In our real estate agent business, the simple fact is that we are the main problem. Although we want to blame our circumstances, the simple fact is that any challenge can be overcome by thinking, strategizing, and then managing. The key steps are to admit you’re the problem and then figure out why you keep running away from the responsibility of managing yourself and your business better.
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Once you begin to know how the real estate agent business works, you should simultaneously build up your self-image as a successful real estate agent. Realize that all top producers that are successful with a good work-life balance get help from other people. They also continue to scale up so that they don’t easily contract when the market is not in their favor. So always push yourself towards a bigger vision!
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There is nothing more powerful than a simple written goal. However, when building your real estate strategy, you need to write down the basics of how the business really works as well as how the market is actually doing. That will help you more clearly see the plan that you’ll have to write out for sellers and present in a professional manner that will allow you to be many times more successful than doing business without any written strategic plan. Reminder: Keep it simple and stop copying everyone else!
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Most small business owners such as real estate agents rely on their human discretion to run their business and that can turn out to be the kiss of death. The animal brain allows for too much downtime to recover calories and stops the system from moving. So the only way to build up your business resistance is to make sure that your system is always working, with or without you!
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It’s hard to believe that you might only be three people away from transformational success, however, it’s a principle that dates back many years. The key is to first figure out what really grows your business, admit what parts of it you don’t do well, then hire people that are great at doing those things. Then the real secret is to be grateful for those people and treat them like royalty!
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Getting your real estate agent business organized and managed might seem like a daunting task, however, you must realize that even one transaction is a series of complicated steps. The important first step is to begin documenting what you do each time so that you’ll “see” what you’re doing. That will move you in the direction of properly managing your time so that you can build a predictable business without sacrificing your life. Remember: Don’t quit on managing your process or your life will suffer.
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Too many real estate agents believe that the success of their business or lack thereof is predicated on the external circumstances within which they find themselves. They believe incorrectly that a certain brokerage or a particular market direction is why their business is in the state it’s in. The truth is, our business is a direct reflection of how hard we are working on ourselves. The bigger the version of ourselves that we are able to push towards, the greater and more resilient our business will be.
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I remember when I started in the real estate business hearing that you had to list to last. However, in some strange way I kept fighting that mantra and focused heavily on buyers. As my perspective grew I realized that by focusing on the acquisition of listing prospects at or above the median price I could become much more profitable. Now I build systems to ensure that regardless of the economy I’m certain I have a line-up of real listing prospects that guarantee a profitable business.
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One of the key skills to becoming a successful real estate agent is your ability to manage your clients’ emotions. Buying and selling real estate is one of the single largest emotional transactions they will ever make in their lifetime. No matter how “sophisticated” they may appear to be in their personal and professional lives, they will certainly battle and struggle with emotional swings during the transaction. Be prepared to stay calm and provide logical, simple solutions and never give up.
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One of the greatest tragedies in the real estate agent business is that agents often find more than enough potential buyers and sellers to be successful, but they lack the systematic approach to build a list of prospects where the outcome is clear. The key point is to determine that the prospect has a real reason to buy or sell and that inside the next twelve month the prospect will be motivated to do so at least at a level of 9-10 on a 1-10 scale. ACCESS THE SIMPLE SECRET PLAN OF THE WORLD’S HIGHEST PAID REAL ESTATE AGENTS!
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Execution of a simple plan to acquire new listings and use them to attract new buyers is the fastest path to the development of a predictable and sustainable real estate agent business. When you begin a new relationship you are in the act of prospecting or creating a prospective client. I you would simply build a list of those prospects and measure their potential value to you business you’d be more likely to keep the wolves of competition and you own laziness away.
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Too many real estate agents get caught up in the chase for leads and never take the time to realize that the real money is in a list of prospects who receive private-club level attention. A small list of prospects who have a real reason to buy or sell and a high level of motivation to do so will grow any book of business far beyond expectations.
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One of the most important skills that a real estate agent must develop is that of a telemarketer. However, like all things done correctly you must have a well thought out strategy or you end up with a failed effort. The simple formula is to define your ideal prospect, consider that prospect’s problem, create a what-to-do solution or service and then and only then create a script that gives first and asks second.
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Zillow has suffered its first major setback which is no real surprise to professional real estate agents. They have announced the termination of their home acquisition business and a Wall Street analyst concluded they have thousands of properties that they own that are now worth less than the purchase price. The key point is not that they made a terrible business move, rather whether or not this is the first indication of a major setback in the real estate market which has experienced worrisome price inflation.
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In the last episode, we talked about the act of turning pro through the reliance on systems rather than muscling your way through on animal instinct. However, you must understand that your starting point it to get your systems out of your head and onto paper so you can easily edit the and constantly validate them by observing where the consumer awards you with their business!
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Most agents never turn into a professional and maintain an amateur approach because they never take the time to study how a systematic approach to business always trumps doing business on muscle. You must become aware that your inner animal brain is resisting you doing any homework because it does not believe that’s the easy path to survival. Therefore, you must quiet the animal and prove that systems actually make it easier to survive and by default you’ll begin to turn pro and thrive!
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There are many misperceptions in the real estate business about the meaning of prospecting which is often confused with the act of cold calling. In truth, prospects are created from all sources and must be properly qualified based on their reason to buy or sell, their level of motivation and their seriousness of purpose to complete a transaction inside the next 12 months.
Learn more: https://therealtyclassroom.com/podcast/insider-secrets-to-prospecting/
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A real estate transaction stimulates the emotions of buyers and sellers which can in turn make the real estate agent emotional. The problem begins when we feel comfortable enough to be transparent with our own emotional struggles and introduce our feelings into the transaction. It’s critical to not do that and maintain a constant professional demeanor by staying completely in a state of servitude.
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The first instinct of the real estate agent is to get creative first and produce digital content that entertains. Although it’s fun to build a social following there must be content that positions the agent as a professional who knows the market and has a plan for sellers and buyers. Without core content that helps position and convert, content is much ado about nothing but entertainment!
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When top producing agents first realize they are losing their lives to selling more properties they wonder is there will ever be a way out without losing their business. The lesson to be learned is simply starting to see yourself as a business person who needs to be organized with systems that perhaps already exist in rough draft form and need to be written out and followed to ensure the agent understands how time is leveraged before delegating to other people who ultimately free you from doing is all yourself.
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It’s critical that we see our real estate agent business as we would a full orchestra. That each sell or buy side transaction is a sheet of music in and of itself. Each of these pieces of music requires the precise performance of micro work that must get done by you and hopefully your support staff or team. Although everyone is responsible for their roles, only you are the fully responsible maestro who must ensure your business is in tune.
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As business people engaged in the business of real estate we are naturally born into a state of the unknown which we refer to as chaos. Although the term might incite a negative emotional response, the truth is that chaos is the real opportunity calling for you to figure out how to put its pieces in the right organized order and gain a competitive advantage by doing so.
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Whatever the reason real estate agents have for making whimsical decisions is causing a pandemic of a “let’s try this” approach to business building leaving the majority lost in a mess of wasted money, starting and stopping strategy and downright depression. The cure is to start seeing individual ideas as simply part of a wholistic strategy that helps build a predictable and sustainable way of doing business rather than idea chasing.
Learn more: https://therealtyclassroom.com/podcast/how-getting-cranky-hurts-your-business-growth/
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