Wendy Alexander, CEO of Barfoot & Thompson presented at The Business Of Real Estate held on 1-3 September 2014. #rebiz14

3. !
Coach
!
Manager
!
Leader

4. 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

5. ! Individual
! Partnership
! Team

7. Points
of
Difference
• List
and
sell
anywhere
-­‐
Lockboxes
-­‐
Buyer
Registra=on
-­‐
Database/Customer
Echo
• No
selling
Managers
• Free
upload
of
systems
• Compliance
• Branding

13. 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?”

14. Commission
Splits
and
Bonuses
• 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%

15. 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

16. 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

17. Why
do
people
leave?
• Sold
the
dream
somewhere
else
• Lost
connec=on
with
them

19. “Great leaders can take a company well beyond its potential”
“Regardless of rank and title, you are still just a person”

20. 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

21. 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

22. 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

23. 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

24. 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?”

25. 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

26. Know
your
People
• Devoted
• Plugged
in
• Cruise
control
• Checked
out
“Know
your
people
and
know
their
stuff”

27. 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”

28. Gorillas
and
Snakes
“Gorillas create
shade space”
“Stinking Thinking”
“2 minute conversations”

29. 4. 3.
2. 1.
0 1 2 3 4 5 6 7 8 9 10
10
9
8
7
6
5
4
3
2
1
Energy – Enthusiasm – Drive - Commitment
Competence and Capability

30. 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

31. 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”

32. It
all
starts
with
Leadership

33. 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

34. Think
Space
• A
confused
mind
stalls
• It’s
your
life
–
live
it
• It’s
your
day
–
manage
it

35. Coach
for
performance
Manage
things/processes
Lead
people