We see this a lot. Try to avoid these mistakes in ramping up your real estate career:
ONE: Getting Ready to Get Ready Syndrome
Getting ready to get ready to get ready. Filling day after day with all the little stuff like your website, your logo, the perfect flyer, your technology, social media, tweaking that great listing presentation your broker gave you. And yet you did not talk to a single person about buying, selling or investing in real estate. At least not today … there’s always tomorrow! Yikes.
Jump in with the things that matter the most … you’re in the business of talking to people about real estate. Hold yourself accountable to a few basics (ike having 10 conversations or follow-ups every day and do these things first. Everything else can be done in the afternoon or later or maybe not at all.
The getting ready to get ready syndrome runs on a scale that looks something like this:
Getting ready to get ready ………. Ready aim fire ………. Fire fire fire!
Think of that as three different groups on a scale. Where do you fit in? What is your natural tendency? If you have a strong corporate background or an engineering or accounting background or you lean towards being a perfectionist, you’ll relate to the getting ready to get ready group. If you are a super go-getter, the person who jumps in to the pool without testing the water, you’ll relate to the fire fire fire group. And many are in between. Which group do you think makes money the fastest? You got it … the FFF group.
If you’re in the FFF group, keep this in mind: you MUST ask a lot of questions because there is a high likelihood that you will have a client before you know what you’re doing or before you’re ready; it’s your broker’s job to help you with this. If you’re in the GRTGR group, then we need to push in in to the middle or you may never get out of the starting gate.
TWO: Time Blocking for Lead Generation
Managing your time for the most important things. For you to have a successful start to your real estate career, you need clients fast. The pros will tell you 2-3 hours a day, 5 days a week of lead generation and lead follow-up. Here’s the practicality of it: you have it market as a repeat time-block in your calendar AND you actually honor your calendar.
Keep tally. If it’s 2-3 hours 5x per week, that’s 10-15 hours per week of this key activity. Keep it simple … every day, how many hours and how many conversations and how many leads or people added to your database. Nail this right away and you’ll get results faster than everyone else.
THREE: Practicing on Your Clients
Let’s say the average home price in your market is $250,000. A 3% commission on that house is $7,500. Or a $333,000 home is about a $10,000 commission. Or do your own math. So can we agree that a mishandled objection or conversation or phone call could cost you $10,000? It’s a nice round number to push this point home.
Don’t practice on your clients or your first leads. Put the time in for practice and role play so you can build your confidence and come across as a pro.
We recommend an hour a day, so five hours a week, of practice and role play for first year agents. You’ll practice what to say for the most common questions and conversations and you’ll practice your buyer and your seller presentations. Go over it and over it and over it and over it … sound and feel like a pro faster than everyone else.
Treat every conversation as if it’s worth $10,000 and you’ll start putting in the hours of practice required to get it right.