Profit comes with Purpose: Perry Power Tells AllWe had the pleasure of interviewing an estate agent pioneer and dynamo, Perry Power of Power Bespoke! We asked him exactly how he came to achieve his level of success and was happy to give us some of his top insights! Starting from the tender age of 21, Perry began his business on one core purpose, that still stands strong, to this day... To be an agent who improves the performance of other estate agents. Click Here
Purpose over Profit
At a young age, Perry became exposed to an incredibly difficult situation involving his mother and a brutal experience with a terrible agent. From this negative situation, Perry turned this negative experience into a purpose, to be the change that he wanted to see. He set himself the challenge to make positive innovative changes to the estate industry. His main aim being: to sway estate agents away from repeating this awful experience, that his mother had to endure.
To this day, Perry’s mom still keeps his first Powers Estate Agent business card that he created when he was just 12 years old. Power Bespoke is now a business at almost £1 million in revenue, with one core purpose at the centre of it all.
Power Priorities – Redefining Success
Rather than expanding for the sake of expanding, Perry discusses how this can have a poor effect on the company. Would it be beneficial to keep expanding the team, or work on nurturing what you already have to the highest quality? Perry redefines growth and success by making it pertinent to his individual company needs. He urges people in our Sally Lawson and Kate Gregory Live Interview, to question the direction of growth, and to not expand just for the sake of expanding. Displaying gratitude and well-informed growth was key to Perry’s success.
A Performance Business Culture
Within the different strands of business culture, we find that there are four different types of culture, to pinpoint your management style.
This could be a ‘parental culture’ where agents simply do as they are told by the chief executive, not necessarily ideal for businesses aiming to nurture their agent’s growth.
This type of culture is one that will inevitably collapse in on itself as it results in high staff turnover and just isn’t a type of environment where anybody can be productive or confident in their roles.
It is what it says on the tin, this business culture thrives on close familial and supportive relationships. Many businesses adopt this form of business culture, although it can often become difficult to separate work and personal lives.
A performance culture is one that thrives purely on growth and success. With the support that is similar to a family culture, it still separates home life and work life. All team members unite with one shared goal of high performance in their specific areas. This was viewed to be the most successful structure by Perry Power from his managerial experience.
Perry became consumed by the industry from a young age and continued this into his adult-life. He wanted to educate his clients to avoid going down the wrong path when choosing his letting agent, based on his own poor past experience. To achieve this, he developed the Power Negotiation technique which separates the estate agent from the selling agent.
This included maintaining the best possible deal for their clients and setting the bar higher for their business. The business generated £100,000 from this style of negotiation that constantly keeps the transaction between Power Bespoke and their existing clients ongoing. Similar to Agent Rainmaker, Perry advocates the importance of tactful negotiation with clients.
Knowing the Numbers
Every business owner has to navigate their way through the ups and downs of the entrepreneurial rollercoaster. From the low periods, Perry learned the importance of knowing his numbers in mid 2017.
After losing £50,000 in revenue to losing sight on the important numbers within his business, he had to re-evaluate his financial plan. He urges all business owners to “expect the bumps” because there is no avoiding unforeseen situations no matter how rigorous you are. Being able to pick yourself back up and adapt your strategy is the way back into the highs of the business world.
He also conveys that you should be incredibly aware of your percentages but not in the way that you would initially think…
“Don’t be a percentage snob”- accommodate to the customer relationships that you have built. Will it be more profitable to turn them down or keep their business for an extended time at a slightly discounted rate. This is the key to successful negotiation.
Missed the interview?
or listen to the podcast with Perry HERE
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