Remember taking you pre-license classes?
Most students in class start the week with that deer-in-the-headlights look. As they progress, they gain understanding, insight and confidence. Many start off with the illusion of awesome goals and quickly learn it takes competence to succeed.
One student recently asked why so many real estate agents seem to fail while only a few truly succeed in our industry.
That’s a great question.
To be successful, all real estate agents
must wear many hats at the same time.
Michael Gerber wrote a series of business books about entrepreneurial effort ( E-Myth - well worth reading). He explains the many tasks every self-employed person must master. Consider which of these tasks you excel at and which ones need more development.
Everything starts with a goal, desire and vision for what you want to accomplish. It’s better to start with a focused vision and then make necessary corrections along the way rather than the opposite approach of “let’s just see what happens.”
Process Management is about building a fool-proof system. Know your contracts. Know the MLS system. Know your marketing plan. Have an answer for your client’s questions. Your clients need confidence that you know what you’re doing.
Until you’re closing deals weekly, money management will take extra effort. Pay yourself first, but always hold extra money aside to maintain and grow your business.
Marketing is about brand development. Whatever segment of the industry you plan to focus on, be the “go to” person. Your marketing should present YOU as the solution to your client’s needs. How do you choose a marketing plan? It really depends on your personality, strengths and comfort level. Make an honest assessment of yourself and your target group of clients and decide which is the best way to connect with them. This can happen in thousands of ways – by face-to-face, social media, buying advertising, etc.
There are two questions that measure the quality of your marketing: 1) Does it generate leads? If it doesn’t, it’s time to re-work what you’re doing. If it does, 2) will doubling down on it increase more leads?
If you live up to your marketing and advertising hype, expect 90% of potential clients to sign on with you. If you’re failing at converting customers into clients, it’s time to go back and re-build your system because something is not working.
Happy clients will send more business your way. Make sure they’re satisfied. Remember to give them a reason and opportunity to refer others to you.
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