The field of real estate sales in the new millennium will continue to change even faster than it has been changing in the last five years. We are going to see our industry go through dramatic transformation via the Internet and consolidation of agents and companies. Take the necessary steps now to ensure your future. Many believe that the new technology will drive agents out of the business. My belief is that it is only speeding up the inevitable. I want to share with you three disciplines that will enable you to weather the changes in the real estate industry.
The first discipline is know the value of time and schedule your time. Knowing the value of your time and scheduling should encompass your whole life. Your personal life must be factored in to create balance. I have seen far too many agents sacrifice their family to achieve a production goal or certain amount of commission earned. When they finally reach their goal, they have no one to share it with or they realize what little importance that goal has compared to their family. I have a friend who tragically lost a child and now is reflecting on the years of decisions made for the sake of a few plaques and personal production goals. She is one of the most successful agents in North America. Those plaques or even the money earned are little comfort to her at a time of great sorrow. What a hollow feeling for that highly successful agent!
The schedule should encompass the "time block" system. By time blocking I mean to schedule specific time for each daily activity in real estate. Schedule time to prospect, qualify buyers and sellers, negotiate contracts, return phone calls, listing presentations, and show property. The better you "time block" the more effective you will be. The more that one adheres to the schedule the more success one will have in sales. Remember to allow for a little "play time" or "flex time." You will need some time to relax and decompress. This relaxation will enable you to stay focused and sharp during the "up time." To give yourself 15 minute "flex time" every two to three hours should be sufficient to break the tension or catch up so you stay "time blocked."
The second discipline is to prospect daily. There are as many ways of prospecting, as there are people. The key is you must do something daily to bring in the business. You can prospect via the phone or in person. You can prospect expired, FSBO, cold call, apartments for buyers, investment properties, your sphere, and out of area owners. The list is truly endless. The truth is that if we are not spending a minimum of one hour everyday prospecting for new business we will have difficulty during stretches of our career. Even calling you're past clients and asking for referrals is an excellent way to prospect.
Often when agents get busy, prospecting is the first discipline to be shelved. Their theory is I am busy; I do not need to prospect anymore. This is the time to pour it on. You have momentum, so keep going. The analogy I like to use is that if a plane is on the runway it takes a tremendous amount of energy to climb to 20,000 feet. Once the plane is at 20,000 feet it can throttle back a little and easily maintain its cruising altitude. If the plane throttles back completely, it will soon be back down on the runway. Do not throttle back in your prospecting or you will find yourself on the runway quickly. By continuing to prospect, you can then climb higher or do the same production in less time. Consistency in your prospecting leads to consistency in your paydays.
The third discipline is qualifying the potential client. I believe this is one of the most important skills an agent can learn. I see more agents make mistakes in this area than in any other. They are afraid to qualify people to the point of excluding them out. The whole goal in qualifying is exclusion of the unmotivated. If you do not become skilled at excluding out the unmotivated buyer or seller, they will waste your time. They will eventually drive you out of the business, both emotionally and financially.
The most valuable commodity you have in life is your time. We all have a finite amount of time here on earth. We do not even know the amount of time we have left. If we choose to work with unqualified, unmotivated, unloanable, unable to sell people too often, we are out of business. By properly qualifying all leads, you are saving yourself from putting them in your car or going to their house to find out they are not a lead at all. Spending five hours showing property only to find out that they are working with another agent, unable to buy due to bad credit, have no money, or are unrealistic of the value of homes today is a painful experience. Any one of these people causes us frustration and macaroni and cheese for dinner. Do not allow these people to control your business. The majority of the agents in our industry really need to strengthen this discipline dramatically. They allow their clients to be the CEO of their real estate sales company.
To all of us, leads are like security. If we have them, we feel secure and think that we do not need to find new ones. The truth is that a lead by itself has no value. What is the true value of your leads? What would someone pay you for all the leads you have? You can make them worth something to you and to your family by qualifying them well, and then setting appointments with the strong ones and throwing out those which have no value (most will fall into the latter category). Leads have little value warehoused in your computer. If you are not following up on them, chuck them. You can always create more leads. You can get more than you can handle. Why not choose to work with only the best?
To thrive in the new millennium, you need more than computer knowledge and a fancy web page. You will need the skills to be a champion. Champions know the value of their time, how to qualify a prospect, and the value of always looking for new business. Do not be misled by all the new gadgetry. Your skills and knowledge will always be the measure of your value to the marketplace. If you improve your skills and knowledge, you will improve your income, every time.
