Work less, make more
Wheel Estate Cam: Episode 12
By Frank Borges LLosa, Friday, February 5, 2010.
Episode 12: Work less, make more? No, this is not a get-rich-quick scheme but a smart business decision, says Frank LLosa of Frankly Realty, in this latest edition of the Wheel Estate Cam.
LLosa says that busy agents sometimes hurt their own business by taking all comers. Instead, he said, agents should strategically turn away business that may not produce the best bang for the buck.
It may make sense to turn down business at low price points, or fire problematic clients, or not to take rental-related business, LLosa says. Agents who are very busy may even consider hiking the price point of their services, he said.
Watch past episodes of the Wheel Estate Cam.
Frank Borges LLosa is the broker, founder and owner of FranklyRealty.com, a real estate brokerage in Falls Church, Va. He is the creator of the Trust Me I'm a Realtor blog and multiple listing service wiki site FranklyMLS.com. You can follow him on Twitter: @franklyrealty.
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Submitted by Janie Coffey on February 6, 2010 - 2:15pm.
Frank, I couldn't agree more. When assessing what has worked and not worked for us the past few years, it has been the time suck of not turning away clients with red flags. We now rate them on 1) geo-location 2) price point 3) realistic view of the market 4) financial strength 5) "fit" with our personalities 6) need to transact. Based on all of the above, we either take them on, or refer them out. Sometimes it's hard, you are right, but those difficult, unrealistic, looky-loos or financially shaky clients DO take time away from the more ideal clients. We are all self employed and must be very conscious of how we allocate our most precious resource, our time.
Janie Coffey
Owner/Broker
Papillon Real Estate, LLC
Miami, FL
Submitted by Frank LLosa on February 8, 2010 - 2:45pm.
Yep. Kinda like the 80/20 rule where 80% of your business will come from 20% of your clients. SO fire the rest and focus on getting more like the 20%.
Frank