I don’t know about you, but sometimes I get stuck. When you get stuck what do you do? Here’s one idea… to consider:
What will you regret more… doing it or not doing it? Asking yourself this question cuts through the fears, the pros and cons and all that other stuff that clogs the decision-making process. Asking this question can get you out of your head and into your heart, revealing what you truly want. And once you know that, the details sort themselves out. Any testimonials?
Research shows that more people regret things they didn’t do than the things they did, even if things they did turned out badly. After all, with time and effort, you can fix almost any mistake… yet you can’t go back and do the things you dreamed of doing but didn’t. That means you can only think about how today would be different if you had only taken action.
Take a moment and write down that decision you’ve been procrastinating about… the one thing you’ve been thinking about, the one thing you’ve been getting ready to get ready. And ask yourself, “what will I regret more… doing it or not doing it?”
Research shows, we most regret thinking we didn’t reach our full potential. We most regret not becoming the person we feel we could have become…if we only had tried.
I suspect this is the case because it is the one mistake you can never go back and fix.
Yet it is the one mistake we all can stop making today.
Think about this… it’s easy to imagine that superstars in their fields were just born better equipped than the rest of us. When a co-worker loses 20 pounds, or a friend runs a marathon while completing a huge project at work, we assume they have more grit, more willpower, more innate talent, and above all, more motivation to see their goals through.
Yet that’s not actually true. Inc.com columnist Jeff Haden proves “motivation” as we know it is a myth. Motivation isn’t the special sauce that we require at the beginning of any major change. In fact, motivation is a result of the process, not a cause. Understanding this will change the way you approach any obstacle or a big goal.
Read more about it here, The Motivation Myth
What will you regret more… doing it or not doing it?
Real estate has always been a huge part of Daniella Marnelli’s life. It was her first career, and it remains her calling today. She is also a wife and mother, and balancing it all can be a juggling act. But, Daniella shares the secrets behind her schedule and behind her success–in all her callings.
“Never stop prospecting, there’s no limit in this business, the only limit is yourself.”
– Daniella Marnelli , JP and Associates REALTORS®
What if today was your last?
JP posted and sent an article out yesterday from Steve Jobs commencement speech at Stanford in 2005. As you know, Steve was an American entrepreneur and business magnate. He was the Chairman, Chief Executive Officer (CEO), and a co-founder of Apple Inc., Chairman and majority shareholder of Pixar, a member of The Walt Disney Company’s board of directors following its acquisition of Pixar, and the Founder, Chairman, and CEO of NeXT. Jobs is widely recognized as a pioneer of the microcomputer revolution.
What can we learn from Steve that applies to being the CEO of your real estate practice? Plenty… read on:
When Steve was 17, he read a quote that went something like, “If you live each day as if it was your last, someday you’ll most certainly be right.” It made an impression on him, and since then, for the past 33 years of his life, he looked in the mirror every morning and asked himself, “If today were the last day of my life, would I want to do what I am about to do today?” And whenever the answer has been “No” for too many days in a row, he know he need to change something.
Remembering that you’ll be dead soon is the most important tool Steve Jobs ever encountered to help him make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure — these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.
No one wants to die. Even people who – like me – want to go to heaven don’t want to die to get there. And yet death is the destination we all share. Our time, your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma — which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.
So what’s holding you back?
What action have you been putting off?
What’s the one thing you know, if you took action today would make a positive impact on your business or your personal life?
Do that today, do it NOW as if today was your last.
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.
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.
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.
Kandi Pound joined us for today’s episode of “Success from Scratch.” Her exceptional customer service has led to consistent and loyal repeat customers. She credits her success to great customer service. “For me, it stopped being about money a long time ago. It started being about helping people,” she said. She encourages agents to focus on the quality of their service, and it will take off from there.
“Your clients don’t choose you because of your brokerage, they choose you based on the customer service you give them.”
-Kandi Pound, Business Development Manager, JP and Associates REALTORS®