Pro Tip #3 - Track and Measure
What is the key to consistent business? KPI's!
What we track grows! Most dietitians would recommend that if you want to lose weight, track what you eat and ensure you are not taking in more calories than you burn off.
We are all good at tracking the sales we make and the income that is generated. But sales are a lagging indicator in real estate - something that has happened in the past. It can not be changed.
How can you make your future income more reliable?
Track and measure! Track your LPIs (Leading Performance Indicators) or your KPIs (Key Performance Indicators).
What are these sales performance indicators? Every profession has different LPIs. In real estate, when we concentrate on the number of conversations and appointments that we have and make, we can predict our future income.
For a new agent, we typically say they need to have 125 unique conversations which results in 10 appointments to translate to one sale. Of course as your skills improve, so does your conversion rate.
This can all be broken down into planning your daily behaviors. For example, an agent that wants to sell 18 homes this year simple multiplies 18 X 125 for the goal of 2250 unique conversations for the year. Say you want 4 weeks off and you work 5 days a week prospecting. The weekly goal for conversations would be 47. And the daily goal of 10 conversations. (I rounded up. Sorry, you can't have .375 of a conversation!)
Plug in your sales goal to see how many conversations you need to reach your goal:
Here are numerous systems and processes that you can use to get started:
Using a Google spreadsheet is the most basic way. We use a Google survey to log our conversations and appointments every day. Many CRMs also have a similar feature to do the same thing. Over time you will see your progress.
Of course it will take some time to get your specific number but you will understand what kind of behaviors lead to success very quickly! Once you do this you will see a pattern and understand where your strengths and weaknesses are and can tweak the area that needs improvement.
Now you can set your goals and refer to Pro Tip #1 about lead pillars. Apply these numbers to your specific lead pillars to incorporate into your schedule.
Pro Tip #4 - Not all Leads are Created Equal
Do you treat all of your leads the same? Do you communicate with them the same way? Adapting your message to each particular type of lead is the topic of this Pro Tip.
Pro Tip #5 - The Value of Note Cards
Old school is new school. Are you writing note cards to your clients? Randal has a note card plan for you, with a tip of the hat to Gino Blefari, Chairman at Berkshire Hathaway HomeServices Homesale Realty.
Pro Tip #6 - "Pop-by's" Help You Stay Top Of Mind
Are you "popping by" your SOI and past clients each month to stay top of mind? Here's a quick refresher on the value of pop-by's.
Pro Tip #7 - Client Appreciation
Everyone loves a party! One of the ways we show our love for our clients is holding client appreciation events. Randal talks about some of our successful pre-Covid events that resonated with our clients. We've learned to be strategic about our events so that they are productive, memorable and meaningful. A good resource is The Art of Gathering: How We Meet and Why It Matters by Priya Parker.
Pro Tip #8 - The Best Way to Feel Loved
Want to make your clients feel loved? All you have to do is listen. You're building a relationship with your clients - hopefully one that lasts for many years. The best way to ensure a successful buying or selling process - and to build your own integrity and trust - is to listen carefully to your clients' needs and respond with advice based very carefully on what they've said. You'll feel loved in return when they refer friends and family to you!
Pro Tip #9 - Master Your Schedule
If it's not on your calendar, it doesn't get done. That's a philosophy that many successful business leaders use. The same holds true for successful real estate agents. Focus on the tasks that yield the highest return in helping you to reach your goals. Here are two excellent resources on the topic:
Eat That Frog - How to Stop Procrastinating and Get More Done in Less Time by international sales training expert Brian Tracy
Bethenny Frankel's Success Starts with Time Management, Entrepreneur Magazine, April 2021
Pro Tip #10 - Are You Maximizing Your HBUT?
What the #[email protected]!* is an HBUT? HBUT is an acronym for Highest and Best Use of Time. The key to your success as a real estate agent is identifying where your skills make the biggest impact on your bottom line. Focus on your HBUT activities and outsource everything else. Two resources on this topic:
The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results By Gary Keller and Jay Papasan
Pro Tip #11 - You use checklists, right?
Are you still trying to keep your to-do list in your head? With transactions necessitating literally dozens of steps - and agents juggling multiple transactions at the same time - the best way to keep track of your business is through checklists.
Having proper systems in place helps your business run smoothly. We use a checklist for each property that includes pre-list, active, open house, marketing, offer accepted, under agreement and closing to-do items. We share our checklists using Google Drive so that everyone knows where every transaction stands and so we can all sleep well at night!
Let me know if you'd like me to show you a sample of our checklist. Contact me at [email protected]
Pro Tip #13 - Keys to Consistency
"Consistency is key. But what does that mean?" This video answers the question about consistency and how it can be applied to your business in order for you to get more done. In the first of this four-part series in June, we will talk about creating systems.
Pro Tip #14 - 2nd Key to Consistency
After you have your systems in place, the second key to consistency is delegation. Effective delegation of your tasks so that you can concentrate on your Highest and Best Use of Time is critical to your success.
Pro Tip #15 - 3rd Key to Consistency
Your systems are in place. You've delegated responsibility. Now you have to ensure accountability. That's the 3rd key to establishing a consistently successful career in real estate.
Pro Tip #16 - 4th Key to Consistency
Your systems are in place. You've delegated responsibility. You've ensured accountability. Now, the 4th and final key to creating a consistent flow of business in your real estate career is Measurement.
Pro Tip #17 - The Compound Effect
I get asked all the time, "What's the one thing I can do to ensure that I have a consistent flow of business in real estate?" Well, there's not just one thing. It's doing your important tasks - my four keys mentioned above - and do them consistently.
Pro Tip #18 - Keep the Momentum Going
The spring buying season is over. Summertime is here so it's tempting to rest on your laurels a bit and relax. But this is the time to keep your pipeline filled so you can maintain a level flow of business.
Pro Tip #19 - Stay Inspired
Randal offers tips on how to keep your eye on the prize after a busy spring season.
Pro Tip #20 - Keep Prospecting
After the busy spring season, summer is the time when many real estate agents kick back and take it easy. Randal tells you why this is the key time to be prospecting.
Pro Tip #21 - Eyes on the Prize
Don't let the summer doldrums set in. Stay on your daily disciplines. Do what others aren't willing to do. That will set you up for success this fall.
Pro Tip #22 - Always Look Forward
Fleetwood Mac said it best: Don't stop thinking about tomorrow. Randal talks about the importance of always looking forward and planning ahead.
Pro Tip #23 - Reinvigorate Your Buyers
Now is the time to get back in touch with those spring buyers who couldn't compete in that crazy market. How about those spring buyers who were trying to time the market? Randal explains why they'll love you when you find a home for them this fall.
Pro Tip #24 - Are you Asking for Business?
Are you asking your clients for referrals? More importantly, are you asking the right questions that will lead to conversations about future business?
Pro Tip #25 - Be That Market Expert
Provide real data, real #s, real analysis to your clients, not just hunches. Do your research and be the expert that builds your clients' confidence.
Pro Tip #26 - Plan now for 2022
Now is the time to plan for 2022. It's not too early to start thinking about next year's Spring market. Are you ready for next year?
Pro Tip #27 - Take Exterior Shots Now
The trees are green, flowers are in bloom. Now is the time to take beautiful exterior shots for your clients if they're thinking of selling in the spring.
Pro Tip #28 - The Right Mindset for the Fall Market
The fall and winter markets are stronger than you think. Are you in the right mindset to master these upcoming months?
Pro Tip #29 - Stay Positive Right Thru Till Next Spring
People still buy and sell homes all the way through the holiday season. Stay in the right frame of mind to keep your business strong throughout the fall and winter.
Pro Tip #30 - How to Get Your Point Across
What's an ideal way to get your point across? Talk in stories that are relatable to other people.
Pro Tip #31 - Be the Market Expert
Be specific. Talk in details. Avoid "I think..." and "I feel..." when you're talking about the market. Do your homework and you will position yourself as the market expert.
Pro Tip #32 - Seek Data from Experts
Validate what you are communicating to your clients by seeking data from experts such as local or national trade organizations.
Pro Tip #33 - Opinions Matter
Talk to other agents. Get feedback from other home buyers. Stay in touch with your lenders. Their opinions matter when you are advising your own home buyers or home sellers.
Pro Tip #34 - Start Planning for 2022
Create a business plan for 2022 by starting with your BHAG. Tune in as Randal explains what this is in this first of a 4-part series.
Pro Tip #35 - What are Your Goals for 2022?
What are your goals for 2022? Jot down your goals and Randal will help you develop strategies to get you there.
Pro Tip #36 - Know your KPIs
You set your goals for 2022. Now, the 2nd step in planning for next year is to know your KPIs.
Pro Tip #37 - Are Your Goals Visible?
Step 3 in preparing for 2022 is to make your goals and your KPIs visible. Do you have a vision board to provide you with a daily reminder?
Pro Tip #38 - Get an Accountability Buddy
My 4th and final step in helping you reach your 2022 goals is to get an accountability buddy. Is there someone you can check in with on a regular basis to help you stay on track next year?
Pro Tip #39 - Think About Saving for the Future
We're talking about money this week. Set up your bank accounts for automatic savings for taxes, for a fun fund, for health insurance, for self-employment insurance. This will help you have a stress free future!
Pro Tip #40 - Is Your Estate In Order?
Do you have your estate in order? This is a good time of year to make sure your will and other important documents are up-to-date.
Pro Tip #41 - Invest in Your Future
Do you have a strategy to save for retirement? As an independent agent without the benefit of a company 401k plan, you need to take investing for your future into your own hands.
Money: Master the Game by Tony Robbins
The Bogleheads Guide to Investing by Taylor Larimore
Pro Tip #42 - Happy New Year!
What has worked for you in 2021? What successes have you had? Drop me a line at r[email protected]. I'd love to hear from you!
Wishing you a very happy New Year and a healthy, prosperous 2022!