If you have been in real estate or any sort of business for a length of time, more than likely you have been told to create a business plan. It might have been written on a note pad, or a large intricate plan that had weekly, monthly, and yearly activities with goals. Regardless of how it was completed, you had a “plan” for success on paper to see every single day. In reality, many of us get really busy, and the real estate business plan in 2020 becomes an after-thought to what we are trying to achieve in the new year. This is a mistake, as failing to plan is planning to fail. When it comes to your 2020 business plan, try to incorporate other activities and goals other than trying to hit a transaction number.
As real estate agents, you are mostly taught to market back to your sphere of influence, friends, family, etc. You should be marketing to these people to get qualified buyer and sellers leads, but there is another segment of potential clients that most Realtors don’t think to market to. People who are vendors, and professional referral sources in similar businesses who help to create business.
In this blog, I’m going to discuss how to create another silo of inbound referrals from people you are more than likely neglecting. It’s not a strategy most agents use, but when I have brought it up to my fellow clients, they raise their eyebrows and a light comes on. Let me share it with you!
I was in a large real estate office recently, meeting with two new clients, and it was teaming with people walking up and down halls, doing all kinds of “Realtor” activities. I had a thought as I walked to my meeting room…” most of these people aren’t going to be successful long term.” Many of them need help and guidance to not go the way of the dodo bird. It seems every month something is trying to disrupt the real estate industry and change upon change is coming right at us. Many people forget to dodge and weave when these adaptations and changes find our business. These people are heading towards extinction in the real estate business, but they don’t know it. Here are 5 traits of the soon to be extinct Realtor.
Every month, there are thousands of new Realtors entering the profession. Statistically, most new real estate agents won’t make it a long career–many won’t make it past the first 18 months. Why? There are many reasons, but the main reason is new agents don’t know how to generate their own clients. This is information they don’t teach in real estate school. You pass a test and they say “good luck!” This is also why many new agents join teams so they can gain experience, work with active clients, and learn to generate their own business with guidance from a team leader. If you don’t want to join a team or work at a brokerage where teams don’t exist, then you better be a self-starter and eager to become a marketing king. I want to cover some of the basic ways new real estate agents can have a banner first couple years and get their business off the ground by generating their own clients at zero to little cost.
2019 is almost here, and now is the time when Realtors, lenders, and Title professionals start setting next year’s goals. Setting goals is important as they are short-term and long-term guides to personal and business growth. As a Realtor, I’m sure you have many goals for next year, but I want to focus on three important real estate goals in 2019 that will help you personally and professionally.
I recently had a top Realtor attend one of my classes. I followed up like a good Title Rep and she ignored my email, as she gets bombarded all the time (as any top producer does). I let it stir for a few days then gave her a phone call. During the conversation, she stated she liked my class and got a lot out of it…BUT she is loyal to another Title Company where there is a joint venture. I kept her on the phone asking her business questions about what she direction she was trying to go and how Stewart Title could assist. She agreed to meet. We met the next day and she was very happy with the services we offer and the relationship we bring. The JV Title Company didn’t help her with her business. As we spoke in a coffee shop about her business needs, she explained that in her third year in business, she had done 31 buyer deals and 8 listings (in the first 8 months of the year). Very impressive! Though she was happy with her business growth, she said that her largest fear in real estate was…
Let me guess…you are a Real Estate agent or Mortgage Lender in the Northern Virginia and you want to do more business? We all do right? What we really want are LEADS! We want people that reach out to us and say “hey I need to use your services…I got your marketing piece or found you online; can you help?” Yes you can!! But how do we get to this point? How do we change our traditional marketing into Real Estate Target Marketing?Let’s back up…
The Field of Dreams…remember that movie? The one with Kevin Costner in Iowa (where I am from) and he hears these voices that say “Build it and he will come”? Then Kevin Costner proceeds to destroy a chunk of his crops and everyone around him thinks he is crazy for doing such a thing! Well, you will have to watch the movie to find out how it ends but let’s just say that what Kevin Costner did, and the sacrifices he made worked out amidst the disapproval of those around him.
I was having lunch last week with a client and we were discussing his current business model. This client primarily works by referral and spends his marketing dollars and time sending notes, making calls, and doing pop-byes. All great, but I asked him a question…“What are you doing to keep your real estate sales funnel full…with NEW people?” He looked at me and I could tell he was unsure on the answer. If your entire database is 50 people, it is a limited number of people who can use your services and refer you to others. What if your database was 100 or 200+ people? What would that look like for your business? This applies for Realtors, Lenders, and Title Reps. You have to always be adding new people into the sales funnel. Not doing so limits your business tremendously. Taking the right “action steps” to get new people is the challenging part. Here are some tips to make it happen!
I recently taught a class at a Realtor association for new agents called: “I Just Got my Real Estate License…Now What?” The class was 2 hours long and covered a variety of topics to help these new agents get their businesses off the ground. When the class ended, each person was given an evaluation form of the instructor (Me!) and how I did. One thing caught my eye from one of the Realtors. The question on the form was “What are your biggest daily challenges?” The answer they gave was “Not enough Leads.” Unfortunately, the agent’s names were not on the evaluation forms, or I would have reached out to that agent to explain that the lack of real estate leads is hardly their problem.