Tuesday, January 3, 2017

Is Your Business Prepared for 2017?

https://cdn.psychologytoday.com/sites/default/files/styles/article-inline-half/public/blogs/37882/2011/07/68770-59290.jpg?itok=P3s5Xdz0It’s an interesting time to be in real estate; Possibly one of the most fascinating markets ever… Think about this….In a few days there will be a new president in the U.S., and every time a new Commander in Chief takes office, the market begins to adjust. Now is the time to be building your business and be aggressive.”

Real Estate Professionals have a window of opportunity to take advantage, so it’s the perfect time to beef up your business plans and grow as quickly and efficiently as possible.

Worried About Your Competition?

Every agent worries about their competition, but with just a few adjustments to your business plans and strategies, you could can stand out above all the others.

Consider how 20% of the REALTORS did 80% of the business last year and only 6% made more than $250,000 in gross income. “Which side of the equation do you want to be on?”
This business can create haves and have-nots. Those doing the right thing… and those talking about doing the right thing. You can continue to do what you’ve always done or… but what if you simply did more of what the top 6% of agents do? Stop romanticizing about how you do it and focus on what the “HAVES...have” which makes them successful.

The truth is, a high percentage of agents in our industry turns over every five years, due mostly on a high number on agents not doing what the best people do. As the old saying goes, “Success leaves clues.” That’s why you need to study what the best people do and replicate it. Don’t try to re-invent the real estate wheel. Most of the agents leave the industry because they just can’t make enough money to survive… sad but true.

The top 6% aren’t looking for a “magic pill”… the very best keep it simple. They focus on diligence, persistency, and consistency. It’s also important to know your own motivations, set goals, short and long term, and understand how and why you want to build your business. You’re not going to perform the necessary tasks required unless you know what motivates you. Sustained growth comes from consistent lead generation derived from building trust based relationships. Working By Referral!

The Formula

The challenge for most agents is spending enough time on growth and lead generation. Real estate is a numbers game…Not everyone you contact will enter into an agency agreement with you, but over time, the averages show for every 50 people you contact, at least 1 will do a transaction with you.
Example: Your goal is to close 24 transactions in the next 12 months
50 x 24 = 1200 contacts
There are 365 days in a year… if you set a goal to prospect 5 days a week this equates to 260 days …if you take 2 weeks’ vacation you will be prospecting 250 days…
1200 / 250 = 5 contacts per day
Your plan has to hold you accountable for consistent prospecting… To who, how and when has to be in your plans, and you need to hold yourself accountable or get an accountability partner to help push you back to center when you fall off course.

Technology – Time Saver or a “Hide Behind”?

Today’s consumers demand transparency and an agent must use technology to reach potential clients. But hiding behind texts, emails, and electronic prospecting can put your business in peril. This is a relationship business…face to face and voice to voice is necessary to build a trust based relationship. Don’t get caught hiding behind the convenience of technology…if you are hiding, you may be missing out on a substantial amount of referral business.
The best time to ask for referrals is when speaking with a referral source. Find more reasons to get in front of those most likely to refer you quality business leads.

Goal Setting
If you need to make $75,000 to exist… you are not thinking big enough if your goal is to make $75,000… You must dream bigger than the amount you need to cover all your bills and eat, (food is always nice with your meals), you must create a plan to cover your business expense as well (dues, fees, advertising, MLS, prospecting, gas, and yes TAXES...)
An individual who requires $75,000 will need to set a goal to gross somewhere around $105,000-$115,000 depending on your expenses and tax brackets.

As a final word….Do something today your future self will thank you for.

Eddie Brown -  REALTOR Rescue – www.RealtorRescue.biz