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Is your business at a standstill? Are you putting the blame on the slow market, the economy, or your own company? Regardless of the reason things may seem stagnant, here are five ways you can jump start your business NOW!
1. Incorporate active, rather than passive or reactive, marketing techniques to build your business. Passive techniques include any real estate activity where you are waiting for the business to come to you, like floor time, open house, or farming by mail with no personal contact. Open house and/or mailing, when followed up with phone calls or an in-person contact, are active.
2. Focus on “right now” business. Sort each of your leads into the following categories: “red hot” (will do business with me in the next seven days); “hot” (will do business in the next 30 days); “warm” (will do business with me in the next 30-90 days); or “cool”” (may do business in 90 days or more). Your “right now” business are the two hot categories. Center your attention on your hot leads and on turning up the heat on the warm ones. You may keep in touch with your cool leads by calling once every few weeks, but don’t waste your valuable time showing them properties or doing CMAs. Instead, focus on getting your hot leads under contract and converting warm leads into hot ones.
3. Prospect expireds and FSBOs. Like it or not, other than referrals, these are two primary sources for “right now” business. If you’re uncomfortable about competing for recently-expired listings, prospect expireds that are 60-90 days old – these are most likely still interested in selling.
4. Call at least five of your past clients or people in your sphere of influence today. The power of a handwritten note is underestimated. Follow up with a handwritten note reminding them you build your business through referrals. Rather than having to continually prospect for new leads, it’s much easier to keep in contact with those who have done business with you in the past or who have referred you more business. Make it a priority of contacting them personally at least four times a year. Also, send them some sort of written material once month letting them know you appreciate them. When they do give you a referral, send them a thank you note immediately.
5. Know your market area without hesitation. Sellers and buyers typically choose who represents them based upon how active an agent is in their given area. They are looking for an agent who can tell them precisely what’s on the market in their price range, who knows where to find the best deals, and who can fill them in on the benefits and drawbacks of different locations. Become the expert in at least one segment of the market.
You and you alone have the power to incorporate these simple ideas in your weekly activities. Re-commit to your own success!
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