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This post was updated Aug. 21, 2023.
Knowledge is power, and applying what you learn can radically change your business for the better. The more you grow your knowledge and understanding of the real estate industry, the more your business will typically grow — and the more your income will grow.
The following 11 understandings, when acted upon, can elevate your business to the level of your dreams.
1. It’s not about you
This business is not about you. It’s not about your vanity ads proclaiming you’re No. 1. It’s not about your G Wagon or your flashy watch. It’s about the needs of the buyers and sellers.
It’s about answering the questions they have about the process. It’s about giving them the confidence that they can navigate the homebuying or selling process smoothly. It’s all about them.
The second your focus shifts from your wants and needs to theirs, the trajectory of your future business changes for the better.
2. Relationships are greater than transactions
Transactions are vital for short-term survival, but relationships are the catalysts for long-term success.
Here are a few ways to turn transactions into long-term relationships:
- Communicate consistently throughout the buying and selling process
- Show your appreciation by saying thank you and providing a personalized closing gift
- Stay in touch after the sale and check-in regularly
When we focus on building better and deeper relationships, transactions always follow.
3. The more you know, the more you grow
The more you study this business, the more equipped you will be to serve your clients. The better you serve your clients, the bigger your business will grow.
Here are a few ways to expand your knowledge of this business:
- Study more articles about best practices
- Follow agents in other markets and model your client communication after the best agent communicators you find
- Use the power of YouTube search to find real estate experts that you can learn from via video
The more you grow personally, the more your business will grow.
4. You are a marketing company that happens to sell real estate
Your success or failure in real estate is less about the houses and more about how you are perceived by buyers and sellers in your market. That perception is a direct result of your marketing or lack thereof.
How consistent are you at posting on social media? How well can you tell the story of a home you list? How much valuable content are you producing on a weekly basis? The answer to these questions provides clues as to what your future business will look like.
Focus on improving the quality and consistency of your marketing. By doing so, growth is imminent.
5. Your vibe attracts your tribe
The attitude you have and the way you present yourself to clients will attract your ideal clients and deter the ones that you should not pursue. This is where social media messaging and authenticity play a large role in your development as a top-producing real estate agent.
Be yourself, and you will attract your ideal clients.
6. Video is a must
Real estate video is no longer an option but a must. Understanding how to shoot a video walkthrough for a buyer, how to host a virtual open house, and how to use short-form video on social media are now essential for real estate agents that want to see their businesses grow.
Are you still worried about how you will look or sound on video? You’re not alone. Those are the same feelings every person feels when they begin producing video content. It does get easier, and the agents that push through that initial discomfort find success.
The time for you to go all in on video is now. Growth and comfort cannot coexist. Choose wisely.
7. There is no such thing as a past client
Have you ever thought about how bad the term “past client” sounds? When the word past is used, it usually infers there is no future. The only time you might hear a doctor use the term past patient is if the person died. Yet we use the term past client almost exclusively in our industry.
Real estate clients should be clients for life. They should be nurtured with consistent, value-added emails, texts and check-in calls. Their relationship should be valued and honored. In healthy relationships, past experiences, current events, and future endeavors are equally important.
Focus on deepening relationships, and the future with your clients will be even brighter than your past successes with them.
8. Leads are a 3-step process
Most agents focus on lead generation, not realizing that success with leads is a three-step process. The process involves generating the leads, nurturing the leads, and converting the leads. Each part of the process is important if a real estate agent is going to find success.
Lead generation is important because if no leads are generated, then no sales can happen. What most agents don’t understand is that the average incubation period from online lead generation to lead conversion is between six to 24 months, according to BoomTown.
Understanding this, the second step of nurturing the leads during the incubation period is critically important. This leads to the third step, conversion. This is the process of guiding them into and through a successful transaction.
When you focus on all three steps, leads become clients.
9. The money is in the follow-up
Follow-up plans for real estate clients and real estate leads provide the opportunity for higher conversion rates and to remain top-of-mind when the opportunity arises for them to send you a real estate referral.
Here are a few eye-opening statistics from HubSpot:
- 80 percent of sales require 5 follow-up calls or more to reach the client
- 60 percent of customers say no 4 times before saying yes
- 48 percent of salespeople never even make a single follow-up attempt
- 44 percent of agents give up after one follow-up call attempt
If there is one thing I see successful agents do and unsuccessful agents not do, it is follow-up. Make the extra calls, stay engaged with the prospects, and you will have more sales.
10. Consistency is key
Consistency is the leading indicator of future success. If you consistently make your calls, you will generate business. If you consistently farm and add value to a neighborhood, you will generate listings in that neighborhood. Consistency shifts the question about your success from if you will succeed to when you will succeed.
Consistency is controllable. You decide whether you will be consistent or not. Your consistency builds your confidence, and that confidence leads to success.
11. Platinum is better than gold
The golden rule says to treat others the way you would like to be treated. But the platinum rule says to treat others the way they would like to be treated. Choose the platinum rule.
The platinum rule was popularized by Dr. Tony Allesandra in his book by the same name. Focusing on the client’s desires always produces the best results. Stay focused on their needs, and all your needs will ultimately be met.
This article started with “knowledge is power.” But knowledge without action is useless. The marketplace needs what you have. Don’t keep your knowledge to yourself. Double down on your efforts to share your knowledge of this business with as many people as possible. If you do so, you’ll be amazed at how big your business can grow.