Use the Industry Slowdown to Work on Your Real Estate Long Game
“Overnight success” isn’t a label typically slapped on the heavy hitters in the real estate industry. In fact, some say that, in any endeavor, overnight longing for success is a common obstacle to becoming successful.
The truth is, “Behind every overnight success story is someone who worked really, really hard,” according to Gary Vaynerchuk, investor, adviser, and co-founder of VaynerMedia.
Vaynerchuk is a proponent of business-building as a “long game” and suggests that a long-term thinking mentality will help us achieve genuine success and happiness.
Let’s take a look at some of the long-term strategies that agents can and should be using to be successful during the market slowdown
Reach out, over and over and over and . . .
It’s the real estate agent with a killer follow-up strategy that is a long-term thinker. Instead of constantly trying to drum up new business, he or she understands that the fortune is in the follow-up.
More important is the consistent follow-up. Not just for the first few months but for the rest of your career in real estate.
Despite this being a basic tenet of sales in any industry, too many agents feel that they lack sufficient time, and they allow the nurturing of potential clients to fall to the bottom of the to-do list.
Those who do pay attention to it gain a competitive edge.
All it takes is to find out that a former client listed his home with another agent (because the former client “forgot” that you are in real estate) to understand the power of reaching out consistently to every person in your CRM.
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Leave no lead behind
“Internet leads suck.” You’ve heard that one before, right? That opinion stems from that same drive to obtain the instant deal.
Do yourself a favor and ask the champion cold caller in your office how many of her calls result in instant deals.
The truth is she cold calls for leads. When she gets one, the long game begins.
Those online leads may be the best you’ll ever lay your hands on. These are people who are actively looking at properties online.
And, because looking online for a home is the first step most take (according to NAR studies), they probably don’t have an agent.
Vaynerchuk advises that “… your number-one job is to tell your story to the consumer wherever they are, and preferably at the moment they are deciding to make a purchase.”
You know those friends (I think we all have at least one) who pay monthly for a gym membership, never show up there and then complain that they’re out of shape?
They’re like the agents who have leads, don’t work them, and then complain that the leads are weak.
Use the downtime while the real estate market is in flux to determine how you’ll follow up with leads and how often you’ll reach out, and then set consistent reminders to do so.
Take the steps necessary to win the long game. “Your steps may number in the hundreds,” says actress and stand-up comedian Gayla Johnson at Backstage.com.
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