How To Get Great People In Your Real Estate Business
When I talk to most of the real estate investors who come into REIVault, one of the most common issues I hear about is finding the right people for a sales team. All too often, investors are ambitious and want to progress, but because they can’t do everything themselves, they need to hire high-quality people, which is where they run into a roadblock.
Although REIVault is designed to give you access to a dedicated team of real estate professionals, that doesn’t mean that you can rely on us to do all your work for you. We can give you the tools you need to make it in this business, but if you want to succeed, you need to surround yourself with capable salespeople who can close the deals that we help you find.
Fortunately, this video is all about overcoming this problem. In this video, I talk with John Pyke, who is one of the most acclaimed professionals in the field of real estate. He’s worked with and helped train tons of salespeople over the years, so he understands what it takes to find and retain the best people for your business.
During this interview, Pyke and I discuss the science behind the methods we use, and give you valuable insight into how to make it work for you. If you’re stressed about getting the right people, this video will help you feel a lot better about it. I’ll be sharing some highlights, but I want you to watch the whole video, so you can get a comprehensive understanding of this process and how it works.
1:35 – Are Great Salespeople Born or Are They Made?
This question is essential because it can help you shape your hiring process. If great salespeople are made, then all you have to do is provide the right support and training. If they are born, then you need to find a way to cultivate the best people and overcome the competition.
According to Pyke, it’s a little bit of both. Since he has helped hire and train millions of salespeople over the years, he has learned that there are certain aspects of salespeople that are baked into the person’s DNA. Without these qualities already there, it is impossible to train someone to be excellent in sales.
That being said, no one is born with the best sales techniques, which is where training and refinement can come into play.
6:15 – The Hiring Iceberg
If “Sales DNA” is so crucial for finding the best people, then you have to find a way to determine who has it and who does not. Pyke presents an excerpt from his best-selling book, “The Talent Genius”, and shares a graphic called the “Hiring Iceberg”. He illustrates that only about 22 percent of a person is visible during an interview, leaving 78 percent left to be discovered.
That remaining percentage includes elements of a salesperson’s personality, including perseverance, ability to recover from failure, self-starting, among others. Because these components are so crucial to discovering and hiring the right people, it is imperative for you to see if they are there from the beginning instead of getting burned down the line. Fortunately, with our scientific method, finding the traits if they are there is possible.
8:25 – One Motivator to Rule Them All
In this section, Pyke talks about how he and his team interviewed the single best salesperson in 178 different companies around the world. After looking at everyone, they were able to distinguish one characteristic that they all shared – high economic motivation. Simply put, when salespeople are hungry to close a deal, it is much easier to perform at a higher level. If a salesperson is not as motivated by the money, then he or she simply will not be driven to succeed.
This isn’t to say that the person has to be greedy – it’s much more than that. However, as long as money is the prime motivator for the salesperson, he or she will outperform any contemporaries, even those within the same company.
11:39 Eighty Percent of Your Hiring Should Come From Metrics
Most hiring managers assume that personality counts for a lot when bringing on new people into a company. However, according to Pyke, only about 20 percent of the decision should be based on personality. Instead, you should be relying mostly on the metrics and research that come from the assessment he provides during the hiring process.
These metrics are important because, as the iceberg analogy shows, people will only show you about 20 percent of themselves during an interview, and you should not base your decision on that alone. Everyone is a better version of themselves when trying to get hired. Instead, you need to rely on hard data to make an informed decision. Unless you know how a person will react in specific situations, it is impossible to know how well he or she will work for your company.
Watch the Rest to Learn More!
I’ve barely touched on the mountains of valuable information contained in this video. Hopefully, I’ve already blown your mind with the tidbits I’ve shared so far, but there is plenty more where that came from. Watch the rest to understand more. If you are not a member of REIVault already, contact us today to see if you’re a good fit for our service, and we can go from there.