here are 6 reasons why:
    • A coach allows you to learn from someone that has successfully walked the road that is ahead of you.
    • A coach prevents you from making crippling mistakes.
    • A coach gives you a fresh and objective set of eyes on your business.
    • A coach provides accountability for what you have committed to do.
    • A coach facilitates clarity.  This is huge and often so hard to grasp while inside your own business.
    • A coach evaluates honestly.  From an independent and objective place, a coach can critically critique or encourage according to the need of the moment.
  4. Go to Conferences – Go to your company’s conference.  Go to industry conferences like the CCIM/IREM National Conference or the ICSC.  These events can completely broaden your thinking.  You can expand your network and learn from the best.  I always leave a conference with new connections that I’m thankful to have met as well as great actionable ideas to move my business forward.  Here are some conferences I plan to attend in the coming months and years:
  5. Read – I’ve read and been told that once you’ve read 3 books on a subject, you are an expert in that subject.  Just 3 books.  Top Performers are constantly sharpening their skills by reading.  When I wanted to learn the sales process, I read the classic Tom Hopkins book How to Master the Art of Selling.  When I wanted to learn more about building a platform and blogging, I read the new best-seller Platform by Michael Hyatt.  When I wanted to improve my impact with an elevator speech, I read a great book Small Message, Big Impact: The Elevator Speech Effect by Terri Sjodin.  And this can be so cheap!  Go check 3 books (or audio-books) out from your local library and be an expert in a month!
  6. Systematize Your Business – Systems allow you to break a process or procedure down into its smallest parts.  You then delegate those tasks to your team.  This allows them to operate in their giftedness (if you hired well).  You then do only the tasks that only you can do – HDAs!  High Dollar Activities.  I’ve written an entire post on this topic that you can read here.
Be on the lookout for the second post detailing the other 6 keys to become a top performer – faster!  In the meantime, what would you add to the list?
There was an issue loading your timed LeadBox™. Please check plugin settings.
Posted on

How Physics is Similar to Your Business

by

The Avengers came out yesterday.  Big moment for my family.  I would be Iron Man – coolest cat on the planet.  My wife is a big fan of Thor.  I’ve tried to pull of that accent but it doesn’t do it for her.  My 10-year-old would be Captain America, and he should.  He already has that True North sense of right and wrong.  My 6-year-old goes between the Hulk and Hawk-eye.  My daughter still doesn’t understand the rules and ran into the living room with a Spiderman costume on.  It is futility explaining to a 3-year-old that Spiderman wasn’t an Avenger – not to mention he didn’t have a pony-tail.

Image: FreeDigitalPhotos.net

I bring up the Avengers for a different reason, though.  I feel like the Hulk is sitting on my face.  I have the distinct pleasure of having both nostrils out of commission.  So, I’m going to tell a quick story and then ask a few questions.  Then I’m going to bed.

 

The Story

This may be hard to believe, but my favorite subject in high school was physics.  I am a thinker.  I’m not sure why.  I’m not much of a feeler, a bit more of a doer, but definitely a thinker.  I want to know why stuff works the way it does.  Physics was full of ‘Aha’ moments for me.  I remember when Mr. Claypool showed me the formula behind why a curved road is banked at a certain degree.  This was super cool to me.

I remember toying with actually majoring in Physics in college.  Turns out that I majored in playing guitar into wee hours of the morning and dropping class….  My youngest brother is currently studying physics at my college right now.  In some ways I envy him.

But enough about physics.  Do you know how Physics is like Commercial Real Estate – or any other business?

If A=B and B=C then A=C

What do I mean, you say?  Consider this about your business.  What works?  What led up to that big sale – that big deal?  Did you know that if you repeat certain patterns you will get certain desired outcomes?  My business of CRE is just like yours in this regard.

The question is how do we do more of those patterns to get more of those desired outcomes?  You need a formula that works.

In my business and with my coaching clients, we call these systems.  I understand that if I send out this many letters and follow-up with this many cold calls, then I will get this many meetings.  If I get this many meetings, I will win this many assignments.  This is prospecting, and it needs to be a system.

Repeat certain behaviors to achieve desired results.

A Few Questions

Why don’t you systematize your business?  One of my hero’s in the business spends 2 hours a day cold-calling.  He’s the boss of is office.  He is working a system.  And he’s killing it.

Have you ever sat down with your team to brainstorm what works – and what doesn’t?  You’d be shocked at what you find out.  That is, if you’ve created a team that trusts enough to tell you truth.  Break things down to their smallest parts.  Delegate.  Maximize efficiencies.  Spend more time with clients and prospects.  Let your staff do anything that they can do so that you can do the tasks that only you can do!  Systematize!

What’s keeping you from taking that time needed to work ON your business instead of IN your business?  Something to think about:  top performers have accountability and coaches.

Let me hear your thoughts.

There was an issue loading your timed LeadBox™. Please check plugin settings.
Posted on

The 5 Reasons to Systematize Your CRE Business

by

If you are new to theBarronBlog, I encourage you to subscribe either by RSS feed or by email so you don’t miss anything.  Both are to the right below my picture.

Commercial Real Estate Systems.  The word is an anomaly.  While you may not be able to define what a system is – you need them.  You need them badly.  They can make you more effective.  They can make you more money.  They can shave hours off your week – hours you can give to your family or a worthy cause.  Let me share with you what I mean.

I have two sons (and a little 3-year-old princess).  They are both playing football.  Tonight, I was at the 9-year-old’s practice.  As I watched the practice, the coaches spent 80% of the practice putting in the system.  20% running the plays.  Now you know what I mean, don’t you.  Think about a football team.  Every player has a specific role.  They specialize.  My son is the quarterback because he is an intellectual.  He knows where everyone should be.  He also has the smallest butt on the team.  It would be ludicrous to make him a lineman.  His coaches spent 80% of the practice putting in the system because success between the hedges comes from a group of individuals working seamlessly as a team.  The sum can be so much greater than the parts.  Magic!

So should your business be!  Here are the five main benefits to systematizing your business:

  1. Systems allow you to break a process down to its smallest tasks.  This is so important.  This is what I go through with all my coaching clients.  Most leaders…most entrepreneurs…most of you, are big picture oriented.  The details are stifling.  I know they are for me.  The simple act of sitting down with your team and breaking a process down to its most detailed parts has tremendous value.
  2. Systems allow you to lead effectively by delegating.  Huge!  The primary role of a leader is to ensure the success of the team.  To do that, team members must understand their roles.  Once you go through the task of breaking a process down to its smallest tasks, those tasks are delegated to the team member with the most fitting skill set.  You just made your life easier.
  3. Systems allow you to hire/fire better.  This is a no-brainer.  Once you systematize your business, you have a better understanding of the skill sets you need in place.  Think of my son’s football team.  The coaches would have been foolish to draft a team full of little fast guys.  The coach understands the system he wants to run.  So he drafts the same.  Go and do likewise!
  4. Systems allow the team to execute.  This is where you see your team come to life.  The system is in place so just execute.  This allows for efficiency and speed.  If you don’t get the results you want, change the system.
  5. Systems allow the leader to focus on high dollar activities.  From my chair, this is the greatest benefit of systematizing your business.  When your team knows the play and their roles, then the leader can focus on just the things that only the leader can do.  This is the sweet spot.  This is where you can see exponential growth.  You should have goose bumps right now.

So join the conversation.  What processes in your business could you systematize?  How would you do it?  

There was an issue loading your timed LeadBox™. Please check plugin settings.