Succeeding In Real Estate And Your Dreaded Daily Triple "P"
Your Dreaded Daily Triple "P"s of Real Estate are: Prospect, Practice & Preview. They are, however, the 3 most important things that you need to (Absolutely Must) do every single day. Most agents, however, do not want to do these 3 simple things. The 80/20 Principle applies perfectly here - 80% of the business is being done by 20% of the agents because the 20% will do what the other 80% will not. It is of critical importance that you do these things consistently - every day - not once a week or once a month or when the sun is shining and the birds are singing. Prospect, Practice, Preview - Every! Single! Day!
1. PROSPECT. That's right you have to go out there and find the business. This one word is the key - The Silver Bullet - to your Real Estate career! ALL of your Real Estate problems can be solved with prospecting - period. There is nothing wrong with your career that prospecting can't fix. If you are not looking for business then you are out of business. You have to make contacts. And it doesn't matter who, it matters that you just do. No contacts = no business = no money/house/car/etc.
Why You Need To: Are there any Buyers, Sellers, FSBOs, Expired Listings breaking down the doors of your office to work with you? I don't think so. Do most of them even know you exist? Probably not. Are your friends, past clients, centers of influence, even your own family members recommending other agents? Probably, because they forgot you were in Real Estate. When you come into the office is your broker giving you lots of money for not working? If he does - give him my name. If the buyers and sellers are not looking for you and you are not looking for them, then how are you going to do any business and make any money? The answer is: You Are Not!
Why You Don't: The Top Ten Agent Excuses are: 1. I'm too busy. 2. I don't know what to say. 3. I don't have to, I make enough money. 4. I have to work on my deal. 5. FSBOs and Expireds scare me - they're mean. 6. I only work sign calls. 7. I'm waiting for the buyers/sellers to call me. 8. I tried it once and I didn't like it. 9. I have to take all day to write the perfect ad. 10. I'll do it later - after I have my coffee, lunch, nap, tomorrow, etc. Which one is yours?
2. PRACTICE. Practice what? What about your listing presentation, showing presentation, price reductions script, objection handlers, FSBO & Expired calls, closing techniques, etc. - or are you soooo good that you don't need to? Are you so perfect that there is no room for improvement? Can you handle everything that is thrown at you? And if you are as good as you claim then ask yourself why are you not producing in high volume?
Why You Need To: Tiger Woods practices every day and he makes more money than you! Baseball players practice every day and they make more money than you. Real Estate agents that are high producers practice every day and they make more money than you. Actors practice every day and they make more money than you. The dolphins at Seaworld practice every day and they probably make more money than you. They all practice and make more money than you. Are you starting to see a pattern? If you want to make more money then you need to practice daily!
Why You Don't: The Top Ten Agent Excuses are: 1. I love the challenge of just "winging it." 2. I look silly doing it. 3. I don't know what to say. 4. The other agents will laugh at me. 5. The agents in the office will realize that I do not know what I am doing. 6. I don't do canned presentations. 7. I won't sound natural. 8. I'm already doing it perfectly. 9. I'm not good in front of people. 10. It's beneath me to role play. Which one is yours?
3. PREVIEW. Go out and look at your client's competition. See what's selling and what's not. You need to know how your listings compare to the competition's. Are your listings the best value on the market that will sell quickly or are they a bunch of overpriced turkeys that will never sell? And while you're out there seeing and talking to the people you will find more business than you ever imagined. Remember, the business is out there and not in the office.
Why You Need To: Is your market constantly changing? Going up, going down, going sideways, going in every direction but not standing still. You need to know where it's going so that you can get there before the rest of the herd. You have a fiduciary responsibility to your clients to know what is happening out there and guide them with that information. You are not going to find the factors driving the market by sitting in the office having a cup of coffee and discussing what happened on Dancing With The Stars (by the way - they also practiced every day).
Why You Don't: The Top Ten Agent Excuses are: 1. If you've seen one house you've seen them all. 2. I know what a split/ranch/cape looks like. 3. I don't have the time to look at houses. 4. I'll see them for the first time with my buyers. 4. I already saw the pictures on the MLS. 5. Gas is too expensive. 6. I don't need to because I don't do buyers. 7. My GPS is broken. 8. Just be glad that I can even find my way to the office. 9. I have to wait in the office for the phone to ring - I'm feeling lucky today. 10. My buyers are driving and they have already mapped out the route. Which one is yours?
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