Getting new listings can be daunting if you don’t have a system in place to make sure you tap into several lead sources. But how can you add new lead sources to your business? Is social media a viable solution? Should you partner up with someone more experienced, or find a mentor instead? On this episode, Aaron Wittenstein shares his strategy to getting more listings in a tough market.
I would look at what already brought you the business that you have and double down on that. -Matt Johnson
Three Things We Learned
Build a referral machine on social media
Invest time in building relationships with the people in your friend’s list. You can start by simply saying “hi” and bringing up a recent post of theirs, or you can offer them a coupon to a local restaurant. No matter what you do in the beginning, make sure you don’t ask for referrals right away.
Know your numbers
In order to grow your business, you should know how many calls you need to make and how many leads you convert, and then increase your workload. The best way to grow is to identity your main source of revenue and double down your efforts on that.
Join a team or find a mentor who has experience with expired listings
Partnering up with someone is too much of a responsibility. Instead, try finding someone in your circle who already made it big and ask for their mentorship. Joining a team where coaching is involved is another good way to learn more about the industry, get more leads, and sharpen your skills.
When approaching expired listings, always ask questions about why they want to sell or why they no longer want to sell and rent out instead. Many homeowners are disenchanted by the fact they couldn’t sell their home the first time and they turn to renting as a plan B. But if you start a conversation about how complicated renting can be and the risks it might present, they may rethink their decision and give you a chance with their listing.
Aaron Wittenstein is a realtor at Keller Williams NY Realty and has 13 years of experience in the real estate industry. You will find Aaron invested in all of the aspects of selling and buying properties, from analysing data and being on the phone to meeting with sellers and buyers.
Our point of view is the lens through which we see our lives. However, often times we take mindsets as they are. We don’t question them. But what happens when out past attitudes get in the way and we no longer perform like we used to? Should you question every piece of advice you received? Does being busy equal being productive? Are you blinded by the shiny side of success? On this episode, Gene Volpe and Andy Scherer share their growth stories and mistakes they’ve made along the way.
What a lot of people fail to understand is that you are negotiating for time every single day. -Andy Scherer
Three Things We Learned
Being busy instead of being productive
One of the biggest mistakes we make is staying busy instead of being productive. To fix this, you have to be aware of how much time you actually spend working and what external factors impact your work. Keeping a time journal can shed some light on what you actually do with your time.
Don’t be fooled by the shiny side of success
Most of us love reading success stories. If he or she can do it, it means I can do it too. The problem with this is that most of those stories don’t show the grind, the missed holidays, and the early mornings and late nights spent working. As a society, we tend to gravitate around our comfort zones, and anything that breaks that line is seen as unpleasant. The truth is that in order to see massive results, you need to take massive action.
Question why you do the things you do
We often see ourselves pressured to do certain things without even questioning them. And often times the actions we take don’t make any sense because of it. It could be a coaching program, or it could be a marketing plan. Don’t just take it. Instead, question it. Ask yourself if it’s the best thing for you and your business.
Because of the low entry barrier, many agents seem to forget that selling homes is a career path, and like anything else, it needs professional practice. You can’t afford to avoid spending at least 30 minutes per day listening to a podcast, audiobook, or reading a book relevant to your work. The rise of technology increased the rate at which the industry is changing, and as new tools appear, there is always something new to learn about.
Andy is a coach at Pillar 9 Coaching. As leader and change agent, he has been able to successfully implement communication strategies, operations management, social program design, marketing integration, community collaborations, and engagement initiatives. Get in touch firstname.lastname@example.org , call 203.257.5279 or find him on Facebook https://www.facebook.com/ascherer83.
Gene Volpe is the founder of GVI Media , speaker and local marketing expert. He has over 9 years of experience in the marketing arena. He is also well versed in the real estate field including buying, selling, renting, marketing and consulting on over 200 real estate transactions. He is an expert in brand establishment and elevation and remains on the cutting edge of real estate marketing with a hard focus on video and social media. Go to http://www.genevolpe.com/ for more information.
Getting listings in tough markets requires creativity, not compromise. Is it a good idea to make big promises over the phone? What about being on the same wavelength with the sellers, are they all motivated by the financial aspect of the transaction? What strategies can be used in tough markets to get people to talk with you? On this episode, Don Cunningham shares his approach to getting more listings.
FSBOs tend to be extremely overpriced. They don’t have the unbiased opinion that we realtors come to the table with. -Don Cunningham
Three Things We Learned
Don’t discuss commissions over the phone
You can’t make promises before you actually see the property. Home sellers are biased when it comes to estimating the value of their home. You might not even know if you want the listing if you don’t see the property and the neighborhood first.
Find the motivation behind the seller
Ask questions about what’s most important to the seller, waiting for the market to change and selling at the best price possible or selling right away. It’s wrong to assume that all sellers are motivated by financial gains. Some want to move as fast as possible due to a new job or simply because they want a bigger house.
Tough markets ask for creativity
Print out t-shirts that say you are realtor. Share coupons on social media that can be printed. Message friends in your social media. Tap into the law of reciprocity with a discount for a restaurant or coffee shop, and ask them if they can have lunch with you. The secret is to think outside the box, add value, and avoid going for the kill right way.
Don’t ask for the listing right away when you are contacting a homeowner. Instead, make them an offer they can’t refuse: a free service. Ask them if you can make a short video of their house and post it online. Also, add that you will do all the heavy lifting of the process (sorting out the potential buyers, promoting the video, etc.). All they need to do is say yes, and if you can’t find a buyer, they don’t lose a dime. This kind of initiative, even if it doesn’t end up in you finding a buyer, will impress the homeowner.
Don Cunningham is the founder of Fidelity Coaching Inc. He is a real estate expert and a business development consultant who helps realtors, lenders, sales executives, and small business owners fulfil their dreams through classes, one-on-one coaching, group coaching, and more.
You can reach out to Don at 619-405-9698.
Knowing who you really are can help you figure you out what you’re best at. But how does this translate to the real estate industry? Do certain personality types do better in certain roles than others? Should you focus on fixing your weaknesses or polishing your skills? On this episode, Jay Niblick shares his view on how you can build a better team and sell more by identifying personality types.
Your customers will buy in their natural state. If they have to adapt, the further away out of the comfort zone they are, the further away conversion is. -Jay Niblick
Three Things We Learned
There are no “unfit” personality types for real estate
A lot of agents get discouraged after they take a personality test and realize they don’t have a certain personality. While there are definitely trends, there are no absolutes, and to make a team work, you need different personality types.The rainmaker of the team will most definitely be a type A personality, but most team leaders are actually a type C personality because of their analytical nature.
Build the team around your weaknesses
The worst piece of advice you can follow is to focus on fixing your weaknesses instead of sharpening your skills. There’s something out there that works for everyone. You don’t have to emulate somebody else's personality to succeed. Even if it works, you’ll be miserable while focusing on learning the skills you don’t wanna learn instead of doing what you love. Your weakness is somebody else's strength. Hire the people who are strong in an area where you’re weak.
Change your pitch based on your prospect’s personality
When you know what your prospects are interested in, you’re more likely to speak to their needs and filter out properties they wouldn't be interested in. Some are driven by saving money on a purchase, while some look at the utility of the property. Others put more value on the aesthetics.
One of the best ways to find out what personality type your prospects are is to ask questions about why they’re selling/buying the house, how they would like to be contacted, and so on.
The closer you are with your approach to what their personality type is, the higher the chance for conversion. For example, late adopters want to be assured that they aren’t taking any risks, while early adopters want to be part of something innovative and exciting.The secret is communicate in a way that puts them in their comfort zone.
Jay Niblick is the founder of Wize Hire, a real estate recruiting software with a data-driven approach to the hiring process. You can take the personality test mentioned on this episode at https://wizehire.com/#disc-ebook-signup
Your time is your most important resource. But how is your time different when you make the switch from being a 9-5 employee to being a business owner? Can your emotional resilience, or lack thereof, make you lose weeks or even months on over analyzing your defeats? Is owning a real estate business a sprint or a marathon? On this episode, we share our experience with time management.
Emotional resilience is one of the key traits to become a successful person in general, but definitely being a business. -Matt Johnson
Three Things We Learned
When planning take into the equation your energy not only time
Often times, we see ourselves using our time doing what we want, not what needs to be done. But not only do we put excitement over responsibility, we also take the employee mindset with us. For a business owner, it’s harder to sit 8-10 hours working every day compared to an employee who doesn’t have the pressure of maintaining the business. Business owners not only sit down and get the work done but they also do most of the problem-solving. This usually impacts their energy levels, because you can only have so much mental energy.
Stay emotionally resilient
When you make a mistake as an employee, it’s easier to deal with it. The project is not yours. You just happen to be the one who works on it. But as a business owner, the blows hit closer to home. Don’t set goals that you’re emotionally attached to, as this will only lead to self-sabotage.
Take the hit, but don’t let it govern you. Emotional resilience is what makes business owners perseverent and happy with themselves and the success of others.
It’s a marathon, not a sprint
Prioritizing is more important than throwing all the balls in the game, simply because there are tasks that should be done urgently and goals that you don’t have the resources to reach right away. While you may be tempted to do everything faster, the one factor that usually pushes things the most is the focus—and focus is a finite resource. And since it’s so finite, there’s only so much so many sprints you can take in a business before you collapse.
Don’t mistake being competitive for discounting yourself. Lowering your commissions a little bit in the beginning is fine. But when your entire selling point gravitates around a low price point and not around providing value, you cause harm to both your wallet and clients. You can only do so much for you and your clients if you’re working on a very limited budget, which will make you, and the seller, go home with less money.
Referrals are one the best ways to get a steady stream of income without making a large investment. But how can you get people to talk about you? How can you build a referral machine both online and offline? And how should you keep in touch with your database? On this episode, we answer these questions with Elite Real Systems leader, Jeff Cohn.
If you have a 5-year goal and you do every single thing you believe you need to do to reach that 5-year goal, you will probably get there in 2-3 years. -Jeff Cohn
Three Things We Learned
Create unique content
One of the best ways to make people talk about you is to create unique content for each neighborhood you’re in charge of. Make videos of the neighborhoods. Take as many photos as possible, and bring information to the table that can’t be found in the listing.
Build your own Google
Instead of constantly searching for new people, use Excel or a CRM to create your own database. Make sure you tell everyone you meet how you can help them, and get their contact info. Send your database occasional emails and text messages on the value of their property, as well as how many properties are being sold nearby and if there are any bargains on the market.
Cold calls still matter
No matter how intense your branding efforts are, cold calls still matter. You should make at least 20 phone calls per day and spend at least 20 hours on the phone per week in order to get results. But make sure you always bring something of value when you give a call. It could be an update of what’s happening on the real estate market, the fact that you have buyers in a certain areas, etc.
The secret to expanding your referral machine is to add more people to your team. Share everything you know with them, and after they become experts at what they do, provide them with resources, technology, and incentives they can’t find anyone else. If you choose to do everything by yourself, you will soon find yourself limited. But if you create a system, your business can expand indefinitely,
Follow-up is one of the most time-consuming tasks. Often, agents pour too much energy into the wrong leads. How can you weed out the curious from those with a solid buyer intent? Is there a way to make door knocking a pleasurable experience for property owners? How can you keep in touch with potential buyers in your database? On this Q&A, we answer your questions on following up the right way.
The next thing to watch out for is narrowing that funnel and making people jump through some hoops before they get an agent. -Matt Johnson
Three Things We Learned
Use coupons when going door knocking
Don’t just be the agent who goes door knocking. Make them look forward to seeing you. Bring them information about the neighborhood, your success stories, and the state of the local market.
You can also bring coupons for dinner or lunch, or whatever will make you stand out and show them that you’re interested in their well-being first instead of just getting a listing.
The orphan program
The orphan program consists of buyers that agents forget about. These could be buyers who say they will come with a follow-up but never do. Make the first step and show them you’re still available. Send them a anniversary card or give them a phone call instead of expecting them to remember you.
Automated follow-up weeds out the curious from leads
Following up on a constant basis and keeping track of all your leads can be quite daunting at times. Instead of doing everything manually, set up a system like Agent Legend that helps you record your voicemail and sent out messages and emails. This process will weed out those who are just interested in finding out more info from those who are actually interested in selling or buying property.
Many agents spend way too much time on the phone with people who express interest but don’t have a buying intent. To avoid this, create a system that weeds out the curious from the solid leads before you jump on a call with them. Automated follow-ups, funnels, and chatbots are all useful when it comes to lead selection.
Having a network to tap into for leads is one of the biggest sources of income for realtors. But how do you reach key people? How can you leverage social media to build your brand? How long does it take? On this episode, Sarah Johnston shares how she used Instagram to get the connections she needed to increase her sales.
If I look right now, 50% of my sales are from people I either know or referred to me on Instagram. -Sarah Johnston
Three Things We Learned
Branding opens doors
Realtors are often limited by the connections they have and the local market.
When you’re just starting out, it’s hard to present yourself as a trustworthy persona. This is exactly what branding does. It puts you in front of people. Instead of handing your prospects your business card, social media allows you to give them some far more important. They receive little bits about your life and work ethic that they otherwise wouldn’t know about. These types of interactions are far more memorable than anything else, and often times they’re client sources.
In the real estate industry,vanity metrics don't count. The interactions do. Don’t follow people for the sake of creating an impressing friend list. Instead, search for people who might need your help and start interacting with them. Social media marketing done this way requires some time to take off. But when it does, the people in your list become the hidden helpers behind your business.
Don’t leave anything to chance
Motivation is wonderful but fleeting. Instead of trying to keep yourself motivated, make a schedule that involves discipline. There will always be uncomfortable tasks that need to be done. There’s no way around that. After a while, you will be on autopilot and won’t need to search for motivation to get things done.
Philanthropy is one of the best ways to get in line with your audience’s beliefs. Volunteering and giving back to your community say a lot about your character and who you are as a person. Not everyone will agree with your actions. But those who do will respect you even more simply because you stand for what they stand for.
Sarah Johnston is the director of Calgary Real Estate Board, speaker, and a realtor at MaxWell Realty Canada for over 10 years. She shares her experiences and stories online on her website at http://www.maxwellrealty.ca/agents/sarah-johnston/ and on her Instagram at @adventuresinrealestateyyc
When it comes to hiring, most people separate it from all their other marketing efforts. Why is this a huge mistake? How can you use content marketing to make your recruiting easier? How do you go about finding people who will be a great fit on your team? On this episode, we are joined by Gene Volpe and out guest, hiring expert, author and consultant, Jay Niblick to answer these important questions.
Stop segmenting hiring talent and finding buyers and sellers, it’s one of the most critical mistakes we see. -Jay Niblick
Three Things We Learned
Finding clients and finding recruits should be treated as the same process
Don't make the mistake of thinking that your hiring efforts are in some way different to everything else you’re doing to get clients. There should be no difference between the two. If you want great talent you should always be marketing for it.
Add agent focused content to your marketing
It’s so important to have content that is aimed at other agents. Your content shouldn’t just be about why buyers or sellers should work with, you it should also show people what you’re like as a boss.
Interviews are important in determining if you should hire someone but they aren’t the only thing
Interviews are very important, but the problem with just interviewing on gut is personalities dictate that the more like you they are, the more you like them in their interview.
Teams and brokerages would save themselves a lot of time and effort if they marketed to get recruits the same way they market to get clients. Those two processes are actually the same and should be treated as such. When you put content out into the market, also put out content that targets agents. If you approach hiring in transactional mode, you won’t attract quality recruits who will really fit. If your content shows that your team offers strong mentoring, leads and backend support, you will attract talent and you won’t have to chase it as much.
Jay Niblick is the Founder and CEO of Innermetrix Incorporated. Go to www.innermetrix.com/team/ for more information.
Wherever you are in the world, successful people share certain habits and traits. How does hard work and dedication draw opportunities closer to you? What is the truth about the grind it takes to be successful? On this episode, our good friend Glenn Twiddle joins us to talk about the biggest takeaways from the Million-Dollar Agent Summit and the differences and similarities between top high producing multi-millionaire Australian agents vs the mega producers in the States.
If something’s worth doing it’s worth doing badly to start and then improving. -Glenn Twiddle
Three Things We Learned
You won’t start out doing something well, it takes time
No one gets something perfectly done when they are new to it, but that doesn’t mean you should give up on it. If something’s worth doing, it’s worth being crap at it at first because no-one starts doing anything well. You can always work to improve.
A good foundation attracts good things
When you have something like hard work, dedication, grind and really great content as the foundation of everything you do - it attracts opportunity, people and profit. Those foundational virtues are magnets that pull people towards you.
There’s nothing wrong with choosing to grind and go hard
A lot of people look at people who are on the grind to build their business like they are doing too much. The truth is, some people would be happier to choose work-life balance over the grind and that’s okay. The key thing is not to criticize the grinders.
Success will always leave clues behind it, and the top producers all understand the necessity of all the outbursts of effort towards their goals. When it comes to really going after what you want, there will be seasons where you really need to grind it out. But the truth is, there are few successful people who look back at those years of grinding and going hard with regrets because it does pay off.
Building a team with agents who choose to work with you even after becoming authorities in real estate is a rarity. How can you create a work environment your agents enjoy? What can you offer them that they can’t find somewhere else? On this episode, Dan Beer shares his secrets to building a team any skilled agent would like to be part of.
As long as we are turning every outcome into a learning opportunity over time we will win more than we will fail. -Dan Beer
Use every win and loss as a learning opportunity
Detach yourself emotionally from every win and loss you have and learn from both.The real problem is a lack of self-analysis, not the performance itself, which can be easily fixed. There are many experienced agents who repeat the first year in the real estate industry over and over again simply because they never took the time to learn anything from their past experiences.
Give the team incentives
The best way to keep the team motivated is to always give them a new mountain to climb, a new set of goals that need to be reach. You can do so by building a number of levels that offer bigger and bigger incentives as they move on to the next level. This way, they will feel both valued and motivated to walk the extra mile.
Build a culture your team identifies with
Build your business around core values that you want your team members to adhere to. This will sort out the kind of agents you want to work with and the kind of agents you don’t want in your team. High retention isn’t only caused by money. It also has to do with the culture of your business, and whether your team resonates with your core values. They'll happily stick to a work environment they fit well into.
Lead and splits are not a competitive advantage. In due time, anyone can learn how to generate leads or there is always someone with a better split. Instead build a system impossible to replicate even by top performers. Give them best tools on the market, a support system and unmatched marketing opportunities and connections within the industry.
Dan Beer is the Owner of Beer Home Team of eXp Realty of California and the founder of AgentAcademy.com, where he shares his knowledge on team building and scaling real estate businesses.