In my life prior to real estate, I was a Corpsman, In the hospital, whenever a patient was in respiratory or cardiac arrest, they would have a "code blue”. When that would happen, as in any hospital where this happens, all of the necessary personnel rush to the scene to save the person's life. In my real estate life, in the 18 years that I've done this business as a Broker, and a Coach; it occurs to me that our business is much like that.
I think we've all felt those times in our career, (rather they be in the beginning, middle, or end) Where we have wondered, or doubted, if our business was making any progress at all. Those times when nothing is happening, when you're working, but "it's not working”. If you're new to real estate, sometimes in your business journey, you get stalled. When you get stalled, you lose energy, momentum, and more business! It's a vicious cycle.
I remember many times, where I have stalled, lost energy or momentum and then ended up having to get a second job to support myself and my real estate habits. Pretty soon you have a side job to support your real estate have it. I've been there! If you find yourself in that place now, where I did in the past, then hopefully this post will give you a few ideas to help stir your production, improve your outlook, and spur your action! I like to call those moments the "code blue" moments. When you reach those "code blue" moments, there are a few key steps to take to resuscitate your business!
(To hear the original podcast I produced about this topic click here!)
1. Own it.
One of the first steps to resuscitating this patient, is to accept where you are. If you're in a rut, or any place where you need help, then simply accept where you are. Own it! Why are you there? Take a close look and most often you will find it it's because you've broken one of these "Links in the chain.” No what do I mean by a link in a chain? I believe that business, is much like a link in a chain. Your business is only as strong as its weakest link. And these links, ensure the effective and efficient operation of your business. Please consider these six links if you will.
"Links in the Chain”
Controlling the Time- we are all given the same amount of time each week. What we choose to do with it, however makes an enormous impact on the rest of our lives. What have you chosen to do with your time?
Controlling the Lead Generation-In order for your business to thrive, you must be able to generate leads on a routine, consistent, and predictable basis. What are your systems to ensure that you have a fresh supply of new leads who are wanting to buy your products or sell to you every day?
Controlling the Presentation-the person who knows the most in the presentation, undoubtedly wins! When you know more than the prospect, then you are able to control the presentation. How do you know more than the prospect? Ask questions! During the prequalification phase, you use questions to determine their motivation, and then pricing to determine their price.
Controlling the Contract-either you write the contract, or you know exactly what's written on it! There is no substitute for good contract writing skills, and contact knowledge. You must know the contract! If I've said it once, I've said it 100 times in any seminar that I've given webinar that I've presented or book I've written! The person who knows the contract best, usually wins!
Controlling the Closing-when you can control the contract, then you can control the closing. When you can control the closing, then you can control the deal! What I mean by controlling the closing, if you were able to use your contract people, i.e. your title and escrow or your own attorney, then that will help you in your quest to get a successful closing!
Controlling the Mind-this is often times, the hardest challenge of all. Controlling the mind is difficult enough to do, but if you are unable to close, or do any sort of productive work, then your goal of freedom will be almost extinguished. So you must control your mind.
Whenever you feel yourself losing controlling your business, and it's dying, then look at which of these six areas you are weak in, and then work to correct it.
2. Ready, Fire, Aim!
Now that you know what the problem is, take action immediately to correct it. What are the biggest mistakes I see new agents, and investors make, is “over-planning the mission.” While it is important to plan, do not become so "wrapped up in planning" that you forget to take action! Plan as you go, take action now to get your goal. Often doors open as you go along. You would never have seen them if you hadn't taken action. So take action now! J.P. Morgan said it best, “Go as far as you can see, when you get there, you’ll be able to see farther.” In my way of thinking, I like to think of it as "A life of massive action is more exciting than planned mediocrity.”
"A life of massive action is more exciting than planned mediocrity.”
3. Evaluate it.
Once you figured out what the problem is, and have taken massive action, now it is time to evaluate it. In real estate, it is going to take at least 30 days of consistent action to get paid. Of course there are exceptions to the rule, but by and large it will take some time. It's not your fault, it's just that real estate sales involves skills that you need to learn, techniques that you need to employ, and thought patterns that you need to adopt to be successful. It will take time but you'll learn!
So what are the metrics by which we measure our effectiveness in real estate? How we measure the progress, or effectiveness of a person in real estate is by contracts signed, appointments attended, and prospects contacted.
After a week, look back over the past seven days and ask yourself "Did I get any contracts signed this week?” You could send out 100 contracts a week, but if you didn't get any signed, then it was for what? You could also ask yourself "How many appointments that I go on?” If you were unable to get any contracts signed, then at least you were able to make some sort of appointment, which is a step in the right direction! If you were unable to set any appointments, then ask yourself "How many valid ready to buy buyers, or ready to sell Sellers did I physically talk to this week?”
In my mind, the more honest you are about these questions, as well as the actions above, then the quicker you will be on your way to recovery! It is not uncommon for us to all have these moments where our business is not "as well as we would hope." The trick however is learning from this, and being able to bounce back! If you enjoyed this article, please comment, like or share below thank you!
(To hear the original podcast I produced about this topic click here!)
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