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Why Estate and Letting Agents fear putting their Fees up

Chris Watkin:                Tom, too many agents are worried sick about increasing their fees due to a lack of property sales and the tenant fee ban coming up. How do they get over that fear? Talk to me. Tom Panos:                   I think if you're an estate agent, you've got to go in to a listing presentation with the view that another estate agent is going to charge you zero. And then I know that sounds weird and I know it probably doesn't happen, but you need to go in with the premise that potentially someone's prepared to charge zero and that your job is to be so good that they basically give you a standing ovation and they say, they're not going to get up and say fantastic, right. Chris Watkin:                Get the pointing out ... Tom Panos:                   Correct, that's not going to happen. I don't think people in the UK do that, but I think they've got to ... Chris Watkin:                Do they do it in Oz? Tom Panos:                   No t…
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Tom Panos Tells me why his words are important to Estate Agents

Chris Watkin:                Why is it important that UK estate agents listen to what you have to say Tom?
Tom Panos:                   It's not mandatory. It's not life-threatening. I think to myself, why wouldn't they? One of the reasons is that for the last 15 years, Chris, what I've done is gone backstage and looked at the thoughts, attitudes, practices, structures, mindsets, marketing models of people that do 100 deals a year, people that write a million dollars in gross fees, Aussie dollars, which is around £500,000, and you learn a lot. You learn a lot from actually talking to these people. I think that if I'm an estate agent in the UK, I would love to find out what is it that someone successful doing that I can rip off and duplicate in my own business?
Tom Panos:                   What I've learnt in the time I've worked with UK agents, there is pretty much no difference on things such as how you win business, prospecting, developing a personal brand.…

Why don't Estate Agents Like Prospecting?

Chris Watkin:                Tom, what's the most common reason why estate agents don't do prospecting? Talk to me. Tom Panos:                   The most common reason is that they suffer from the concept of the gap. That is that there is a gap between doing something and being rewarded for it. So most estate agents ... There's this great experiment. It's called the marshmallow experiment, and this experiment has been tried all over the world many, many times. What they do is they get a room like this, they get these three year old kids and they say, “Here's one marshmallow. If you can hold that marshmallow and not put it in your mouth for five minutes, when that clock goes to one, we're coming in and giving you a second marshmallow.” Tom Panos:                   What does the research show? Experimenters walk out, and then they've got a video camera that is going in. They're looking at the kids and what happens is there is one kid that gets a marshmallow…

UK Estate Agents - How to keep up moral when its tough

Transcript of an Interview between Christopher Watkin and Tony Morris
Tony, how do you keep up the morale of the Negs and the Valuers and the branch managers as a boss when it's tough out there in estate agency land? Talk to me.
Tony Morris:                 The key thing you just said there is, as the boss, you are the leader, you are the captain of the ship. How you come to the office, how you act during turbulent times is absolutely critical to your troops. You're going to be stressed, you're going to be under pressure, it's part of being a good boss. But the first thing is, are you setting the right example? If they hear you bitching and moaning, you are giving absolute permission for them to bitch and moan. That's my first point. Point number two is, it's a mantra that we talk about in our sales management training to branch managers and it's something that is so easily forgotten. Catch them doing something right. How often do we see them and go up and sa…

Cockiness vs Confidence in Estate Agency

I have been talking on about power of personal branding for quite a while now as I believe it will improve your lot in estate/letting agency .. yet some of you are afraid to step into the limelight because you don’t want to be found wanting and criticized by people
My intuition tells me there is some truth in what you think as there is fine line with personal branding between confidence and cockiness. Get it wrong and your confidence can turn into cockiness. .. and cockiness is just self-doubt with lip gloss on. 
So I think, in this 365-24-7 social media world, we need to redefine what personal branding is, because when people hear personal branding, 80% of people think personal branding is just some guy or girl being a tw*t on social media with their camera on.. and yes there are plenty of tw*ts doing that on social media .. so how do you move forward with this?
How do you stay the right side between creating good personal branding with great confidence and bad personal branding with co…

Two thirds of Estate /Letting Agency Bosses manage their agency and team with fear and apprehension

The vast majority of Estate / Letting Agents are one office operators, probably with handful of staff. Through luck rather than judgement and by the skin of their teeth, they manage to get to the end of each month alive, chasing chains to get the exchanges through or dealing with tenants getting just enough money in to pay the bills. 
As the boss of the agency it’s your job to lead, manage, administer, coach and drive the yourself and your team each month… just to get the pound notes in to pay the bills .. for everything to reset to zero like the mileage odometer in a car on the 1stof the month .. its like walking uphill in treacle …with a 50kg back pack .. 
Like the blind leading the blind most Agency MD’s aren’t conscious of their management style and outlook they bring to their agency. 
Many consume a handful of the up-to-date management books, go to a few workshops yet gradually progress into a leadership style centred on their nature and personality…and here lies the issue.