Lessons from 4 real estate ‘GOATs’

Here’s what four of the greatest of all time (GOATs) had to say:

James Tostevin – director and auctioneer – Marshall White:

As someone who admitted to relying heavily on archaic modes of business operation, such as personal contact, as opposed to the flashier, 21^st century avenues of social media, for Mr Tostevin the mobile phone is the most prolific weapon in a real estate agent’s arsenal.

When asked by moderator Tom Panos what his two main prospecting activities of choice were, Mr Tostevin humorously quipped; “phone calls and phone calls”.

Given his position that the mobile phone is the greatest way to build out a database, Mr Tostevin believes agents making less than 100 prospecting calls a week are “not serious about real estate,” a point hammered home by his belief that “Australian people love initiative!”

Putting in the “hard yards” and engaging in the grind that is part and parcel of the incredibly tough industry, Mr Tostevin insisted “there’s nothing worse than unfulfilled potentially”, especially when the phone sits cold and unused on the empty office table.

Marcus Chiminello – director and auctioneer – Marshall White:

As someone who has grown synonymous with luxurious listings in his local market and having recently engaged in transactions involving tech industry billionaires, the Melbourne agent believes there is nothing better than “learning by osmosis” from these clients and picking their brains, even outside of the sales process.

Recalling a previous conversation the pair had, Mr Panos asked Mr Chiminello to elaborate on a point made many years ago: That in a database of 480, six really matter.

The Marshall White director said this small portion of the database “by default become my marketing team”, especially considering real estate is, maybe outside of sport, one of the most popular conversation topics the public engage in on a weekly basis.

By building great connections with a small slice of his database, Mr Chiminello felt he was placing himself in the best position to be spoken about as highly as possible.

When grilled on the number one mistake he sees younger agents making, he shared his belief the newer generation of agents “do it different because they can’t do better”.

From his point of view, “if you can just do better at what we already know [works] … people flock to you by reputation”.

Alexander Phillips – partner – Phillips Pantzer Donnelley Real Estate:

Australia’s number one agent, wearing an exceptional suit, told the 4,000-strong crowd crowding the convention centre on AREC’s opening afternoon, that real estate is all about “one percenters”.

A self-proclaimed fanatical prospector, the Sydney Eastern suburbs agent revealed he conducts between 100 to 200 prospecting calls a week. He stressed the importance of diversifying your prospecting by not only calling people who want to hear from you.

“That [initial] call [maybe] a cold call, but every call since has been a warm call,” he said.

When he isn’t on the blower, which he admits to being his favourite part of the job, Mr Phillips shared his second favourite prospecting method is running a “really good open home”, something he insists is “an important part of any agents’ business”.

Outside of work life, Mr Phillips revealed his fitness, specifically his morning exercise routine, is the most important part of his day. With a home gym, Peloton, and personal trainer, the PPD agent revealed he spends most of his training time planning his day, while the energy and endorphin rush the sweat session produces powers him for the rest of his day.

Phil Harris – managing director and auctioneer – Harris Real Estate:

The only member of the four-man discussion panel to not operate in either of Australia’s most populated cities, the Adelaide agent heralded AREC as an event which lights the spark of “what’s possible” for agents and begins the journey of “growing really quickly”.

Speaking powerfully on the importance of mental fortitude in sustaining success in the industry, he explained “if you can shift the mindset and you are in the growth mindset of whatever you are doing, then the natural outcome of that is continual progression”.

Building on Mr Phillips’ fitness obsession, Mr Harris declared “fitness is the gateway to personal improvement”, as physical improvement leads to better mental health which ultimately facilitates greater overall function as a real estate agent.

Much like Mr Chiminello, the Harris Real Estate managing director said the number one mistake made by young agents is seeking uniqueness over effectiveness.

“Don’t try and be different, just do better,” he said, before adding real estate is “so simple it’s almost boring”.

He believes agents who aren’t performing to the level they believe they can achieve should look themselves in the mirror and ask:

“Why are you not doing the things that you know that you should be doing?”

Following this, Mr Harris revealed the secret formula for achieving results in the real estate industry.

“The magic happens when you combine high-quality skills [and] the appropriate amount of volume, that’s where the magic kicks in!”

REB’s coverage of AREC will continue.