Peter Fletcher

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Beware technology’s bright, shiny objects

June 20, 2014 by Peter Fletcher

When you’re building a website or choosing a new CRM start the selection process with a clear-eyed view of your business strategy. Get your strategy right then start selecting the technology that will help you get there fastest. Go the other way around and you’ll be spend too much and end up with something that you don’t need.

Business owners who aren’t clear on their business strategy tend to allow tech vendors to shape their strategy. For example, they’ll meet with someone who’s flogging CRM software and will find their strategy and business processes being shaped by the bells and whistles contained in the software. Not that there’s anything wrong with taking advantage of the efficiencies that the latest technology can deliver but there’s a very real risk of the business owner losing focus on what they want to achieve.

Rather than focussing on building revenue or asset growth the business owner can be seduced into thinking that the technology is an end in itself. It’s not!

Instead, smart operators focus on what they want then look for technology that will help them get their in the most efficient manner. In doing so they need to be aware of the starry-eyed tech enthusiasts who overstate the transformational capabilities of the latest technology platform. They also need to be aware of being overly cynical of the effects of technology on their business or industry.

As an example, many real estate agents in the nineties dismissed the significance of email and the internet to the way their businesses would operate. Had they moved earlier to build a database and a web presence they would be significantly better off today.

To recap: have a sound business strategy, keep scanning the horizon for technology that will effect your strategy and select technology that will help you achieve your goals in the most efficient manner.

Filed Under: Business Tagged With: CRM, internet, Strategy, technology

Does your real estate investment survive the Back of The Envelope Test

June 19, 2014 by Peter Fletcher

I’m going to start out this (short) post with a disclaimer: This is not investment advice. Rather, these are reflections on what’s worked for well for me when I’ve bought and sold properties.

Here’s the deal. If the investment doesn’t look great when you do the sums on the back of the envelope (0r a napkin or whatever scrap of paper you have available at the time) it probably won’t get better when you run the numbers through a fancy Excel spreadsheet. And it definitely won’t get better by spending more money on a renovation.

The sums that you’ll fit on the back of the envelope are these:

  1. Purchase price,
  2. Stamp duty and bank fees,
  3. Renovation costs,
  4. Interest,
  5. Agent fees,
  6. Profit (yes, that’s a cost to the development),
  7. Sale price of the end product.

If these numbers don’t show a conservative 15% profit start looking at #1.

Most junior investors blow their budget on renovations and most projects last longer than anticipated  – and that blows out the interest costs. That only leaves the sale price as a variable and, in the main, there’s little you can do about that. Sure agents will tell you that they’ll get an amazing price for the property but the reality is they can only do as much as the market at the time will allow them.

And that brings us back to the purchase price. Work on getting that right. If you can’t, find another option.

Filed Under: Real Estate Tagged With: development, finance, investing, renovation

Vic Park SC wins 3rd in a row

June 15, 2014 by Peter Fletcher

Following consecutive wins against Woorooloo and South Perth, the resurgent Victoria Park men’s team travelled to Belmont to take on BSRC Wanderers. The game shaped as an important test for Vic Park who had been by the Wanderers 8-0 in the opening game of the season.

From the outset the game was played at a hectic pace with both teams being starved of scoring opportunities by good defensive pressure.

But 15 minutes in, Gabriel Silias passed superbly to fast-running mid-fielder Ger O’Keefe who flicked the ball past the keeper to open the scoring.

10 minutes later Belmont equalised thanks to some smart midfield work. They continued to press forward earning several corners and firing off a number of shots from long range but without success.

Then, shortly after the half-time break fullback,  fullback Steven McGuire pushed a long pass into space where Ger O’keefe was able to finished off to give Vic Park the lead.

At the 80-minute mark, forward Aaron Lake crossed accurately to Paul Stacey who finished off to give the team a convincing win.

Next week Vic Park take on UWA-Nedlands FC at Raphael Park. Kickoff is at 3pm.

Filed Under: Personal Tagged With: soccer, Victoria Park Soccer Club

How I helped to save Dave the dog

June 12, 2014 by Peter Fletcher

Dave the dog on Kitchener Ave.

Dave the dog on Kitchener Ave.

Rita and I have a pet dog. Her name is Jackie. She’s a little tan and white Jack Russell x Shiatsu with a curly tail and a two back knee joints that have had reconstruction surgery.

There’s nothing I wouldn’t do to make that little precious hair factory safe and cared for. If anything were to happen to her my heart would break. Maybe forever.

It’s not surprising, therefore, that when I see a little dog roaming the streets, looking like it’s lost, my heart goes out to the owner. If it were Jackie I’d be frantic trying to find her.

And that’s exactly what happened tonight. As I rounded the corner near the Victoria Park train station I spotted a dog on the footpath. He was obviously lost.

I looked around for someone who looked like the owner and, not seeing one, I pulled the car over and jumped out. I tried a whistle, I knelt down and called, I tried everything but this little pup was on a mission to find his way home.

Off he trotted up Rutland Avenue towards the now demolished Red Castle Hotel. Cars came past and I waved to them to keep them away from the little pup who’d now taken to running along the road. Some thought I was just a bad dog owner who’d let his dog off the leash and they let me know. Others didn’t slow down at all. And as the little fella got closer to the Red Castle I began to sense the danger of him making his way out onto Great Eastern Highway. I hoofed it and cut him off just before the footbridge. Thankfully he turned around.

Now he was heading back the way he’d come, back down along Rutland Ave. At times he’d look back and I’d kneel down and call to him. But soon his little legs were off again, trotting along the middle of the road, searching for something familiar, searching for home.

Then he got to the Howick Street footbridge. He decided to take the option. Across the footbridge we headed into Burswood. If he was lost before now he was really lost. I tried to get him to do a U-turn and head back across the footbridge but he was in no mood for backtracking. He was off, trotting down the Kitchener Ave hill towards Great Eastern Highway.

Once again I sensed the danger. Once again I got in front of the little fella. Once again I had to deal with the cars. One didn’t slow down, despite me standing in the middle of the road waving my arms to warn them about the precious little pedestrian.

But then something changed. A four wheel drive came past. Once again I waved. The car slowed as it went passed. Then it stopped. The reversing lights came on and soon the big white Toyota turned around. For a while the car faced the dog and I with its lights shining making the pup’s eyes light up. A few moments later the car edged forward and parked in a spare driveway. Out jumped a tall man dressed in high vis work gear. He was wearing steel capped boots and gloves.

We were in luck. Soon he was helping me corral the little canine. But then I saw the headlights of another oncoming car. Would this be the moment that would finally undo all my work? Luckily the car stopped, right in front of the little fella. He was now in the spotlight. Out jumped three ladies, one wielding a blanket prepared to capture the little dog like a wild horse. Soon he was dodging and weaving between humans but he was no match. He ran straight into my hands. I grabbed him by the collar.

Of course he made a half hearted attempt at growling and biting. I would too! But he soon settled down enough for us to find a name and phone number on his collar. His name was Dave and from the number on his collar he was a long way from home.

By this time the battery on my phone had gone flat but one of the three ladies offered their phone so we could call the owner. The call went unanswered. I left a message and I decided to take Dave the dog home.

By this time I was a long way from where I’d parked my car but Geoff the dude in the high vis work wear offered Dave and I a lift home in his four wheel drive. For Dave, the drive home was mint. He relaxed as he sat on my lap and watched the world go by. He loves a good ride in a car!

Finally, we arrived home. I shook Geoff’s gloved hand and took Dave inside. Of course Jackie and Dave had to get to know one another by sniffing each others…

Anyhow, about half an hour later Dave’s owner called. Carol was so happy. As it turns out someone who lived about a block away from our place was looking after Dave while they were away. Dave had managed to do a Houdini and then I came along.

Soon Dave the dog’s much-relieved dog-sitters were on our doorstep to collect their precious little friend. They’d been out doing what I’d do – knocking on doors, calling out for Dave and frantically trying to find the little fella. Now he was safe. They were happy, Dave was happy, Carol the owner was happy and so was I.

A short while later I got a text from Carol asking if she could drop off a bottle of wine to say thanks. I said no. All the thanks I needed was to see the look on the girls face as they came and collected Dave, to see Dave relax as he trotted around our house, to hear the relief in Carol’s voice and to meet a kindred spirit in Geoff who dropped what he was doing to help Dave find his way home.

I hope Dave the dog has a great life because he just made my day a little bit special.

 

Filed Under: Personal Tagged With: Dave the dog

The grand possibility of a hungry machine

June 10, 2014 by Peter Fletcher

The Red Castle Hotel being demolished.

The Red Castle Hotel being demolished.

Today I watched the Red Castle hotel being demolished. I was transfixed as a giant steel tyrannosaurus with massive steel jaws and breath that smelled of dust and diesel smoke tore the place apart, desperate to feed a hunger that only concrete and copper pipes could satisfy.

It chewed through bricks like a dog chomping biscuits. It bashed through walls until what was left was too weak to stand on its own. And in less time than it took to paint a single room its feeding frenzy reduced six stories to a pile of bricks and twisted metal.

The Red Castle is gone. Forever. Never again will it’s walls embrace honeymooners or give shelter to tired travellers. Never again will it be a place to create memories and times to forget.

The steel beast with a human mind made sure of that.

But as the destruction took place I felt a rush of excitement. I thrilled at the orgy of power and destruction that tore down that which taken so long to build up.

Yet more than that, I was excited about a future only made possible by the existence of such a powerful, destructive force . I was excited about the thought of new homes, new hopes, new lives and new loves.

That’s the grand possibility of a hungry machine.

 

Filed Under: Personal Tagged With: demolition, Red Castle Hotel, renewal

How to make your email marketing work way better than you ever imagined

June 9, 2014 by Peter Fletcher

Send something with monotonous regularity

One of the best ways to stand out from the crowd is to mail something at the same day and time every single week. We do this at Residential Settlements and in nearly every course I run someone will say how much they look forward to receiving the email every week. Make no mistake, sending a weekly email is hard work. My colleague Emily Murphy spends hours researching and interviewing and making sure of her facts before pressing the Send button. But every Tuesday morning at 10am the email is sent and every week a crop of new deals come in as a result.

Apply the rule of Ten Feet

The Rule of Ten Feet is simple: if you’re within ten feet of someone you should be asking if they’d like to join your email list. Applying this rule gives home opens, door-knocking and telephone canvassing a whole new level of intensity. The purpose of both of these activities should be to build a database of people who are keen to hear about what you have to say.

Have something worthwhile to say

Sadly, most agents equate email marketing with sending out their latest listings to an unsuspecting public. Don’t get me wrong, that has its place. In fact, if that’s the only thing you have to offer then go for it – but do it smarter. But there’s a better way to build credibility and relationship and that’s by writing some informed, insightful market commentary. In the short term target sending a monthly local market wrap. People who own property in your area will love your deeply nuanced understanding of what’s happening in your area.

The difficulty most agents have with sending a monthly market wrap is the time it takes but it’s an easy problem to solve. The answer? Think of the FAQs you get at your home opens or from your friends at a a barbecue. You know how you handle the “how’s the market?” question so now you just need to capture your thoughts and words on paper (or in a Word document). It will take you literally no more than 30 minutes to sit down and write your response and now you have something to send to your database.

And forget trying to sell. Focus instead on answering those FAQs. Imagine writing to your favourite customer. Give it all you’ve got. Pretty soon you’ll have something amazing to say. Keep sending this out to people in your local area and you’ll start building some serious credibility as THE person to know in the area.

Forget cold calling and start prompted calling

Many agents I know get their new people to tele-canvas. If there’s one job that’ll break a new kids heart and fill their day full of meaningless activity it’s this!

There’s a much better way.

Most good email marketing software provide lots of stats about the performance of an email campaign. These stats include the number of people that opened the email and the number of people who clicked on links contained within the email. These stats are just gold. So, if you’re sending out a weekly email your tele-canvasing activity should come from following up people who have opened or clicked the most. Choose the top 10 or 20 (or whatever number you want) and make a a follow up call. Use a simple script such as “Hi, it’s Sally Jones from Sally Jones Property. I sent you an email earlier today and I just wanted to quickly follow up to see if you had any questions.” No need for hard sell just give people the opportunity to tell you if they have an interest in what you sent them in the email.

My experience is that people will open up to you if they’re interested.

Filed Under: Marketing Tagged With: Email, Email marketing, relationship marketing

You’re never gonna believe us

June 8, 2014 by Peter Fletcher

Just after midday today a small group of happy Irishmen, all with beers in their hand, broke into song. To the tune of For He’s A Jolly Good Fellow they sang their version of a Liverpool football song that goes like this:

You’re never gonna believe us,
You’re never gonna believe us.
You’re never gonna believe us,
We’re gonna win the league.

And so it was that the Vic Park Soccer Club men’s team celebrated their second win in our inaugural season. We had beaten a team well above us on the ladder and we’d done it in a way that made every one of us proud. The team played hard, tough, disciplined football where the first thought was the success of the team, not personal glory.

There were players like Gabriel Silias, who sent me a text last night saying he was too sick to play but dragged himself out of bed this morning and then went on to kick all three of our goals.

Then there was Rhys McDonald who had only 15 minutes on the pitch despite being at every training session since we joined.

And then there was Ger O’keefe who started the season as a striker, who started today on the bench, then volunteered to go into defence to shut down the opposition’s best player. He did just that.

These are the sorts of self-sacrifice that make me proud and that motivate me to give more to this club and make it better and stronger.

There’s still much work to do – I know that – but I believe we can one day go on to win the league.

Filed Under: Personal Tagged With: discipline, football, self-sacrifice, soccer

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About Peter

Speaker, trainer and coach. I write about living, loving and working better. Love a challenge. More...

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