Some of you may be wondering... what is the meaning of "New Economy"?
I see our new real estate economy as one full of obstacles. For some of you the word obstacle will sound negative, but I see them only as bumps in the road which make us smarter...stronger...and more secure in knowing we have taken the hits and are still standing.
Henry Ford once said "Obstacles are those frightful things we see when we take our eyes off our goals...a very true statement for some...but some never had a goal to take their eyes off of in the first place! http://www.goodreads.com/author/quotes/203714.Henry_Ford
I also see the new real estate economy as one where you will no longer be able to be a real estate "hobbyist" …to get paid in our new economy we will be forced to become professionals or get out of the business. Since 2007 the National Association of REALTORS has lost over 400,000 members nationwide. Do you think some… or most… of them may have been “hobbyist”?
Here are five things which will require your focus in this new economy”
G= Goals: Written obtainable goals. Daily focus on these goals will bring them to reality.
R= Referrals: Your business needs to be referral based with 80-90% of your business being derived from your Book of Business (B.o.B.)
E= Expenses: You will have to track your income and expense.. or in shorter terms Track Your Numbers. This will allow you to know where you have been and where you are going.
A= Activities: Activities equal results… every day you must block off time to look for new business. Remember the old adage: prospect when you are busy… or you won’t be! Personal Notes, Items of Value, Calls, and Face to Face visits are your Activities of choice.
T=Transactions: Give 100% to every client…those unexpected extras you provide them is what will reap future referrals. http://icu-coaching.blogspot.com/2012/02/is-there-line-out-door-to-your-business.html
Your Focus… your Energy must be garnered in these five areas to be successful in our new economy…and you must have the skill set to back it all up.
There are three classes of agent for our new economy…
1) Hobbyist: Associate doing 0-3 transactions per year making $0-10,000
2) Agent: 3-15 transactions per year making $10,000 - $100,000
3) Business Owner: 16+ transactions making over $100,000 per year
To be a #3 you have to be G.R.E.A.T.
Eddie Brown ©2012