7 Tips to Build a Production Mindset
Top-performing real estate agents know that they are in the “production business.”
What do we mean by production? It’s simple: production refers to any and all activities that can be tied to building greater revenue. So, production-focused (obsessed?) real estate agents are constantly involved in:
- Lead generation
- Lead follow up
- Handling objections
Production-driven agents trust that a lead-generating mindset will result in greater revenue, regardless of marketplace conditions. They keep their new business pipeline full, to overflowing. Here’s a rule-of-thumb to ponder: top performers spend anywhere from 70-80% of their time each year (day, week, month) in production (i.e. money-making) mode.
Are you earning the kind of money you think you deserve? If not, maybe you’re not a production-focused agent. If that’s the case, here are seven tips to consider:
- SET HIGH STANDARDS. Production-focused agents can tell you where they are relative to their goals, at all times. They’re always tracking their numbers and making adjustments mid-stream if the numbers don’t tell them a good story.
- EMBRACE REAL ESTATE AS A “CONTACT SPORT.” They keep calling in order to “offer their services” as many times as possible each day. Top-performing agents view the world from a consultative, or “service” perspective. This type of service mentality can help sustain motivation, even when people aren’t answering their calls. Above all, top agents know that they must constantly pursue business, and never wait for it to come to them.
- BELIEVE IN ROUTINE. Most top-performers commit themselves to lead generation every morning. Without fail. They’ve come to learn that respecting their daily prospecting schedule is the best, most proven, way to keep their pipeline full.
- START EARLY. Let’s reinforce the previous point. Working the phones in the morning allows production-focused agents to connect with new expireds before other agents get the chance. And no matter how long you’ve been in this business, you know that newly expired listings represent the low-hanging (and sweetest tasting) fruit on the tree of prospecting success.
- MINIMIZE DISTRACTIONS. Production-focused agents know how to power down, meaning: put their phone n vibrate, check emails at given times and stay away from social media at all costs. Our world is one of unprecedented distractions, and you need to be disciplined in managing those distractions. Or pay the price with less revenue.
- HOLD YOURSELF ACCOUNTABLE. Production-focused agents have partners to help keep them accountable: coaches, role-players, mastermind groups. Whatever the mix, top-performing real estate agents know that accountability often translates to continued success.
- INVEST IN YOUR SUCCESS. The old adage is true: you need to spend a buck to make a buck. Although, in real estate, it’s not unusual for that ratio to be spend $1 to make $10. Hire a coach to help guide and motivate you? Invest in a lead generation/CRM like Espresso Agent that gives you the power to transform your production activities
Again, if you aren’t making the kind of money you’d like to be making, maybe you need to look at your “operating philosophy.”
Are you spending 70-80% of your time on production (money)-focused activities? If not, why?
If you’re mired in administrative (especially transactional) detail, maybe you need to hire a part-time admin to handle those details, freeing you up to earn the money you were meant to earn.
THINK PRODUCTION, and the money will come!