Is it possible something as insignificant as one more activity could be the difference between having an average business and an extremely successful business? The answer is a resounding yes.
Ed Mylett recently released the book, The Power of One More: The Ultimate Guide to Happiness and Success. The book proposes you are closer to your goals than you think, and that by applying the principle of one more, you can achieve everything you’ve dreamed of having.
The following are seven “one mores” that can help you build the real estate business of your dreams.
One more conversation
Real estate-related conversations are the foundation of success for our businesses. The more conversations you have, the higher the likelihood of success.
So, could one more conversation a day really make a difference? Let’s look at the compounding effect of this principle.
Having one more conversation each working day, five days a week, and 50 weeks a year, would lead to 250 additional conversations for the year. If we use the industry average of 50 real estate-related conversations leading to one transaction, that means one extra conversation per working day could lead to five additional transactions for the year.
For this example, let’s assume your average sales price is $400,000. Based on a 3 percent commission rate, this average sale would generate $12,000 in gross commission. Also, for this example, let’s use an 80 percent commission split.
Based on these assumptions, each transaction would be worth $9,600 net commission to you, and the five additional transactions that could come from these 250 conversations have the potential to add $48,000 ($9,600 x 5) to your bottom line for the year.
The next level for your business could be just one more conversation away.
One more CMA
The agent that adds the most value to homeowners is rewarded with the opportunity to list more homes. The best way to add value to homeowners is by providing them with an updated valuation of their home. Providing one more CMA made an amazing difference in my business.
In the last quarter of 2018, which was my last quarter in sales before transitioning to my current position, I recorded and delivered an unsolicited video CMA to a homeowner each of the 72 days I worked during those three months.
Directly from those 72 daily unsolicited CMAs, I generated more than $11 million in listings. The power of one more CMA may be the most valuable daily discipline an agent can put into practice that will lead to more success.
You can read more about the unsolicited CMA strategy I used here.
One more open house
Very few strategies provide the opportunity for agents to come face-to-face with potential buyers and potential sellers more than open houses. Coming out of the pandemic, we are seeing record numbers of potential clients visiting open houses this summer. What’s holding you back from holding one more open house?
C.S. Lewis once said, “Most people don’t need to be taught; they need to be reminded.” This is your reminder that open houses work and that you should host one more.
One more coffee or catch-up meal
If you believe relationships are the foundation of a thriving real estate business, then focus on building more and deeper relationships. Relationships come through time spent together with someone, and meeting for coffee, breakfast or lunch is a great way to spend time with people who already know, like and trust you.
Investing time and effort in one more coffee catch-up with a past client is a great way to stay connected. Taking someone in your sphere of influence to breakfast or lunch leads to stronger relationships and increased chances for referrals.
Invest in going deeper with your existing relationships and their referrals will expand your business wider.
One more geographical farm
Farming is the foundational strategy for nearly all successful Realtors. If you don’t currently have a farm, now is the time to find your first farm and start adding value. If you currently have an area you are farming, why not add one more?
Geographical farming is a tried-and-true strategy for success in real estate and if you are looking to grow your business, adding one more farm area will lead to success. If you aren’t sure where to start or you’re looking for a step-by-step guide to farming, check out this article.
One more video
If a picture is worth a thousand words, a video is frame after frame and worth millions of words. Our ability to connect with clients and prospects via video is easier than ever before. These don’t have to be overproduced, professional videos. Simple videos shot from the camera on your phone can oftentimes be even more impactful than fully produced video content. Here are a few “one more” video ideas that can make an impact on your business:
- Recording your screen and giving a personalized, unsolicited CMA as mentioned above
- Sending a selfie birthday wish via text instead of on social media
- Sending a congratulations video for any special occasions that you might see posted on social media
- A video walk-through of a home just hitting the market to a potential buyer
- Posting a video walk-through of the home you are hosting an open house in to social media
- Recording a market update video that you email to your individuals or your database
Sending one more personalized video will deepen existing relationships and attract more ideal clients.
One more thank you
Maya Angelou once said, “People don’t care how much you know until they know how much you care.” Do the people around you or that you have served as clients know how much you care? Sending a handwritten thank you note or vocally thanking someone changes you and those around you.
Saying thank you creates an attitude of gratitude that has many personal benefits. What we focus on expands, and by focusing on who you are thankful for, you will find more people that are worthy of your gratitude.
Harvard Medical School says it this way: “Gratitude is strongly and consistently associated with greater happiness. Gratitude helps people feel more positive emotions, relish good experiences, improve their health, deal with adversity, and build stronger relationships.”
The Harvard report noted the last benefit as building stronger relationships. If I feel appreciated, I will do everything in my power to help the person that shows me that appreciation. This is also known as the law of reciprocity.
This law states that when people receive something, they feel compelled to return the favor. The best way people can help Realtors is by sending us referrals or additional business. Based on this information, whom can you show your appreciation for today?
Could everything you desire for your business and in your personal life simply be one more activity away? Make one more call, send one more CMA, host one more open house, add value to one more farm area, and record one more video. Make the effort to deepen your relationships through one more thank you or one more check-in meeting. Act on these promptings today and your business will be transformed.
Jimmy Burgess is the CEO for Berkshire Hathaway HomeServices Beach Properties of Florida in Northwest Florida. Connect with him on Instagram and LinkedIn.