The business of real estate is two-sided. The first is sales skills and the other is about business skills. One must first understand they are equally important, and require training and structure if you are to succeed at a high level. Regardless of how long you have been in real estate, one must remember the importance of regular reviews of goals, finances, and marketing.
It’s vital to recognize you are an entrepreneur; you are the one responsible for revenue, expenses, and net profit. This requires a business plan complete with a description of how you want to work, know who your ideal client is, and a statement of your value proposition. It’s also important to have a proper foundation. Build a team of professionals such as an accountant, attorney, and a marketing company or coach. They can help you get on the right path quickly with your legal, financial, and sales plans.
Next, is the process of making sales. Begin with a database, 300 or more is ideal, as a base for making contact of opportunity. It is vital to introduce yourself to as many people as possible; there is a direct correlation between the number of contacts and sales made. Set up an automatic system of making regular contacts with everyone on the database list. This can include postcards, emails, telephone calls, texts, and face-to-face meetings such as open houses and door-knocking. This applies to social media as well. Monitor every activity and lead generated from each source, then monitor sales from those leads to determine where you may want to spend your valuable time for best results and income.
Know every percentage. Leads to Appointments, Listing Appointments to Listings Taken, to Listings Sold. Same goes for buyers. This is how you can project what your income will be in the future. Once you are clear on percentages, you can determine how many leads you need to get an appointment, and how many appointments it takes to get a sale. This allows you to create a better expense budget too.
Organization is next on the list. A Contact Management system with names, addresses, telephone numbers, email addresses, and personal information is vital. Checklist of duties for every step is important to keep the process flowing smoothly and completely. Nothing is worse than making a sale or taking a listing and blowing it because something fell through the cracks.
Last on the list is making sure you have the proper tools for making sales. This includes a good marketing campaign (consistency is the key) including a great Website and Social Media formats. Introduction pre-packs (what are you taking to an appointment?), and a Presentation kit for sellers and buyers, plus a listing file (hard copy or electronic). Preparation and Intent (know what you want to accomplish) for any appointment is your key to a successful appointment. One more thought; do you know what to say and when? Learn scripts; practice, practice, and internalize. Know what to say so you can listen better with your client, and have a response at your fingertips without having to think too much. Become authentic and natural by writing the scripts that fit you the best.
With this said, may you have a fabulous beginning with continued success throughout your career.
Tony Ratchford, Broker for KW Realty Sioux Falls, CRS, ABR, SRES, Luxury Homes Institute Member
Visit the link to get started on the Business, Sales and Basic Training Modules:RatchfordOnPurpose
