Prospecting For Quality NOT Quantity!

When you break your Real Estate Business down and examine your systems...there are really only 3 ways to increase your net income:

• Decrease Your Expenses W/O Decreasing Your Current Income
• Increase the Number of Total Closings W\O Increasing Expenses
• Increase your Average Closed Sales Price W/O Increasing Expenses

Any one (or combination of) the above will start you down the path to growing your business to become more profitable.

What we want to look at today is once you have mastered one or more of the above you have to look at your current prospecting systems and how productive they are at filling your pipe-line. 

The natural tendency for most agents is to work with leads rather than prospecting for new leads. Oh most will do the initial follow-up with a prospective buyer/seller...but few have a viable system designed for long term lead creation. 

Many are spending inordinate amounts of time with a group of bad leads trying to convert them into good leads...Many will hold onto these "marginal" leads to avoid having to prospect for new leads.

Coaching Tip #1: It's more productive to invest your time finding better leads!

It takes less time, effort, and money to close a quality lead, so the question is...how do you determine or qualify is the prospect is a good prospect or a bad prospect?

• Always meet prospects face to face as soon as possible... this will help you to determine their quality and motivation. The less committed a prospect is to buying or selling...the less likely they will be willing to meet face to face with you.
• Next look at where your business is coming from...Yard Sign Calls, and the Internet are notorious for being suppliers of "iffy" leads. I am not suggesting you turn these leads away...Just "test" the quality before you invest time, effort, and money.

Your ability to get face-to-face with prospects will be one of the biggest determining factors of your success. Your goal is to invest the most time, money, and effort into the prospects with the highest likelihood of closing in the next 90 days. You must focus on sales margins (your net) ...not just your sales volume...Ever expanding the margin between expended resources and your return. 

The quality of your prospects can radically positive impact on the margins of your real estate business! So... look not only where your leads come from where they go once you get them...

Eddie Brown
http://www.icu-coaching.com/

Make Real Estate Referrals Come To You!

An agent recently asked me “How do I become referable?” I told them “It’s easy!” …All you have to do is get everyone to “Know You”…”Like You”…and “Trust You”.

It is impossible to produce large numbers of quality referrals unless you generate those 3 “Referring Emotions” with everyone you know…. Being an enjoyable person to be around just isn’t enough to get your Book of Business (BoB) to want to refer you.

Here are a few tips on how to become “Referable”: (use who you know)

Mediocre Effort Produces Mediocre Results;  

·       Exceed the expectation of everyone you come in contact with…this includes other agents, other agents clients, and even people you don’t end up doing business with.

·       Always do what you say you are going to do…Mediocre results will never gain you the third emotion of trust. Know your client’s expectations up front by questioning them before you list or take them to see the first home for sale.

·       Admit and correct mistakes…On the rare occasions when your service does fall short… admit it… apologize… immediately make it right. This is not a time to procrastinate! And there is never a right time to be untruthful…

Remember: You want them to TRUST you! Put all your efforts into righting the wrong and none into covering your tracks… Once the client knows you are committed to their satisfaction and happiness… the relationship will begin to mend.

Become “The Expert”;

·       Share your market knowledge and expertise by regularly calling your clients with market trends for their area…build a following for a monthly newsletter chocked full of real estate related items designed to entice your data base to call you for more.

·       Get to know your data bases real estate needs… by meeting their personalized needs you will not only serve them better but will make them more likely to tell everyone they know about you.

·       Remember the “reticular activator”

·       Continue to serve your client’s after the closing…don’t become the “Forgotten REALTOR”. Over 70% of buyers and sellers surveyed could not remember their REALTOR’s name 18 months after they closed the transaction. If they can’t remember your name… how the heck are they going to refer you? (Don’t be a Secret Agent)

SAY THANK YOU!

·       The power hidden inside this simple step is most often overlooked. By vocalizing your gratitude you express your appreciation to the people who, end result, feed your family, pay your payments, fund your retirement, and supply tuition dollars for college education accounts for your children. Your saying thanks will be rewarded with referrals.

Getting people to refer you is easier than you think…Become referable by building emotions within your BoB… (instant referrals)

Please share your comments and your success stories by clicking on post a comment below....

For More Coaching Tips Visit

www.ICU-Coaching.com

Eddie Brown ©2011

Powerful Ways to Stay Motivated in a Challenging Market.

Motivation is an inner drive or intention which compels you to do something or to act in a certain way.

True motivation is your inner fire, which gets translated externally into your goals.

Follow these steps for success:

1. Be connected to your goals. Set short-term 2 Day - 2 Week - 2 Month Goals....Think of them as short sprints leading to a long-term objective.

2. Measure and compare. To improve, you must know your numbers and how they compare to your own history of production and that of your competition. Know how much you made "per-hour" for each closed transaction...this attention to detail will lead to a deeper understanding of your business.

3. Make motivation your lifestyle. Stay passionate and create an inner burning drive by writing down the BIG reasons “why” you are in this industry. Write down the positive things which happen to you every day...when negativity starts to creep in... revisit the things you wrote down and focus on how they made you feel. 

4. Be Specific with Your Plans.

As you plan, be specific about what you intend to achieve—your plan must be in writing and have measurable activities on at least a weekly basis.

  

As you chart your course, start with a 60-day goal which unfolds into a long-term objective. Your 60-day goal may be a simple checklist with objectives, but it should be the foundation of a plan based on a yearly calendar with specific daily "action plans".

Be very concise in what you aim to accomplish. Create the plan and then stick with it consistently with a passion...

5. Stay Patient while waiting for results.

Don’t try to do too much too soon. Devote time to plan your lead generation activities each day. Little by little, your plans, motivation and activities to win will become part of your lifestyle.

Remember your activities will control your results. Your goals may not always turn out as planned, but always stretch for success... be patient and make motivation your key to success.

      Eddie Brown ©2011

  www.ICU-Coaching.com

Get “Reel” About Getting Green

Reel mowers: Saving the earth while saving you money.

For many people, mowing the lawn is a total chore. To make things worse, filling your mower’s gas tank all summer can now cost more than the mower itself. How can you keep your grass, your costs and your fuel emissions low? It’s time to go back in time, all the way back to 1870. That’s when a man named Elwood McGuire of Richmond, Indiana starting selling the first commercially viable human-powered reel mower. Thanks to their low cost, zero carbon emissions and plain old vintage charm, the old-school mowers are becoming new again.

 

So, why the steady increase in popularity? For one, these mowers consume zero petroleum-sourced energy and have zero emissions. That’s right, zero. Think about all the gasoline consumed by traditional mowers; they are as environmentally unfriendly as they are expensive to operate. And while electric mowers are a step up from gas, they still consume electricity, the production of which contributes to air pollution and greenhouse gas emissions. A reel mower only consumes your energy, which also means you’ll get a great workout.

 

Second, they are inexpensive. Most gasoline-powered lawnmowers start around $250 for a standard push mower and go up from there; high-quality self-propelled mulching mowers start from $400 to $600. When you combine that with the price of gas, the $65 to $100 reel mower price tag looks better and better. Even a low-cost small electric mower runs about $150 to $200, plus it adds to the cost of your monthly electric bill.

 

Then consider the cost of maintenance. With so many features and parts, gas and electric lawnmowers tend to break, leaving you with potentially hefty repair bills, and gas mowers need annual maintenance that includes oil changes, spark plug replacement and air filter replacement. You’ll also need to purchase a fuel stabilizer additive to keep the gas left in the tank from gunking up over the winter, as draining the tank is no longer recommended. Maintenance for a reel mower, however, is minimal. A little bit of grease and a good sharpening every year, and your costs remain low for the mower’s lifetime.

 

Although the reel mower wins in many categories against its mechanical counterparts, it does have some drawbacks. You’ll have a harder time if you let your grass get long, or you try to cut it when it’s wet. As Bill Turner, a recent reel mower convert from Mt. Lebanon, Pennsylvania told the Pittsburgh Post-Gazette, "Overall, I love it. Yes, if the grass gets too tall, it may not cut it very well, or may take several passes...but it makes mowing the yard a little more relaxing without having to hang onto a loud, vibrating power mower." 

 

Another thing to note is that where you live dictates what type of reel mower you should buy. In the South and Southwest, grass tends to be thicker due to all the sun and heat. If you live in those areas, you’ll want to look for a heavier weight mower. If you live on the East or West Coasts or the northern half of the country, your best bet is to opt for a lighter mower. These are not steadfast rules, so assess your grass before purchase.

 

Reel mowers are now available at most major retailers, and with winter on its way, you can expect even better deals. If you have questions or want more information about this topic, visit www.reelmowers.org.

Building Social Capital

When you become connected to your database everybody wins. Your database gains you as a trusted source of real estate knowledge and you gain a trust and relationship based referral source. In today’s world, having a sense of community is one of the greatest needs which is often left unfulfilled. People have a natural desire to feel connected and be part of a community …

Don’t Be A Secret Agent!

Invite you’re A+ past clients to lunch or coffee …it’s a great way to deepen the relationship and to remind them how much you care about them. Covertly remind them how you can help them and those they know with their real estate needs...

Organize a client party to acknowledge your advocates and to introduce them to one another which also broadens their social network.

Host a house warming party for one of your clients …two wins here, the clients get to meet their new neighbors and you get to met them as well.

Offer to write a real estate advice column in a local community paper or magazine. This is great for building your knowledge as you do research for articles...and builds credibility with-in your Book of Business.

Volunteer …Nothing is more rewarding than giving back and helping those in need … Coach or sponsor a local sports team …get a group to work a local soup kitchen …adopt a family in need for the Holidays …Organize a neighborhood cleanup drive or adopt a stream or park.

Host a community yard sale at your office...The more involved you become in communities activities, the more connections you will create with potential clients. Gaining knowledge of surrounding neighborhood characteristics and interacting with local residents will position you as the industry expert in the communities you serve.

Asking for referrals is not a sin: One of the most common flaws I see in Associates prospecting plans is they neglect to ask for the referral...Leverage your relationships "relationships" and you will substantially increase the reach of your prospecting efforts...

REMEMBER: Real Estate is a “CONTACT SPORT”

Eddie Brown © www.ICU-Coaching.com