WorkPuzzle

The 10 Dumbest Things (Real Estate) Recruiters Do

Electronic Recruiting Exchange (ERE) and Dr. John Sullivan recently surveyed hundreds of corporate recruiters in the ERE network, on Twitter, and at the recent SMA symposium in Seattle on this humorous, self-debasing topic. The recruiters were given a list of 30 "dumbest things recruiters do" from which to choose. Here were the top ten...

10. Poor Recruiting Presentation (graphics, website presentation, etc.). Potential applicants assume that the company puts its best foot forward when it comes to recruiting. So when they compare your dull presentation with your competitor’s more compelling presentation, they will simply apply elsewhere.

9. Not taking advantage of referrals. The best-practice firms approach 50% referral hires (the percentage of all external hires who come from referrals). Failing to fully use referrals means that you will miss out on a large number of high-quality pre-screened, and pre-sold candidates.

8. Not learning about your competitors. Obviously, if you can’t speak “their language” and you don’t understand their problems, it will be more difficult to communicate with, to sell, and to build relationships with candidates.

7. Treating all candidates the same. Higher-level agents require a different level of service, knowledge, and relationship-building. So, using the same process that you use for lower-level candidates will result in fewer returned calls, a higher candidate dropout rate, and lower-quality hires.

6. Not striking while the iron's hot. When a crisis occurs in the lives of your best prospects, the best candidates are gone quickly. A drawn-out process or slow decision-making means losing the best.

5. Assuming interviews are accurate. Interviews are traditionally weak predictors, but poorly executed interviews dramatically increase the chances of making a major hiring error. Poorly designed interviews may also turn off top candidates.

4. Lack of focus on revenue. Focusing on candidates who will have minimal revenue impact will reduce business (P&L) results. Think like a businessperson--focus on the candidates who will produce the most company dollar for your company.

3. Not identifying "ideal agent" criteria. If you don't know what you're looking for, it is difficult to recognize it when it when it becomes available. Many hiring managers just pay attention to the candidates who are easiest to engage.

2. Not tailoring your recruiting marketing and candidate-selling approaches to the decision criteria of top candidates. Because the most talented agents have choices, they will simply wait until an opportunity comes along that precisely fits their requirements and expectations.

and the #1 dumb thing that recruiters do...

1. Not managing the candidate experience. The candidate experience is the perception of the sum of interactions with an organization throughout the hiring process. It includes every communication, the design of the process, the fairness of process elements, the quality of information exchanged, and the honesty with which questions and concerns are addressed. Providing a poor candidate experience can have many negative consequences, including an increased candidate dropout rate, negative word-of-mouth, and decreased loyalty to the overall brand.

While this survey was focused on corporate recruiters, it is amazing how many of these issues directly apply to the real estate recruiting process, particularly the #1 dumb thing that recruiters do... As we've highlighted in recent WorkPuzzle posts, poor follow-up after the interview is the most common symptom of poor recruiting results.

I guess it could be said that recruiting is...recruiting, no matter what industry you find yourself working. And the principles that produce results-- managing perceptions, knowing what you're looking for, maintaining focus on desired outcomes, and treating people with respect-- are surprisingly similar.

Make sure you're not one of the hiring managers who makes the mistake of believing these pitfalls don't apply to you. You may find yourself contributing to a list of the ten dumbest things that real estate recruiters and hiring managers do...

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Editor's Note: This article was written by Ben Hess. Ben is the Founding Partner and Managing Director of Tidemark, Inc. and a regular contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below.

The Four Words That Will Get Your Email Opened

“You are not alone.”

Did that get your attention? Sean Platt, author and entrepreneur in the field of content marketing thinks it did. In fact, it has been proven to be the leading statement in an email subject line that gets opened and responded to.

This specific subject line has had an average open rate of 90% in email marketing, and has even surpassed the 100% mark (opened more than once by some people) several times, according to Aweber, the email marketing program that tracks Platt’s campaigns.

Why? Because Platt figured out that his statement taps into something every human being wants—to be understood and cared about. And because this is such a core need for individuals, it even trumps some of the normal inhibitions that make us suspect of marketing messages. Platt puts it this way:

“No matter what message you’re sending or service you’re selling, if you remind your reader that someone understands what they are going through and cares about helping them, you will become their temporary hero.

Do it repeatedly, and you will permanently solidify that position.

Use this subject line to get your email opened, but treat the open as just the first step. Once you capture your reader’s attention, prove that you deserved it by providing a useful solution to their most pressing problem.

Even the most effective subject line in the world merely gets you in the door. Your job is to address the issues.

Not only does the ‘You Are Not Alone’ subject line get opened like crazy, it has an extremely high reply rate. This isn’t too surprising since it responds directly to the need for community and connection.

Make sure you reply back. It’s amazing how directly responding to the needs of your reader makes it easy to nurture rewarding relationships.

Help people solve their problems and relieve them of their feelings of isolation, and they will reward you.”

In my years working with Tidemark, I have had countless discussions with real estate managers on the topic of recruiting. I have listened to many managers share their frustration with this particular aspect of their job. It became clear to me pretty quickly that the word “recruiting” can have a negative connotation for some. To counter that, it occurred to me that I could assist those struggling with the execution of their recruiting efforts, by helping them re-define “recruiting.” In fact, I wanted to take that word out of their vernacular and replace it with the concept of “relationship building.”

Having been exposed throughout your life to real estate professionals…and now working with hundreds of them, I can say one thing for certain; you are great at building relationships, and that is all recruiting really is. I believe most, if not all of you intuitively “get this,” but sometimes we need to be reminded of the basics.

While Sean Platt speaks specifically of email etiquette in his blog, I couldn’t help but feel that the true nature of successful and effective email communication involves building authentic relationships over time. The fundamental topic of Platt’s blog is the successful open rate of emails with the subject line “You are not Alone.” The value behind this statement lays the foundation for you to start building relationships with candidates and clients. This is precisely why it has such a high open rate…people need to feel a connection with others.

Platt’s last statement resonated with me: “Help people solve their problems and relieve them of their feelings of isolation, and they will reward you.” This holds true of anyone contemplating a career in real estate, or choosing to continue their career in real estate. I know many of you are emailing as part of your “relationship building” strategy. The concepts that Sean is sharing can go a long way in all aspects of on-boarding new and experienced agents. This goes beyond just email…every interaction you have with prospective employees should add value and offer understanding of your candidate’s needs, concerns, and potential fears.

If you have the opportunity to learn about and help solve a problem, you will endear yourself and your value proposition to all with whom you interact...

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Editor's Note: Lee Gray is the Senior Account Manager at Tidemark Inc. Lee is a guest contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below.

Be a Genius: One Step at a Time

In a meeting this morning, a couple of individuals whom I respect a great deal were referring to a mutual friend of ours as "a genius," citing examples of the notable expertise that he has developed. While I nodded my head in agreement, I was also considering the mistake that was being made in that assessment. Because, in my view, labeling this man a “genius” might actually diminish the work he undertook to accomplish what he has. I know for a fact, and so did they, that he had spent countless hours (easily 15,000) over the last 15 years perfecting one single area of expertise. He was not simply "a genius." He worked extremely hard to get where he is.

The point is, he not only worked hard, he disciplined himself to become great at what he did. I don’t doubt that he began with very strong predispositions and inherent talents toward his proficiency, but what really made the difference is that he woke up every morning with determination to do his best, again, and again, and again...

The reason for my passing this on to you is simple: The best way to coach people toward success is first to firmly establish where they want to go, then help them determine how they are going to get there...not in giant leaps, rather with small steps, every day.

In our times of instant gratification and low frustration tolerance, your primary role will be to stay watchful for the inevitable signs of fatigue and frustration. Then when you see them, re-frame the person's pain, and remind them that very few things worth having come easily.

Here are some quotes to emphasize my point:

"Character may be manifested in the great moments, but it is made in the small ones." —Winston Churchill

"We do no great things, only small things with great love." —Mother Teresa

"I long to accomplish a great and noble task, but it is my chief duty to accomplish humble tasks as though they were great and noble." —Helen Keller

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Editor's Note: This article was written by Dr. David Mashburn. Dave is a Clinical and Consulting Psychologist, a Partner at Tidemark, Inc. and a regular contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below.

Coaching High Potential Agents: When Encouragement Backfires

On occasion, I come across some research or insight that is so counter-intuitive, it makes me question the progress I've made in my quest to understand people. Earlier this week, I had one of those moments.

It came when I read an article written by Dr. John Sullivan, a well-known thought leader in the world of Human Resource consulting and a professor at San Francisco State University. This article deals with the topic of succession planning in large organizations.

While this is not normally a topic that would interest the typical real estate manager who manages a single office, the insight came in how Dr. Sullivan suggests that business leaders communicate with the "high-potential" members (he affectionately calls these individuals "HiPos") of their organizations.

The conventional wisdom is that these HiPos should be identified early and given a bunch of encouragement when their above-average performance starts to emerge. I've often heard comments like this when I've spoken with real estate managers:

"Let me introduce you to Roger...he's closed more transactions in his first six months on our team than any agent we've ever had!"

or

"If I just had more new agents like Jill our office wouldn't be in a slump. She runs circles around most of the people who have been here for years."

or

"Why can't more of our agents be like Jason? He comes in here and operates like a true professional. And look at the results! We need more people like him."

Of course, all these comments come from a hiring/selection perspective because my conversations with managers typically focus on this topic. But, they reveal an attitude that is very prevalent among real estate companies: When someone comes along that quickly performs at a high level, the tendency is to first marvel at such a thing and then hold that person up as an example.

At this point, Dr. Sullivan suggests that we may be shooting ourselves (and our organizations) in the foot. When a person starts to figure out they are a HiPo, all types of strange behavior tends to ensue. Here is an abbreviated list of the potential impacts on the individual and the team:

1. The probability of losing this person to a competitor increases. If you tell employees that they are high-potentials, it is highly likely the news will spread both inside and outside the organization.
2. Increased frustration and turnover if early success and perceived opportunites don't materialize. Acknowledgement leads to expectations, and unfortunately opportunities do not always materialize as planned.
3. Employees may not take development efforts seriously. If the HiPo is aware of their status, they may not see the value in actively self-improving. In addition, they may not take full advantage of any improvement and development opportunities offered.
4. Reduced effort after “making it.” Following acknowledgement, the HiPo may expect things to happen automatically, going into coast mode as they assume their future is set.
5. Ego issues. Notifying HiPos lets them know they are valuable, but may also create an ego boost that results in a change in behavior (i.e. arrogance, sense of entitlement, etc.)
6. Frustration among those not designated. As managers identify HiPos (directly or through subtle comments like the examples above) other agents may react unfavorably. If the informal designation process is viewed by other agents as biased or not fair, these factors could lead to reduced productivity and increased turnover.
7. There may be sabotage. A HiPo could face subtle or direct attacks from individuals who feel that they don’t deserve the designation. Once identified, others within a competitive organization may work to slow them down or even sabotage them out of bitterness.

[Dr. Sullivan identifies another nine risks if you care to read more on this topic]

As this list of concerns and issues illustrates, successfully dealing with those under your care and nurturing is rarely straight-forward and easy to understand...and, the HiPos are an especially challenging lot.

The lesson here is to treat everyone on your team with respect and provide as much thoughtful insight and encouragement as possible. Try to discern what every person needs and customize your assistance to each indivual. And finally, understand the risks of elevating one person (especially if the individual is a new HiPo) over the others on the team. Encouragement and praise is necessary and good, but make sure it is not administered in a way that creates divisions.

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Editor's Note: This article was written by Ben Hess. Ben is the Founding Partner and Managing Director of Tidemark, Inc. and a regular contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below.

Why you should Ignore the Generation X, Y and Z Rhetoric

During a recent presentation focused on the psychology of recruiting, I was asked to elaborate more fully on the difference in the psychology of generations X, Y and Z.  Specifically, the manager wanted to know what they could do to more effectively reach these elusive generations.  What was originally meant to be a brief response to this question turned into a prolonged sermon that resulted in more nodding heads than I’ve seen in a long time.  It resonated so much with these managers that I felt pretty strongly it was worth the time to pass these thoughts on to you.

There are three things you need to know: 

1. Yes, X, Y, and Z generations are very different.
2. Self-indulging and child indulging baby-boomer parents made them this way. 
3. At their core, most people are the same and will respond favorably if you meet their most basic needs. 

 Let's unpack each one of these individually: 

1. These younger generations do appear to be disloyal, are out for the best deal, expect to be paid immediately, aren't willing to do menial tasks first, and are willing to change jobs or firms in a moments notice.  These are real and true observations, and because of these observations, companies and vendors go to great lengths to try to find ways to respond to these characteristics that only wind up exacerbating the condition.  Why do I call it a condition?  Because it is a disease.  It cannot sustain your company, our culture, the nation, or the world.  Find a company or country that attempts to cater to these needs, and I’ll show you one that is on the precipice of collapse.
2. It's time to take responsibility and fess up to the values many parents within the baby boomer generation have created.  This is a generation that believed that immediate personal pleasure was more important than service to others.  Self-esteem without contribution was more important than earning the respect of others.  Frustration, struggles and hard work were to be soothed as quickly as possible and replaced with rescue and pampering.  Unfortunately, while all the above was going on, their most basic needs were being ignored.  Many of them were left alone, with a Nintendo, or X-box as a babysitter, activities were valued over relationship building, and family dinners were held on Thanksgiving and Christmas.
3. The good news is that to redeem the mistakes of the past, we can easily return to the core needs of all human beings.  There is an old saying..."There is nothing new under the sun."  When it comes to people, we are all basically the same and will never, at our very core, change.  When you purposefully seek to meet those needs, you can reclaim the dormant needs of these individuals and bring out the best in them, and your company.  As we have presented repeatedly in WorkPuzzle, science has proven without question, that happiness is never experienced through increasing the frequency and duration of personal pleasure.  Being confident in this allows you to offer these young people something more compelling that meets a need they didn’t even know that they had, and deeply resonates with every human being. 

People need to belong, they need to have high expectations, and they need a goal that is bigger than themselves...with a company painting a picture of doing something special.  Are you doing that?  What you have to offer is better than what many of these young people are being offered elsewhere: A chance to learn some skills that would be transferable to many occupations.

My 26-year-old son recently quit his last job to tour the world for five months.  Upon his return he had three organizations giving him fairly generous offers to work for them.  What separated the one he chose to work for from the other two?  The one he chose went out of their way to make him feel welcome.  Everyone greeted him as he walked in for the interview, several people emailed him with positive comments, and each of his questions was followed up with immediate answers.  He even received a very nice note from the boss of bosses in this firm.  In other words, he was treated like he was already hired and part of the big, efficient, family.  He was also introduced to top performers who treated him like he was a peer, and yet clearly introduced to what was expected in a way that raised high expectations without undo pressure.  The support he would receive upon being hired was clearly seen in every interaction. 

So, the question for your company is:  Can you move past what you’ve heard about these younger generations and speak to their deeper needs?  If you can, you’ll attract the best of the best. 

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Editor's Note: This article was written by Dr. David Mashburn. Dave is a Clinical and Consulting Psychologist, a Partner at Tidemark, Inc. and a regular contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below.

Your Fortune is in the Follow-up

My name is Lee Gray, Senior Account Manager for Tidemark. Working side by side with our two blog masters, Ben Hess and Dave Mashburn, has inspired me to step into the blogging foray. Part of my job is to research relevant business related information and share with my partnering managers. In doing so, I came across a topic of special interest to me, given that I train and consult with managers on a regular basis regarding recruiting matters…the importance of “follow-up.”

Recruiting is fundamentally “selling.” As a hiring manager, it is your job to inspire/sell a career in real estate to your new-to-business candidates…or inspire/sell your company and/or office to experienced agents. You should be going about recruiting in much the same way you would expect your existing agents to prospect. Would you tell your agents to have one conversation with a potential customer and leave it at that? I think not.

Ali Brown, founder and CEO of Ali International LLC, an organization committed to empowering female entrepreneurs globally, validates my philosophy in her article, “Your Fortune is in the Follow-up.” Given that my primary focus is in the area of recruiting consulting, I read her article in that vein, however it clearly can be shared with existing agents or anyone in a similar industry.

“Most business owners are good at pitching clients or reaching out to new customers. It’s the follow-up where they fall down. Why? Because they figure, 'If they wanted my product, they’d finish the transaction,' or they worry that, 'If I bug them too much, I’ll come off as needy.'

Here’s the thing: while you’re worrying about bugging a prospective customer or telling yourself that maybe 'they’re just not that into me,' someone else is following up and sealing the deal!

'No' is just a little bump on the road to 'yes.' When someone expresses interest in your business, but they aren’t quite ready to sign on the dotted line, they can often be persuaded with a polite follow-up.”

After you go through all of the time and effort to sit down for an interview with a potential hire, why would you leave it at that? You wouldn’t. Here is my mantra: “If you interview someone and you want to hire them…treat them as though they are hired.” Many of you have heard me say this, and I don’t think I can say it enough. The more a candidate feels like they belong/fit in your company, the more likely they are to follow-through with the licensing requirements and join your office versus signing on with a competitor. In the case of experienced agents, the more they feel courted by you and welcome in your organization, the more likely they are to recognize your value-proposition…but they will never get the chance to realize that value if you are not staying connected.

So, how do you treat a potential hire as a hire? You can invite them to your training classes…yes, even before they have their license, or before on-boarding an experienced agent. It is a potential risk, but worth the investment. Invite them to sales meetings, events, open houses, tours etc. The more they are in front of you and inspired by your office and business, the more likely they will, not only convert to a hire, but be a quick-to-produce hire, especially with the early onset training. A couple of other ideas, discussed in Ali’s article are worthwhile to consider as well:

“Ask if they’d like to be added to your email newsletter.

Creating an email newsletter is a great way to keep in contact with prospects and update them on new promotions or offerings. Since nobody likes getting spam, ask their permission first and include useful content in your newsletter so it's not a pure sales message. Once people expect timely and insightful information from you, they'll become more likely to open your emails and conduct business with you.

Send useful links.

If you know the prospect pretty well, you could email her sporadically when you find articles that might be useful for her business or see networking events she might like to attend. That way you’re keeping the lines of communication open without pressuring her.”

It is this kind of diligent, meaningful, value-added and credible follow-up that will lead you to be a successful hiring manager. Yes, it is hard work, but nothing truly worth having comes easy...

 

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Editor's Note: Lee Gray is the Senior Account Manager at Tidemark Inc. Lee is a guest contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below.

How great expectations lead to better results

Have you ever wondered how important positive expectations are in the workplace? Take a moment to think about when, and under what conditions, you best perform...

The Rosenthal Effect refers to a phenomenon that many of us might understand intuitively, but can't fathom the sheer amount of power and achievement it can harness. It emphatically shows that the greater the expectation placed upon people, the better they perform. The Rosenthal Effect is in essence, a self-fulfilling prophecy whereby people with poor expectations internalize their negative label, and perform poorly...while those with positive self-imposed labels, exceed their own apparent abilities.

In the late 1960's, Robert Rosenthal showed that if teachers were led to expect enhanced performance from a select group of children, these children were able to rise above previously predicted achievement levels. What he (and others who came after him) has proven, is that reality can be influenced by the expectations of others...And it goes both ways: Detrimental effects come from negative expectations just as strongly as achievement results from positive expectations.

What biases do you bring to the table with new agent candidates? Are you one of those who believe that everyone has a certain ceiling of performance that they will never exceed? Do you refrain from holding people to high expectations because it feels mean or unfair? "After all, this person couldn't pull it off, so it would be cruel to expect that they will?" This kind of thinking, Rosenthal and others have termed the "observer-expectancy effect," where a person forms unconscious, biased expectations, based on extremely limited, and usually irrelevant information...and creates a downward spiraling, self-fulfilling prophecy as a result.

The Rosenthal Effect is confirmed by Jane Elliot's blue-eyed versus brown-eyed discrimination exercise. In this experiment, a group of third graders were told that they were going to take turns looking down upon one half of the classroom, as if they were inferior people. They used something completely random to determine who would be inferior/superior - eye color. The first day of the experiment, one group was given preference and regarded as "superior" because of their eye color, while the other group was made to feel inferior in intelligence and learning ability. On the second day of the experiment, the groups were completely reversed; those who had been treated as lower-than, were regarded as superior, and those who were treated as superior were treated as dummies.

The teacher continued to hold classroom structure and assignments as if the "experiment" wasn't occurring. In keeping with the classroom routine, spelling tests were administered on both days. The results strongly confirm the Rosenthal effect: The students scored very low on the day they were "inferior," and very high on the day they were considered "superior."

It's time to recalibrate the way you approach everyone you are responsible for. Check your internal biases, reset your expectations, and watch people flourish.

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Editor's Note: This article was written by Dr. David Mashburn. Dave is a Clinical and Consulting Psychologist, a Partner at Tidemark, Inc. and a regular contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below.

Career Security: The Recruiting Card You Should Learn to Play

On occasion, I highlight an article written by Peter Weddle.  Peter is a nationally known author and consultant who specializes in dispensing career advice and explaining recruiting trends.  He has published a number of helpful books over the years and currently writes in his blog as well as other venues.

Recently, Peter published an article in his bi-weekly newsletter that opened my eyes to a trend that I believe could significantly aid those who have the responsibility of recruiting real estate agents.  The trend is a desire that many talented individuals have for some much needed “career security.”

Notice that I didn’t say job security.  Most people have come to the realization that job security is not something that a company can truly offer.  Why?  Because in an era of global competition, employer needs and circumstances change much more frequently and unpredictably than ever before.  Individual employers are not in a position to offer anyone security.

So, what’s “career security?”  According to Peter, career security is the ability of a person always to be employed, and always by an employer of their choice.  In essence, it is reinforcing a person’s ability and propensity to be gainfully employed in the future by helping him/her acquire the knowledge and skills needed to continuously succeed.

How can a real estate company do this? ...By teaching each and every employee how to practice effective career self-management.  This is not far removed from the mentality needed to start and manage a real estate career.  I know this may sound crazy, but the rest of the employment world may be coming around to using the language that the real estate industry has been using for years!

It used to be that people went to school and then found jobs.  Now, there is a need to start a career that must be notoriously self-directed.  Peter points out that traditional companies are not very good at providing this insight and assistance to talented individuals:

"[Higher education and university] faculties work in ivory towers that were erected long before the advent of global competition and talent.  They simply don't realize that employers can no longer afford to provide career-long guidance and development for their employees.  Those workers must now do it for themselves.

The tragedy, of course, is that almost none of them know how.  Talented people are defined by their quest to excel - to be the best they can be in their profession, craft or trade - so they are acutely aware of this shortcoming.  Indeed, they more than any others in the workforce recognize the importance of this knowledge.  They want to know what they must do and how they must do it in order to build up the strength, reach and endurance of their career.

Any employer which fills that vacuum will send a powerful and differentiating message to top talent.  They are saying:  We care about you and want you to succeed, in our organization and successively wherever else you might be.  Yes, of course, we want you to work for us, but we also want you to work where you can grow and excel.  That may cause you to leave us at some point, but if you succeed successively, there's a good probability that you'll also come back.

Admittedly, it takes a brave organization to embark on such a strategy.  Because it teaches employees to take care of their own careers, it is, in some respects, their emancipation proclamation.  However, it is also a unique show of respect for the ultimate goal of those individuals.  And for the best talent, there's simply no more powerful and compelling reason to hire on.”

Is your organization willing to develop programs to meet this need?  For many in the real estate industry, it would not be a significant jump from what is already offered in terms of training, mentoring, and coaching programs.

The tricky part is crafting a recruiting marketing message that “connects the dots” for those who are seeking career security, but would not naturally see a real estate career as a destination for meeting that need.

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Editor's Note: This article was written by Ben Hess. Ben is the Founding Partner and Managing Director of Tidemark, Inc. and a regular contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below.

How to Coach in Five Minutes

Among the many management topics out there, people tend to feel the most confusion about one in particular...coaching.  Despite the plethora of material available on the subject, there are some managers out there who continue to exercise coaching methods used by their childhood sports coaches.  Well, if you're like me, you'd be duplicating behavior that wasn't very pleasant in the first place.  I never really liked any of my coaches.  Why?  There are a multitude of reasons...  They never really knew me, for one.  They didn't ask me questions, and if they did ask, they weren't meant to be answered:  "Why didn't you block your man?"  Because I'm 20 pounds lighter and I don't like the feeling of getting my clocked cleaned!

At the heart of effective coaching lies something much simpler and so much more rewarding for everyone.  Coaching is first and foremost based on the formula that if I, the coach, ask the right questions, I can elicit information from the coachie that he/she hasn't even thought of before.  When this happens, people follow through, set better goals, and come to you again and again to help them achieve the same magic advice that came from their own mind.  It's a wonderful formula that we all forget too often.  I know I do.

If you've come to this article, hoping to figure out how to do all of your coaching in five minutes...I'm sorry, but it can't be done.  Nonetheless, for those occasions when you don't have more time, below is a good blueprint for coaching others...in five minutes.  Remember, with the following questions, your job is to ask, listen, and ask them to tell you more.

Here are the questions I found in an article by Scott Eblin (potential follow up questions are in parentheses):

1. What’s the most important meeting or event coming up on your calendar in the next week?
2. If that meeting or event is a complete success, what happens at the end?  (What do people know, think, do, feel or believe?)
3. How do you need to show up to make that outcome likely?  (What are you going to say and how are you going to say it?  What kind of energy, body language, tone of voice, and demeanor do you need to demonstrate?)
4. (What else?)  This is the all-purpose coaching question, because it draws out the extra ideas.

Pretty simple, huh?  Well, the hard part is keeping your direction, your agenda, your ego in check, and your mouth shut.  This is about them, not you.  This is a problem for most of us.  Let the process work and get back to me on how it went... 

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Editor's Note: This article was written by Dr. David Mashburn. Dave is a Clinical and Consulting Psychologist, a Partner at Tidemark, Inc. and a regular contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below. 

What's An Elevator Pitch and Why Do My Agents Need One?

In the WorkPuzzle post I wrote last week, I suggested you develop a short elevator pitch, explaining why agents have the highest chance of attaining "happiness at work" if they work on your team.

How did you do on this assignment?  Hopefully you've been able to quantify this illusive yet important set of qualities.

After suggesting this, it occurred to me that some of you may not have much experience with elevator pitches.  If you've never started a business from scratch or had to raise money to fund a new venture, it may be a new concept.

So why circle back on this topic?  In addition to helping you retain your best agents, an elevator pitch can also be a very powerful tool for those you coach.  Agents need to be able to quickly articulate "what they offer" to perspective clients. 

I'd like to reference an outstanding article written by Michael Hyatt a few months ago.  Here is an abbreviated and slightly modified version of what Michael wrote regarding elevator pitches:

"What's an elevator pitch?  The name comes from the idea that you should be able to deliver a succinct, compelling description of what you offer in the time it takes to ride an elevator up a few floors—approximately 30 seconds to two minutes.

The idea originated with entrepreneurs who needed to pitch their business proposals quickly to potential investors in order to secure funding.  This enabled those same investors to quickly eliminate ideas that were ill-conceived or simply didn’t fit their investment profile.  The elevator pitch has become so effective that it is used in other fields as well." 

Why do you need an elevator pitch as a real estate professional?  It forces you to achieve clarity yourself and understand your prospect's perspective.

"An elevator pitch should consist of four components:

Component 1:  Your product name and category.

Component 2:  The problem you are attempting to solve.

Component 3:  Your proposed solution.

Component 4:  The key benefit of your solution.

Here’s an example from a person who is writing a book:

'I am writing a new business book called Platform [Component 1].  It is designed for anyone who is trying to get attention for their product, service, or cause [Component 2].  I teach my readers how to build a tribe of loyal followers, using social media and other new technologies [Component 3].  I explain that it has never been easier, less expensive, or more possible than right now [Component 4].'

Obviously, pitches can vary widely, depending on your offering.  Regardless, you want to create an elevator pitch that is clear and compelling.  This is a prerequisite for attracting the partners and prospects you need to succeed.

Once you get your elevator pitch fine-tuned, don’t deliver it like a mechanical parrot.  Instead, use it as the foundation of a meaningful sales conversation."

Do you have any thoughts on constructing a good elevator pitch for a real estate agent in your office?  Start noodling on this and write down the thoughts that come to your mind.

Of course, an agent would need to conceptualize their own elevator pitch if it is going to come across as authentic, but being able to provide examples is a great place to initiate the conversation.

Here is an elevator pitch that I came up with, pretending I’m an agent in my hometown of Woodinville, WA (a suburb of Seattle).  It is partially based on a discussion I had with one of the top performing real estate owners in the Seattle market.

“I am a real estate financial advisor who focuses on real estate investments in the community of Woodinville [Component 1].  Because the process of making real estate investment decisions is so heavily influenced by emotion and personal preference [Component 2], I’m the neutral third party who understands the psychology of making an important financial decision [Component 3].  By personally coaching those involved in the decision, I help each individual gain clarity at a point when their emotions and feelings often point them in the wrong direction [Component 4].”

You’re welcome to use this as an example with your agents or make up one on your own.  If you make your own, you’ll have the added benefit of experiencing how it feels to put one of these pitches together.  It is not as easy as it looks.

Once you come up with a few of these (collected from multiple agents going through this process) send me one or two of your team's best elevator pitches.  We’ll publish a few examples in an upcoming WorkPuzzle.  

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Editor's Note:  This article was written by Ben Hess.  Ben is the Founding Partner and Managing Director of Tidemark, Inc. and a regular contributor to WorkPuzzle.  Comments or questions are welcome.  If you're an email subscriber, reply to this WorkPuzzle email.  If you read the blog directly from the web, you can click the "comments" link below.