Top producing real estate agents and real estate team leaders know that to own a business by design and not by default, they must concentrate on the activities that get them the results they want. For most agents the desired result is more business and income. Yet only top producers are able to maintain a consistent focus on the following 3 income producing activities when they become busy servicing their existing business:
1. LEAD GENERATION
Lead generation can be defined as any activity designed to produce new business. Examples include real estate prospecting, businesses by referral, geographic farming, drip marketing, or any number of the real estate productivity systems utilized today. No matter the method, those that are able to consistently lead generate for new business quickly set themselves apart from the general agent population. Despite the fact that most agents want more business, the vast majority will only wait for business to come to them by default rather than commit to any systematic activity designed to generate new clients. Real estate team leaders should ensure that other members of the real estate team hold the lead agent accountable to these activities.
2. LISTING APPOINTMENTS
Listings are the life-blood of real estate sales, so it is important for agents and real estate team leaders to ensure that listing appointments are converted into listings. This is often the first time you meet your clients and they formally decide to enlist your services. Note that all of the top agents in any given area are primarily listing agents. This is because a listing agent can handle over 30 listings in the same amount of time it takes to service 8 active buyers. It’s impossible for buyer’s specialists to keep up!
3. NEGOTIATE CONTRACTS
Writing, countering and accepting offers are the duties most closely tied to income by proximity in time. Once completed, commission checks are often received within a couple of months. Also, these negotiations often involve the last major decisions that clients will make in a transaction, so it is important for agents to make themselves available to assist. Although real estate team leaders must be involved in the negotiation of contracts, many of the clerical activities associated with negotiating can be supported by the administrative side of the real estate team.
Real Estate Team Leaders
Whether an agent in practicing individually or as a real estate team leader, it is essential to block out time dedicated to these three income producing activities despite constant pressure to service existing business. Even though it may seem that the ability to delegate business servicing tasks to administrative support would help alleviate distractions from lead generation, often times other issues like hiring, managing and training others can be equally distracting. Either way, some purposeful focus on generating more business is the key to any real estate team’s success.