As we’ve often said in this blog, real estate success is not magical. While “selling” might come easier to some, consistent, on-going performance is typically driven by sticking to fundamentals.
Following are seven fundamentals that the team at Vulcan 7 has identified for long-term success in real estate:
Tip 1: Accountability, focus, and the power of the schedule.
Active, consistent lead prospecting is the bridge to get you to your life and business goals. Regular, systematic lead generation with accurate data on expired and FSBO “now opportunities” has been proven as a solid foundation for revenue growth. In this regard, it is important to designate and honor your time for daily prospecting (mornings, lunch, and 4-6 pm are typically the best times for prospecting, but you need to find the time that works for you). Also, identifying accountability partners increases your likelihood of continued success.
Tip 2: Start your day with a little bit of role-play
Indeed, practice makes perfect, and the best way to practice, and to keep fresh and focused, is by starting your day in role-playing exercises with a trusted partner. Work with your scripts, focusing on those that help you to overcome common objections. Role playing is a great way to help you maintain the proper mindset.
Tip 3: Listen carefully to homeowners
The best performing real estate agents have mastered the fine art of listening. The know how to uncover a homeowner’s motivation to sell. They also know how to listen for that moment when it makes sense to let them know that you want to apply for the job of listing their home.
Tip 4: Build your database.
Capture homeowner data, even if they are not now opportunities, and find ways to serve and stay in touch. Example: “We’d like to keep you updated on what’s happening in your market and neighborhood — what’s your best email address?”
Tip 5: Remember that 9 out of 10 FSBO’s fail to sell.
Most of these homeowners end up listing with an agent within four weeks. It’s important to recognize that these sellers are motivated by their bottom line proceeds. That’s why it helps to share data showing that agent-represented listings sell faster, at a higher rate, or at higher prices.
Tip 6: 40% of expired listings nationwide re-list with a new agent within 30 days.
The other 60% take a break before choosing a new agent. Call early, and demonstrate persistent follow up. Home sellers will respect your willingness to earn their business. It’s also worth noting that fewer agents call older expireds—which often represent a low-hanging opportunity drive revenue, because these homeowners might be endeared to you for remembering their home.
Tip 7: Set your goals high
Clear, concise and realistic goals are critical to success. Establish goals by studying what’s worked in the past. Be consistent. Keep prospecting when the pipeline is full, and encourage referrals from satisfied sellers. Shadow highly successful agents to keep learning and keep your momentum building.
If every real estate agent followed these simple tips, everyone would be top performers. But the good news for you is, the vast majority of agents DO NOT stick to these fundamentals. Which means the opportunities for you are endless.