No matter if you’re thinking about a career in real estate, or if you recently started, or, even if you’ve been in real estate for awhile and are in need of a recharge, these 5 secrets are the best way to improve the probability of your success. In addition, even though the real estate business has been around since the beginning of time, the world of real estate has definitely changed, especially because of the internet, mobility and the global economy, therefore you’ve always got to be reinventing yourself and evolving. If not, you’re definitely not growing.
Interestingly, thousands of agents out there get into the business with a lot of energy and excitement but unfortunately never make it past 2 years. They go in and grossly overestimate how much money they can make, naively underestimate the expenses of running a business, don’t have a process, don’t incorporate any technology or tools or worse yet don’t know how or what type of goals to set. What a big mistake a formula for disaster!
I’ve even seen people get into the real estate business all gung-ho, telling all their family and friends and expecting to receive a lot of referrals from them, just to be let down because it’s just not that simple. Typically because they assume that just because they’re friends or family that they’ll be “the one” they send a referral to or buy from. They might’ve gotten a few leads but more often, those leads they were referred to already had a friend in the real estate business.
Oh, and here’s the big gotcha. How many times have I seen agents and brokers relying too heavily on advertising. Relying on a single channel is a deadly sin. It doesn’t matter what business you’re in. And just to make it harder, advertising can be expensive, unpredictable at times and create a mindset of waiting for leads to come in.
Bottomline is, while there’s a ton of opportunity in real estate, it’s NOT easy but if you subscribe to these Top 5 Success Secrets for Real Estate Sales, you’ll dramatically improve the probability of being a top performer:
- Stop Selling! And start educating!
Typical sales people approach customers with brochures in hand, hoping for the sale. No one likes to get “sold to” so start treating potential customers the way you’d like to be approached. If you’re gonna be successful in real estate sales, you’ve got to change your paradigm and the perception of prospects so that they look to you as a “trusted advisor”. Trusted advisors approach customers with the attitude that they are consultants calling on them to help them either solve a problem or achieve a goal.By educating potential customers on the real estate value, trends and amenities of your projects and how they can improve their life or compliment their lifestyle or investment portfolio, you’ll find yourself achieving amazing sales results.
- Think Small and Get BIG Results
Believe it or not, business, life and even sales, can be a game of opposites. While it’s perfectly fine to have big dreams (and we encourage it), when it comes to executing on sales goals, think in small chunks or phases. How many times have you woken up and gotten overwhelmed with all the housing projects you can sell or tasks you’ve got to implement in order to get your business going?
It doesn’t matter who you are, time and money are finite resources. If you spread yourself too thin across too many projects and geographic areas, all you’re doing is diluting and spreading out your finite resources of time and money. The top real estate sales professionals become “known experts” in a community therefore selling tons of business because they’ve been able to take as much time and money needed to cultivate and nurture a single entire community and everyone knows them for that. Start off with one project, dominate it by becoming the “go-to” trusted advisor for that community and once you achieve success, then expand.
- Plan, Plan, Plan
Ever heard the saying, “if you fail to plan, you’re planning to fail”? People think that creating a “business” plan is a daunting task which can turn into a lot of excuses and something that never gets done but what we’re talking about is not an in-depth business plan that requires a lot of work and complicated knowledge or experience that you might not have. With our experience in starting “agile” businesses, a plan can and should merely exist of what you need to do to get the job done in the next 30 or even 60 days broken down by week.
What are the steps that will get you to the next level of your success metrics. We like to call these, “leading indicators”. Leading indicators are measurable outcomes that are a result of a single or set of activities. For example, if you’re new in the real estate business and all you have is a total list of a hundred family, friends and business contacts and they don’t know you’re in the real estate business, your first leading indicator should be centered around making them aware that you’re now into real estate. So, you should create a list of communication and education activities to generate awareness or if you really want to be an overachiever, start setting SMART goals.To take this a step further, what if you sent them all a simple message like, “Hi __, I wasn’t sure if you knew that I recently transitioned into the real estate business and as someone that I respect, I’d love to pick your brain about your experience in real estate overall.” In the end, you could set a goal to complete eighty meetings around this
topic in 60 days. A sample set of leading indicators that every real estate agent should use when creating their plan are:
# of Outbound Prospecting Calls
# of Outbound Prospecting Emails
# of Outbound Prospecting SMS Text Messages
# of Inbound Leads
# of Referral Partner Meetings
# of 1st Phone Calls
# of Property Viewings
# of Authority to Represent Agreements Signed
# of Proposals
When it comes to the term “budget”, we consider both time and money the key inputs.
A budget is super important for many reasons so that you can use to measure your success and:
- Set clear expectations for yourself and your team (if you have one)
- Limit surprises
- Ensure business longevity
- Understand what you need to get the job done
- Understand what you need vs. what you don’t
Without a budget, you create unnecessary pressure on yourself by driving your business blindly.
- Scale with TechnologyWhat would we do today without smart phones and tablets? What was life like before Facebook, Uber and Airbnb? Remember when movies were available on DVD’s?
There’s even self-driving cars already and people taking vacations on the moon!
OK, the last one might still be a few years away but the point is technology moves fast and it’s always changing the way we interact with each other and the world. As for the Real estate industry, it’s rapidly evolving with tech so get on the train or get left behind. Staying on top of and understanding the latest technology trends is critical to maintaining a successful real estate career, especially if you want to be a top performer or even just remain competitive.
If you’re still not convinced on the impact of technology, here’s a list of technology stats to consider:
- 25% of top performing sales agents that earn over PhP 5 million annually spend over PhP 250,000 per year on technology
- Inbound marketing methods (blogging, ebooks, social media, etc.) actually cost 62% less per lead than other forms of marketing (print, advertising, billboards)
- 92% of homebuyers used the internet as a key part of their home search, with over half of them citing that going online was their first step
- Businesses have saved 7x the cost of paper and ink by using cloud applications like Google Drive and Dropbox
- Electronic signatures for documentation can save you up to 10x the cost of time and money, not to mention sitting in traffic
The key takeaway’s are, these 5 secrets to real estate success are the best way to improve the probability of your success. No matter what stage you’re in, these are the keys to a strong foundation that will lead to positive long term results.
Prosperna helps real estate professionals with industry trends, and best practices in sales and digital marketing. To get the latest updates for free, subscribe now.
Tech Guy & Real Estate Investor super passionate about helping real estate agents, brokers and developers grow their business to reach new levels of success.