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You don’t spend over three decades in this business without learning a few things. In this article, I’m going to boil down 31 years of experience into 11 brutally honest truths that can help you take your business to a whole new level.
It’s not about you!
The market couldn’t care less what you want or need. It’s not about you. It’s about the buyers and sellers. Clients are not concerned about your company awards. They want to know what’s in it for them.
Sellers want to know how your marketing plan will help them sell their home faster than if they list it with a different agent. They want to know if you have the negotiation skills to sell their home at the highest price possible and with the most favorable terms available for them. They want confidence in you as their listing agent.
Buyers want an agent who has an understanding of the local market from a trend perspective and all the homes that fit their criteria. They want someone with negotiating skills. They want someone who can be a resource for local service companies they may need during and after the sale.
When you get yourself out of the way and you focus on the prospect’s needs, your business can’t help but grow.
This business responds to effort
Your success and momentum in real estate are directly correlated to the amount of effort you put into the business. I’ve had agents tell me they don’t understand why another agent is having more success than they are when they feel that the other agent doesn’t know the market as well as they do. The reason they are more successful, the vast majority of the time, is due to the amount of action they are taking.
Momentum doesn’t just happen. If you aren’t getting the results you desire, it’s time to ramp up your effort.
Repetition removes doubts
Many agents don’t prepare for appointments. They don’t engage in role-playing or preparation for the opportunities they get through their efforts. They end up practicing on prospects. This is a recipe for disaster because when you aren’t confident in your presentation, the prospect knows it.
Your first listing presentation will never be your best. Your first time running through a buyer-broker presentation will be awkward. Take the time to role-play or practice your presentations. Repetition will remove doubts and bring confidence to your presentations. This will lead to higher conversion rates and more closed business.
It’s a numbers game
Real estate is an if/then business. If you do certain things, then you will get certain results. Simply put, the person who has the most real estate-related conversations always wins.
The general consensus is that on average, 50 real estate-related conversations lead to one transaction. With that in mind, if you want 24 transactions for the year, you will need approximately 1,200 real estate-related conversations for the year (24 transactions x 50 real estate-related conversations). This breaks down to 100 per month, 25 per week, or five per day, five days a week.
If you know your numbers and meet your daily goal for conversations, you will achieve your goal.
Association is everything
You will drift in the direction of the people you surround yourself with. Do you have a coach or mentor who is providing you a professional, outside perspective and fresh ideas? Are you attending mastermind or training sessions with high achievers? Does your current company provide training that prepares you to do more business?
If you aren’t getting the results you want from your business, evaluate your associations and adjust as needed.
Things won’t change unless you do
Change for the better doesn’t happen by accident, and your business growth will never outpace your personal growth. Are you improving physically and mentally? Are you learning new skills or ways to serve your clients at a higher level? How’s your attitude? Does it need an adjustment? Change begins with you.
Start by improving yourself, and your business will follow.
Double down on what’s working
Odds are you’re already doing the activities you need for additional business. You’re just not doing enough of them. The key to success is usually not a new prospecting method but rather doubling down on what already works in your business.
If you want more referrals, do more of what you did to receive your last referral. If you met your last buyer at an open house, host more open houses. Whatever it is that has worked or that is working in your business, double down on that activity.
Breakthrough comes from consistency
I’ve never seen an agent break through to success by making calls all day for just one day. I’ve yet to meet an agent who found success online by posting one Instagram reel or one YouTube video. I’ve not met a dominant geographical farmer who dominates a neighborhood because they sent just one direct mail piece to that farm area.
Breakthrough comes through consistency. Find a strategy you trust, and consistently execute on that strategy. That is the key to success.
Market share is gained during difficult times
When the market is easy, everybody succeeds. But when the market gets difficult, that is when separation occurs. Professional agents have the ability to stand out from the amateurs during these challenging times.
Trust is built through overcoming challenges, and professional agents build relationships during these times while others retreat. They understand that markets are cyclical and good times always follow tough times, so they keep working whether the market is easy or tough.
Is this market challenging? Yes, it is, but it is the exact market where you can gain market share that can change the long-term trajectory of your career.
You can’t always control the results, but you can control the activities
Our business is subject to seasonal and economic cycles. There are more opportunities in the spring than there are in the winter. There are more opportunities in times of expansion than there are in times of recession. There will be seasons where everything you do seems to flourish, and then there will be seasons where nothing seems to work.
You can’t control the strength of the wind, but you can control the setting of the sail. Stay focused in all seasons on building and strengthening relationships. When you focus on the activities, the results will follow.
There is a cost for anything worth having
There is a price and a sacrifice made for anything truly worth having. If you want a successful business, there will be seasons of sacrifice. You can’t build a large group of dream clients without dealing with a few nightmare customers along the way.
If there is one thing I’ve learned over the last 31 years, it is that the sacrifice and the cost we pay for success in this business are absolutely worth it. Focus on the relationships. Focus on consistently bringing value to the marketplace no matter what season we are in, and your success is inevitable.
