7 Tips for Real Estate Success

Vulcan7 recently shared seven tips for success in the real estate business. We thought we’d reproduce them for readers of our blog:

1. Accountability: As we continuously remind readers of this blog, prospecting is the key to achieving your goals. To that end, regular, systematic lead generation with accurate data on expireds and FSBO “now” opportunities is a solid strategy to drive revenue growth. Therefore, it is critical that you designate and, more importantly, HONOR your time for prospecting every day. For most top performers, mornings tend to work best. But the time of day does not matter as much as your commitment to honoring whatever time you choose to prospect. One of the best ways to honor prospecting time is to work with an accountability partner on an ongoing basis. A brief session with a trusted partner is often the perfect way to get your head in the game for prospecting.
2. Mindset: Related to #1, you need the right mindset to be at the top of your game. That’s one of the reasons role-playing is a proven strategy for top performers. The more you practice, the more comfortable you’ll be when you’re on the front line calling prospects. An important element in practice and role-playing is to work with solid real estate scripts, especially those that cover the basics for overcoming the inevitable objections that come with the territory.
3. Listen: Great sellers know how to pull back and listen carefully to what their prospects are saying. By listening and playing back what you’ve heard, you can gather deeper insights into the homeowner’s motivation to sell. By understanding their motivation, you can confidently APPLY for the job of listing their home. Never forget how important it is for people to be heard. This is especially true for homeowners contemplating one of the most important financial decisions of their lives.
4. Build your database: Of course, not everyone you contact is going to be ready to “sell now.” That’s why it’s critical to capture the homeowner’s data to stay in touch on a regular basis. To that end, you might ask the following question: “We’d like to keep you updated on what’s happening in your market and neighborhood. What’s the best email address to use?”
5. FSBOs: Remember that 9 out of 10 FSBOs nationwide fail to sell, and most of these homeowners list with an agent within four weeks. Obviously, these sellers are motivated by their bottom-line proceeds and initially assume they will keep more of those proceeds without paying a real estate agent’s commission. Be ready with your stats! Show the seller that agent-represented listings sell faster, at a higher rate, and at a higher price. In this equation, make it clear that an agent-sold property more than offsets the commission in the final proceeds.
6. Expired listings: Keep in mind that 40% of homeowners with expired listings relist with a new agent within 30 days. The other 60% take a break before choosing a new agent. Top-performing agents know that calling early and showing persistence yield superior results over time. The homeowner will respect your passion and willingness to earn their trust…and their business. Importantly, DON’T discount older expireds. Many agents know that these old expireds appreciate the fact that you remembered them and their property. Old expired listings represent a significant revenue opportunity for any agent.
7. Emulate success: If possible, shadow a high-performing agent to understand what drives them. Watching someone at the top of their game can inspire you and also create momentum for your own lead generation efforts. Set your goals high, study what has worked best for you, and, as mentioned above, be consistent in your prospecting program. In fact, never stop prospecting, even if your pipeline is full. And, finally, remember to ask for referrals from your satisfied clients.

Additional Strategies for Real Estate Success

Beyond these seven core tips, there are several additional strategies that can accelerate your path to becoming a successful real estate agent:

Be a Listing Agent

There’s an old saying that “buyers take time, listings take skill.” The top earners in our industry are nearly all listing agents. It’s the fastest, easiest way to generate revenue, hands down.

Embrace Rejection

To be a listing agent is to call leads every day, and to call leads every day is to experience constant rejection. Great agents use rejection as a game. They know that many rejections mean they make lots of calls, which eventually translates into lots of money.

Know Your Numbers

Write a business plan, and always know your numbers. How many calls do you need to make each day to get the number of listing appointments you need to get the listings you want? It’s all about the numbers.

Stick to a Routine

Every day should look the same. Get up at the same time, role-play at the same time, and start calling at the same time. Consistency creates momentum.

Take Care of Yourself

Get plenty of rest, eat healthy, work out, meditate, and play with your kids. It takes lots of energy to do the things above. That’s why you need to have balance in your life. You need to do things that energize you to move through your day.

Celebrate Your Victories

Reward yourself, even for the smallest accomplishments, like meeting your daily call goal. We need positive reinforcement to remind us that what we’re doing works and is rewarding.

The Bottom Line

If you’re working with Vulcan 7, you’re lucky to have some of the best tools in the real estate business at your disposal. If you’re not currently a Vulcan 7 client, CLICK HERE to learn more. Either way, by embracing these strategies, you’ll be sure to set yourself up for success moving forward. Good luck!