Were you one of the agents who got blindsided by the onset of the buyers' market in 2006?
Did you have high earnings in 2005 only to get several months into 2006 without a substantial number of closings? Are you off to disappointing start in 2007?
If you answered 'yes' to any of these questions, keep reading. If you're discouraged and want a lift to get you back on track, keep reading. If you're getting real estate leads and not following up on them in a timely fashion, keep reading. In my days as a real estate professional, I kept a pretty rigid schedule. Now I'm certainly not perfect and I veered off course more times than I care to admit, but there's no doubt that when I veered off course it directly affected my income. This is the main reason you'll always hear me saying that if you're not making what you want to be making, look in the mirror.
If you feel like you're in a rut and spinning your wheels, look at these 5 areas of your work as an agent and I guarantee you will find the answers you need to get back on track. I'm putting on my manager hat now. If I were your manager or team leader, here's what I would tell you:
1. Commit to prospecting just as if it is an appointment. Prospecting is where your future sales start. Set prospecting 'appointments' on your calendar and stick to them. If someone you cold call doesn't have a need now (this should happen 95% of the time), you should have all of their information on your mailing list and commit to long term follow up with them. Period. Most agents will give up on them, which will put you in much better position to be their agent.
2. Treat all real estate leads like a referral from your mother. Kind of an extension of #1, but I cannot emphasize enough the importance of this. I always did this. Inevitably I got real estate leads with addresses like "123 Main St." with no zip code. I went to every "123 Main St." in every zip code in my area. Sometimes I found the person who submitted the info. Inevitably I found more people for my pipeline and my referral tree.
3. You must evaluate your pipeline. How many leads do you really have? How many do you want to have? If you have zero leads in your pipeline, you need to do nothing but prospect. If you have no listings, that’s okay…borrow listings from other people in your office. That’s what I did. Just ask, "Can I borrow a listing, I want to put it in my ad." The house in the ad generated calls and, therefore, leads for me. After all, everything you do as a real estate agent is intended to generate leads.
4. If you’re in a rut and have little or nothing in your pipeline, treat it like starting over. Check your pride at the door and pound the pavement. Acknowledge your situation and, most importantly, that you can make it better.
5. Call your past clients. Ask for referrals. Start your referral tree. "Hey, Rory Wilfong said I could give you a shout. Do you know anyone I can help with selling their house or buying a house?"
I tell people all the time that real estate is the easiest job I ever had. It's not rocket science. It's all about putting forth the effort and being realistic with your expectations, especially with open houses and advertising. Keep in mind that when you put a house in your ad (see #3) you're generating calls that will ultimately lead to the sale of a different house in your 'inventory.' It's rare that the person who calls winds up buying the house in the ad.
Everything you do is generating leads, from open houses to advertising to subscribing to a service like GetMyHomesValue.com. Get a lot of leads, treat them like gold, and everything will 'pan' out.
Rory Wilfong is a co-founder of GetMyHomesValue.com. He previously was an award winning agent for ReMax and leader of The Wilfong Team.