This week I cover the exact strategy that agents are using to add an extra $100k per year in personal income. We break it down into three actionable steps.
As a coach the most soul destroying aspect of my work is seeing once enthusiastic agents who have burned out due to using a system that just doesn’t work.
It’s pretty hard to succeed when the very foundation of your actions is broken. Our strategy determines our return on:
Often it is quite a quick process to turn this around, and at a minimum the well-meaning agent can add an extra $100k in personal income over a 12 month period.
A mate of mine Murray called me to say that he was pretty fed up with running his agency.
Murray had begun the transition from making the majority of sales himself to getting his team up and running to help him in that area.
He wasn’t making the sort of money to reflect the hours and headspace he was putting in.
In fact, he was thinking about just selling his business and starting again.
So we started working together.
Now Murray has sold his business and is moving to Airlie Beach with his beautiful wife Gaye.
The old way: The old mindset in real estate is seeing prospecting as a chore. But let’s think about the ROI. In my experience if you are just starting out, you will need to make around 120 calls to find one listing. However, if you are using the right strategy, you can bring this number down to around 40, my number of contacts per listing was 30.
The new way: The reason people don’t like it is that it sucks when you don’t have a strategy. But once a quarter you can guarantee 3-9 listings in 5 days at the start of every quarter with the right strategy.
This fuels your personal results and subsequently it makes it easier to put in place strategy three, to help you become more efficient.
I received this Facebook post from Jake who I helped to implement my strategy:
“Results for the week
People spoken to: 925!
(Doors = 805)
(Phones = 120)
Booked 6 immediate appointments (1 listed today the other 5 booked in over the next couple of days)Futures found – 40
Shoes destroyed – 1 pair
Michael, I know we spoke today before I had to leave, but I just wanted to reiterate how inspiring and motivating it has been having you in our office this week!
The energy and excitement around this challenge has pushed me beyond what I thought was ever possible as a home finder, and I can’t wait to continue pushing the limits on what’s possible to create even more listings and sales for my team.
Words are truly not powerful enough to to explain the lasting feeling you have bestowed on me this week, may we continue to work together and make a great sales agent out of me.”
The most devastating thing is to come across an agent who has quit real estate because one of their skills was low, and this was sabotaging their whole success:
– They may be excellent at prospecting but their listing appointment is not set up to lead the seller
– They may be excellent at listing, but they are hesitant to prospect because of the problems raised in strategy one
– They have many properties listed, but they are unsure about reducing properties which results in withdrawns.
These agents are so close. There are hundreds of strategies to help make these agents efficient, and they are all taught inside my Success in Real Estate program.
Linda was one of these agents.
She was excellent at prospecting, excellent at listing, but she had a bit of trouble with reducing.
She put in place my price reduction strategy and she got 6 price reductions the very next day.
Because of this she was able to go from selling no properties one month, to six the next.
Now you can see that strategy really does determine success.
Most agents are focusing on making a sale. They are missing and failing to understand that as an agent your core asset is the relationship.
You can make a sale, but without the relationship you haven’t built an asset
Most people try to get a database – but this is just one part of the process.
Your relationship building strategy needs to help you to transition from an agent trying to find listings all day every day – to someone living comfortably off of referral business.
Your strategy determines how effectively you do that.
Tipping point: Every sale you make is worth 10 sales if you do it well, and costs you 10 sales if you do it poorly.
You are here trying to build a relationship, the asset is the relationship and your strategy determines whether you can do this.
Barry had a situation where he had 150 buyer enquiries in one day.
He had sought advice from his peers and they responded that he should send them an email.
I told him to use my relationship building strategy. He did and he turned the 150 buyer enquiries into an extra 17 listing appointments over a 10 day period.
If you want to know more about honing your skills in real estate, I have a full three day training program called Success in Real Estate which you can register for here.
At the beginning of the course you will be given a 120-page manual which includes all of my practical tools for overcoming the common obstacles in real estate sales. Put your name down now…