Ep21: My story, unfiltered — with Sherrie Storor

Renowned coach and founder of Real Estate Mastery, Sherrie Storor shares her unconventional start to agency ownership and how she's brought an industry-first initiative to support real estate principals to avoid the blindspots and barriers to creating the business of their dreams.

Want to hear more? Register for Sherrie and Kristen's latest offer, The Real Estate Principal's Ministry here https://www.sherriestoror.com/repm

Transcript

Kate:  Hi, and welcome to Property Management and Me, a series by PropertyMe, bringing quick tips and insights to support your everyday practice. I'm your host, Kate Sunol, and today I'm thrilled to welcome back Sherrie Storer from Real Estate Nation. Welcome Sherrie.  

Sherrie: Hello. So great to be back. Thanks for having me, Kate. 

Kate: It's great to have you back on the show. Last time we touched on the incredible masterclass you and Kristen launched a little freebie give back to the industry. And it's been amazing to see the industry's enthusiastic response. The turnout has been phenomenal and such an exciting milestone for you both.

Sherrie: Yeah, we're beyond thrilled to be honest with you. We knew that there would be take up, but I guess it has just blown our expectations because never in a million years did we think it's probably, you know, was, was going to receive the — I guess the recognition that it has, but I guess it just goes to show that principals are looking for training in terms of how they can really grow their business, how they can level up their business, how they can make it sustainable, profitable and also look for some sort of future direction for the future for their own businesses and themselves.

Kate: Absolutely. And what we're going to dive into today essentially is your journey through that. You have been a coach for quite some time now. You've got a lot of experience in coaching business skills. But before you started all that, you had a lot of experience also practicing as an agent and running your own agency, which sort of set the foundation for everything else that has followed.

Sherrie: Yeah, that's right. So I think most people in the industry do know me as being a high-performing agent because I have spoken at AREC and those sorts of things in those capacities. But what not a lot of people may know is exactly as you say, that I did have, you know, my own chain of agencies. 

So I had a business where we had three residential offices. I had 45 sales agents. In addition to that, I did have other divisions in my business. So I had a project marketing. So we were onsite selling at different locations in sales displays along the East Coast in 10 different locations from Cairns all the way down to Byron Bay. And they were just the projects that we had sales displays.

So there were many others that, you know, didn't actually have those. I built up and sold my own rent roll. I also had a cleaning division as part of that business. I also had a PR division because for the projects that we were launching, you know, we needed to, to sort of launch really hard and really big.

And not a lot of people may know this, but that's actually what I studied at university. That goes hand in hand in terms of launching. 

So I had this, this incredible business. And I guess I was a really young business owner. So like a lot of us in this industry, we sort of fall into business ownership because we're really good at our jobs.

And we kind of, you know, we're always looking for what's that next thing. And I think most of us in this industry, we're quite entrepreneurial in the fact that we get really bored at doing the same thing day in, day out. So we're looking for sort of that new challenge, that next step. And so that's what I was really looking for.

And that's sort of how I came into business ownership myself. And I was very blessed at the time because I had, when I started my business, I had two developers that basically said, Sherrie, we will fund you, which was just so incredible at that time. And so my business, it became very big, very quickly. But the reality is that, you know, I was really a young girl.

I come from very humble beginnings, you know, my mom is a single, is a single parent. So I'd never really been around business owners my whole life. I really had no essence of how to run a business. And so the people who I was really relying on, and I had an executive leadership of five people in my team, plus great accountants and lawyers.

So I was really relying on them to give me the skill sets that I didn't really have. But if you don't know what you don't know, you also don't know when you're making mistakes. I think now I'm very grateful for having learnt these mistakes, but certainly I wouldn't wish them on anybody. And at that time, I thought I had a really great accountant, but the reality is that that person was a friend of a friend. And that's why I sort of trusted him. He wasn't necessarily the right person. And so when the GFC hit, we went from selling a lot of properties to literally nothing overnight. And I had two developers that are pretty close to, well, actually in excess of a million dollars that just never paid. And I had amassed quite a little bit of wealth myself.

I bought a number of properties and so I'd sold off all of them. So I'd sold, you know, seven properties to fund my business and to keep it all sort of going, but there was literally no income that was kind of coming in. And so after a very long battle, so to speak, I guess I was forced to put my company into administration.

It was the tax department that wound me up. And so I guess I was really looking for what I could do to really try and kind of head this off at the parcel to get experts. I didn't really know where to turn. And so when Kris and I were talking about doing this course together,  I guess what I loved about it is that I never had legal protections in my business. I never had the right financial structures. I didn't really know how to scale my business correctly. And so by us coming together, this is literally the recipe. In terms of what to do, but also not what to do, if that kind of makes sense. And so I'm really so proud of the fact that we're able to deliver this course, which is called The Real Estate Principal’s Ministry to the marketplace and to our industry. To really help all principals, whether they be a small business or whether they be a medium to a large scale business, where they want to put those protections in place so that they don't have to go to court with their sales people, or they don't have to go to court over commissions, or they want to scale their business, but they don't really know where is the right opportunity for them.

So I think these things are really critical.  I think the other part that I'm really grateful for is most people in our industry, we really celebrate working until the day that you die. But as society, we really, we're not really looking forward to that anymore. We do love working. And most of us, we do it because we are passionate about it, but we want to do it out of choice.

Not because we're forced to, or because we're chained to the business, so to speak. So I love this. The fact that we've got this opportunity to really build out what does exit look like for me, whether it's six months time or whether that be in 20 years time. And is that selling my business? And if so, who is probably going to be my buyer?

Let's build out the business in relation to structuring it in a way that is going to suit who we think the buyer is going to be. Or do we promote somebody within the business who's going to either run the business or take a share in the business or buy the business? There's so many different facets when it comes to legacy, but again, it's not sort of something that's really discussed. So for me, I mean, I've been business coaching now since 2008. But these things are just not discussed and I am so excited that we now have this opportunity to be able to really deliver something that is desperately needed. I know because I needed it. I know because my clients are asking for it all the time. Kristen's clients are asking for it all the time and now here it is. 

Kate: Absolutely. It's so exciting to bring this knowledge into the industry. And there's so much to unpack there from your story and those things you've mentioned. So thank you for sharing that genuinely. What I really admire is how you've reframed your experience.

You've taken the lessons that you've learned and you've turned them into solutions for others, which is incredibly commendable to own that instead of focusing on what didn't work or those key metrics that led to the windup of the business, you actually just pinpointed some of the key areas where other people can avoid those things occurring.

One thing that stands out to me is how diligent you are with legal protection. Now, I know a lot of people look at legal protection as a worst case scenario, and that's first and foremost, what you want to be covering. Absolutely. I've employed contractors and sales team and things like that. And they've looked at all of the details and gone, Oh my goodness.

Like you've considered everything that could possibly happen. And for me, that is less about legal protection and it's more about being on the same page, having a plan, having the right understanding before you get into something, because nobody wants to start a business to then be battling with anybody.

So if you've got those right things in from the start, you can avoid so many conflicts that were unnecessary from mismanaged expectations, as well as protecting yourself as the business owner. Then having those learnings of it's not just about protecting you from making mistakes, it's protecting you as you grow, because a lot of people who transition in the industry, they typically are high performing, they might be running a team, they might be running an EBU and at surface level, it looks like you're doing the same thing.

It looks like you are doing the same job, you've got the same structure, you've got the same team reporting to you, you may even have the same KPIs, listings, managements, those sorts of things, but fundamentally it's a very different responsibility and a lot of things that you aren't experienced in managing and don't have that foresight to be planning for. 

Sherrie: Yeah, 100%. I think, you know, there's like you just said before, there's so much to unpack there. There's so much to unpack in your comment there as  well. I think the biggest thing is our industry, there's so much risk involved in every kind of element. And, you know, in my business, for example, project marketing, it was very risky, high risk, high reward.

So the thing is, you just want to look at minimising risk in all elements of your business as much as you possibly can. I think stage one when you're in business, it's about going out and getting as much money as you possibly can. Stage two is really about implementing systems and structures and automations.

And third stage is really about putting, putting those protections in. A fourth stage is actually planning for the future and making sure that you do have a vision. And that you're working towards that vision in that timeline and things do change in life. So you need to be flexible on those. But the reality is that you do need to have a bit of a bit of a plan in place.

I mean. For me personally, would, if we didn't have the GFC, would things be different? Who knows? We'll, we'll never know. But I think even so as a immature business owner, that I wasn't financially literate. I really didn't manage by the numbers. I really didn't understand my books. I really didn't have the right protections in place.

I knew how to list and sell and how to recruit, but the reality is that it was the other side of the business. And I think, you know, industry, there's so many people who are great at that. They're really good at getting new managements. They're really good at going out and getting new listings. They're good at bringing people on board and they're great visionaries, but it's that second part of the business.

And so for a lot of business owners, I sort of see them really as passengers in their own business. They're really just looking at one part of the business. Now, what we're really encouraging here is to really. You know, instead of being an operator in your business and being stuck in it is to really see yourself as an owner and to make sure that the business is actually servicing you instead of you servicing and being stuck in the business.

So that's really what it is that we're trying to unpack here. And we're trying to deliver that freedom of choice and that freedom of, of, you know, hopefully some wealth and also just to give back and to make sure that it's giving you joy and purpose in life instead of almost like it's. It's a ball and chain, so to speak. 

Kate: Yeah. And it can feel like that some days, definitely can feel like that some days. I mean, whether you are a business owner or not, but that really sense of accomplishment, that sense of ownership over it and to be achieving those goals that you've set out for yourself. Like you mentioned, often it's not necessarily about needing to do the business, it's about what's my next challenge.How do I do this? Well, how do I take on another level and grow professionally, personally, financially. And there are so many new things that come with that.

How  did you find, I know we talked a little bit in our last episode about staying true to your core values for your life. Did you find that changed a lot through the process as a business owner, as a professional sort of moving from agent through to ownership and then to coaching?

Sherrie: Yeah, I do. I think, you know, my personal background is even before I got into real estate, you know, I was taking high performance sales teams in retail environments. So I've always really got, gotten a lot of enjoyment out of helping people in their personal and their professional development. So I think that's always been a really big part of my life.

I think coming back to, to your question there, that the, biggest issue that I see is where people are making that transition from solo Agent or from Property Manager, then into being leader of an, of an effective business unit to then going on into being a Principal who's on the tools, whether it be a selling Principal or a Principal, who's focused on property management to then kind of being the business owner.

So, you know, each one of those steps, what's made you successful in that first step is not going to necessarily be what makes you successful in that next step. So what you really need to do is you need to surround yourself with other people who have got that skill set. You need to develop those skill sets because chances are you're getting paid more to do other things in the business.

Now we need to sort of arm them to do it. And your role really needs to be looking at strategies in the business for growth and making sure that you are. Yeah. Recruiting the right people that you are retaining the right people that the culture in your business is right, that you're looking at and managing by the numbers and you're thinking, okay, well, if we do want growth, is that, you know, a combination of organic growth or are we acquiring and buying front rolls?

And how does that kind of look? So I think those things are really really critical and key. I think there are so many different growth strategies, but timing is certainly really important. So I think it's critical to work out, well, what are the growth strategies? What is the right timing for me at those particular, for those strategies?

Because not everything's going to be right for you right now. Understanding what the future looks like, what that exit strategy is going to be like, what the succession plan is going to look like, and how you can make a seamless exit. 

And for some people a seamless exit is like they're completely out. For other people it's like I actually just want to work 10 hours a week. Whatever that might look like but it takes a lot of soul searching to really work out what it is that you want out of life and be honest about that.  For everybody, it doesn't look like complete retirement. Often it's about giving back to people and servicing people and whether that be consumers or whether it be the people in your business.

Kate: And I think as you move through those hats that you mentioned, you go from your sole operator, EBU,  Principal through to business owner, you sort of go from running alongside often some high performing Agents, high performing teams to, I'm now in this alone, I might have. An executive team or leadership team, but essentially it all ends on me.

You have high level decisions, high stakes.  And it can seem like the resources to support you at that level are now few and far between, or the people that you can connect with at that level are harder to find, busier, harder to connect with, further spread apart. What are some ways that you can combat that as your network gets smaller, but the pressure increases?

Sherrie: Yeah. Look, there is less support and I think often you do need to get that support externally from outside of your business, which is why my business flourishes the way that it does and why I have programs such as Mastermind to put those business owners together to actually network with each other.

Sometimes it's not necessarily that we need advice. It's actually to know that we're not the only ones going through this. It's nice to talk with other people and to understand. They went through this. This is how they got through it. This is what they implemented in order to do that. But I do think strategy is very important.

So coming back to your point there, doing the busy work, we're very, very good at understanding in this industry that, hey, listen, we need to make every single moment of the day count. And so we need to be super dollar productive. As you do become a business owner, what you actually need is you need freedom and you need time to really think about the business and to look at the business, to analyze the business and to think about what it is moving forward.

The reality is that you do need to be a visionary in your business. And so you need to be at the forefront because otherwise people are not going to lead and they're not going to follow you. They're not going to want to be a part of your business. So I think you really, in essence, need that time to sit down and to have a look at your business and to say, well, how do we move the needle forward?

And sometimes it's actually about not having a plan, but just actually having free time to think through situations, to think about your team members. Hey, they weren't quite acting in character this week. What's going on with them? Time for reflection, time for thinking, okay, well, this is what the vision is. This is what the strategy is going to be. This is how I think we should implement it, but I need to involve the other people in my business, the executive leadership team, or even the people in the business to sort of roll it out. We need to make sure that we're tracking that. We need to hold people accountable. And we need to record it. So I think that free time and that free space is really so incredibly valuable in terms of being able to move the business forward. Because without that, you will end up having the same year on year every single year. 

And you know, I think in business, again, a lot of us like to be challenged. So it makes sense that we're going to be striving for something different year in, year out. 

Kate: So we've just come out of the Masterclass Agency Structure for Growth and Scale. Huge amount of interest in that one. And you're now offering a new program? 

Sherrie: Yeah, that's right. So that was a freebie. So that was something we just wanted to give back to the industry. But we have now opened the doors. To our sales course, which is called the Real Estate Principal’s Ministry. So this basically involves a whole lot of online learning plus one on one coaching with Kristen and myself. So essentially you've got in excess of 30 master classes over six modules, which go through growth strategies, scaling your team, mergers and acquisitions, determining your exit strategy, succession plan to increase your value and a seamless exit.

And then on top of all of that, we've got a whole lot of templates to implement into your business. And then a whole lot of explainer videos on top of that, to explain how we actually implement those templates into your business. So again, this is not something that we've seen in the industry before, and it is literally about taking you through every step of the way, us holding your hand, but you will be able to do some of it at your own pace.

But then Kristen and I are also there to do some one on one coaching with you.  

Kate: Yeah, I love that. So, I mean, it is giving you a little bit of that, a lot of that freedom to work on your business, the accountability to work on your business, and I guess the reassurance in knowing that you are using the right templates, you are using the right structure, you are protected and, and getting it right from the basics all the way up. So you are scaling in the right way. 

Sherrie: Exactly right. So I think it's about the strategies and then making sure that we do have the right documents. And these documents, you know, are legally protected in all of the states. I certainly would say that with this course, and Kris and I are so proud of this, this course, but because there is one-on-one coaching, Kris and I already have our own businesses and we're all already pretty much fully booked out.

We've also had to be quite realistic about what we can actually give. So there's only access to 40 people to do this, this course. So we're going to only open it up for seven days. And it's either those that join us within the seven days or until we've sort of taking up all of those 40 positions, but that's all we've really got for in terms of capacity. Just being really brutally honest, because we would love to be able to give it to everyone, but it's just not something that we can do at this point in time.  

Kate: Okay, so 40 positions, a great opportunity. A lot of people that are going to have so much impact on their business this year. Who is it for? Does it matter if you're just starting out, you've been doing it a long time, how much capacity do you have to have to take it on? What are you envisioning there? 

Sherrie: Yeah, look, I see that it, it is for those that are in business ownership or those aspiring to be in business ownership. So for those that have medium to larger agencies where they want those protections in place. They might choose to do it with their executive leadership team.

So we already have a few people who've indicated that they want to be a part of it in that particular way, and they're rolling it out together. I do see that it's really good for those sort of small to medium businesses where the business owner, they're really good at either, you know, being on the tools, whether it be a selling principle or overseeing property management.

But the reality is that. They do see themselves as the passenger in their business. They do know that they need to be managing by the numbers. They just don't know how to do it. They know that they want to scale their business, but they don't really know the strategy and how to implement that at the right timing.

They know that they should be growing their role, but they don't know how to really kind of do that en masse. They don't know how to take the massive radical action. And they want someone to hold their hand. So I think they're really the groups that we see. I do also think that there will be aspiring business owners that sort of thinking, okay, well, I would love to own my own business, but I don't really know how to do it.

And it actually scares the living daylights out of me. So, you know, this kind of shows it all warts and all, and say, this is how we're going to hold your hand through that whole process. But ideally, I do think that this take up will be for that medium business owner, where they're really wanting to put these protections in place and to grow their business.

And looking at some point in the future about how did they get out? How, what does that look like? What does succession look like? What does legacy look like? What does exit look like?  Yeah. And walking out those, those strategies, really putting those steps in place. So they are a lot closer to that goal at the end of the year rather than where they are now.

Yeah. I must admit, I was, I was talking to, I onboarded recently a new coaching client who's been on my wait list for, I think about eight months and finally started with me a couple of weeks ago and she's in business partnership with somebody else, they've been in business for 15 years at career real estate agency and Principals, but they've never had the conversations around what succession looks like.

So I think it doesn't need to be a dirty word. We want to see these truly successful people make sure that they are actually super profitable. Not that they're just running a great business that looks really sexy on the outside, but actually is really sexy on the inside. And that we're making this sort of plan for what it's going to be in the future so that we're not just sort of stuck toiling every single day of our lives and then thinking, well, we're happy to do that if there's some payoff in the, you know, in the end run. But if we get to that end and there's really no big payoff, we're thinking, Oh, I've taken a wrong turn here, or perhaps was there a turn that I should have taken or something I should have implemented.

So we really want to make sure that everything's up on the table, that you are making the most of every single day in your business in order to gear you for that future hopes and dreams that you have for yourself, your business, and your family. Kris and I, we are very proud of this course. It is, you know, two and a bit years in the making.

So we've, we've done a lot of hard work with this, but I guess what has just really knocked us for a six is the fact that we've had so much support from the industry. So I just really wanted to take a moment to thank you and to thank Sarah and the whole team of PropertyMe for your support. This is an important initiative. This is something that, you know, we're doing, because we're not going to make our fortune on doing this, but we do want to help people. I think Kris and I, we're both, we're very heartfelt in terms of our initiatives, in terms of running our businesses, but we couldn't do it without the support, of you.

So thank you for saying yes, and for helping us to really kind of get the message out there, but really grateful and so proud of the work that I do with PropertyMe. And I know that Kris is. 

Kate: Of course, it's been great to have you come on and chat, and I really appreciate you sharing your story as well. I think a lot of people will really resonate with the openness and just genuineness you've come with to chat about how all this works and how you can support them to do their leadership journey well.

Sherrie: Well, thank you. Thank you so much. It's not easy to talk about, but the reality is that I've built businesses from scratch, you know, three times now and very successfully. And I think there are things that you have to take out of those losses. You can't always win every single round, but you can certainly win the overall fight. And that's what we're doing now. We want to make sure that real estate principals are winning their fights too. 

Kate: Absolutely. That's why we're all here. So, If someone is interested in joining the all-new 12-month Real Estate Principal’s Ministry, what's the best way for them to reach out? 

Sherrie: Look, you can reach out to us on social media, but if you directly want more information, the best place to go is the website, which is www.sherriestoror.com/repm