Connect with us

Business Marketing

How to add $150,000 in gross commissions to your bottom line

Published

on

This past week I was in Toronto attending RRi Mastery 2007, a 3 day high level training program for some of Canada’s top Realtors (and a few from the US).

This was the 4th time I’ve been able to hear Richard Robbins speak, and as always, it was great.

I had the pleasure of meeting a fellow blogger and AG reader Steven Campbel. Check out the picture of me and Ari ‘Ziderforce’ Zider sitting front and centre.

Over the next few weeks I’m going to share some A-HAs I had about my business, in the hopes that what helped me can help you.toronto-mastery-ti07-pictures-0401.jpg

This will work best if you’re really active in the comments about what works well (or not so well) in your business.

A-HA #1 – every lead is gold.

Too often when a lead comes in (an email from your blog, a call from a local investor etc.) we are quick to dismiss it. Maybe they don’t want to meet in person, maybe they aren’t clear on what they want, maybe the rapport just wasn’t there when you spoke on the phone. Maybe they don’t follow up with us, and we forget about them. Sometimes we promise to get back to them with info and fon’t follow up the next day, or the day after… and pretty soon we say it’s too late to call. We’ve all done it.

I was speaking to a top agent from Toronto at the program, and he related a story to me. In May of this year, his team came to him and said they weren’t getting enough leads coming in – at least not quality leads.

The top agent sat down with a list of every lead that had come into his team’s office since January, just five months, and he called them all to see if they were still interested in buying or selling property.

What he found was staggering. 55 of the leads had bought or sold real estate already, after speaking to his team. Multiply 55 by a $5000 average commission, and you have a $275,000 oversight.

Better follow up & lead qualification would have added more than an extra quarter million dollars in revenue for his team in less than half the year. What is it costing you?

After hearing that story, I sat down and made a list of 30 people who I’ve met with and not yet done business. This list represents 30 investors who need my help to build their wealth, and one of the things I’ll be doing this month as we ramp up for 2008 is contacting and re-qualifying (more on that soon) them, and doing business with them.

How much money have you left on the table by not following up with your leads?

If you have 30 people who are ready to buy and sell waiting to be contacted by you (and you better do it before someone else does), and your average commission is $5,000, that’s $150,000 waiting for you to act.

What idea can you implement this month to double your business in 2008? Let us know in the comments !

Benjamin Bach is a REALTOR with Keller Williams Realty in Kitchener Waterloo, Canada (home of the Blackberry) and shows people how they can avoid a mediocre retirement by building wealth through smart Real Estate Investments. You can find out more at Kitchener-Waterloo-Real-Estate-Investments.com

Continue Reading
Advertisement
1 Comment

1 Comment

  1. Darin Dixon

    November 26, 2007 at 7:14 pm

    When dealing with real time web leads, if they are contacted immediately (within 10 minutes), the results are astounding. MIT’s study on web leads showed that a contact within 10 minutes of a web lead increases lead qualification rates by 1,000%.

    I am not an agent but I have seen the importance of contacting leads immediately. I know it sounds like a no brainer but there are still those that “age” leads by emailing them or sending them information and waiting for the right time to contact them. Try this, the next time you go to a website, fill out the web form and then see how long it takes for someone to get back to you. When a call, or sometimes just an email, comes to you days after your request, how interested are you still in your initial inquiry?

Leave a Reply

Your email address will not be published. Required fields are marked *

Business Marketing

Pay employees for their time, not only their work

(MARKETING) Yes, you still must pay employees for their time even if they aren’t able to complete their work due to restrictions. Time = Money.

Published

on

pay employees for their time

The COVID-19 pandemic has inspired a lot of insightful questions about things like our healthcare system, worldwide containment procedures, and about a billion other things that all deserve well-thought answers.

Unfortunately, it has also led to some of the dumbest questions of all time.

One such question comes courtesy of Comstock Mag, with the inquiry asking whether or not employees who show up on time can be deducted an hour’s pay if the manager shows up an hour later.

From a legal standpoint, Comstock Mag points out that employees participating in such activities are “engaged to wait”, meaning that – while they aren’t necessarily “working” – they are still on the clock and waiting for work to appear; in this case, the aforementioned “work” comes in the form of the manager or supervisor showing up.

In short: if the reason your employees aren’t working is that the precursor to completing the work for which you pay them is inaccessible, you still have to pay them for their time.

Morally, of course, the answer is much simpler: pay your employees for their time, especially if the reason they are unable to complete work is because you (or a subordinate) didn’t make it to work at the right time.

Certainly, you might be able to justify sending all of your employees home early if you run into something like a technology snag or a hiccup in the processes which make it possible for them to do their jobs – that would mean your employees were no longer engaged to wait, thus removing your legal obligation to continue paying them.

Then again, the moral question of whether or not cutting your employees’ hours comes into play here. It’s understandable that funds would be tight for the time being, but docking employees an hour of their work here or there due to problems that no one can control may cause them to resent you down the line when you need their support in return.

The real problem with this question is that, despite most people knowing that the answer should always be “pay them”, the sheer number of people working from home in the wake of worldwide closures and social distancing could muddy the water in terms of what constitutes the difference between being engaged to wait and simply burning time.

For example, an employee who is waiting for a meeting to start still fits the bill of “engaged to wait” even if the meeting software takes an extra half hour to kick in (or, worse yet, the meeting never happens), and docking them pay for timecard issues or other extenuating factors that keep them from their work is similarly disingenuous – and illegal.

There are a lot of unknowns these days, but basic human decency should never be up for debate – especially now.

Continue Reading

Business Marketing

Cooler temps mean restaurants have to get creative to survive

(MARKETING) With winter approaching, restaurants are starting to find creative and sustainable ways to keep customers coming in… and warm.

Published

on

Outdoor eating at restaurants grows in popularity.

Over the last decade we have seen a change in the approach to clientele experiences in the restaurant business. It’s no longer just about how good your food is, although that is still key. Now you have to give your customers an experience to remember. There are now restaurants that feed you in the dark, and others who require you to check all your clothes at the door. Each of these provides an experience to remember alongside food that ranges from good to exquisite, depending on your taste.

Now, however, the global pandemic has rearranged how we think about dining. We can no longer just shove people into a building and create a delectable meal. If you’ve relied mostly on people coming into your restaurant, you may struggle to survive now.

The new rules of keeping clients safe means setting things up outside is the easiest means of keeping large numbers of them from crowding inside. Because of this, weather has become a key influence in a company’s daily income. Tents that were a gimmick before, only needed by presumptuous millennials, are now a requirement to keep afloat. People are rushing to make their yards into lawns that bring some in some fancy feeling.

The ties to the sun in some areas are so strong that cloudy days have been shown to drop attendance as much as 14% for the day. This will become the more apparent the colder it gets. For me, I always mention hibernation weight in the winter, when all I want to do is curl up and eat at home. Down here in Texas we are already finding cooler weather, drops into the 70s even in August and September. We are all assuming a cold winter ahead. So, a bit of foresight is finding a means of keeping your guests warm for the winter ahead.

San Francisco restaurants have started with heat lamps during their cooler evenings. Fiberglass igloos have also been added to outdoor seating as a means of temperature control. A few places down in the Lonestar state keep roaring fires going for their outdoor activities. While others actually keep you running in between beverages by encouraging volleyball matches. This is the new future ahead of us, and being memorable is the way to go.

Continue Reading

Business Marketing

Canva is catching on to content trends, launches in-app video editor

(MARKETING) Canva launches an in-platform video editor, allowing access to their extensive library of assets and animations to create high-quality videos

Published

on

African American woman working on Canva Video Editor Desktop in office setting.

Video content consumption is on the rise, and the graphic design platform, Canva, took note of it. The $40 billion Australian startup has entered the video business and announced the launch of its video editor, Canva Video Suite.

The end-to-end video editor is an easy-to-use platform that anyone, no matter the skill level, can create, edit, and record high-quality videos. Best of all, it’s free, and it’s available on both desktop and mobile platforms.

The tool has hundreds of editable templates that you can use to create videos for several online platforms like TikTok, YouTube, Instagram, and Facebook. Some templates can be used to create workplace and business videos, while other templates are perfect for personal videos. There are playful themes you can use to create that spooky video just in time for Halloween or make a laugh-out-loud video to send to your best friend! With a wide range of selections, in no time you’ll start creating your very own video masterpiece with Canva.

Caucasian man holding iPhone showing Canva video editor on mobile.

What else does the video software offer and what can you do with it? Well, let me tell you:

Collaborate in real-time

Having everyone on the same page is important and Canva’s video suite takes that into account. To collaborate with others, you simply send them an invite, and together you can edit videos, manage assets, and leave comments to give your input.

Video timeline editing and in-app recording

Similar to building presentation slides, Canva’s scene-based editor simplifies video editing by using a timeline approach. With it, you can quickly reorder, crop, trim, and splice your videos. Also, users don’t need to leave the platform to record that last-minute shot; within the app, you can shoot and record yourself from a camera or a screen.

Library of assets

The video editor is filled with an array of watermark-free stock footage, icons, images, illustrations, and even audio tracks that you can choose from – but if you really need something that is not on their platform – you can upload your own image, video, or audio track.

Animate with ease

Although still in the process of being released, soon you will be able to add animations of both text and visual elements in just a few simple clicks. Among others, animation presets that fade, pan, and tumble will help you transform your video and take it to a whole other level.

Overall, Canva Video Suite is very intuitive and has all the essential things you need to create a video. And by streamlining the video creation process, Canva is ensuring it enters the video marketplace with a bang.

“One of Canva’s guiding principles is to make complex things simple, and our new Video Suite will allow everyone to unlock the power of video, whether that’s to market their business, make engaging social posts, or express their creativity,” said Rob Kawalsky, Head of Product at Canva.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!