Many real estate agents get bombarded with the minutia and details of the real estate business. Understanding and working through the details is crucial. However, it’s good always to remember the critical results areas to drive revenue for real estate success.
- Lead generation
- Lead follow-up
- Contract negotiation
- Role play — sharpen your saw
In working with agents for over a decade now, I’ve seen the following five mistakes made by some of the most successful agents.
1. They don’t time-block and focus on lead generation
I’m sure if you’ve been in real estate for more than five years, you are sick of hearing the words time-block and lead generation. However, it’s just that important.
Make it a priority for a minimum of two hours a day — no matter what — and watch your business multiply. If you are starting to dread lead generation, switch it up and have some variety throughout the week.
Split your time among calling past clients, current referral sources or maybe even seeking out new referral sources. Get out of the office, and lead generate.
Attend a new networking event, rotary or start your own mastermind group to get some fresh new contacts. I recently wrote an article for Inman about turning each sale into a referral — find out how here.
2. They don’t follow up properly
Follow-up is pretty self-explanatory, but it’s crazy how many people either don’t follow up with potential leads or become fault to the biggest mistake people make in running a referral based business: failing to thank and follow up with the referral sources. Let your referral sources know how the opportunities they have sent your way are working out.
Have a system for the leads. Put them in an excel spreadsheet or database. Make time to call through and follow up with all of your leads each week.
3. They don’t leverage their time
This can make it difficult to be 100-percent focused on your appointments. Make sure you have systems set up to be prepared, be totally focused and properly follow up.
Don’t rush on the day of your important listing presentation to put together comps and details on listing your prospect’s home. Put the time in your calendar to prepare for the appointment the minute after you set the appointment with the client or prospect.
Have a ritual for preparing and wholly dedicated to your upcoming appointment. You can do breathing exercises, mantras or listen to music to get in peak form and ready to serve.
Immediately after the appointment, take a minute and reflect on the conversations. Set proper follow-up in your calendar to do what you say you would do for the client. Then move on to the next one.
4. They spend too much time focusing on the wrong things
Win-win or no deal is a great way to have the proper mindset to serve others. Keep things simple. Put yourself in the others’ shoes, and figure out how you can make things a win for them.
Listen. When you listen and pay attention, you will hear things that can help you and your clients win. Read “Fierce Conversations” by Susan Scott. Learn conversations that can change the trajectory of a career, business, relationship or life.
5. They don’t spend enough time sharpening their saw
Your business will only grow to the level that you commit to growing it — both personally and professionally. One of the biggest things both new and experienced agents don’t spend enough time on is professional development.
When was the last time you rehearsed your listing presentation or practiced some of your phone scripts? There is great free content out there. Study it, and learn from the best in the industry.
There are over 200 tasks that agents do on a weekly basis. Focus on the core five tasks to drive revenue: lead generation, follow-up, going on appointments, negotiating contracts and professional development.
If you find that you just don’t have the time to get these things done, look to hire a transaction coordinator or administrative person to help you focus on the key results areas that drive revenue. Set your goals, and execute.