As the year winds down, real estate agents often find themselves uniquely positioned to reflect on the past months. Evaluating your wins and lessons learned is not just beneficial—it’s essential for growth and future success. Taking the time to assess your achievements and areas for improvement helps refine your strategy, set more precise goals, and build a more sustainable business.
Celebrate Your Wins
The Tri-fold Market Dominator is shown above. To learn more, Click Here.
Start by recognizing your successes. Whether you closed a record number of transactions, expanded your network, or mastered a new marketing tool, every win counts. Reflect on what you did well and identify the factors contributing to your success. Did a specific marketing campaign resonate particularly well? Were you more active in community events? Pinpoint these positive drivers and plan to replicate or scale them next year.
Identify Lessons Learned
The real estate market is dynamic and full of challenges. Reflect on the tough deals that didn’t close, marketing tactics that fell flat, or client relationships that could have been stronger. Be honest with yourself: what could you have done differently? Identifying these areas will help you make informed changes, such as investing in new skills or technology or adjusting your communication approach with clients.
Adjust Your Strategy
Use your reflections to recalibrate. Note what you’ve learned and how it can shape your approach for the upcoming year. Set specific, actionable goals that build on your wins and address your growth areas. This strategic planning ensures that you’re not just reacting to market changes but proactively positioning yourself for success.
Reflecting on your year as a real estate agent enables you to grow, improve, and thrive. Celebrate your wins, learn from your challenges, and enter the following year with a refreshed outlook and clear strategy.
PLUS: When you have time…below are some marketing tools to help support your success.
1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine
Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct, response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here
2.The Free 6-Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here
3. The Free Interactive 6-Month Real Estate Business Review
The Free Interactive 6-Month Real Estate Business Review allows you to enter your business goals for the remainder of the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your goals. – Click Here
Although the attribution is under debate, Albert Einstein famously defined insanity as “… doing the same thing over and over again and expecting different results.”
Regardless of who truly gave that one to the world, it sure is true, isn’t it?
As we head into a fresh, new year, it’s time to do a lookback at 2023. What worked? What didn’t? What did you hope to accomplish that you didn’t? Where are the gaps in your marketing plan that need to be filled?
Is this the year you’ll hire help?
Today we throw out some ideas. No, nothing new, but perhaps new to your business in 2024.
Understand your audience
“Census data shows that 4 in 10 Americans are finding it difficult to cover their expenses,” according to Emma Newbery at Fool.com.
“On average, Americans need an additional $11,434 to afford the same standard of living in October 2023 compared with January 2021 …,” suggests Aimee Picchi at CBSNews.com, citing a study by the U.S. Senate Joint Economic Committee.
Sadly, the media doesn’t seem to understand the plight of average Americans in this economy. They deliver the news as if we’re doing peachy, making money hand over fist without a care in the world.
Naturally, those struggling the most are not likely in the market to buy a house right now. But, rest assured that a chunk of the higher earners in that 40% of Americans just may be.
The Get More Listings II Series is shown above. To learn more, Click Here.
Are you online enough?
Strengthen your online presence via social media and a robust offering of advice and information on your website.
The secret? Ensure that what you post is irresistibly sharable.
These topics don’t all have to be real-estate related. In fact, those that are shared the most tend to be community-related, such as those about local coffee shops, restaurants, dog groomers, etc.
Yes, you’ll want to throw in educational real estate pieces to show your expertise and educate your followers. But social media is a place for them to get to know all aspects of who you are.
Get a Niche
Have you considered specializing in a real estate niche? Focusing on one group of people, type of property or neighborhood is an amazing way to stand out from the crowd of other agents in your area.
Popular and lucrative niches include:
People – veterans, ethnic, foreign buyers, generational (for instance, baby boomers, or Gen X), new-home buyers.
Geographic – as mentioned earlier, this might be specializing in a particular neighborhood, condo community, or beach-front properties for instance.
Use your content, both website and social media, to show them you’re not blind to their plight. Keep them abreast of the local market, but have some fun too. Any positive news you can provide will have them coming back for more.
When you have time…below are some marketing tools to help support your success.
1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine
Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct, response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here
2.The Free 6-Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here
3. The Free Interactive 6-Month Real Estate Business Review
The Free Interactive 6-Month Real Estate Business Review allows you to enter your business goals for the remainder of the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your goals. – Click Here
4. The Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
The end of the year is creeping up on us and with it comes the inevitable look-back on your real estate business. How’d you do?
If you didn’t get the results you were aiming for, your year-end business planning may require an overhaul of your real estate marketing plan.
It takes money
It may sound like a “well, duh” statement, but a marketing plan requires a marketing budget. Study your current year’s revenue numbers and commit to spending at least that on next year’s marketing.
A couple of years ago, Attom Data Solutions published the results of a survey of real estate agents, brokers, owners, and marketers to determine where they are “spending their largest portion of marketing dollars” and which method brings the best results.
Thirty-five percent of agents spent the most on social media while 20 percent spent the most on buying leads.
Regardless of how you spent your marketing dollars this year, the most important aspect of planning is that look back to figure out what worked and what didn’t. Naturally, you’ll want to reconsider underperforming real estate marketing methods and amp up anything that worked.
Chop your efforts into segments, such as:
Lead generation
Client retention
Building your SOI
Then, decide how much you’ll allocate for each in the budget. Naturally, you’ll want to spend the most on which effort brings you the best results. For some agents, client retention dollars result in the best ROI, while others may choose to go bigger on real estate lead gen.
Even if it’s just 2 percent of revenue, you’ll have enough money to engage and retain current clients “with simple tools and strategies,” according to Chris Beecher, president of thewholebraingroup.com.
Next, determine the strategies you’ll employ, such as social media, paid advertising, blogging, email, and direct mail marketing, and allocate an amount of the budget to each.
The Looking For Listings Series is shown above. To learn more, click Here.
How will you broadcast your marketing message?
How you will market in the coming year depends a great deal on your budget but also on those segments we mentioned earlier. Lead generation is costlier than client retention, so you may want to take a look at some of the less-expensive methods if you choose to focus on the former.
These might include beefing up your social media presence (by blogging more and posting to your preferred social media platforms), knocking on doors, etc.
A planner will help keep you on track
A planner is a must if you hope to keep your marketing efforts on track all year. We offer a Free 6-Month Real Estate Marketing Plannerto help with this task (a new 2024 Planner will be available soon, so watch for the announcement in our weekly emails).
Although it’s important to create a coming-year marketing plan for your real estate business, don’t become a slave to it. If something doesn’t appear to be working, replace it with something else.
The key to success in real estate lead generation and client retention is consistency. Having a plan will ensure this.
PLUS: When you have time…below are some marketing tools to help support your success.
1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine
Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct, response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here
2.The Free 6-Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here
3. The Free Interactive 6-Month Real Estate Business Review
The Free Interactive 6-Month Real Estate Business Review allows you to enter your business goals for the remainder of the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your goals. – Click Here
4. The Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
Those brake lights you see up ahead? Some are from home prices, while others are from buyers and sellers, confused as all get out about what’s in store for the housing market.
What we do know is that home prices are decreasing, homes are remaining on the market longer than we’re used to, and mortgage rates are rising.
As of this writing, the average rate for a 30-year fixed mortgage is 7.24%. We’re looking at 5.62% for a 5/1 ARM, which many buyers are pursuing right now. The current inflation rate is 7.75% (the long-term average is 3.27%).
So, what is in store for next year? As we all know, no economist has a crystal ball, and most are all over the place when it comes to predicting the 2023 economy and, specifically, the housing market.
If things have slowed down a bit in the days ticking down to the start of 2023, use this time to prepare your business as if the ‘busy season’ promises to be gangbusters.
In other words, “Hope for the best, prepare for the worst.”
The Get More Listings Scheduled Campaign is shown above. To learn more, Click HERE.
Clean up your CRM
Even the most robust CRM is ineffectual if it’s brimming with bad information. While fixing the problem is time-consuming, the importance of doing so can’t be overstated. Here are a few steps to consider:
Get rid of any duplicate entries. There’s nothing more unprofessional and impersonal than sending duplicate information to the same recipient.
Now go through the database and rid it of entries for which there is no contact information.
Pull up all contacts with whom you have a personal relationship, be it friends, family, former coworkers, etc. Have any of them had a change of address? A divorce? Automated emails to couples when they are no longer couples not only make you look out of touch but also insensitive. If you’re unsure of any contact information, reach out to them.
Get rid of the wild-goose chases. This isn’t easy to do, we know. Take your time with this part of the process, studying each entry to determine how much time and effort you’ve expended and what you honestly think you’ll get out of it in the end. Any that seem like a waste of time should either be placed in a “barely breathing” category or deleted.
Think about marketing campaigns for the leads in your CRM. This one, too, sounds easier than it truly is, especially if you haven’t yet completed your 2023 business plan, but it’s still doable. Remember, your SOI and ‘hot leads’ require a different approach than those folks you don’t know and/or are still on the fence about buying or selling. Once you’ve settled on the campaigns, get them scheduled so that touches are delivered consistently throughout 2023.
Nothing you do now is set in stone, so relax. Your CRM requires input all year, but now you will have a plan to nurture new contacts.
Happy 2023!
PLUS: When you have time…below are some marketing tools to help support your success.
1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine
Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you.
Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here
2.The Free 6-Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here
3. The BusinessBase, SOI building system
The most effective thing you can do to build a real estate business is to become more visible, more likable, and remembered more often. The BusinessBASE™ not only checks these boxes but is also a business-building machine. In two easy steps, you can build a robust sphere of influence that will provide you a lifetime of repeat business and referrals. –Click Here
4. The Free Interactive Real Estate Business Plan
The Free Interactive Real Estate Business Plan allows you to enter your business goals for this year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your goals. – Click Here
5. The Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Take a Listing Today Podcast
Watch the ProspectsPLUS!, Take a Listing Today Podcast for actionable content to help you get more listings. – Click Here
“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.
The Get More Listings Scheduled Campaign is shown above. To learn more, Click HERE.
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.
“They may number in the thousands. But rest assured, each and every one of those steps will better prepare you for that glorious and triumphant …” overnight success.
PLUS: When you have time…below are some marketing tools to help support your success.
1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine
Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you.
Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here
2.The Free 6-Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here
3. The BusinessBase, SOI building system
The most effective thing you can do to build a real estate business is to become more visible, more likable, and remembered more often. The BusinessBASE™ not only checks these boxes but is also a business-building machine. In two easy steps, you can build a robust sphere of influence that will provide you a lifetime of repeat business and referrals. –Click Here
4. The Free Interactive Real Estate Business Plan
The Free Interactive Real Estate Business Plan allows you to enter your business goals for this year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your goals. – Click Here
5. The Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Take a Listing Today Podcast
Watch the ProspectsPLUS!, Take a Listing Today Podcast for actionable content to help you get more listings. – Click Here
The one thing few new real estate agents are prepared for is to hit the ground running the minute they hand over their license to a broker.
Sure, you’ll find lots of information on how to get a license, but zilch about how to productively use that time when you aren’t taking classes or studying for the exam any longer.
That’s time wasted, and commission checks pushed further into the future.
Let’s take a look at some of the best ways to prepare yourself to enter the world of real estate, ready to take it on.
Research and shop for a CRM
Customer relation management (CRM) will be an ongoing and critical aspect of your business. To make it easier and more efficient, you’ll need CRM software.
Some of the larger brokerages offer in-house CRM software, but most don’t.
We offer a free Contact Manager on prospectsplus.com that helps turn your mailing lists into micro-targeted marketing machines. To learn more about how to use this relationship-building customer tool, Click Here.
Surfing the internet to find reviews of real estate CRMs, I found a couple of sites that might help you get a better picture of CRM options available (for a fee):
Once you have chosen your CRM and learned how to use it, start loading it with the names, addresses, email addresses, phone numbers, and any other information you know about everyone you know.
Yup, everyone that is old enough to buy or sell a home.
Getting this task out of the way up front will streamline your entry into the real estate business, and you’ll be forever grateful that you did it.
The Photo Introduction Series is shown above. To learn more, Click Here.
Your first direct mail campaign
Take all those addresses in your CRM and send each one an announcement of your pending licensure.
A text-only, simple postcard isn’t going to cut it now that you’re on the threshold of owning your own business. Send out a Photo Introduction postcard and properly introduce yourself to these VIPs who are going to prove invaluable to the growth of your real estate business over the coming years.
Set up a Facebook business page
Yes, there are other social media platforms, and some that you may prefer over Facebook. But Facebook is hands down, the best of them for marketing your real estate business.
So, start with Facebook and work on the others later.
This is a task you can actually begin on your personal page. Post the image included in your direct mail campaign for starters. Then, when you get your Facebook business page set up, invite your personal page friends to join you there.
Start engaging with others by visiting their pages and responding to their posts.
Join Facebook groups. They don’t have to be real estate-related. As long as you’re active and engaging, the groups will help build your follower list.
You can do a lot to hit the ground running before your license arrives at your broker’s office. Get going. I wish you much success!
PLUS: When you have time…below are some marketing tools to help support your success.
1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine
Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct response-driven articles written by real estate industry experts combined with engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you.
Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here
2.The Free 12-Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here
3. The BusinessBase, SOI building system
The most effective thing you can do to build a real estate business is to become more visible, more likable, and remembered more often. The BusinessBASE™ not only checks all of these boxes but is also a business-building machine. In two easy steps, you can begin to build a robust sphere of influence that will provide you a lifetime of repeat business and referrals. –Click Here
4. The Free Interactive Real Estate Business Plan
The Free Interactive Real Estate Business Plan allows you to enter your business goals for this year and get a breakdown of how many prospects, listings, closing, and so on are needed to reach your goals. – Click Here
5. The Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Take a Listing Today Podcast
Watch the ProspectsPLUS!, Take a Listing Today Podcast for actionable content to help you get more listings. – Click Here
Every industry has ineffective practices that should’ve been dumped long ago and real estate is no exception.
Going into the summer listing season, let’s vow to leave these four dated real estate practices behind.
1. Not making scripts your own
Yes, I know I may get flack for this one but I’ll be brave and use it anyway.
Do you have any idea of how many agents hound FSBO’s and expireds, using the exact same script?
I’ve been the victim of these calls so I can tell you that, more often than not, those unsolicited callers were using the same script.
Some delivered it better than others, but the words were always the same.
I get that there are certain turning points in some scripts that work to get the homeowner rolling in the direction you want them to go.
But even the best scripts don’t work if they are identical to every other agent in town or if they can’t be delivered in a natural way.
Sale: Get the first 100 prospects on a baby boomer list for free (offer expires 5/17/22). Use promo code: BOOM100. Start here.
2. Not customizing and localizing template websites
Templates are just another version of scripts. How do consumers feel about your template emails, texts, and direct mail letters? “They are just basically form letters,” one homeowner told the Austin Business Journal.
And what about the agents who spend time and lots of money on building a website that will hopefully generate leads and then not change the canned content that came with it?
All that time and money spent creating it is wasted. The agents who don’t take the time to customize their sites are missing out on valuable opportunities, chief among these are organic traffic and trust-building.
If you haven’t done so yet, make this summer the time you pay attention to your site, localizing it wherever possible, adding gorgeous local images, and using those testimonials for all they are worth.
3. Take listings without the budget it takes to market them properly
If you can’t afford to (or don’t want to) pay for a professional real estate photographer, virtual tours, and other marketing tactics, you are doing the seller a disservice by taking the listing.
Perhaps you can work with buyers until you’ve built up enough of a budget to work with sellers.
4. Not being social on social media
In case you haven’t heard, posting your listings and open houses, ad nauseum, is annoying. Not only that, it just doesn’t get results.
It’s not called “Marketing Media,” but “SOCIAL media.” Get social. Join pertinent groups and engage with people.
A new year will be upon us before we know it. Vow to leave the dated aspects of your business behind now and get a head start on taking your real estate business to the next level.
PLUS: When you have time…below are some marketing tools to help support your success.
1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine
Homes & Life Magazine is a customizable magazine, with rich, full-color content, and a sharp, professional esthetic. It includes compelling, direct response-driven articles written by real estate industry experts, combined with engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you.
Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and, it costs less than sending a greeting card! – Click Here
2.The Free 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, niche Markets, geographic farming, sphere of influence, and past clients. – Click Here
3. The BusinessBase, SOI building system
The most effective thing you can do to build a real estate business is to become more visible, more likable, and remembered more often. The BusinessBASE™ not only checks all of these boxes, but it is a business building machine. In two easy steps, you can begin to build a robust sphere of influence that will provide you a lifetime of repeat business and referrals. –Click Here
4. The Free Interactive Real Estate Business Plan
The Free Interactive Real Estate Business Plan allows you to enter your business goals for this year and get a breakdown of how many prospects, listings, closing, and so on are needed to reach your goals. – Click Here
5. The Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Take a Listing Today Podcast
Watch the ProspectsPLUS!, Take a Listing Today Podcast for actionable content to help you get more listings. – Click Here
The odds of winning a Powerball lottery jackpot are 1 in 292.2 million.
The very best professional baseball player hits the ball once for every four attempts. This means that the crème of the crop succeeds only one time out of four.
Life is full of numbers games, but is the practice of real estate one of them? Old school agents were told by their brokers that, yes, real estate is nothing but a numbers game. Younger agents, however, are challenging that idea.
The Old Days
Back in the day, new agents fresh out of real estate school, if they were lucky enough to hang their licenses with a broker that offered training, were typically told to determine something along the lines of the following:
How many cold calls does it take to get a contact?
How many contacts does it take to get an appointment?
How many appointments does it take to get paid?
While this is great information to have, it was challenging for new agents, with no history of lead generation, to determine any of that. What the brokers were getting at, though, is that real estate is a numbers game. Figure out the numbers and you win the game.
The Looking For Listings Series is shown above. To see more, Click Here.
Some of those numbers could be pretty hairy, especially for inexperienced agents with no sales skills. How disappointing it was to learn that it might take upwards of 100 cold calls (or “smiling and dialing” as it was known) or door knocks just to get one lead.
Then, it may take another big number of “touches,” over a significant time period, to convert that lead to a sale.
Jun Choo, Senior Vice President, Buyer and Seller Products at Zillow Group, is a firm believer in real estate’s numbers game label.
I spoke with him a few years back and he claimed that once an agent determines how much money she wants to make, she then needs to figure out the numbers required to obtain it.
“The average agent makes $35,000 a year” he begins. “. . .to get that, your average commission will need to be about $6,000, one closing a month, with 12 transactions a year,” Choo continued (I believe he is assuming a 50/50 broker split.)
“Then the question becomes: to reach that goal, how many prospects do you need in your database?”
So, even though Choo is not from the old school, he still finds that keeping track of your numbers pays off.
How many leads you need also depends on how well you convert them, he said.
“On average, four percent will convert,” he explains. “Online leads will be less while referrals will be more,” Choo continued.
He went on to figure that the agent in his scenario will require 300 leads over the course of a year, or 25 a month.
That is “the reason this is a numbers game,” Choo claimed. “You can challenge the assumptions, but this is just math.”
Today
Times have changed, according to Darrin Persinger of Productivity Junkies. He claims that “Real estate is not a numbers game. It’s a relationship business.” Well, that sounds nice, but what does it mean?
“It’s not about how many calls you made today it’s about, did you connect with anyone?” asked Persinger. He likens the old school numbers game concept to “A woodpecker that pecks one time on a thousand trees.”
He then goes on to further poo-poo the “numbers game,” and provides the readers with an alternative involving their sphere of influence, but a numbers game nonetheless.
Sigh.
Basically, what has changed is the daunting number of cold contacts that agents of yore had to make to get a deal. With technology, that number is whittled down to where agents are now making warm contact with lots of prospects at once – think social media here.
It appears that lead generation truly is a numbers game. As we’ve seen by those that insist it’s not, it always comes back to numbers. Ignore them if you like, but they aren’t going away.
Start now getting the numbers game working in your favor.
PLUS: When you have time…below are some marketing tools to help support your success.
1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine
Homes & Life Magazine is a customizable magazine, with rich, full-color content, and a sharp, professional esthetic. It includes compelling, direct response-driven articles written by real estate industry experts, combined with engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you.
Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and, it costs less than sending a greeting card! – Click Here
2.The Free 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, niche Markets, geographic farming, sphere of influence, and past clients. – Click Here
3. The BusinessBase, SOI building system
The most effective thing you can do to build a real estate business is to become more visible, more likable, and remembered more often. The BusinessBASE™ not only checks all of these boxes, but it is a business building machine. In two easy steps, you can begin to build a robust sphere of influence that will provide you a lifetime of repeat business and referrals. –Click Here
4. The Free Interactive Real Estate Business Plan
The Free Interactive Real Estate Business Plan allows you to enter your business goals for this year and get a breakdown of how many prospects, listings, closing, and so on are needed to reach your goals. – Click Here
5. The Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Take a Listing Today Podcast
Watch the ProspectsPLUS!, Take a Listing Today Podcast for actionable content to help you get more listings. – Click Here
The 2022 Real Estate Business Plan is a quick and easy way to reverse engineer your annual revenue goals.
Just plug in the requested numbers, and you are pointed to the weekly contacts, listing appointments, and listings needed to make your annual income goals a reality.
Here’s the best way to use the Business Plan to learn from your past and build for your future:
Dig out your 2021 business plan and ask yourself these questions:
Did you reach your goals?
If not, why?
Were they unrealistic goals?
We’re the goals not clearly defined?
Take the time to understand why.
What is within your power to change so that you hit your 2022 target?
Now, get clear on how many contacts you need to make to get the closings required to hit your income goals in 2022 by using the 2022 Real Estate Business Plan.
Click HERE to complete your interactive 2022 Business Plan and download it for your records.
About 74% of us make New Year’s resolutions, according to statista.com, unfortunately, as they go on to state, only 8% of us actually achieve them.
Statistics show those that fail at keeping resolutions do so rather quickly, in fact, typically by February 1.
Resolving to do things differently in a new year has a 4,000 year-long history. Ancient Babylonians apparently started it, promising their gods that they will pay off their debts and “… return any objects they had borrowed,” according to Sarah, Pruitt, author of “Breaking History: Vanished!” writing at history.com.
So, why do we still make New Year’s resolutions? Especially when we have such a shoddy record of keeping them?
“One reason is the allure of starting from scratch …” and “… the idea of bettering ourselves is another motivator,” according to Margarita Tartakovsky, M.S. associate editor at psychcentral.com.
The desire to make resolutions isn’t a bad thing. In fact, continuing to make them in the face of the very real possibility that we won’t stick to them shows that we have faith in ourselves, that we can change those aspects of ourselves or lives that we don’t like.
Did you join the 74% and set some new year’s resolutions this year? If so, it’s not too late to change those resolutions into a more achievable form.
This year, try something different
Instead of big, lofty real estate business or personal goals, consider creating “micro-goals” instead. “You’ll be more likely to achieve them and see plans through,” suggests Emily VanSchmus at bhg.com.
Let’s face it, vowing to make a thousand cold calls a day is nuts. You’ll grow so weary of even looking at a telephone that the slightest distraction will lure you away.
A smaller goal, perhaps an extra 10 real estate cold calls per session, gives you a better chance of achieving your goal.
Who cares if January 1 has come and gone? That date “… isn’t the hard and fast rule when it comes to making lifestyle changes …” or creating new real estate business goals, according to VanSchmus.
The Real Estate Marketing Planner, clickHERE to download now.
We roamed around the interweb in search of advice for agents on making the “best” New Year’s resolutions and came up with a ton of lofty stuff. Here’s just one:
“Focus on customer experience and customer service”
Unfortunately, the author offered up no examples of how one should focus on a customer experience.
What is customer experience in real estate? I like to think of it as the after-effect of working with an agent. It’s illustrated in the client who raves about her agent.
Customer service is something a bit different; it revolves around the services you offer your clients.
A free market analysis, suggestions on staging and a listing in the MLS aren’t services. They’re job duties.
Services are something they won’t get from other agents, such as free staging, a free, pre-market home inspection, becoming a market maker by bringing your own list of buyers, or a complimentary professional house cleaning before listing.
Only you know how you can improve your clients’ experiences. If you’re going for the goal of improving customer services, choose one and resolve to offer it. To learn more about how to bring your own list of buyers and become a “Market Maker” be sure to read this article.
If you are still trying to work out your 2021 annual business goals, don’t forget to use the Free Interactive Real Estate Business Plan. It provides an easy breakdown of how many prospects, listings, closings, and so on are needed to reach your annual goals.
Interactive Real Estate Business Plan, click HEREto try Now
Need help targeting a specific niche of buyers or sellers? Use our prospect list tools to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!
PLUS: When you have time…here are some additional helpful resources we’ve made available to support your success.
1. Become a Neighborhood Brand
Become branded in a specific neighborhood with a 12X15 marketing piece sent automatically each month to an exclusive carrier route. Watch this video to learn more or Click Here.
2. The Free Real Estate Mailing List Guide
The Real Estate Mailing List Guide outlines the top tools for generating targeted prospecting lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here
3. Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
4. The Free Online ROI Calculator
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! –Click Here
5. The Free Real Estate Marketing Guide “CRUSH IT”
The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here
The Free Interactive 6-Month Real Estate Business Review allows you to enter your business goals for the remainder of the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your goals. – Click Here
