Couldn’t Put It Down!
While I was waiting for my license to come in the mail, I was looking for real estate books to help me learn, and I came across Wade’s book. The book had many helpful tips on prospecting, pricing (or “positioning”), doing effective presentations, and much more. It definitely compelled me to start my real estate career as soon as I could. The book is straight-forward and easy to read which is great because I plan on reading it again. I’m sure even seasoned agents can come across things in the book which they have not heard before. A must-read!
I Feel As A Newer Agent, This Is The Best Book I Have Seen
I have read several books by the big guys in Real Estate and although I got value out of all of them, I feel as a newer agent this is the best book I have seen. I think it is the best blend of the need of building a data base but with practical info on how to make that happen with prospecting that works for you and your style. I bought the Kindle to start but just now ordered the paperback because I want to go back and high-light it as I read it again.
Local Author With Great Expertise
Wade Webb has been a fantastic mentor for numerous people in the Okanagan. I’ve never had the opportunity to work with him myself, but this book shows a little bit about why his brokerage is so successful.
The Lazy Realtor: Kick Back and Relax…Your Guide to Building a Real Estate Sales Machine That Rocks in Any Economy
The Lazy REALTOR by Wade Webb is built on universal, proven and tested business principles designed to inspire and educate you into reaching and surpassing your wildest dreams to build a successful real estate business and to enjoy the lifestyle that goes along with it.
The Lazy Realtor goes into great detail on all the main components required to start, grow, and maintain a recession proof real estate empire.
- Learn about getting started, the learning curve, budgeting, goal setting, how to become an EXPERT
- Buyer & seller cycles, listing cycles, pricing psychology
- Databases & relationship lists, expanding your database
- Potential clients everywhere, multiplying leads, lead generation, cashing in on leads
- Glengarry style, sales and power prospecting methods
- Enter the World Wide Web, power of connecting, new Marketing IT
- Open House strategies
- Triggering emotions, features vs. benefits, psychology in sales
- Staging homes, selling sellers on staging
- Farming, direct mail, cold calling, warm calling
- Expired listings, for sale by owner, FSBOs
- Making listings more salable
- Managing your time, time blocking, breaking the realtor-phobia, selling yourself
- Showing luxury homes
- In buyers shoes, one house at a time, Exclusive Agent anyone?, helping owners with direct sales
- Winners never quit, quitters never win, discipline can go a long way, 3-Part Formula for Success
- Pricing strategies, connecting with your sellers, getting inside their head
- 22 solutions to kick-start your business (and yourself!)
- Insider’s Tips
- 7 figure income for me?
Chapter 1 – Know Your Numbers
Budgeting – Sowing on the Good Soil
Financial success and success in business are all about sowing seeds on the good soil. If we want to know where the good soil is, before we get started in Real Estate, it is important to know our numbers. I have noticed that many seasoned salespeople have no grasp of their personal finances, or the numbers of the sales business.
How much would you and your sales career benefit, if you took the time to find out exactly how much your personal expenses cost you, each and every month? What would it mean to you and your business in Real Estate sales, if you knew exactly what your business` break-even figure is from a financial point of view? How many of us have taken the time to research and analyze what it costs us to function, at a minimum survival level, both personally and in business?
I would encourage you to start by developing your personal budget and then moving on to your business budget.
“the sower went forth to sow; and as he sowed, some [seeds] fell by the way side, and the birds came and devoured them: and others fell upon the rocky places, where they had not much earth: and straightway they sprang up, because they had no deepness of earth: and when the sun was risen, they were scorched; and because they had no root, they withered away. And others fell upon the thorns; and the thorns grew up and choked them: and others fell upon the good ground, and yielded fruit, some a hundredfold, some sixty, some thirty.”
You will need to look at:
- Fixed Monthly Personal Expenses
- Fixed Monthly Business Expenses
- Fixed Monthly Personal + Business Expenses
Once you are fully aware of these NUMBERS, you will know how much you need to produce, in order to create a profit. That is, after all, why we are in this or any other type of business; to make a profit.
The Secret: Stop running after bills
Taking the time to work out budgets and to be aware of your expenses is important. One of the keys to my career success was for me to know exactly what my personal and business expenses were each month. Every month, I would write myself a check for those expenses and pay them, thus eliminating them right at the beginning.
Paying my personal and business costs in advance allowed me to focus on my business. After that was covered, I could concentrate on being the best salesperson I could be, and on my production, rather than on lingering expenses and wondering how and where those expenses were going to be covered.
I can’t emphasize enough what it does to your self-esteem and to your personal life when, at the beginning of every month, both your personal and business expenses are met. This frees you up to do what you do best; helping people buy and sell Real Estate.
Put yourself first
Another success strategy I developed was to pay myself the same amount of money at the beginning of each month. For years in my career, I would just write myself a check for after-tax dollars corresponding to the same amount of money, month after month. For several years, I would still pay myself and live on that same amount of money. Then, at the end of the year, if I had had a better than normal production, I would have a surplus. It was this surplus that allowed me to invest, pay taxes, buy assets, buy real estate, and increase my personal net worth.
Banks, parents; just keep it safe…
You have to imagine that I was 21 years of age, when I started in the Real Estate industry. Back then, the idea of making a six figure income in Real Estate was completely foreign to me. I had never made more money than a regular restaurant waiter or an encyclopedia salesman. I quickly realized that I had no control over my new found earnings and I needed to put an accountability mechanism in place.
Certain prosperity and wealth advisors suggest you should have separate bank accounts at different banks; separate accounts for business, chequing, and savings. My idea was much simpler: I just gave all my earnings to my parents. You are going to laugh at this, but I am humbled to say that I had to ask my parents, for the first 8 years of my Real Estate career and then my office manager for the next 5 years, for my own money to spend. At the time, I didn’t realize that the simple accountability system I had devised would, over the next 13 years, build me a fortune.
Therefore, do take the time to create business and personal budgets and know exactly what those numbers are. Know exactly what your minimum survival budget for each month is going to be. Then, you need to understand the concept of paying yourself first every month. But, more importantly, write yourself checks for your business and personal expenses at the start of the month, which will allow you to focus on your business. This will give you the necessary confidence, self-worth, and clarity to be strong, focused sales professional. Not to mention that, over a period of time, it will also help build your net worth.
Financial prosperity has a universally accepted principle: it is critical to pay yourself first, before you pay your other bills, so that you can think of yourself as a creditor.
The lesson behind this financial wisdom is that, if you wait to put money into savings until everyone else is paid, there will be nothing left for you. The result is that you will keep postponing your savings plan until it’s too late to do anything about it.
Buyer & Seller Cycles
Your next strategy should be to understand the cycles of Real Estate; namely, the math of production and what we want to produce. There are two distinct cycles in Real Estate. The first cycle is the buying cycle of property and the second cycle is the selling cycle of Real Estate.
You begin by prospecting and looking for the seller. Once you have found the seller, you present your sales proposal to them and list their property for sale. The marketing begins next, when you attract interested buyers to write offers. With due negotiations, the sale is clinched to the satisfaction of both the seller and the purchaser. After the sale, those sellers become your satisfied clients.
The cycle with buyers is similar: you find the buyer and ensure that the buyer is financially qualified and specifically ascertain their needs. You must show the buyer different choices of property that suit their needs and wants, write up offers, negotiate with the seller, and finalize the sales deal. Once the transaction is over, the buyer is a satisfied client.
You should understand the basic difference between these two cycles. Top producing agents focus on the seller cycle, rather than on the buyer cycle. You know why? The seller cycle is more profitable and it has a higher return on your time investment compared to the hours spent with a buyer.
Numbers that rule your world
Think about this:
The National Association Of Realtors® (NAR) has obtained proven statistics that, on average, the amount of hours invested in business related activities for a buyer is approximately 32 hours, whereas it is just 8 hours in the case of sellers for the same amount of money earned. Which one would you rather focus your activities on? The seller, of course!
This explains why top producers in the Real Estate business are top “listers”. They have tons of inventory and tons of listings. They also create lots of spin-off business.
The cycle is different with the seller than with the buyer on the marketing stage. Here, you are able to market to other prospective buyers and prospective sellers and spin off the marketing of the same listing. In fact, NAR also estimates that an average listing can spin off approximately 15 pieces of business, consisting of other listings or sales.
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