Sunday, May 19, 2024

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    Although it depends upon whom you ask, estimates vary about the average length of time a real estate agent stays in their career. Trainer Tom Ferry says that 87 percent wash out within five years and others say that the churn rate is around 95 percent.

    If you’re a new agent who hopes to be in it for the long haul or an established one who is facing challenges, read on to understand some of the stumbling blocks you may face and how to overcome them.

    Let complacency take hold

    When that sense of security settles over you, when you decide that being average is good enough – wake up!

    NAR’s member survey claims that fewer than one-fourth of real estate agents earn more than $100,000 annually. The median earnings, at least according to the Bureau of Labor Statistics, is $44,090.

    What’s interesting, is how the business behaviors of the lowest and highest earners differ. Rich agents, for instance, aren’t afraid to spend money. And, no, it isn’t because they have more of it to spend. Most claim that they started their careers with the mindset that “it takes money to make money.”

    An Active Rain survey of these agents finds that they spend more of their incomes on tech upgrades and 10 times more on marketing than the poorer agents.

     Refuse to spend money

    Remember the NAR member survey we mentioned above? Ever wonder what separates the two groups of earners (aside from experience)?

    Those who earn more aren’t afraid to spend the money necessary to set them apart from the rest of the agent-pack in their area.

    The wealthier agents spend their money on their websites, their CRM, and email marketing. In fact, this group of agents spends 10 times more on marketing than the lower-earning agents.

    Keep hanging on to every last nickel and you’ll fail. It’s as simple as that.


    Related: How to Harness the 5 Key Traits of ‘Rock Star’ Agents


    Don’t grasp “When you list, you last”

    The holy grail in academia is to publish. It’s one of the few ways to promote yourself as an authority and, thus, further a career. In fact, the admonishment is “Publish or Perish.”

    We have one of those in real estate: “When you list, you last.” When you consider that your listings will generate far more clients than your buyers will (if you work them properly), you understand the dictum.

    Servicing a listing is also a lot less labor-intensive than working with a buyer. Focusing on listings “will allow you to get what you want a lot faster and allow you to have a life,” according to real estate trainer Knolly Williams.

    In his book “Millionaire Real Estate Agent,” Gary Keller claims that listings are vital if you hope to build your business to its highest level, “with the lowest costs and highest net.”

    Finally, Matt Williams at Realtor.org challenges agents to walk into any real estate broker’s office and ask to meet their most successful agent. The chances are pretty good, he says, that “you’ll soon be shaking the hand of someone whose income comes mostly from listing.”

    How much is “mostly?” The experts recommend that 60 percent of your business should be listings.

     Ignore past clients

    One of the most amazing real estate statistics to come out of the NAR is that the majority of real estate consumers (85 percent, according to the latest survey) loved their agent so much that they promised to use them again in the future.

    Yet, fewer than 25 percent actually do use the same agent

    This is a direct result of a failure to follow up on the agent’s part. The most awesome closing gift ever given won’t make these people remember you five years down the line when it’s time to sell their home. Especially if another agent has been farming them or otherwise getting their name in front of them more often than you do yours.

    Inconsistent or non-existent follow-up is like throwing money away and a surefire way to sabotage your business.

    Consider this: a 5 percent increase in your client retention rate can bump your income as much as 95 percent, according to research by Harvard Business School.

    Don’t neglect others in your sphere of influence, either. According to NAR, as much as 65 percent of your business can come from that pool if you consistently reach out to them.

    Don’t worry about how to keep in touch. Put these people on a drip campaign and send out postcards, newsletters, market updates, free reports and anything else that will keep you top-of-mind.

    Fail to plan for success

    It’s difficult to remain focused on your goals if you lack a plan. Guessing or hoping that you meet your objectives isn’t smart. An assumption of where you stand at any given moment is about as accurate as a Zestimate of a property’s value.

    Avoid the hit-or-miss chaos and make a business plan. Yes, it’s boring and yes, it’s time-consuming. There are lots of guides online to help you, but we’re rather partial to the Free One-Page Real Estate Business Plan.

    Don’t accept being an average agent, spend the money it takes to market your business, chase listings instead of buyers, send past clients lots of love, and create and follow a business plan.

    Answer their burning question and get them reaching out (available in the postcard section under the Get More Listing Series)

    THAT is how to ensure your success and tenure in real estate.

    Send at least 100 Should I Stay or Should I Go postcard from the Get More Listings Series to an area where you want more listings.

    You might also like:

    The Biggest Client Complaint and How Not to Be That Agent

    Professional Agent Behavior: 101 


    Need help targeting the perfect niche of buyers or sellers? Use our mailing list tool 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 Free killer tools to help your success this year!

    1. 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

     

     

    2. “Get More Listings” Free Online Webinar

     

    “Get MORE Listings & Begin to Dominate Your Market!” Free online webinar. Learn the 3-7-27 strategy for explosive growth, why 95% of agents have less than 20% market share, and how to become the agent everyone competes against. – Click Here

     

     

    3. The 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 Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here

     

     

    4. The Free One-Page Real Estate Business Plan

    Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan.  – Click Here

     

     

    5. 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

     

      One surprising rule ✔️

      It may seem odd for a company that provides direct mail services to the real estate industry to offer advice to agents about best practices for email. Especially when statistics claim that direct mail is more effective than email marketing.

      But we agreed to set aside this space on our website to offer up the latest real estate marketing advice of all stripes, even if it doesn’t directly sell our products.

      Besides, most successful agents use a multi-pronged marketing approach that includes a mix of different marketing techniques.

      If email is one that you use and you’re not getting the ROI you expected, read on for some tips on how to turn it around.

      There is no such thing as a 100% open rate

      So, wipe that goal from your list.

      “If you want a 100 percent open rate, send one email to your mother,” says Dela Quist, an email pioneer and CEO of Alchemy Worx.

      If your goal is to improve your click-through rate, without depending on Mom, start with what’s “above the fold” in your email message – the subject line.

      That’s the come on – the lure. Head to a magazine stand (yes, they still exist. . .even in supermarkets). Check out which tantalizing blurb on each cover makes you want to purchase the publication so you can learn more.

      The same holds true for blog post headlines – notice what it is about the title that makes you want to read more.

      Your marketing email’s subject line is its “main cover line” (magazine industry lingo), title (in blogging) or headline. Treat it with all the attention it requires. It will make or break your open rate.

      “69% of email recipients report email as spam based solely on the subject line,

      according to OptinMonster.com.

      Think about the last time you wrote a listing description. Your MLS limits the number of words you can use, some more than others. It’s frustrating to fit enticing, compelling text into such a small space, but not impossible.

      Now take that same skill to your email newsletter. With even less space, you’ll need to make the subject line irresistible.

      Ways to deal with the subject line

      Choose the lead story from your newsletter. If the headline isn’t enticing, change it.  “3 steps to beat an investor to win your dream home,” is far more intriguing than “How to win a bidding war.”

      It also includes the numbered list, which many email experts say is a favorite among email recipients.

      Then, ensure that your subject line includes at least one adjective and the more powerful, the better. To understand the psychological punch some adjectives convey, think about restaurant menus.

      For instance, you’re going to order lunch in a diner. Which entree sounds more intriguing?

      • Chicken pot pie
      • Grandma’s flaky chicken pot pie with garden-fresh vegetables.

      For dessert, are you more likely to order “chocolate cake,” or “5-Layer, Espresso-Soaked Chocolate Cake?”

      Need a template?

      “Number or Trigger word + Adjective + Keyword + Promise = Clickable Headline”

      According to an unnamed writer at BlogSiteStudio.com, copywriter and autism specialist Catherine Pascuas claims that “When you’re writing, you want to think about pulling psychological strings. Appeal to each person’s needs, wishes, joys, and sorrows.”

      To do that, she came up with the above formula for headlines.

      • Use either a number or a trigger word, not both. If you choose to use a number, make it odd and reasonable (not more than 9). Trigger words include what, when, how and why.
      • Slip in a powerful adjective or one that describe resolution of a pain point. These include brilliant, incredible, amazing, effortless, easy, painstaking, fun, free, powerful, surprising.
      • Next comes what Pascuas mistakenly calls a “keyword,” and the unnamed writer explains as “rational” [sic]. Neither hit the mark. The word both of them were looking for is “noun,” because the next thing you’ll plug into the formula is the noun that the adjective or trigger word describes (duh).

      These include words such as tips, reasons, shortcuts, facts, mistakes, ideas, ways and secrets.

      • Pascuas final element of the headline formula is “promise,” described as “a value proposition or a dare.” We would add that it might also be a desired outcome or a disaster avoided.

      “5 brilliant ways to ensure you get a home loan.”

      “3 Surprising Shortcuts to Come up with a Down Payment”

      “How to Easily Dispute a Home Appraisal”

      If you publish a lot of list-type blog posts and newsletter articles, you may prefer the following, easier formula, that has made the rounds across the internet as well.

      (odd number) (adjective) (mistakes/tips/insights/shortcuts) for (achieving/avoiding) (desired outcome/disaster)

      And, here it is in action:

      “3 Surprising Tips to Beat the Competition in a Bidding War”

      “5 Easy DIY Projects to Help your Home Sell Quickly”

      “7 Disastrous Mistakes to Avoid when Hiring a Listing Agent”

      Addressing a poor click-through rate starts at the top of your email. Starting with the subject line may just bring you somewhat instant gratification.

      Include the Free Report Offer, “9 Ways to Get More Money in Less Time, with Less Headaches.”  in your next email newsletter to get hands raising.

      You might also like:

      Creative Marketing: Be Daring, Be Memorable

      Avoid These 4 Common Real Estate Agent Marketing Mistakes


      Need help targeting the perfect niche of buyers or sellers? Use our mailing list tool 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 Free killer tools to help your success this year!

      1. 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

       

       

      2. “Get More Listings” Free Online Webinar

       

      “Get MORE Listings & Begin to Dominate Your Market!” Free online webinar. Learn the 3-7-27 strategy for explosive growth, why 95% of agents have less than 20% market share, and how to become the agent everyone competes against. – Click Here

       

       

      3. The 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 Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here

       

       

      4. The Free One-Page Real Estate Business Plan

      Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan.  – Click Here

       

       

      5. 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

       

      THERE ARE 3 WINNERS IN OUR GINORMOUS DECEMBER CONTEST!
      1st PRIZE – The  Apple iPhone XS Max!
      2nd PRIZE – A $250 ProspectsPLUS! Gift Card! 
      3rd PRIZE – A ProspectsPLUS! $100 Gift Card

       

      And, the Winner of the 1st Prize is…Heather Legg!

      Congratulations Heather on winning the iPhone SX Max!

      Heather shared the following experiences with ProspectsPLUS!

      “The Just Sold postcards work! One set of postcards around a listing I recently sold has given me 3 solid leads for buyers and sellers!

      Heather’s Latest Marketing Pieces Include – Real Estate Newsletter, Upload Your Own, Just Sold, Free Home Market Analysis postcards


      2nd Prize Winner is – Jennifer Ingiald

      Congratulations Jennifer on winning a $250 ProspectsPLUS! Gift Card

      Jennifer shared the following experiences with ProspectsPLUS!

      “The ProspectsPLUS! website is so easy to use to create beautiful marketing postcards that yield results!”

      “Customer Service is always so helpful if you have any questions. I would definitely recommend ProspectsPLUS!”

      Jennifer’s Latest Marketing Pieces Include – Just Listed, Just Sold, Listing Inventory marketing postcards


       3rd Prize Winner  is – Jeff Winters

      Congratulations Jeff, on winning a $100 ProspectsPLUS! Gift Card

      Jeff shared the following experiences with ProspectsPLUS!

      “Their website is very easy to use and cost effective. I use ProspectsPLUS! for my Just Listed and Just Sold Postcards

      Jeff’s Latest Marketing Pieces Include – Holiday & Just Sold marketing postcards 


      Take the lead from Heather, Jennifer, and Jeff and send at least 100 direct mail Marketing postcards to an area where you want more buyers or sellers!
      And, don’t forget, everyone who entered our contest receives a complimentary copy of our New Book, “Become a Listing Legend!
      Get your ebook HERE

      Need help targeting the perfect niche of buyers or sellers? Use our mailing list tool to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!

      How to Prioritize, Delegate & Focus on What Matters

      The most common misconception about real estate agents is that what you do is a piece of cake. You set your own work schedule, have plenty of free time and still rake in gobs of money.

      In fact, this misconception is what leads many right to the doorstep of the real estate industry.

      Sadly, the truth is that there is no “flexible schedule,” especially for the new real estate agent. It’s even rare for many established agents. And, according to a Market Leader study, established agents make up a group known as “the least happy” in the industry.

      Sure, as time goes on the schedule may ease – typically to a 10- to 12-hour workday, 7 days a week.

      But, it’s the agent who needs to learn flexibility, not the schedule.

      Once you get this, and understand how to prioritize, delegate and, most importantly, let go of the small stuff, life in real estate land will be so much better.

      As we move into the holidays, clients trail off and your schedule will lighten up. Many agents take advantage of the lull to plan next year’s business. It’s also a good time to plan on — and commit to — balancing the two competing halves of your life.

      “Delegation” isn’t a dirty word

      According to a NAR statistic, 14 percent of agents use an assistant. The reason for this low number is that many agents tend to tie the timing of the hiring to a certain, albeit elusive, income target. “I’ll hire an assistant when I’m making $75,000 a year,” or something similar.

      Or, perhaps by transaction count: “Once you hit 40-50 transactions per year, your production will be capped at that level unless you hire an assistant or someone else to help you manage your business,” claims Bernice Ross at Inman.com.

      She does have a point, though – your production will be capped.

      The truth is, there’s no chicken or egg thing going on here — most agents’ incomes increase when they hire an assistant.

      This makes sense when you understand that your assistant relieves you of the mundane tasks that currently take you away from money-making endeavors. Answering the phones, checking email and making copies of transaction paperwork don’t make you money and they suck time.

      The same holds true for writing your own blog posts (hire a writer), telephone prospecting and follow-up calls (hire a licensed assistant), posting to social media (hire a social media manager) and marketing (hire a marketing assistant).

      It’s overstated but true that it takes money to make money. Free yourself from the mundane and you’ll free up time that will help you be more productive and maybe even take a day off.

      Consider taking on a partner

      Ok, so you’re not ready to fork over the bucks it takes to hire help. Have you thought about partnering with another agent? If not, consider this:

      “You can take vacations – real vacations – ones where you do not work. In addition, you can take days off and if you’re sick you don’t have to answer the phone. In short, you will experience a higher quality of life,” says  Kelle Sparta, real estate trainer, and coach.

      There’s a lot to consider when you’re thinking about taking on a partner or forming a team.

      Pick up a copy of “The Millionaire Real Estate Agent,” by Gary Keller for some tips. You’ll also find information on structuring teams and partnerships at Realtor.org.

      Tools and systems

      Your tools and systems should be working for you, not the other way around

      Sure, choosing the right tools and systems for your business is a chore in itself, but technology can help set you free, therefore it’s time well spent.

      Automating the more important aspects of your business, such as ongoing branding with your target market, will play a big role in helping you find that balance between your work life and your private life.

      Two of our most popular and effective ways to help you automate continuous contact with your target market are,

        1. The Market Dominator –  A 12 x 15 poster size, 2-sided, direct marketing piece that is delivered to your exclusive carrier route on a monthly basis, establishing you as the go-to professional in that neighborhood.
        2. Automated Just Listed/Just Sold Postcards – This done-for-you service integrates with your local MLS then generates postcards for your listings when they are active and sold.

      As we move into the slower pace of the season, take the time to create targeted mailing lists and set up an automated campaign to get those marketing materials flowing to the right people.

      Schedule “me” time

      “You have to make a little time for the things that ignite your joy,” Laura Stack, author and productivity expert in Denver tells WebMD.

      And, what better way to “make a little time” than by scheduling it?

      Keep a log of your daily activities over the next week or two, paying close attention to those days on which nothing much is going on. Come on – we know you have one of those. By moving the activities of that day to another, or even spreading them out among six days, you can conceivably, actually, blessedly take a day off every week.

      Make a commitment to remain unplugged on that day. That means taking no business calls (oh, yes, it will be painful) and no internet. In fact, get out of the house and leave the phone at home.

      Guess what? The real estate world will continue to turn without your help for 24 hours.

      If a full 24 hours to yourself is unthinkable right now, consider grabbing a smaller block of “me” time. Start with a half hour – get out and walk, workout, watch TV, do the laundry – anything but real estate.

      Then, over the course of the next few weeks, expand that block of time by 15 minutes or half an hour.

      One Detroit agent we spoke with weaned herself off the 12-hour day by leaving work 30 minutes earlier for a week. The next week she left an hour early and gradually built it up to where she eventually took an entire day off each week.

      “Instead of just letting life happen, people who achieve work-life balance make deliberate choices about what they want from life and how they want to spend their time,” claims Harvey Deutschendorf at fastcompany.com.

      Commit to achieving a successful balance between your work life and your personal life and put yourself in the happy agent percentage.

      Start automating your Just Listed/Just Sold postcards with MLS Mailings today and begin the process of freeing up your time for what matters most.

      Need help targeting the perfect niche of buyers or sellers? Use our mailing list tool 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 3 free ways we can help you STILL CRUSH IT in 2018!

      1. Become a Listing Legend.

      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

      2. The 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 Marketing, Listing Inventory, Geographic Farming, and Sphere of Influence – Click Here

      3. 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

      Also…check out these cool tools 

       Three Click Postcards – Just snap a home photo & create a postcard all from your mobile phone

      MLSmailings.com – Automated Just Listed, Just Sold Postcards

      Market Dominator System – Become a neighborhood brand

      Want to Refer a friend or colleague? Refer them, Here. THEY get a Free $25 Gift Card and YOU become their hero. BTW, you also get a $25 Gift Card too (now that’s what I’m talking about)!