Category: Uncategorized

1,000 True Fans

From the work of Kevin Kelly

Condensed by Matthew Regan

To be a successful salesperson you don’t need a lot of money. You don’t need thousands of dollars or thousands of clients. To make a living as a salesperson you need only one hundred true fans.

A true fan is defined as someone who sings your praises from the tops of mountains. At dinners with friends, at the hockey arena, to their dentist and doctor, accountant and dog walker.

Here’s how the math works. You need to meet two criteria. First, you have to create enough each year that you can earn, on average, $5,000 from each true fan. This is easier to do in some markets than others, but it is a good creative challenge because it is always easier and better to give existing customers more, than it is to find new fans.

Second. You must have a direct relationship with your fans. That is, they must pay you by virtue of telling everyone they know how great you are in the form of a referral or of course, they themselves hire you to sell their home. If you can garner $5,000 from each true fan, then you need only 100 true fans to earn $500,000 a year.

The number 100 is not absolute. Its significance is in the rough order of magnitude. The actual number has to be adjusted for each person. If you are able to only earn $50 per year per true fan, then you would need a lot more true fans to earn a living. Or you may need only $75,000 to live on, so you adjust accordingly. If you have a partner, then you may need to multiply by 2 to get the math to work. For a team, you need to multiply further. The good news is that the increase in the size of your true fan base is geometric and linear in proportion to the size of your team. If you increase the team by 33% you only need to increase your fan base by 33%.

And of course, not every fan will be super. For every true fan you may have 2 or 3 regular fans. These regular fans may refer occasionally or may have bought only once. But their occasional referrals expand your total income. Perhaps they bring an additional 50%. Still, you want to focus on the super fans because the enthusiasm of true fans can increase patronage of regular fans. True fans are not just the direct source of your income, but also your chief marketing force for the ordinary fans.

The truth is that cultivating a thousand fans is time consuming. Done well (and why not do it well?) it can be another full-time job. But after all we are in the real estate business which means we are in the people business which means we are in the relationship business. Of course it’s time consuming. So, you need help. Perhaps this is where joining a team comes in. Of course, one that gets this basic principle. Maybe you hire your sister to help you with this – after all she loves to be organized.

How to keep your true fans yelling your name from the mountain top is where your creative genius comes in. From client events, to a 33-touch point system, you’re limited only by your imagination. And of course, speaking directly to people and asking for business doesn’t hurt. They already know who you are and what you do. Don’t be shy, ask for business. You’ll be amazed at what happens to your referral business when you develop this habit.

The takeaway: 1,000 true fans is a road map to success. Aim for direct connection with fewer people. You’ll have to start at one and work your way up from there. On your way, no matter how many fans you succeed in gaining, you’ll be surrounded by genuine and true appreciation with the understanding that you actually are likely to arrive at 1,000.

The original essay was written by Kevin Kelly. All credit is given to the essay he wrote, 1,000 True Fans. His work was abbreviated to a real estate agent audience with the opinions and insight of Matthew Regan, CEO, Regan Real Estate Inc.

Do You Have A Mortgage?

Do You Have A Mortgage?

How the cost of a few lattes could save you tens of thousands of dollars: Call your bank and ask them if your mortgage payments are on “accelerated bi-weekly payments.” If you aren’t, ask that person to run the numbers. Your bank can show you the minor difference in mortgage payment amounts by switching to accelerated bi-weekly compared to monthly payments and what that added small amount will save you in interest costs over the life of your mortgage.

The difference is astounding. Please share with us your findings.

*Photo courtesy of Richmond Lending Group via Google Images.

How to Pick A Realtor- As Seen Through A Homeowners Eyes:

How To Pick A Realtor – As Seen Through A Homeowners Eyes:

Steps to the successful sale of our family home…speak to a short-

list of  leading agents who know the market and your area

intimately. Invite them in to explain how they would market your

home.  Before you make a decision see who outworks all the

others with their personal service and a strong human touch. Who

offers to evaluate other properties knowing they will not act for

you as a buyer. Who is available by phone, email and text on short

notice even when they are traveling in western Canada or

overseas. Who, once you decide, brings a complete plan to

market your home including the most professional copywriter,

photographer, videographer and staging experts. Who knows

how emotional selling your family home can be and acts as a

buffer to moderate conflicting emotions and then lays out a

strategy which explains how you’ll negotiate with a single or

competing offers. And finally, is masterful at balancing the sale so

that as the seller you know you’ve achieved the highest price.

Matthew Regan did all of this for us and we recommend him

without reservation.

–Jackie and Fred Kulach

Toronto Housing Boom to Continue

“Canada’s two largest housing markets are going in different directions, with the Greater Toronto Area poised for another rally in 2017 while the Vancouver region girds for a decline.

Royal LePage forecasts the median residential price in the GTA will jump 10 per cent this year while Greater Vancouver will experience an 8.5-per-cent price decrease for various housing types.” (Jang, 2017)

Read full article via: http://www.theglobeandmail.com/real-estate/greater-toronto-area-faces-looming-jump-in-housing-prices-royal-lepage/article33589023/. 

Image taken from: http://www.theglobeandmail.com/real-estate/greater-toronto-area-faces-looming-jump-in-housing-prices-royal-lepage/article33589023/. 

REP has Dedicated this Issue’s Cover Feature to Canada’s Top Real Estate Teams…Check us out!

REP talks a lot about “expanding your business,” which is a convenient, slightly more lyrical stand-in for “selling more real estate.” But there comes a point in the life of every successful real estate agent when expansion becomes quite literal: You’ve cracked the code, clients are seeking you out at an intensifying pace, and to maintain the level of service that made you so in-demand, it’s time to build a team.

But not all teams are successful. Some agents have trouble transitioning into a leadership role, coming up short when attempting to train and motivate their team members. Some hire poorly, assembling a disparate group of personalities that fails to synergize. Some simply find that they were more comfortable when someone else was in charge of making the most critical back-end decisions.

Reaching a point in your career where starting a team is necessary is a fine accomplishment, but turning that team into an equally successful entity is even more impressive. That’s why REP has dedicated this issue’s cover feature to Canada’s top real estate teams. The ability of these teams to achieve their goals year in and year out speaks not only to the mentorship and vision of their leaders, but also to the skill and commitment of the indispensable agents and support staff working to build their team’s brand and increase its market share.

No one goes it alone, even in real estate. Looking at the inspiring performances of REP’s Top Teams, why would you want to?

http://www.whichmortgage.ca/leading-mortgage-professionals/rep-top-teams-2017/

Thank You for your Support of Heart House Hospice!

Dear Mr. Regan,

Thank you for your support of Heart House Hospice, and in particular, our 2017 Handbags for Hospice event with your generous donation of a silent auction item. With your support, we were able to raise over $35,000. These much needed funds will help people who have received a life threatening diagnosis navigate new and unchartered waters with dignity and respect.

Included below are thanks from individuals who have been involved in our programs:

“Thank you so much for being there during the most difficult time in my life. I will never forget you.”

“Thank you for all you have done for my daughter. She is playing with her friends again and no longer stands alone by the wall at recess. She is no longer afraid to visit the cemetery and talks about her Daddy all the time.”

“You are the only person who is listening. You are the only one in this whole story who has taken the time to acknowledge my feelings and me.”

“After my complementary therapy treatment, I felt refreshed, calmer and more relaxed.”

Theresa Greer, Executive Director

Shelley Maynard, Coordinator of Fundraising

Tags: Philanthropy

10th Annual Shelter Gala: Black Tie Trivia

We were delighted to host the 10th annual Shelter Gala: Black Tie Trivia last Friday, November 17 at Toronto’s historic venue, The Carlu. We are now even more thrilled to announce $40,000 was raised in support of the Royal LePage Shelter Foundation! Thank you to all who attended (some from a great distance!), everyone who participated in the gift card draw, those who donated auction items and the generous bidders in the silent and live auctions. Together, we are continuing to build safer communities, happier homes and healthier relationships.

A special thank you to our generous sponsors who make events like the Shelter Gala possible:

Atlas Canada

Genworth Canada

Kaiser Lachance Communications

Mackie Moving Systems

Outline Financial

Royal LePage RCR Realty

Royal LePage Realty Plus

TD Canada Trust, Mobile Mortgage Specialists

Shanan Spencer-Brown

Executive Director

Royal LePage Shelter Foundation