The summer is coming to an end and we just have one quarter left in the business year so let me ask you some questions? Are you on target for the year? Are you ahead of your target? Are you behind on your target? So what’s holding you back? What fears are weighing you down? What is making you overwhelmed? This week we are getting back to the fundamentals of our business and finishing your year in real estate strong. The past is the past. Time to just move forward!!! All we need is a little momentum and get that giant stone of business to start rolling with this action plan I believe you can…..
1.) Low Lying Fruit – What would help me get paid today??
a) Get A Saleable Listing
b) Get A Price Reduction
c) Present A Reverse Offer To Interested Buyers. Seller and their agent make the offer to the buyers sitting on the fence. Start the process!
d) Find Something For My Hottest Buyers To Buy
e) Get A Buyer To Sign An Exlusive buyer agreement.
f) Get A Private Seller To Sign A Fee Agreement or Exclusive Listing and find them a buyer. Doesn’t have to be on the MLS to work a listing.
2.) No More Getting Lucky – Time to work on our
a) Seller Counselling Skills
b) Buyer Conversion Skills
c) Questioning Skills
d) Presentation Skills
e) Pre Listing Packages
f) Pre Buyer Packages
g) Closing Skills
h) Advisor Skills
3.) Full Contact Sport –
a) Present Offers Face To Face
b) Present Counters Face To Face
c) Get Signatures In Person
d) Take Clients Their Paperwork In Person
e) Meet Your Clients At The Office For Advisement Session
4.) The Gift Of Time –
a) Coffee, Lunch, Breakfast
b) Pop By gifts just because
c) Phone Calls, Texts
d) Calendars, Christmas Cards, Birthday Cards, House anniversary cards.
e) Hand Written Personal Notes
f) Client Event
g) Complimentary CMA
h) Business Directory Book
i) Past client visits
5.) Face To Face Activities –
a) Open House
b) Mall Kiosk
c) Door Knock ( Just Sold, Bona Fide Buyer )
d) Networking event
e) Volunteer
6.) Planning 2019 – 2020
a) Business Plan
b) Marketing Plan
c) Budgeting
d) Track, Plan, Measure
e) Implementation Execution
7. Set 90 day goals and an activity plan for the next 90 days. Written out and commit on execution. No excuses!!
8.) Make a list of activities that generated your business this year. Now go do what already has made you money and do more of it!
Let us recap…..Change Your Mindset ( Hunt or be hunted! ) Worry about the things you can control and not the things you cannot control. Get Face To Face, STP (see the people), Implement & Execute or your intentions are wasted. Do what you already know works. Back To Basics. Practice Your Skills vs. Being Lucky. Be Intentional, Strategic and Planned. Do More Of What Always Worked. Give Others Your Greatest Gifts ( Your Time, Touch, Talents and Treasures).
I dare you to think, act and be bigger than you have been this last quarter and finish strong!!!
Have you ever heard the saying, “List to Exist”? One of the very important lessons I have learned as an agent is that getting listing/seller leads is crucial to my success. Something to consider… When you lead generate and market to attract buyers, you typically get 1 sale. But when you go after listings/seller leads, you typically get 2 sales. Why 2 sales? Because the seller, a lot of the times, also buys once their home is sold. Or… You may get the 2nd (or even 3rd) sale from a sign call, internet lead, or open house lead as a result of having the listing. Pretty cool right? SO HOW DO YOU ATTRACT MORE LISTING LEADS?
1. UTILIZE YOUR SPHERE OF INFLUENCE
The first thing to do is reach out to your sphere of influence via email and offer your contacts a free CMA. The key here is to have an excellent script. For instance, you may like to say something like:
“Hey [first name], Did you know that the N. American housing market increased by $1.9 trillion last year? As your Real Estate consultant, my mission is to always make sure you know the value of your home. If you would like a free CMA to find out your property value, click the button below or give us a shout.”Yes! I would Like to know more about my home! The button included in the message should send your contacts to a landing page where they can submit their data without needing to call you. This makes it easier for prospects to reach out to you — therefore increasing your conversion rate. You’ll also find out who, in your sphere of influence, may be thinking about moving in the next 12 months. This strategy is even better if you send a follow up email to make sure your leads received the information.
2. MARKET TO YOUR VIPS
VIPs are people in your sphere of influence who have either done business with you before or have sent you a referral. I dedicate more time and funds to this category than any other, as it yields significant results. Whenever you need to increase your listing leads, focus on this category. You can market to your VIPs in a few different ways:
1) VIP EVENTS It’s a good idea to hold VIP events quarterly, or at least as often as possible. This will give you face-to-face time with the most important people to your business: those who already love what you do and send you referrals.
2) GIVE GIFTS I also like to give my VIPs gifts on a quarterly basis. This allows me to show my appreciation to them throughout the year.
3) START A FACEBOOK GROUP Invite all your VIPs to a private Facebook group. They’ll all be able to provide value to each other, especially those who have businesses of their own and could benefit from referrals. A Facebook group is also a great place to keep VIPs informed about upcoming events and to share photos after the event takes place.
3. DON’T NEGLECT “FOR SALE BY OWNERS”
The “for sale by owners” category has not always been my favorite. However, thanks to some newer technologies, it has become a whole lot easier and cheaper to market such prospects in your desired area. Plus, it’s valuable: only 13 percent sell within their desired timeline and just 18 percent receive the price they want. For these reasons, it’s important not to neglect this category. Plenty of companies will send a list of newly-expired or “for sale by owners” listings straight to your inbox. Better still, you can gain this information for free by searching on Zillow. This will also allow you to define your exact geographical area and price range. Plus, the seller phone numbers tend to be much more accurate than those on purchased lists.
4. HOW TO REACH OUT
When you reach out to “for sale by owners” prospects, be sure to follow up at least 12 times. That may seem like a lot, but you need to bear in mind that most “for sale by owners” leads don’t make a decision or move until after seven to 10 weeks. Another thing you should do is use video text rather than phone calls. This is because 80 percent of people would prefer to have a text conversation with businesses — and only two in 10 people even answer their phones. Furthermore, using video texts sets your apart from the competition. I’m not saying that all 12 touchpoints should be through video text — just a couple times is enough — but the first time you reach out should definitely be through video. This allows you to make an introduction where prospects can see your voice and hear your tone of voice. Many people are resistant to make video texts, often because they don’t like how they look or sound on video. However, I can assure you that you’ll see it’s the right decision when the leads start rolling in.
5. CONNECTING WITH NEW VENDORS
My method is quite old school: wear your name badge or branded gear when you’re out and about. When you’re running errands between appointments, strike up conversations, especially with other people in branded gear. For instance, you could say, “Oh, I see you’re in the roofing business. Could you benefit from more referrals?” The people you talk to will be blown away that you’re offering to help them in their business. Follow up with additional questions, such as “Who’s your ideal client?” and “What geographical area do you serve?” A great option is to send these new connections to a dedicated landing page. You can text them a link to the page and they can fill out the form on their phones. If you don’t have a landing page, an alternative is to simply take down their contact information in the moment. HOW TO USE THE INFORMATION Add the data you collect to a vendor sheet. When you’re helping your clients during real estate transactions, refer them to these vendors. But you also need to go a step further: add the vendors to your sphere-of-influence list and market to them on a regular basis. Then, they’ll be able to help you out, too — and it’ll be a win–win situation for everybody involved.
6. DEVELOP SOCIAL PROOF
You need to gain social proof on all your social media channels, but most of all on Facebook because consumers use the app between eight and 14 times a day. As prospects are already hanging out there, it’s a great place to gain social proof. This will help you appear as an expert in your area and keep you top of mind for listing referrals. Gaining social proof could be as simple as posting testimonials from clients you’ve worked with. Alternatively, you could run a Facebook ad to market yourself as an expert in your area to your sphere of influence.
Whatever you do, work on presenting yourself as a successful agent — and people will send you referrals. Let me know in the comments WHICH OF THESE IDEAS IS YOUR FAVORITE?
Summertime is an interesting time for real estate. Many agents refer to the time directly before the summer start as the “selling season”and year over year, this time of year tends to be one of the most profitable for those agents who fully embrace spring and watch their summer numbers fall off slightly.
Is there really a selling season in real estate?
Well, yes and no. Do many people transact real estate (or at least put their homes on the market) during the spring time? Yes, year over year we do see an uptick in this activity. However, what is interesting is why “summer” tends to be a time in most agents years when things slow down. As with any business, cycles happen and it can be expected cycles in real estate happen as well.
But why do these cycles tend to happen? Well, it comes down to the way most agents set up their businesses. You see, over the past few years we have seen an uptick in agents and brokers signing on “teams.” What this has translated to is the sheer fact it allows agents to continue to do business 52 weeks a year, without having to work ‘in’ their business, but instead work ‘on’ it.
Summertime is an excellent time to really add value to people and focus on deepening the relationship side of your business and tap into the other 150 to 250 people each of those people know as well. It amazes me agents feel they have added value to their clients by newsletters, market stats, email market reports, calendars and on and on and on. Clients expect this from us not something they feel like we did unexpectedly or make them feel special. Have any of us had a client tell another client about the newsletter you sent? The calendar you delivered in the fall? Let’s take the time to really make our relationships feel like they are really valued.
One of my favorite books is “The Generosity Factor” by Ken Blanchard. In this book you are taught the value of your “Four T’s”
1. Your Time
2. Your Touch
3. Your Talents
4. Your Treasures
What do you think would happen to your business this summer and fall if you took time to implement the following action steps?
Summer Action Plan
* Phone call just checking in to let them know you appreciate them. Asking anything you could do for them?
* Breakfast, Coffee, Lunch. Take time to listen and appreciate them.
* Walk or a hike with a client.
* Drop off at a clients work place unexpected a Tri Pack of Ketchup, Mustard, Relish with a tag saying ” Just Ketching Up, Want you to know I relish your real estate referrals and let you know not all agents cut the mustard!”
* Host a client appreciation event. Like an open house at your home for wine and cheese. BBQ. Beach party picnic.
* Write them a personal hand written note of appreciation.
* Drop in and see them, giving them a hug, handshake or pat on the back letting them know you appreciate them.
So many agents underestimate the power of the simple. Wade it can’t be as simple as my time? Sharing my personality and strengths with others? Giving someone a hug, pat on the back or hand shake? Hosting them for a BBQ at my home? Dropping them a little BBQ toppings tri pack from Walmart?
We all have the time this time of year and you can only control what you are doing not what others are doing. So I challenge you to take up an item or all on the action plan and finish your summer strong and let me know what kind of momentum you created, I dare ya!
When potential clients are looking for a Realtor, they’re probably meeting with several before they decide on one. Because this is one of the biggest transactions people deal with in their lives, it’s no wonder they stress over choosing the right professional to stand by their side and help make sure everything goes smoothly. Plus they want to LIKE you, and have a great and fun consumer experience. So how do you help them make it easy to choose YOU as their agent?
Simply put, it’s by focusing on THEM rather than yourself. Most agents they interview are going to talk mostly about themselves, their sales, their competence, blah blah blah. Any presentations or meetings with agents the buyer/seller attends is going to run together in their minds- what is there to set them apart? When you focus on the client, talking to them mainly about their own wants and needs, they will immediately get the feeling you’re there to help rather than to sell them. And that interaction lays the basis for a consumer experience they’ll want to repeat, or refer others to.
Tip #1 Focus on the client. Before you meet with your potential buyer or seller, you should know something about their motivations and what they’re looking for. You’re not there to cram all your successes down their throats, or talk about how you’re the best agent in town – you’re there to show you have their wants and needs in mind.
For Sellers… How do you make sure sellers know you are paying attention to them and their needs? Before meeting with them:
Pull tax records for the home
Check MLS for past sales
Drive by the home and take a photo- show you went the extra mile
Ask if they’re interviewing other agents- ask to be their final interview if possible (you want to be their last, best impression)
What YOU want from a seller is a client who is motivated to sell. Ask questions like “When do you need to move?” and “Do you need funds from this sale to move?” You want to qualify the seller during this meeting.
For Buyers It’s important to qualify buyers to make sure they’re serious about buying, but once you’ve done so, how do you set yourself apart to make sure they want to work with you? It’s the same tactic as working with sellers, above- LISTEN to what they’re asking you for. Ask leading questions, take notes, and find out what problems they’re trying to solve by moving. Focus your meeting on how you can help them fix those problems. See Tips #2 and #3, below.
Tip #2 Extreme Differentiation. Many agents naturally think their advertising or promotions should be centered around their services — who they are. This is a big mistake. Your business is about fulfilling desires or solving problems of your client. This is the entire reason for creating your Unique Selling Proposition. Your USP is a simple, yet powerful concept that forces your mindset into becoming client centered – what you will DO FOR THEM. It answers the question every prospect asks of you: “Why should I do business with YOU, instead of any other Agent, or any other option, including doing nothing at all, or what I’m doing now?” Your Unique Selling Proposition is the answer to that question.
Here are the elements of a great USP:
First, your USP must answer the question: “Why should I do business with YOU over any other options?” Or, “Why should I buy this home vs. any others on the market?” Or, “Why Should I consider this financing package over every other option?” Do you see that your USP can be applied anywhere in your practice where you want to influence people? People want to know what’s in it for them!
Second, your USP must be very SPECIFIC and MEANINGFUL to your targeted audience. By specific, I mean: is it meant for them and them alone? And by meaningful, are you offering something important to them? Don’t use vague generalities, like “multi-million dollar producer,” or “quality,” or “excellence.” They mean nothing to your audience.
Third, your USP must say something UNIQUE about you or your offer – something you do different from others. Something that sets you apart in a meaningful way, and be above and beyond your prospect’s normal expectations of service from a Realtor. That’s why words like “experienced,” is fluff that doesn’t work. Who doesn’t expect you to be experienced? There’s nothing Unique about that term. The same is true for the designations you think are so important but the average person has no clue what they mean or how they benefit from you having them.
Fourth, if you want to know if you have a really great USP, it must evoke the question from your audience….
“Oh really? How do you do that?”
Here are some great examples of Unique Selling Propositions:
When Showing Homes: “The 22 point perimeter security system means you will feel safe and secure during those nights when your husband/wife is away.” (Turning a feature into a benefit)
When Helping Buyers: “This financing package will save you over $2,000 in normal closing costs, and reduce your payment by $95 each month”
When Making A Listing Presentation: “My exclusive 28 point marketing plan sells the average home for 97% of listing price, and in only 42 days”
Tip #3 Set Expectations and then EXCEED Them. Setting expectations with a client, and their great consumer experience, starts at the very first contact. Take detailed notes when talking to a prospective client (always keep a notepad handy), and follow-up with them immediately. They may have reached out to other agents, who took time to get back to them or maybe won’t remember much about the conversation they had with them at first. Be prepared with 3 important pieces of your toolset: Success Book, Marketing Plan, and a great listing presentation. End the presentation by talking about how you’ll communicate during the sales process, and what to expect as next steps. This period is key in helping your clients to understand what will happen next, when you’ll communicate, and every piece of the process. Then, work on exceeding those steps by going the extra mile. If you didn’t get the listing, it’s ok to ask why so you can improve for next time. If it’s not a mutual fit, that’s ok too.
Tip # 4: Follow up!! Here’s where MANY agents fail. Once the sale is over, they let the relationship drop away. You’ve gotten what you wanted- why bother working a completed transaction? WRONG. Your past clients are your most important source of referrals – they’ll even bring you repeat business if you maintain your contact with them. What do you usually do after a sale? Do you send a gift, like Steve Vaught? (click here to read Steve’s idea) Do you send a follow-up letter asking for your client’s testimonial or for referrals? You probably should be doing all of those things, but MOST importantly you’ll need to keep in touch with previous clients on at least a monthly basis.
Commit to monthly or don’t even start. The Direct Marketing Association reports that the optimum contact time is every 21 days. There have also been studies out there that say for every month you forget about your house list/clients, you lose 10% of them – another reason for monthly contact. Finally, the NAR reports the “average” contact program takes between 8 and 12 months to “start” working. We’ve cut that time in half with Service For Life!, but even if it takes 10 months to start the “market share engine” producing, that’s still a great deal, considering most agents never get it going.
Why would you want to include a virtual tour with your home marketing efforts? Nowadays, buyers don’t even look at online listings if they don’t include a virtual tour. The technology for virtual touring properties on the internet is amazing with the help of services like IGuide and Matterport. This allows us to virtually take the property to any potential buyer around the world and let them virtually experience the property without physically being here.
How Do Virtual Tours Work?
Virtual tours take you inside the home and give you a 180 to a 360-degree view. Some are interactive, meaning you click the mouse and it takes you to the ceiling, the floor, the walls, leaving no inch of the room unseen. Others are flat-screen views put together to give you a moving image that you watch but do not control. Some are digital and 3D like you are in there in person. You can order virtual tours in a number of ways. Shoot your own photographs and hire a professional to simply upload and assemble them for you. Hire a professional to shoot the photos, upload and assemble artwork into a tour. It’s so affordable today that most people pay for a virtual tour. Or buy your own software and compose/create it yourself.
How to Get Started With Making a House Virtual Tour?
Every virtual tour should consist of a minimum of two spins. Even a small 800-square-foot condo can be shot on a two-spin tour: the living room and the clubhouse/pool area, for example. Use collages of 36 photos or more. Super intense virtual tours are generally reserved for the homes valued at more than a million dollars and may involve an aerial tour shot from a drone. Buyers want to see the guesthouses, the wine cellars, the indoor pool and spa facilities, the libraries, media rooms, gyms, studios, the 18-car garages, and helicopter pads. Most professional virtual tour companies will handle everything for you, from beginning to finish, and will supply their own server to host the virtual tour. All you have to do is post the link in the appropriate places. These virtual tours are generally one long continuous show.
Tips for Staging a Virtual Tour
Determine what your focus is and what your viewpoints are. You can take your own digital photographs and upload them to your computer. This way you can study each room for its appeal and photogenic quality. Print out the photos you like and show the virtual tour photographer the angles that you want. Begin the tour focused on the most interesting element in the space and end with that element. Think about what the viewer will see first to determine your starting point for the tour. You don’t want to begin filming a doorway, for example, because most doorways are boring. Move excess furniture out, and properly prepare the room you are shooting. You want the space clean, open, clutter-free and to appear much larger than it is. Consider the level of the camera. If you raised it a foot or so, would it eliminate glare from windows or avoid showing the unpainted fence outside? Choose the best spot in the room to set up the camera. While you might capture a wider range of view from a location close to a hall or door, think about the entire circle of view and how interested your viewer will be staring at a close-up of a nearby wall. Remember, one click of the mouse, and your image is lost.
Added Features for Virtual Tours
Most virtual tours provide ample space for marketing content. Use adjectives sparingly. Concentrate instead on the use of sharp nouns and action verbs. Every picture tells a story, doesn’t it? Describe that moving video with text that rolls across the screen. Don’t rely on the viewer to know enough to scroll down the page to your verbiage. Add a line of verbiage directly to the video. Supplying Audio: Some virtual tours give you the option of adding your voice to the tour. Be enthusiastic, speak clearly, and remember to smile, like you were talking to a friend because a smile resonates in the voice. Allow a mute button.
Where to Upload and Post Your House Virtual Tour Link
Link the virtual tour to your agent’s MLS number.
Upload the tour to local websites and your agent’s personal website.
Consider buying a separate Web address to host the virtual tour. Domain names are very cheap, and independent property websites are popular.
Many tour operators will also upload the link to Realtor.com, Realtor.ca, a website which gives visitors the option of viewing only those listings with virtual tours.
Put your virtual tour on YouTube.
Showcase your virtual tour on Facebook.
There you have the latest technology for marketing listings to the internet empowered buyers around the world. Check out your local virtual tour provider today and put this technology to work for your listings and sellers today! You will be glad you did.
Imagine if a deadly disease hit Earth with a devastation rate anywhere near the failure rate in real estate… People everywhere would live in complete, utter panic. EIGHTY-SEVEN percent. Think about that… 100 will start. 13 will survive! Sounds intriguing. Except it’s your livelihood at stake. Why do nearly nine out of every 10 agents fail and quit the business? I’ve worked with and studied real estate professionals for a long time, and I’ve identified 10 of the biggest reasons why agents fail. Avoiding these pitfalls will help you join that elusive “Club 13” — the 13 percent of agents who actually survive and succeed in this business. Let’s go…
10 Reasons Why Real Estate Agents Fail
Interested vs. Committed. Just being interested in your career isn’t enough. When you’re interested, you do things when they’re convenient. Success in real estate is all about being fully committed, which means doing whatever it takes as long as it takes to achieve your goals. If you’re not fully committed, it’s time to reassess your career choice.
Not Strategic. Can you explain your market trends easily? Do you truly know your market? What’s selling? What’s not? To survive in real estate, you need to look at your marketplace from a strategic standpoint. You must look at the hot sheets every day. You’ve gotta own that knowledge and become the knowledge broker in your market. It’s not enough to simply like houses and enjoy working with people. Take a step back, analyze your market and make sure you know it, and you know your place in it.
Fear of Mistakes & the Desire to Look Good. There’s a lot of vanity in real estate, which can lead to people shying away from anything that might paint them in unflattering light. But you can’t be afraid to make mistakes. Mistakes are how wisdom is gained. Accept it’s okay to make mistakes. Try new things, see what works, learn from what doesn’t, and always keep moving forward. The more mistakes you make, the more you’ll bridge the gap between knowing and not knowing.
No (or Wrong) Role Model. Having someone to look up to, to aspire to, to model your behaviors on is a hugely critical step to help you reach that “next level” in real estate. Far too many agents have no role model for their business. Or they have the wrong one. To accelerate your ascent in this business, find someone who is successful in both life and business and model your behaviors on theirs.
Your Gas Station is Only Open One Day a Week for an Hour. As a real estate agent, your No. 1 priority is attracting customers. It’s not a part-time pursuit. Far too many agents do just a little bit of marketing once a week and hope for the best. Lead generation and lead conversion need to be your primary focus. If there was a way to teach every new agent this philosophy and force them to live up to it, that 87% failure rate would decrease dramatically. Focus on the “Core 4″… Database. Open Houses. Geographic Farming. Online Presence
Monday-Friday, 9:00-6:00 Mentality. Being a real estate agent isn’t a job. It’s a business. It’s YOUR business. You’ll get out of it what you put into it. Especially if you’re new, you absolutely must put in the time and effort. All the money is made before 9:00am and after 6:00pm. If that doesn’t work for you, you might be in the wrong business.
No Sales Swagger. Long ago NAR released a report that said the vast majority of new agents come into real estate with no sales experience, no marketing experience and no negotiation experience. What are the essential skills of succeeding in real estate? Sales. Marketing. Negotiations. Hmmm. If you haven’t mastered these three skills, you need to be working on them constantly. Put yourself in situations where you learn the objections, get hung up on and gain that experience. Putting yourself in those situations repeatedly will break down those fears of calling FSBOs, expireds and the like. I often encourage brand new agents to work with FSBOs and expireds to break them in with “the most challenging” clients. When you know what to say, everything becomes easier.
No Goal/Broken Into Numbers That Get Measured. When you know your numbers, you put yourself in control. On average, how many leads does it take you to convert one sale? 30? Great! 162? Great! “I dunno.” Not great! As long as you know your numbers, you know what you have to do. If you don’t know your numbers, you’re just hoping for that winning lottery ticket. Knowing your numbers makes your business predictable. Being predictable leads to success. Know your numbers!
Poor Schedule, Weak Routines. If you’ve followed me for a long time, you’ve heard me say it a million times: “Show me your routines and I can predict your future.” If your schedule isn’t aligned with your goals, instead of achieving your goals, you’ll end up wherever your schedule takes you. The key is figuring out the specific activities that will lead to the achievement of your goals. Then you schedule those activities. The role of discipline in your success cannot be underestimated. Schedule everything and find a way to hold yourself accountable.
Lack of Financial Management. Lots of people get into real estate thinking it’s a low overhead business with an opportunity to make big, giant paychecks. Those days are long gone. This business is so competitive, you need a funding plan not only to survive, but to invest in your business and build it in an efficient way. Make sure you’re managing your money smartly in order to avoid that 87% failure rate.
So now you know the 10 biggest pitfalls that cause the catastrophic 87 percent failure rate in real estate.
What are you going to do with this information? In what areas do you need help? Where are you seeking that help? Let me know your comments below.
If you’ve been to a tourist hotspot like Venice Beach or Downtown Las Vegas in the last couple years, among all the sunglass vendors and street performers, you might have witnessed a weird new phenomenon: People who are willing to be punched or kicked in exchange for money. Yep, you give a complete stranger $20 or so, and he grants you the right to hit him. Sound crazy? Of course it does. But here’s an even crazier thought: I’d contend you – as a real estate salesperson – have more in common with these people than you might expect. You might not subject your body to physical punishment in exchange for money, but let there be no doubt about it… …If you want the monetary rewards associated with a successful career in real estate, you need to be willing to get punched in the face. Repeatedly.
All the Money is In Follow Up. So in your case, I’m not talking about literally getting punched in the face. But figuratively? Yes, most definitely. The statistics show only 5.6 percent of conversions happen upon first contact with a lead. That basically means for every 20 calls you make, one will achieve your desired outcome and 19 others will feel like a right hook landing squarely on your jawline. So here’s the big question for you: Can you handle that type of rejection? Can your psyche deal with that kind of punishment day in and day out? If not, you basically have two choices: Find a foolproof lead generation source that brings business to you automatically (Marketing Edge will help you there), or ask yourself if you’re in the right line of work. Or… you can adapt to accept the rejection and roll with it. Here’s how…
Remove the Emotion. Follow the Data. Here’s some more fun research based on numbers from our coaching members: 68 percent of conversions came after 8-12 conversations with a prospect.
Not one call. Not two. Not three. Not four. Not five. Not six. Not seven. EIGHT or more!
Are you following up with every one of your leads eight times? How about twelve times? (If not, you’re leaving money on the table. Piles of it.) Becoming relentless in your follow up is a matter of expecting to be punched in the face and knowing that each time you get “hit,” you’re one step closer to that next “Yes.” Conversion is purely a numbers game. The more you understand that and the more you look at it from that vantage point, the more you can eliminate the emotion from it and accept it as a reality of doing business.
3 Steps to Highly Effective Follow Up. To dramatically improve your conversion skills, follow these three steps:
Select and commit to a follow-up platform/CRM. Don’t get hung up on which one it is. Just get a tool in place that will help you set up your follow-up cadence and remind you when it needs to happen.
Create your formula. This really has two elements to it: Deciding the tools you’ll use to touch base with people: Phone call, text, email, in person, social media, etc. and the schedule you’ll follow with each of those methods.
DAY 1 A.M.
When a lead comes in, send automated email
Call within 5 minutes!
Send a text if you don’t reach them
DAY 1 P.M.
Call again
Send an email
DAY 2 A.M.
Call again
Send a text
DAY 2 P.M.
Call again
Send Market Snapshot
DAY 3-28
Call every 5 days via Mojo dialer
Send a text after the 5th attempt/28th day
DAY 29+
Call every 30 days until they “buy or die”
Track and measure your own numbers!
Don’t rely on the 8-12 calls statistic mentioned above when your own business is at stake. The better you track and measure your own results, the more predictability you can bring to your business.
So, what’s your verdict? Are you willing to (figuratively) get punched in the face? Let me know your thoughts in the comments below…
I would estimate the average real estate agent loses between $20,000 and $80,000 a year because they don’t know how to handle sign calls, ad calls, or any other inquiries from buyers or sellers. And chances are, YOU are losing money too. Even many veteran agents, who think they knew how to work a call, are making costly mistakes. If you simply master the art of handling inquiry calls, you will see a strong increase in your income…and you’ll stop letting money run through your hands when you prepare correctly and know what you’ll say even before someone picks up the phone to call you.
STEP 1 – Understand Your Primary GOAL. Most agents think when they receive a call, their job is to sell real estate. It’s not, and this could be the very first mistake you’re making. People don’t buy real estate from a stranger over the phone. The primary goal of your conversation over the phone is to…
Get A Name, Phone Number, And Face-To-Face Meeting!
STEP 2 – Be Prepared Beforehand! Your success will be related to how well you prepare for the calls you’ll get. PEOPLE WILL TELL YOU WHAT THEY WANT IF YOU’LL JUST ASK. You need to think through the questions you’ll get from prospect calls, and have a prepared, straight-forward answer for them in a way that sells your services.
For example: If you have a listing in a resort subdivision, you better know about dues for joining the club, complete market values, EVERYTHING about the home you’ve listed, and other benefits of living in the area (schools, shopping, transportation, community services, etc.).
You also need to think through the questions you’ll ask your buyers to do 2 things:
1) Qualify them as real buyers/sellers (their motivation), and
2) Motivate them to meet with you.
STEP 3 – Know Your Inventory So You Can Motivate A Phone Number and A Meeting. If you have a listing in the $250,000 price range, you need to know at least 5 additional GREAT homes in that price range. The chances of a caller buying your home can be thin, but the chances of selling them “A HOME” are good – if you know what you’re doing. Here’s the approach you use to motivate a phone number and a meeting. No one will want to meet with you without a specific, irresistible, self-serving reason. No one wants to get sold! They simply want their problems solved. So, what will you DO for them? For example, if you get a sign call, you know a lot about them because they called you regarding a listing or other property. You also know what they’re looking for because they answered your questions above. What do you think will motivate a meeting? The perfect HOME!
Mr./Ms. Prospect, I have 2 homes – and perhaps one more if it’s still on the market – that perfectly match what you’re looking for. Let me pull out my information on them and I’ll call you back with details. Are you going to be around in the next 15 minutes? What’s your phone number?
You now have a lead…now it’s time to find the exact home they described to you from your questions above. CALL THEM BACK EXACTLY WHEN YOU TOLD THEM…NO LATER THAN 15 MINUTES! When you call them back, you need to tease them with features and benefits of the homes – to perfectly match the ones they gave you earlier. Then you need to set-up a meeting to look at those homes.
STEP 4 – Take Detailed Notes. Don’t rely on your memory. I know this sounds simple, but you could get 20 calls a day, and you need to keep track of details. So, go out and buy a set of 5 X 7 inch cards. And on each card, get down as much information as possible on your prospect’s desires. Also get as much personal information as possible. And work your cards diligently, or put them into your online contact manager for regular follow-up.
STEP 5 – Get Your Head Straight. 90% of working prospect calls is YOUR mental state and preparedness. Here’s what I suggest you do to close your calls to clients:
Get prepared mentally. When your phone rings, tell yourself, “I’m going to meet with these callers.” That’s your single goal.
Create a script of items or QUESTIONS you need to use during your prospect calls. Don’t rely on your memory to come through during a tense situation.
ASK FOR THE APPOINTMENT. “Ask and you shall receive.” I can’t tell you how many agents I meet who simply don’t ask for the meeting…or the sale. Many agents lack the confidence to ask for the business. Don’t expect to be successful in real estate if you can’t ask for the business.
Often I hear realtors tell me how expensive it is to do effective marketing as a real estate agent and how they don’t have the budget for these costs. Although I agree there are some very pricey marketing tactics in play right now, I assure you there are countless highly effective tactics that are “zero” cost or low cost to the agent….
Pick up the phone and talk to 5 current or past clients a day. Give them your greatest gift, “your time.”
Ask for the business ”Of all the people you know, who do you think will be moving next?”
Record a new, upbeat and original message on your voicemail every day. Try a riddle, joke, tip, quote or short story.
Create a “do it yourself” info graphic of your local market statistics for real estate and post it on social media or email it to your clients. A Market Snapshot.
Check the local news or internet for a good news story and clip or print the story and send the person who the story is about a personal note saying “well done or congratulations” and include your business card.
Create a video of your best buying or selling tips and post them to YouTube, Facebook, Linkedin, Twitter.
Create a video of a past client testimonial sharing their experience doing business with you and post it to your website or social media. Get them to give you a google or yelp review.
Create an instructional video on “How to” or “Step by Step” process.
Constantly wear your company name badge. Don’t be a secret agent. Even add a company logo to your clothing.
Join or start a networking group like Business Network International (BNI). So many business owners and service providers could use an agent like you.
Write and post some of your best marketing, buying or selling ideas in Real Estate on your own blog like I have done with AgentsBoost!
Submit press releases each week to local media sources like new innovative real estate marketing, using drones, videos, interactive floor plans, virtual reality, etc.
Create joint ventures and partnerships with other businesses and services that fall in line with the real estate industry. Add them to your website!
Complete a detailed profile of yourself in Google, Facebook, Linkedin and Twitter.
Write a short market update each month and email it to your database.
Post classified ads on free online websites like Craigslist, Kijiji, Oodle.
Teach other business owners and service providers how to market with little or no money.
Write and send a personal hand written note to 5 people every day.
Door knock an area where you have or your company has a bona fide buyer, recent sold or recent new listing or invite them to your open house.
Post on social media and email every month your local market “best bets” for buying opportunities. All categories like first time buy, move up buy, foreclosure or rental.
Visit face to face an expired listing owner with a sold topper in hand and say “We have just been notified your home is no longer on the market and I am sure the last person you want to see at your door is another real estate agent. I just have 2 quick questions and will be on my way”. First “why do you think one of these “sold” signs did not get on your property” and second “why did you want to sell in the first place?”
Hold an open house on a listing any day that only takes a customer no more than 2 open house signs to get to from the main traffic.
Create a contest or a client referral rewards program.
Volunteer for an event or at a local charity. Join a service club. Attend a networking event and exchange business cards.
Host a buying, selling or investing real estate seminar. Co-present with other experts like lawyers, lenders, inspectors, etc.
Video interview local business owners, service providers and professionals in your community.
Create an agent to agent referral business with agents from other cities sending you their buyer and seller referrals.
Connect with solicitors that represent family, estate or financial institution law for referral business.
Work the referral network of other realtors in other cities and become their agent of choice for buyer and seller referrals in your marketplace.
Create a referral network with trades people, contractors, renovators and handyman professionals.
97% response rate texting someone and asking them “How’s biz?” and in exchange you can expect them to text back the same question to you about the market!
On FB show people you care by sharing and commenting on their posts. Message them and ask them “how they are doing?”
Educate your clients on how to give you a referral. “Call me with their name and number and I will follow them up and give them excellent service and promise you not to pressure them in any way.”
Help a For Sale By Owner in exchange for the opportunity to represent them when they are needing assistance to buy again. Help them enough they might give up and even list with you!
Target and work a geographic farm area. Become the expert in one specific segment of the market. Video, blog, door knock, Facebook live video from a listing in your farm area, farm market area statistic updates.
So there you have it, an in depth list of ideas for agents with smaller or no marketing budgets in 2019. Feel free to add more ideas and suggestions to this year’s list in the comment section below!
A major activity for a real estate agent is to prospect for, and convert leads. This seems to be the most avoided activity due to its unnatural, time consuming and difficulty to do for most agents in the business today. This week we look at some of the best practices of prospecting in real estate from the book “Fanatical Prospecting” by Jeb Blount. We help the agent to overcome call reluctance, structure your referral requests and leave a message that will increase your prospecting conversion.
Let’s begin by accepting the fact that prospecting requires you to interrupt people and it is not bothering people but you are interrupting people in a relevant way and that’s what we do in sales. I believe I am an excellent resource in real estate and the agent that they need for help. Stop asking people “Is this a good time to call?” The reflex response from anyone to this over used question is always “NO” but instead give them the reason for your call and get to the point. Be Brief! Be Bright! Be Gone! The 1,2,3 punch to prospecting.
Learn how to ask for the referral. Don’t overcomplicate it, simply ask “Of all the people you know who do think will be moving next?” Just pick up the phone today and call a few past clients and ask them this question and let me know what response you get?! It is important you not only know how to ask for the referral but also educate them on how to give you that referral. “Give me their name and number and I will follow them up and give them excellent service and I promise not to pressure them at all.”
Once you have got past the reluctance of prospecting and you get good at being brief, bright and be gone. You master the ability to ask for the referral and remember to educate them on how to give that referral, you then block time for prospecting daily. The key to changing your business is blocking the time to prospect. Like exercising, the best workouts are usually intense, small intervals. So block your prospecting time to an hour a day. Yes an hour a day. Then break the hour into three separate 20 minute chunks of prospecting time. I guarantee you will see better prospecting results for your business. Remember! One hour a day, split into 3 twenty minute chunks will have a greater impact.
The last prospecting tip is removing all distractions and stop the multi-tasking insanity now! Turn everything off. Be present and focused for that intense interval of twenty minutes of prospecting called your Golden Hour. Maximize that prospecting effort and see the results begin to change for you by being completely focused on the task at hand.
So there you have it. We have to interrupt people in real estate to make money and accepting that fact will make your life a lot easier. If you are polite and relevant your interruption will always be welcome to any prospect. As an exercise today take the time to create a weekly grid and start blocking your one hour of prospecting every day but remember to block it into three separate twenty minute blocks of focused uninterrupted prospecting.
Let me know your results in the next couple of weeks!
The summer is coming to an end and we just have one quarter left in the business year so let me ask you some questions? Are you on target for the year? Are you ahead of your target? Are you behind on your target? So what’s holding you back? What fears are weighing you down? What is making you overwhelmed? This week we are getting back to the fundamentals of our business and finishing your year in real estate strong. The past is the past. Time to just move forward!!! All we need is a little momentum and get that giant stone of business to start rolling with this action plan I believe you can…..
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I would estimate the average real estate agent loses between $20,000 and $80,000 a year because they don’t know how to 
