In this Episode, We’ll Cover: Is It Possible to Triple Your Average Sale?
➡ Sharing Testimonials With Caution
➡ It Starts With The Manger’s Marketing Plan
➡ The First Step Is Awareness Of Where Money
➡ The Next Step Is The Mindset: Why Not Me
➡It’s Not A Single Medium Or Idea – It’s Patience For Process
Subscribe to the podcast! 🎙
➡ iTunes: https://apple.co/2CkWYB8
➡ Spotify: https://spoti.fi/2pVPPQj
➡ Web: http://bit.ly/trc-podcast
SHARING TESTIMONIALS WITH CAUTION
I really hate hyperbole in this business. It seems like everybody lies about their gross commission or how many transactions they have. It's better to be real. This is why you never see me sharing crazy, over-the-top testimonials. When I do share testimonial successes, I do it with some caution. With that in mind, is it possible to triple your average sale?
IT STARTS WITH THE MANAGER'S MARKETING PLAN
One of my mastermind members did, in fact, triple his average sale price. The process starts with the manager's marketing plan. The manager's perspective is key. You have to plan out your marketing - where will you do it and who are you marketing to? Sit still and plan this!
THE FIRST STEP IS AWARENESS OF WHERE MONEY IS
The next step in the plan is to go into the MLS and look at the average sales price last year in your preferred marketing area. You're paying for MLS and it's loaded with useful statistics to figure these things out. Sales prices in my mastermind member's preferred area were more than double the sales prices in the area he was currently targeting. It took just a simple exercise to figure that out.
THE NEXT STEP IS MINDSET: WHY NOT ME?
A lot of realtors talk themselves out of marketing to the luxury market because they don't have experience with "those rich people." Here's the dirty little secret about rich people: They're people. Just people, like everyone else! There are difficult people to deal with in every segment of real estate -- because they're all people. Change your mindset to target a more luxurious market of customers. Ask yourself the question, "Why not me?" Why shouldn't you be that agent? What's holding you back?
IT'S NOT A SINGLE MEDIUM OR IDEA: IT'S PATIENCE FOR PROCESS!
My mastermind client tripled his sale price using the steps outlined in this podcast, so yes -- it is absolutely possible. It is not about a single postcard, medium or idea. It's the process -- and having the guts and patience to stick to that process.
Learn more at http://therealtyclassroom.com/trc061
WE DON'T KNOW WHAT WE DON'T KNOW
This is a lesson that I learned from the one-and-only Michael Gerber years ago: We don't know what we don't know. Here's an example from Gerber. An entrepreneur will decide one day that because he knows how to bake pies, he knows everything he needs to know about the pie business. That's just not true. What we often don't know as small business owners is, "How does the business really work?" This is why you have to seek out a plan and why I give away the framework of what to do when you're planning.
YOU NEED A MANAGER'S PERSPECTIVE
If you want to run this as a true business (real estate), you need to decide who you have to become to run the business. You can be a technician or an entrepreneur (we tend to run to those two roles), but you cannot abandon the requirement to be a MANAGER. Once you begin to know certain things, such as marketing, you have to look at those things from the manager's perspective. Thinking like the manager helps to prevent you from making reactionary, rushed decisions like the technician might.
THE MANAGER REFERS TO THE PLAN
Every time there is a decision or a desire to do something to move your business forward, the manager refers to the plan. You need an overall plan with all three personalities mixed: Technician, Entrepreneur and Manager. Listen to this section for my tips on how to break the process up into modules for your real estate business! This allows you to make a plan and stay on track as a Manager.
THE MANAGER MAKES ADJUSTMENTS BASED ON FEEDBACK
When you go through the managed process when it comes to marketing -- from crafting a message, deciding who to send it to, and how to send it to them and so on -- pay attention to results like a manager. Adjust the media and the message, based on whether it resonates with the audience. The Manager will follow a plan, test it and adjust.
YOU MUST HAVE A PLAN!
How about if you stop and go get a plan (if you don't have one)? I understand that's not easy, so that's why I provide a framework that covers universal basics, no matter what type of real estate business you're trying to build. I wish that someone would have knocked me over the head with this when I was first starting: YOU MUST HAVE A PLAN! If you don't have a plan, go get one and stick to it. That's how you succeed in real estate.
THE ONE-TWO PUNCH: MARKETING & CONVERSION
A lot of people in real estate make the same mistake. We start out as an independent contractor an entrepreneur and we jump right into the technical work, but never take a beat to think, "I wonder how this highly technical real estate business actually works?" Henry Ford, for example, figured out how the assembly line process worked in other fields and applied the lessons to make cars more efficiently than anyone else. The real estate "assembly line" is in flux because of the digital age right now, but some things have not changed. Marketing and conversion are still the one-two punch of managing a real estate business! Listen for advice on how to PLAN and manage the marketing and conversion processes
WHAT BROKERAGE WILL YOU "JUMP" TO NEXT?
Before you make a quick and emotional macro decision like jumping to a new brokerage, stop and ask what it is that you don't have that's preventing you from growing. Is that brokerage that's luring you in with "sizzle on the steak" really going to help your business grow? A new brokerage may offer so much sizzle and crackle that no one challenges themselves with important questions like, "How will this help my independent business grow?" Impetuous business decisions are based on emotion, whether we want to admit it to ourselves or not. Get a contrarian opinion.
WHAT TEAM WILL YOU "JUMP" ONTO NEXT?
I've heard this a lot lately. Jumping to a new team without thinking it through can lead to all sorts of bad situations: cannibalism of business, split revenues, an inability to keep up with top producers which leads to grumbling and so on. Take the time to make a rational decision: Write down the pros and cons of being independent versus joining a team or brokerage, both of which may or may not really offer the help you need. Again: Get a contrarian opinion.
WHAT WEBSITE WILL BE YOUR SAVIOR?
I've seen a lot of top producers fall into this trap. Some new website platform may offer a ton of lead generation, but is there a real conversion process? What happens a lot of times is a ton of brokers jump to a new web platform and therefore, curious consumers follow -- but they're not real leads and there's no conversion process. I offer a ton of helpful advice for your website in this section of the podcast -- trust me, you need to listen to this!
THE REAL QUESTION: WHAT STRATEGY ARE YOU FOLLOWING?
Before you make any of these decisions (brokerage, team website), did you ever really ask yourself, "What strategy am I following?" You may join a new brokerage, followed by a new team, which is followed by a new website -- but is there any money left at the end of that? For anybody? That's a pretty good strategic question! The bottom line is that you shouldn't be in a hurry to make so many impetuous decisions.
THE PROCESS FOR IMPROVEMENT: WHAT SMALL ADJUSTMENTS ARE YOU MAKING?
It's now ten times harder to grow an independent business than ever before. The small business failure rate is way higher than the experts state. That's because most people don't have the discipline to sit still, think, and make small strategic adjustments.