Hiring & Firing Clients

“Hire slow, fire quick.”

I first learned this gem of an advice through our couples group meeting, of all places, in the context of hiring and firing house help. It takes weeks, even months of searching to get a truly qualified candidate, while it only takes ONE hit on the non-negotiable list and the bags are immediately packed. Ruthless? Maybe. But those who practice this sage advice experience less heartaches. (This can be an entire blog post on its own, ask me about this story when we meet in person)

This is universal.

Most real estate practitioners still fall under the self-employed category. Remember RDPD’s Cashflow Quadrant? Our income is limited by the time we put in work.

The earlier we realize the need for automation or delegation, the more productive we become and results will follow. We hire staff to take care of back-end matters and salespersons for easy sales jobs. But as much as we try to automate and delegate all our tasks, there are some tasks which require a deeper human connection (usually salvaging a 50/50 deal can only be done through a face to face discussion that requires our presence.)

It is a matter of economics.

It is a toss between training new staff and maintaining a proven untrainable old staff.

Training personnel takes precious time, so we hedge our bets on someone who closely fit our long list of criteria in the beginning. But take note that keeping a grossly inefficient personnel, provided that we have exhausted all training efforts, may eat up much more time in the long run. We must learn the art of cutting our losses as early as we can and move on to a better prospect.

This doesn’t only apply to our staff, this also applies to OUR CLIENTS. Here are TIPS on hiring and firing clients:

• Make a list of non-negotiable criteria. Enforce to the hilt.
• Make it hard to get on our client list by creating levels. Let them screen themselves. Entertain only those who reach a certain level.
• Define tasks clearly. Set boundaries. Set deadlines. Agree on milestones.
• Ask for firm commitments. Make firm commitments. Sign on it.
• Serve the client well.
• Create a built-in evaluation process.
• Give well-deserved praise. Offer incentives.
• Correct mistakes at the onset. Fire when necessary.

This is an exercise of self-love. These are the BENEFITS of doing the above-mentioned tips:

• We’ll have more time to do more important tasks. More income-generating? More time for family and kids?
• We’ll learn how much our time is worth and protect it at all cost.
• People value those who know how to value themselves. Respect begets respect.

This post was inspired by today’s Mastermind session at RE/MAX TRP REALTY. We answered the hard question, “Where do we draw a line with a client?” Want to join this winning team? Comment below or send me a message.