To change your business and your life, Tim Ferris, author of The Four Hour Work Week outlined the DEAL framework: Definition, Elimination, Automation and Liberation at the AREC15 conference.
But after the inspirational halo of AREC has faded, how do you physically introduce these changes into your real estate business?
We’ve matched Ferris’s framework to some of our CoreLogic products to provide some easy to implement and practical steps for concrete results from the conference.
Ferris explained that defining what your business does, and where it does it, is essential to keeping focused.
Defining your territory
The easiest way to define your business in RP Data Professional is to use Territory Builder. It will allow you hand draw your own area and save it for regular use. (You’ll find it in the left hand side menu after you’ve looked up a suburb or address)
The great thing about Territory Builder is that you then have access to all the property data within that territory and can search and filter – be it on the market, recent sales or just general property addresses, without the need to constantly look it up.
Defining your business
Understanding how your business is performing is essential – in order to improve you need to measure your current performance. The Agency Benchmark Reports give you a monthly snapshot by postcode to help you understand how you are performing in terms of sales, listings and rentals and how you rank compared to your competitors. Once you’ve defined your position in the market, you’ll be able to see if the changes you have implemented are working.
One of the key elements to a successful life is eliminating unnecessary tasks and always being on the alert for how to do thing smarter so you waste less time.
Here’s three quick tips on how to eliminate time wasting:
- The RP Data Mobile Pro is a great eliminator because you can access data on the go – answer a quick question on a recent sale when you meet a prospective vendor, without the need to add getting back to them onto your ‘to do’ list.
- Book some training: If you could learn just a handful of ways to execute the tasks you do every day a few minutes faster you would save hours, and possibly even days each year. Make an hour for training and save days of productivity.
- Set up an automated data feed. Most agents send us their data via an excel spreadsheet or template that they get one of their assistants to work on every week but this task can be easily eliminated with automation, freeing up your assistant’s time to work on your social media or marketing.
Automating boring and repetitive tasks is part of eliminating them, says Ferris. Our favourite way of automating RP Data Professional is through a single sign-on where you have RP Data Professional embedded into your CRM. That means every time you log into your CRM, you have automatic access to RP Data Professional, and in some systems can import data across into your forms and regular tasks. This can save you huge amounts of time every week and improves accuracy of your forms removing the need to rework them with corrections.
Another great way to automate your work flow is through Docusign – which allows you to get signatures on documents in minutes rather than waiting on the post or email.
And if you’re looking to automate how you communicate with potential vendors, check out HomePrezzo. It’s a great little program that builds engaging and informative data-based videos to show vendors what’s happening in their market, top sales, and even a video CMA.
Ferris explained that freeing up decision rights and making sure you’re not a bottleneck in the business is vital if you want to grow. Giving your staff – or even your clients – parameters within which they can make decisions, or creating systems which help them come to their own decisions which are in alignment with yours is the key to executing this tactic.
Our new iPad app – being released in late June – is perfect for this. My favourite piece of functionality in the new iPad app is the comparables – look up any property and it immediately starts to compare them to similar properties in the area, while also giving you a valuation.
Lister is also a great product in this space – load up comparable properties and take it to your next vendor presentation and ask the vendor to compare their home to those you have chosen. Lister asks the vendor to decide whether their property is better or worse than those displayed and helps calculate a price at the end based on their choices. It’s a great tool to help vendors understand a reasonable price for their home.
For more information on our all of the latest new features, products and real estate reports available for real estate agents in RP Data Professional call us on 1300 734 318 or check out free online training schedule – Check availability.