Almost every agent would prefer a referral-based business. Realtors know that the most profitable lead – and the one with the highest probability of closing – is the referral. The challenge, however, is that you must have enough clients and/or people in your center of influence (COI) to generate enough referrals to support a referral-based business.
Most agents, especially new ones, don’t have a big enough COI. This realization can often hit hard and without warning. In fact, it likely happened to you. After you’ve sold your family and close friends, you suddenly realize there are no deals in your pipeline and you’re not going to get paid for the next 90 days. Now what?
What top producing agents understand is that consistent lead generation is the key to a successful business. They delegate the non-income producing activities of real estate and focus solely on income-producing activities.
New Listings Are The Lifeblood Of Your Business
Real estate is hard. Many agents believe they must wear all the hats: professional marketer, web designer, search engine scientist, objection handler, price negotiator, contract interpreter, property finder, stager, therapist, accountant and more.
Know that to be successful, the only hat you must wear is lead generator.
In this case, a lead is defined as someone who is going to buy or sell real estate in the next 90 days. Lead generation is the method you use to find the lead. Prospecting for leads is hard work, and if you don’t get immediate results, you may be inclined to quit. Consider this: prospecting is not about persuading unmotivated homeowners to sell; prospecting is about finding motivated homeowners to list their home to sell. The low hanging fruit – your center of influence, for sale by owners, and expired listings – are proven methods for generating business. The next level is circle prospecting, which has become a successful alternative with the advent of predictive analytics because it is easier to identify homeowners that are considering selling before they’ve even raised their hand to list.
Delegate Non-Income Producing Activities
If you want to be a top producer, focus on lead generation and income-producing activities and delegate non-income producing activities such as:
- Designing marketing materials, including your logo, website, social media posts, photos of listings and any material you use to promote yourself
- If you can afford to, also delegate entering listing details in MLS, writing contracts, CMA’s, broker forms, attending inspections, pacifying sellers, and driving buyers around
And avoid time-sucking activities such as debating on Facebook, looking at Instagram, posting on Twitter, etc. In addition, respond to email outside of time blocks.
Focus on Income-Generating Activities
Top producers dedicate their time to income-generating activities, including:
- Internalizing scripts. First thing in the morning, practice your scripts. Know them inside and out. Find a role play partner.
- Perfecting closing skills. Practice your objection handling. There’s only so many objections. Learn to handle them. Again, find a role play partner.
- Joining a mastermind group, participating in coaching or finding a mentor. Real estate is tough because the competition is from within, meaning the other agents in your office are your competitors. Find a group outside your office. Never stop learning.
- Working your COI. You’ve got to train your Center of Influence to feed your business.
- Block out a time every day to call for sale by owners, expired listings, and neighborhoods.
Real estate is challenging but it’s also relatively simple. It’s a front-loaded relationship business, meaning if you prospect and build your COI, you’ll be rewarded for years to come.
ArchAgent believes the most successful real estate agents are listing agents. Our likely to list analytics provide an endless stream of new listing opportunities, regardless of market conditions. To be the best, become an ArchAgent.
Steve Cortez is a seasoned real estate professional with decades of experience and owner of ArchAgent. ArchAgent brings together the tools and resources the country’s top real estate agents rely on in a single package for a low cost.