Agents…this is it… The last week of March… The last week of Q1… The beginning of Q2. The question is…
WHAT ARE YOU GOING TO DO?
As you know we at INTERO celebrate EACH Quarter ending as our New Year to insure everyone has a great next Quarter, but even more importantly an awesome end of the year! So, let me ask you… Is your business plan done? Remember this is hunting season…I mean LISTING season. You will either kill or get killed. It’s up to you. This is the time of year most agents decide to shut down shop and begin to hibernate instead of gearing up for the next battle! Being in Real Estate has 90 day cycles. It’s important to run through the finish line so you continue in full momentum.
Agents today are looking for something different in a real estate office/company than they were 10 to 20 years ago. It is time to zig while the industry continues to zag. People want more than the “normal” wants and needs (i.e. strong leadership, coaching, structure – and of course more smiles!)
Today, real estate is an outside sales business and the traditional model of big offices with high overhead and high fixed expenses are a thing of the past. After being in the industry for almost 17 years, I would also argue that assigning an agent to a specific work space makes them unproductive and unorganized… They are not going to sell a house to anyone from their office and most of the time their work space ends up looking like their garage at home… A place to keep stuff they are never going to need.
TAKE THE LEAD
Its not a secret but It’s a proven fact that over 70% of all Real Estate agent don’t regularly communicate with their database. A minimum of 30% of your annual business should come from this category alone but for most of us… It simply doesn’t. Reason being, we choose to wait for them to call us or expect them to remember us or imagine that they will never forget us. This type of thinking is ludicrous if you’re running a REAL Real Estate business.
Our database should be considered sacred; A source that is continuously being managed and nurtured. Become a connector with your database. Call and communicate often with every SOI and past client. Make calling and connecting your new normal. Be Relentless.
I know what you’re thinking… No, I’m not referring to mixed martial arts…I’m referring to Money Making Activities (MMAs), otherwise known as the oxygen of your business. MMA’s are the sources that if consistently done can build your business to a level most of you thought would never be possible.
Lead generation (otherwise known as prospecting), lead follow up, negotiating offers and going on qualified appointments… These are what we call MMA’s. Having laser focus on these 4 categories can and will provide you with an abundant life and business worth living. But the key word is “CONSISTENCY”. Most of us will focus on these 4 categories until we get busy, then “normal” sets in, meaning you stop focusing on MMA’s and start focusing on income servicing activities (setting up inspections, working on the file, etc.) which takes your eyes off the oxygen of your business.
My friends, If you spend 75% of your day focused specifically on MMA’s your business will be a well-oiled machine, no doubt about it!
SHOW ME THE MONEY!
For years commissions have been shrinking! The Real Estate organizations are the ones that witness it at the highest levels. More and more agents complain about this topic every day. So, the question is who cuts commissions… and why?
It seems that many agents, experienced or not, seem to cut commissions. The two common denominators are “weakness” and “desperation”. Let’s be honest…it doesn’t take a lot of sales skills or tremendous strength to walk into a seller’s home and quickly start negotiating your commission down, does it?
What commission cutting usually means is that the agent isn’t loaded with confidence in themselves nor do they have powerful sales skills. What’s worse is they’re going up against an agent who is powerful and skillful and the “path of least resistance” sets in. Sellers pay commissions in direct proportion to the quality of service they receive. If the agent doesn’t have powerful skills, and/or is desperate they typically lack on the quality of service they provide.
Guys, if you want to avoid cutting your commission you must make sure your skillset is high. Once you build up your skillset, then the demise of desperation sets in… Thats when you WIN more often and instead of your commission being negotiated down it’ll be negotiated up.
WHO’S YOUR COMPETITION?
According to the NAR, an analysis of 1.3 million Realtor MLS members indicates that approximately 45% of them did not have a single real estate transaction in the past 12 months. Nearly half of our industry is not even in the game. Only 25% of sellers and 12 percent of buyers use the same Realtor on their next transaction… A sign of poor service, follow up and client retention. Don’t let this be you!
An amazing 74% of buyers and sellers report they NEVER heard from their real estate professional again after the closing… ARE YOU KIDDING ME?!?! One of sellers’ and buyers’ biggest complaints is “I never hear from my real estate agent about my listing/transaction. I always have to call them first.” This is the kiss of death my fellow agents!!
According to NAR’s Profile of Buyers and Sellers, two-thirds of sellers only talk to one Realtor about listing their house. So, the Realtor is seldom in any competition at all. Interestingly, of the one-third who talked to more than one Realtor, half of them only wanted to talk to one, but the first one they met with was so awful that they felt they needed to meet with someone else. That is called a strike out!
My friends, get to know who you’re competing against and it’ll bring so much light on your potential in your business.