The Real Estate Education that you should have gotten in school. This business is it as simple as the they make you think it is on all the HGTV shows? Or is Real Estate comparable to the complication of quantum physics? Truth of the matter is, it’s probably as complicated as you let it become. Yes, there are MILLIONS of different parts of building and growing your very own real estate business. However, if you’re focusing on the MILLION small parts you end up building none! When I start to focus on the complexity of the industry, I ask myself a question; “How do you eat an elephant? ONE bite at a time!!!” With that in mind, I’ve broken down the business into three different categories; Lead Generation, Appointment Setting, and Client to Close. Keeping your mind set on one of those three areas will keep you focused and prevent you from becoming overwhelmed.
Get ready for some real estate tips that will earn your a fortune. Lead generation is the foundation of a Real Estate agent business! If you aren’t generating leads, you aren’t in business. This is a simple truth! However, once you start diving down into the lead generation world you can start to become overwhelmed by the different leads sources you can target; don’t do that! In my estimation there are two, possibly three, methods that EVERY agent should be focusing on.
Sphere of Influence should be the #1 lead generating source for any agent! For a new realtor or veteran, SOI is most EFFICIENT and EFFECTIVE way to build and maintain business. You must develop strategies to engage the people you already know. Those people are considered your Sphere of Influence. The question I often get is “Is EVERYBODY I know part of my sphere of influence?”. The answer I give is “Absolutely NOT!” Now, some may disagree with me, but I feel you have to qualify all the people that you know. Not everybody should be getting access into your selective Sphere of Influence. Only the people who have shown to TRUST and RESPECT your advice and opinion should be part of your SOI.
Those people who have looked to you in the past for support and advice clearly hold you in high esteem. They appreciate your input on the major decisions that they’ve made in their lives. Those are the people who are most likely to do TWO things. First, they will use you when they are looking to make a move. Second, they are likely to promote you to others when they hear that someone might be making a move. Sounds like these are people that you should be looking to build your business around! Invest in the people who are going to invest in you. Working your sphere is about finding who might be looking to make a move and finding a way to reach out and help them through the process.
Open Houses are another GREAT way to generate leads and build your business! Nurturing your SOI is a way to establish long term leads. However, we all need a steady pipeline of active buyers and sellers who are looking to make a move NOW! Where are all those buyers and sellers? OPEN HOUSES! 91% of ALL buyers visit an open house before they purchase their next home. Of that 91%, investors making multiple transactions in a year make up 19% of that group. If you are looking for a quick influx of buyers (and repeat buyers) Open House is the place to be!!! Not only that, but if someone is buying a home, there is a pretty good chance that they could be also looking to sell. Working your SOI is putting yourself in a position to help the people you already know, Open Houses are putting yourself in a position to help the people you DON’T already know. Not a bad Agent Action Plan!
Facebook can be another productive way to generate leads (or to complement your SOI and Open House Activity). Whether it’s Facebook or other social media platforms, these can be EXTREMELY effective ways to get your name out there and establish your communities mind share, and that’s what the business is all about; developing mind share. These platforms keep you in front of your Sphere. 2.2 billion people have Facebook accounts and 1.4 billion people engage Facebook daily. How many “friends” see your post and follow your life through Facebook? How many NEW friends (or clients) do you have access to through these platforms?
Facebook is the way people stay connected to each other in this day and age. It is a tool that people use to network and meet new people. Think about how much time and effort it would take for you to build new relationships and stay connected with 50 people without social media. Facebook and other Social Media Platforms allow you to engage hundreds, possibly thousands, of people on a daily basis through your own post and through “liking” and “commenting” on other people’s post. If you are able to do this effectively, Facebook will definitely be a Lead Generation Source for you!
Setting Appointments is the next stage of a successful Real Estate process. Getting the lead is Step 1, but you have to develop and nurture the lead to a point where they want to sit down with you to understand your Value Position. When they want to sit down and see what you bring to the table professionally- this is the moment of truth for a lot of agents! Don’t worry if you’re not quite sure what your appointment should look like, in the our Real Estate Education Platform, Elevated ED, has everything you’ll need to dominate these appointments.
The Listing Appointment is the undeniable MONEY MAKER of Real Estate! One of the first phrases that I heard from a mentor when I got into this crazy business was, “List to Exist!”. This mentor told me that his goal was to generate a minimum of 3 buyer and 1 seller leads from each listing that he had. With this in mind, it is clear to see why he always put 1000% effort behind every Listing Appointment he had!
The Buyer Consultation is that next best income producing activity! Developing strategies, scripts and items of value to assist a buyer through the home purchasing process will allow you convert those individuals that are on the fence about the buying process to becoming a full fledge buyer! Make sure you’re taking the time to refine those processes.
Client to Close
Working the process from Client to Close is the final piece to the Real Estate puzzle. Too many agents spend all their time and efforts in developing other aspects of their business, but don’t focus enough on the transaction process itself.
There are 100’s of steps in the transaction process. To be an effective agent it is important that you have the systems in place and that you have the mindset to focus on the client’s needs and wants through the process. If you as an agent do this, you will be focusing more on the relationship with the client and not the transaction. This is the GOAL! This mindset is what will grow and nurture your REPEAT and REFERRAL business, which happens to be another Lead Generation Source.
Clearly, if you focus on these simple pillars of your business you can be successful as an agent. However, too often, we as agents lose sight of the little things and start focusing on the “shiny objects” out there. Keep focused on the basics of Lead Generation, Appointment Setting, and your Client to Close process and you’ll be just fine. Once you get those processes dialed you can look at a “shiny object.”
Check it out!!! I’ve got a QUICK and EASY reminder of the Real Estate Roadmap that you can have and pin up EVERYWHERE!!! This is sure to keep your eye on the ball and focus on Income Generating Activities!!!
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