A 7-Point Blueprint for Real Estate Success
As we near the end of 2020 and begin to plan for (hopefully a less disruptive) 2021, we thought it might be helpful to take a step back and consider what really matters when it comes to success in real estate. We’ve touched on many of the points below in previous posts (and will continue to reinforce them as this blog evolves). But we wanted to summarize our blueprint for success with these seven points:
- Be accountable: Prospecting is the key to success in real estate. Regular, and systematic, lead generation with accurate expireds and FSBO data is a proven strategy to drive revenue growth. That said, it is important that you RESPECT your time for prospecting each day. While everybody is different, the reality is that mornings tend to work best. But the time of day does not matter as much as honoring your commitment to prospect when you said you would. To that end, it helps to work with an accountability partner. A brief morning session with a partner you trust is an ideal way to crank up your prospecting energy each morning.
- Mind your mindset: You need to have the proper mindset to succeed in real estate. That’s why role-playing is a proven strategy for top performers. Practice helps you become comfortable with calling prospects, dealing with objections, etc. In this regard, working with solid scripts, especially those that address overcoming the inevitable objections, is an essential success strategy.
- Listen like it matters: It’s critical to learn how to pull-back and listen carefully to your prospects. By listening, and playing back what you have heard, you gain richer insights as to the prospect’s motivations, and fears. By appreciating their motivation, you can “APPLY” for the job of listing their home with confidence. Always remember: people just want to be heard, especially homeowners considering one of the most important financial decisions of their life.
- Manage your database: Needless to say, not every contact is going to be ready to “sell now.” It’s important to capture their data in order to stay engaged on a periodic basis. Ask them the following questions: “We’d like to keep you updated on what’s happening in your market and neighborhood-what’s the best email address?”
- Work your FSBOs: Surely, you’ve heard this statistic, but it bears repeating: 9 out of 10 FSBOs nationwide fail to sell, and typically list with an agent within four weeks. Obviously, the bottom line is important to these homeowners, as is the belief that they can increase their bottom line by saving on commissions. That’s why it’s important for you to be ready with your stats! Review how agent-represented listings sell faster, at a higher rate, and at a higher price. Make it clear how an agent-sold property more than offsets the commission with regard to the final proceeds.
- Grow with expireds: Another important stat: 40% of expired listing homeowners re-list with a new agent within 30 days. The remainder choose to take a break before jumping back in with a new agent. Leading sellers know that calling early, and being persistent, drives revenue over time. Homeowners respect passion and your willingness to earn their trust. One other thing: remember that older expired listings represent significant revenue opportunities. In general, old expireds appreciate the fact that you remembered them and their property.
- Emulate success: Regardless of where you are in your career, consider shadowing a high-performing agent to get a feel for what drives them to success. Such shadowing can inspire you, creating momentum for your own prospecting efforts. Set your goals high, and be consistent in your prospecting program. In fact, never stop prospecting, even if your pipeline is full. And, finally, remember to ask for referrals from your satisfied clients.
If you’re using Espresso Agent, you’re fortunate to have one of the best tools in the real estate industry at your fingertips every morning. If you’re not in the Espresso Agent family, CLICK HERE to learn more. Either way, by embracing these seven tips, you’ll be sure to set yourself up for success moving forward. Good luck!