B-SCHOOL COACHING CALL: Is Your Business Built on a Solid Foundation?

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Transcript:

This has been the focus for us for the last few years, and it just makes everything so much easier, which is why the customer experience surveys are so important.

Creating an Experience

It’s creating an experience for your client that is going to have them raving about it.

Everyone’s heard this story. But if you have kids, and if you’ve been on anything Disney, it’s just like the best thing ever. I’m willing to pay 3x more for a cruise with Disney than any other cruise that I could go on. Same thing with Disneyworld. It’s the experience.

Of course your kid is a part of it, and there’s other analogies. There’s reasons you go to Nordstrom’s when you could get similar clothes or clothes that serve the same purpose at K Mart or TJ Maxx. And there’s nothing wrong with TJ Maxx, but it’s just different when you go to Nordstrom.

So I firmly believe that I want to be the Nordstrom. I want to be the Disney of our market.

I’ve gone through most of this here. Compensation is huge. And the fact that you need to add a ton of value all the time when you’re small and you don’t have four agents that are crushing it. The value is in what you can bring to the table every week to your team meetings.

And how can you be the firm parent that your child-like buyer agents – and I don’t mean that negatively, but they are kind of like children. They’re going to complain. They’re going to want to negotiate everything.

My children are the perfect example for my business. They negotiate everything! Everything is worth complaining about.

Your Business Culture

So really just pay attention to compensation. You’ve got to have a systems-based business. Culture is a part of it. So if you pray, that’s a cultural thing you can do. You just don’t want to be that loose collection of agents where everyone has a one-off deal and you’re not driving the ship.

I promise you, Mike is a good example. You stay the course. You keep doing what you’re doing. And if someone doesn’t fit in, don’t let them mess up what you’re doing.

Get rid of that traditional agent if that’s the right move, and then talk to the other two and say, listen, this is not for everybody. But I promise you, if you stick with me, the other side of this has you earning 6-figures+, which is a life-changer for you.

Even if you don’t have the proof of someone doing it yet, you’ve got to stick to that model.