Ever wonder what the top real estate agents do to be at the top? I attended an event with a mentor and friend Tom Ferry and was intrigued with the information he shared on what the Rich agent (top 5%) does vs. the struggling agent (95%) and that the struggling agent simply needs to know what the Rich agent does and do more of it to reach the same level of success. Have you ever wondered what the top 5% of Realtors do to get to this mastery level in real estate? Are you looking for momentum? Are you wanting a quantum leap? Is your desire to play bigger and live bigger than you are?
In this 2 Part blog post I will share with you the most important secrets of what the Rich agent is doing and what you need to do more of to experience it all. In Part 1, I share the 10 biggest gaps between the Rich agent and the common agent in their real estate business. As you read through the list take account as to how many of these are you doing and how many of these you are not doing. Also, rate each item on a level of 1-10. Level 10 is doing something consistently, daily and at a mastery level of skill. Level 1 is the opposite or not doing it at all.
So here are the top 10 common gaps.
1) Organized Database – The top producer has taken the time to sort, qualify and systemize a database with valuable sales and marketing information on each and every prospect. They in fact have 3 organized databases…
A) Sphere of Influence
B) Agent Referral
C) Lead Generation Prospects.
Do you have an organized database? 3?
2) Consistent Contact Of Database – The Rich agent has a daily time block (power hours) for sitting down and calling their database. Touching base and deepening their relationships and letting them know they are here to serve. Then before ending the call asking “Of all the people you know, who do you know that might be moving next?”
Do you have a consistent daily power hour(s) for contacting your database(s)?
3) Marketing Your Database – The top agent delegates or implements themselves an engaging consistent marketing strategy to their database(s) such as personal hand written notes after calls, newsletters, valuable information pieces, small gifts and tokens of appreciation, statistics, birthdays wishes, house anniversaries and on and on and on. “So Wade, what is the magic number of marketing items for your real estate database?” My answer to you is… the bigger the net, the more fish you catch. Meaning the more you add value to the database the bigger your return.
Are you actively marketing to your database(s)?
4) Geographic Farm – The mastery level real estate agent has implemented a farm lead generation system into their business. I am not talking about chickens and pigs but a specific geographic area that is experiencing over 6% turnover and creating a perception that you are the expert in that farm and potential clients would be foolish not to invite you to discuss their real estate business with an expert like yourself.
Do you have a geographic farm lead generation program in your business?
5) Open House Conversion – The Rich agent doesn’t do an open house for the sake of open houses, they do them at the mega open house level and focus on the lead conversion of their open house and NOT the lead generation. Are you displaying 20 open house signs around your open house? Do you have engaging value proposition questions to convert the lead into a buyer appointment? Do you do open house for the sake of open house or do you open house for lead conversion and buyer appointments? There is a difference you know.
Is it time to work on Open house conversion with you and your business?
6) Online Lead Generation – 94% of consumers are going to the internet first. The top agents know they need to be continually lead generating for appointments and why not have a strategy where all the fish are, like the internet? Are you using Zillow, Trulia, Realtor, Google Pay Per Click, Boomtown or Tigerleads? These are just some examples to create more online lead business.
Is it time to invest in online leads and generate more appointments with buyers and sellers in your business?
7) Niche Lead Generation – We have all heard it is better to be known as an expert at something than just average at everything like most agents. The top level agents are known for their niche and expertise. They focus on lead generation in their niche online and offline. Consumers look for the expert and not for the everyday agent.
Do you market as an expert to a specific niche? Is it time for you to consider niche lead generation for your business?
8) Listing Appointments – The rich agent is the agent with all the listing inventory. The have the home inventory in listings and the people inventory in names and contacts in their databases. More names mean more appointments. More listings mean more spin of buyers and sellers.
What number of listings are you carrying? Are you creating enough listing appointment leads to build your inventory? Is it time for you to implement listing leads and listing appointments?
9) Listing Appointment Conversion – Most agents take the time to create listing seller appointments but the money is not in the appointments but in the conversion. Top agents have the tools and systems in place to generate a high conversion rate on their appointments.
What kind of pre listing package do you have? What type of listing presentation do you have? What is your listing appointment conversion rate? 7 out of 10? 9 out of 10? Do you know how to engage and sell the benefits of a potential client doing business as a seller with yourself, with your company and to get them to do it now? Is it time for you to work on your listing appointment conversion for your business?
10) Buyer Appointments – The rich agent has a steady stream of buyer appointments. Their lead generation systems online and offline are allowing them to qualify hard their buyer leads and set up for buyer appointments.
Do you have a steady stream of buyer leads to be able to pick and choose to work with motivated and qualified buyers only? Do you have a pre buyer package? Do you have a buyer presentation? Are you signing your buyer to buyer agreements and not rolling the dice each and every time? Do you think it is time for you to create more buyer leads and a buyer agreement conversion method into your business?
Take the time to really assess your own business and the gaps you have that are holding you back from experiencing a mastery level in your real estate business. I encourage you… don’t just sit and wait for something to happen with your business… take action and create a quantum leap in your business. Start with one gap at a time and build from there. Is it time to stop living small? Is it time to close the gaps?
Feel free to email me any questions you have on how to close “your gaps”… I am here to help and serve. Make sure you come back next week when I share more of the things the rich agent does that you need to do more of.
Strength and courage,
Wade
