THE Consumer Credit Expert Doc Compton is my guest this week on Success From Scratch.
Doc is passionate about consumer advocacy. He talks about his book Credit Read In 5 Simple Steps and how it can help consumers, agents and anyone looking to make any type of major finance purchase.
Watch today’s episode and learn more about your credit.
“You’ve got to know, you’ve got to educate yourself and there’s a number of ways to do that.”
– Doc Compton, Consumer Credit Expert
Kristine Edens and Nita Advani our my guest this week on Success From Scratch. Both are newer agents to the industry who share how having a mentor was critical to their success. Kristine and Nita each have different approaches to the market, yet both explain how an experienced mentor – who helped them build confidence – enabled them to achieve their first transactions in less than 90 days.
“Don’t look back and say I should have.” – Nita Advani, JP and Associates REALTORS®
“Just keep moving forward.” -Kristine Edens, JP and Associates REALTORS®
Need a coach? Take advantage of our free consult at JPARCoaching.com
We are on a mission… a mission to create the most productive brokerage network in the world. That requires transformation… I was thinking, wouldn’t it be cool if it was as easy as the type of transformation Clark Kent goes through when he becomes Superman, or when Diana became Wonder Woman?
Here’s what I know, to achieve all of our dreams some type of transformation is required. And unless you are blessed with superpowers, transformations don’t happen in isolation. If you’re stuck, get in a small group. If you’re on track get in a small group. If you’re crushing it I suspect you’re already in a small group. None of us will transform without the power of being in a like-minded mastermind group where you can share, discuss, challenge and get some accountability.
Consider starting or joining a group this week. Don’t know what to discuss? Consider these possible themes:
6 guidelines for business transformation. 1. Let the consumer drive your direction; 2. Decide what type of transformation you need; 3. How to involve your team, vendors and support network; 4. How to say NO to the comfort zone; 5. Being open, listen to others and be prepared to change as conditions dictate and 6. Best practices to never stop… never stop with a continuous improvement mindset (make it better, make it better, always make it better).
The JPAR quarterly review or business planning templates and how you plan to close the year strong, fully prepared for 2019.
Possible Topic About Marketing:
As you think about closing the year strong and starting the year fast I’d ask you to consider content-based marketing.
Content-based marketing is about marketing your real estate services based on the consumers intent to engage.
Marketing to the consumer’s intent is expected to produce a better ROI over more traditional methods, mostly due to specific targeting and higher quality responses.
One idea you could execute would be white papers that you hire out Fiverr or write yourself along with an associated “push and target” distribution campaign to drive leads. Examples:
4 reasons to sell and buy in Flower Mound
6 ways to increase the value of your home in Frisco
7 things I bet your real estate agent never taught you about Austin real estate market
Many social media companies allow you to target a likely seller or buyer by way of geographic area (ex. 10 mile radius from a property), age (ex. 35-50), income (ex. at least $50,000 and less than $80,000), and even credit score (cool, right?). And others like SmartZip offer predictive intent based tools for the modern real estate agent.
So there you have it – at least 3 major topics to get started on in your small group. When will you begin?
Every picture tells a story, and that’s true of today’s blog post photo. Take a look… that image just may have hit home for you as it did for me.
I have few regrets… yet recently I happened to be in a business meeting where we moved the chess prices around the board yet did not address the true underlying issue. Instead, I chose the path of least resistance… the path of comfort instead of the harder truth. Conflict was avoided yet so was the real growth opportunity. Can you relate to a similar situation in your business or life?
While comforting lies can be, well, comforting, they won’t help us get through a challenging situation in a way that serves our mutual best interests. Comforting lies won’t help you grow. So, if your desire is to be the best version of you, switch the line you’re in. Move from the easy line of comfort to the more challenging line. The unpleasant truth will equip you with the feedback to make the best next step. The next best course of action given your circumstances, desires, and dreams.
As a mentor, coach and consultant here’s what I know: “a coach is someone who tells you what you don’t want to hear, who has you see what you don’t want to see, so you can be who you have always known you could be.” Let’s be that person this week for all the people we influence.
The focus of my coaching is to help team leaders and agents just like you not just sell more but to learn how to think more like business owners, more like the CEO of your operations. So, you have a business that runs vs running you.
What’s the number one way to crush it in real estate? Build a scalable business and manage your time like a Jedi master. Earlier I wrote about a system that will produce 50 transactions a year, you might want to review that again.
One of the largest differences I see between agents that are CRUSHING IT and those that are inconsistent is that CRUSHERS are masters of time management and of creating scalable processes.
So how can you be more productive and stop doing the things that aren’t important, so you can focus more on money-making activities (MMA’s)? You see, we all know it is so easy to spend each day playing “whack a mole” and constantly going from one problem to the next. Or we can make another choice, and create systems, structure, and processes to minimize those problems from occurring, to begin with.
Getting systems and processes in place to handle your daily work lets you handle more volume where it matters and prevent the issues that spark the fires. Whether you’re a solo agent or the leader of a team, you need these. They are not optional — unless your goal is to be mediocre and spin your wheels every day. There are technologies to help automate things like customer relationship management (CRMs) and transaction management tools. Your online and digital marketing strategy can move you from frequent door-knocking to having leads coming to you. The client management side of your business can be simplified by creating productive methods and checklists ahead of time.
Utilize a system that helps you manage a large number of contacts without dropping the ball — that’s your CRM. Optimize platforms that allow you to generate leads without having to buy each one — that’s your marketing. Use tools to help ensure that your contracts and files are precise and correct every time — that’s your transaction management system. Build a strong team of players whose skills offset and augment your own, but never outsource your own core competency – which typically is becoming a hyper-local expert (the HUB of your area), prospecting, lead generation, appointment setting, and negotiation. Those that are crushing it don’t try to do everything yourself. Pay people to do the things that are important but that you’re not good at — e.g., errand runners, photographers, copywriters, transaction managers, graphic designers. Schedule time with each on a regular basis so you’re working with them proactively and not just when there’s a fire to put out.
I understand the challenge: You’re so busy running the daily tasks that you simply feel like you don’t have time to step away. No time to step away, no time to look at the big-picture things, if that is how you are feeling you might want to watch this. Here is what I know, if you block off one hour to focus on one thing that moves you off of the hamster wheel and onto the road, that hour will pay you back in multiples. An hour setting up workflows in your CRM will help keep your future deals on track. An hour writing a checklist for your photographer will save you time on every future listing. An hour training your assistant (transferring skills) to handle something that isn’t the best use of your time frees you up every time they handle that task from now on. You might want to look at the white paper we wrote on the value of your time… complete that exercise now.
Think about it, if you don’t block off time to systematically work toward running a scalable business, you will be chronically stuck in scramble mode. You’ll never feel caught up, you’ll never be able to see what’s possible for you outside the daily grind. A big difference between agents who shine and the ones who struggle are that the former is incredible at managing their time and staying focused on what really matters, and the latter isn’t.
We’re all limited to the same number of hours in a day. Let’s all use them wisely this week.
How would it feel if you could help 50 families buy, sell or invest in real estate every year?
A system will produce what a system will produce… nothing less, nothing more. So I’m curious, what is your system producing for your business? Are you happy with that result or do you want more? If you want more, read on.
Are Your Systems Producing Reliable Results?
Let me clarify. For some of you reading this blog, losing weight might be an example you can relate to. Losing 10 pounds is a GOAL. Changing the way you eat for life is a SYSTEM. Many of you have a goal of helping 20 or more families buy, sell or invest in real estate this year. That is a GOAL. What systems do you have in place to ensure that outcome?
So let’s review first why you need systems in place. Unless you are a hobbyist in real estate, you’ll need systems for:
- Consistent quality – for you, your clients and your partners.
- Simplifying your workload – like a checklist for a pilot, you don’t have to always guess what needs to be done next
- Saving time – less time wondering what to do and more time doing it
- Highlighting inefficiencies – with the right systems in place you can see what’s working and what’s not
- Growing your business – serve more people, make more money
As a real estate broker and later as a real estate business coach, I’ve seen, reviewed and put into practice virtually every system out there. In my current view of the business, the perfect place to start is with Gary Keller’s three L’s from The Millionaire Real Estate Agent: Leads, Listings, and Leverage.
Next-level agents – those that run their business as a business – implement real estate systems to handle each of the three L’s. Let’s dig in.
Leads are the lifeblood of your real estate practice. Without leads, you have no clients and no deals. Systemizing your lead generation and conversion processes will result in more clients and more successful transactions. One such system is outlined in The Millionaire Real Estate Agent, which outlines a system to move prospects from your outer circle to your inner circle.
In the book, we learn 2 prospecting categories and 11 marketing categories to choose from and implement. Exploring all of them would spread you too thin, yet having a plan to start with one and “add one” each quarter is a solid process to build a strong real estate practice.
Lead systems include:
- Eight by eight – everyone you meet goes into a campaign with the purpose of establishing a relationship. Once a week for 8 weeks you make some type of meaningful contact. Text, follow up call, email, social media direct message, handwritten note. Get creative and systematize it.
- Thirty-Three Touch – everyone you know goes into the 33 touch program. 18 touches via newsletter, cards or drop-offs; 8 thinking of you touches; 3 telephone touches; 2 birthday touches (both partners); 1 touch each for a special holiday. Get creative – old media and new media – and systematize it.
- Twelve Direct – for those people you have not met in your target market area. 12 direct contacts a year. Get creative and systemize it.
Move Prospects From Your Outer To Your Inner Circle.
Your business is just math – depending on market conditions, your skills and results you will need to increase or decrease your formula:
For every 12 people on your “met” contact database – when you follow this system – you can reasonably expect to net 2 sales… either a direct sale or a referral for a sale. Do you want to do 5o sales this year? Then a solid database of 300 people using this system can produce that result.
For every 50 people in your “not met” database you can reasonably expect 1 sale. You want to do 5o sales this year, then you’ll need 2,500 people in your not meet database.
If you want to run an efficient real estate business, focus on gaining more listings, not more buyers.
Listings require less time and allow you more scheduling flexibility… you don’t have to work around the clients’ schedules nearly as much as with buyers. You can also be more confident in your ability to collect payment as a seller’s agent than as a buyer’s agent. We’ve all had buyers cut us out of a deal at one time or another. And even with a buyer’s brokerage agreement, forcing payment of commissions can easily get contentious. It’s a headache you just don’t need.
One of the best resources I’ve run across for a listing system is Hoss Pratt’s book LISTING BOSS
So work with well-qualified, sense-of-urgency buyers, but focus your efforts on earning listings from sellers.
Listings systems include:
- Creating Home Value and Neighborhood Activities campaigns
- Listing presentations: what can you show prospective sellers during your listing presentation that will distinguish yourself from your competition and help your sellers feel comfortable contracting with you?
- Staging: how will you help your sellers stage to sell?
- Property marketing: how will you promote your new listings? In our market, your marketing needs to be like the new home builders.
- Client communication: when and how will you be in touch with your sellers while the property is on the market and under contract?
Leverage is all about finding and utilizing resources to help you scale your business.
Perhaps you could spend more time landing more listings if you hired a transaction coordinator to manage the paperwork for your pending deals. Or you could spend more time on income-generating activities if you hired an assistant to handle the administrative aspects of your practice.
Leverage your resources to help you serve more clients and increase your revenue.
Leverage systems include:
- Assistants: what tasks can you delegate to an assistant (as an employee or even as a freelance virtual assistant)?
- Buyer agents: as your business grows, you may find you need a designated Buyer’s Agent to handle your buyers.
- Automation software: can some of your tasks, like social media posts or email campaigns, be handled by automation software?
- Your CRM… without a solid CRM and CRM process you are not in business you simply have a hobby.
Feeling overwhelmed? Good, that’s the place where all growth begins. Break it down into small chunks and get started today. If you have not read my article Delegate, Automate or Eliminate, now would be a good time.
Need a business coach? Schedule a consult with us today.