Increasing Inventory and Effective Price Reductions

Transcription

1 Leadership Conference March 20, 2017 Increasing Inventory and Effective Price Reductions Ryan Sarbinoff, Regional Manager, Phoenix Enrique Wong, Vice President/Regional Manager Los Angeles

2 Leadership Conference March 20, 2017 Increasing Inventory and Effective Price Reductions Ryan Sarbinoff Regional Manager Phoenix Enrique Wong Vice President/Regional Manager Los Angeles

3 Increasing Inventory

4 Market Expertise Marketing Plan Identify Hot Spots Get Face to Face Implement Role Play Sessions Marketing Plan A Few Key Ideas to Increase Inventory Proposed Sales Range vs. List Price Conditional Agreement to Reduce Price Rent Surveys Track Client Relationships Rent Surveys Leveraging Research Effective Communication from Multiple Mediums Complete Ownership Records Databasing Identify Hot Spots Sales, Rent and On Market Comparables Complete Ownership Records Buyer Feedback Effective Communication from Multiple Mediums Identify Hot Spots Market Changes Marketing Plan Commitment to Respond to All Offers Sales, Rent and On Market Comparables Brokerage Continuum Changes in Financials 1 st & 2 nd Appointments RMs Attend Meetings to Inspect Results Track Client Relationships 1 st & 2 nd Appointments Brokerage Continuum Conditional Agreement to Reduce Price Get Face to Face Consistent Feedback Changes in Financials Track Client Relationships Leveraging Research RMs Attend Meetings to Inspect Results MMCC Feedback Implement Role Play Sessions Commitment to Respond to All Offers Rent Surveys Databasing Effective Communication from Multiple Mediums Proposed Sales Range vs. List Price

5 Agenda 1. Defining Success: Identifying Key Ratios and Establishing Benchmarks 2. Road Map: Putting a Plan Together 3. Execution: Case Study of DTLA

6 Monthly Operations Report

7 Case Study 2014 Exclusive Listing Fees $2,500,000 Monthly Listing Fees $1,137,100 New Listing Fees Ratio 1.23 Monthly Proposals 59

8 Case Study DTLA Case Study Increasing Inventory 2015 Historical Look Back 2015 Analyzed 10 Years of Historical Ops Reviewed Data and Ratios Created a Plan Managed to 2005 Metrics Shared Vision & Created Alignment 2015 Kickoff Breakfast Good to Great Shared Office Proposal Ratio Every Agent Committed to 1 Proposal per Week Raised Activity Standards Rigorous Activity Reviews Proposal Contests Strategically Fired Slow Buffalo Experienced Agent Recruiting Identified Gaps in Deployment Worked with Recruiting Team Increased Industrial Agent Count from 1 to 9 in Two Years Weekly Senior Agent Meetings ADP Agent Development Plans Identified Agent Weaknesses & Strengths Created Alignment around Junior Agent Activities Became a Part of Their Business Strategic Advice Identified Office Themes Office as a Whole Was Underpricing Deals Consistent Messaging Themed Sales Meetings Workshops

9 Case Study Results Exclusive Listing Fees $2,500,000 $4,700,000 Monthly Listing Fees $1,137,100 $1,878,000 New Listing Fees Ratio Monthly Proposals 59 68

10 Securing Price Reductions

11 Agenda 1. Understand the Opportunity 2. Effectively Leveraging our Tools & Resources 3. Framework to Lead Agents through Process 4. Case Study Results

12 Opportunity Monthly Metrics New Listing Fees: $413,000 Removed Listing Fees: $313,000 Renewed Listing Fees: $65,000 List-to-Close: 40%

13 Education to Leverage Resources PRICING VS. POSITIONING MARKETING TIMELINE WEB STATS SUMMARY OF OFFERS LISTING QUESTIONNAIRE

14 Framework to Lead Agents Seek to Understand Agent Strengths & Weaknesses Teach Our Agents How to Manage Expectations Early & Often Communicate Effectively & Consistently Regional Manager to Attend Meetings to Inspect Results

15 Results Monthly Metrics New Listing Fees: $413,000 Removed Listing Fees: $313,000 Renewed Listing Fees: $65,000 List-to-Close: 40% New Listing Fees: $806,000 Removed Listing Fees: $397,000 Renewed Listing Fees: $142,000 List-to-Close: 47%

16 Breakout Instructions 1. Share Key Office Metrics 2. Understand Your Opportunity 3. Exchange Best Practices on How to Increase Revenue 4. Select two RMs to Present the Group s Best Ideas

17 Leadership Conference March 20, 2017 Increasing Inventory and Effective Price Reductions Ryan Sarbinoff, Regional Manager, Phoenix Enrique Wong, Vice President/Regional Manager Los Angeles