Real Estate Success Begins With A Production Focus
Regular readers of this blog know that we focus on the traits that drive top real estate agents to success.
One of the most important traits is a single-minded belief in the importance of production. By production, we mean activities directed at generating more income every day.
Top-producing agents know they need to stay focused on critical production activities such as:
- Lead generation
- Lead follow up
- Handling objections
Production-minded agents know that transactions and revenue will continue to flow if they are in a lead-generating mindset. They know they need to keep their business pipeline full to overflowing. Most top performers spend anywhere from 70-80% of their time each year (day, week, month) on the above production activities.
Like so many aspects of business, the steps you take to achieve this success aren’t rocket science but require your dedication and focus. Here are our suggestions that, if followed, will assist you in bumping your business to multiple listings per week.
- Establish high standards for yourself. Top producers typically know where they are relative to their goals. They know it’s critical to constantly be tracking their numbers. If their results aren’t where they want them to be, they move into assessment mode to figure out what needs to be changed to get back on course. They don’t hesitate to look in the mirror if their numbers aren’t tracking as expected. Then, make adjustments midstream to get back on track.
- Focus on listings. This is our oft-repeated mantra, but we don’t mind repeating it to ensure it sinks in. Real estate success most often lies with being a listing agent. Listing agents tend to have greater control over their time and generate more significant income than buyer agents.
- Remember that real estate is a “contact sport.” Top producers devote daily time to prospecting leads, especially Vulcan7’s INDUSTRY-BEST LEADS. They keep calling in order to “offer their services” as many times as possible each day. Note the purposeful use of words in the previous sentence. Top performers tend to have a service mentality instead of a sales mentality.
- Package your expertise. Customers want to know you aren’t a rookie, so create your own presentation to showcase your strengths and prove you are the right agent to earn their business. This means your presentation, be it a super-smooth PowerPoint or old-school print, should instill confidence in your abilities. Top tip: Ensure the presentation is customized to the prospective client you are seeing. Keep some boilerplate about your experience and couple it with information about the client, their property, and their market.
- Listen. Top producers know that effective listening is the key to success. While you want to sell yourself, listening more than you speak is the best way to do it. Use your customer service skills to draw out your prospects: Get to know them. Ask them why they chose their current home, why they are selling, and what they are looking for in their next house.
- Stick to a routine. Top performers commit to a schedule of daily lead generation without fail. They know that honoring their daily prospecting schedule is the best, most proven way to keep their pipeline full.
- Minimize distractions. Our world is filled with distractions. It’s very easy these days to allow distractions to take over any well-intended schedule. Production-focused real estate agents have the kind of self-discipline that helps them to manage distractions. When it’s time to work the phones each morning, these agents know how to block everything out so they can focus on the job.
- Top producers hold themselves accountable. Top performers will likely have accountability partners: coaches, role-players, and mastermind groups. Of course, they need to be responsible for themselves, as well. Whatever the mix, always remember that accountability often translates to continued success.
If you’re not spending 70-80% of your time on production (money)-focused activities, do you need to look hard at your priorities? Where are you putting your focus?
If you’re mired in administrative (mainly transactional) details, maybe you need to hire a part-time admin to handle those details, freeing you up to earn the money you were meant to earn.
As we enter the final two months of 2023, it’s the perfect time to look at your own habits and activities. Are you doing everything possible to maximize your production output? If not, you have time to make the necessary adjustments to set yourself up for success in 2024.
In this post, we review a few essential strategies to…Read More