Meeting People

By
Mortgage and Lending with Bank of America

"You cannot discover new oceans unless you have the courage to lose sight of the shore"

Anonymous

 

Most people lose sight of how truly simple any sales business is.  They get caught up in chasing knowledge, always wanting to learn more so they can spout that information to the same 15-30 people they talk to every week. The key to exploding any business is getting out in the field and meeting people.  It's all a mathimatical equation, or the law of averages.

 Lets assume that in Real Estate for every 100 new people you meet you close just 1 transaction.

  • Meet 5 new people a week it takes 20 weeks to close your 1 transaction.
  • Meet 10 new people a week it takes 10 weeks to close your 1 transaction.
  • Meet 20 new people a week it takes 5 weeks to close your 1 transaction.
  • Meet 40 new people a week it takes 2.5 weeks to clos your 1 transaction.
  • Meet 80 new people a week it takes 1.25 weeks to close your 1 transaction.
  • Meet 125 new people a week it takes 4 days to close your 1 transaction.

 

I stopped at 125 people for a reason.  There is an investment firm out there that part of their training of new advisors is to meet 125 new people per week.  This in not a hello how are you, they actually have to meet people, get contact information to follow up and know learn something about these people.  I also know you're probably not going to close a transaction in 4 days, it's possible but with how real estate works not likely.  But what your business look like if you picked up a new listing every 4 days?  How would your life change?    

 

I can hear it now, "There's no way I can meet 125 new people a week."  YES YOU CAN!!! It's a matter of if you're truely committed to meeting 125 people per week.  These financial advisors don't get through the sales training unless they do it and when they start they make a lot less money that what agents or loan officers would make with the same commitment.    Let me finish with a few questions:

 

What is it costing you by not meeting 125 new people every week?

If you're not meeting new people everyday, what are you afraid of?

Finally, what would happen if you closed 2% of new people you meet instead of 1%?

 

 

 

   

 

Comments (7)

Valarie Grisham
Keller Williams - Lake Stevens, WA
Great point!  This means we need to be out in the field, not holed up in our office.  So get out there and meet people!  Great blog Jamey!
Aug 22, 2007 04:28 AM
Todd Murphy
Fitts Agency - Tuscaloosa, AL
I worked for Edward Jones years ago, and I was required to meet 25 people every day of the week.
Aug 22, 2007 04:30 AM
Tyrone Bafaro
Keller Williams Western Realty - Seattle, WA
Finding the best options at the best price for my

Well written. As you said we do loose sight of how basic the industry is. With the right focus anyone can succeed it this business. It is all about what you are willing to put in.

Great Post

 

Tyrone Bafaro

www.liveseattle.com

www.home4investment.com

 

Aug 22, 2007 04:31 AM
Elizabeth Uibel
Sterling Capital - American Fork, UT

Great suggestion - I often get caught up in the "information net" instead of the "meet people net". It's important to find a correct balance, however - you don't want to seem unknowledgable.

Great post

Aug 22, 2007 07:35 AM
Sarah Nopp
South Sound, WA

Ugh, it sounds like I need to add some more things to my Action Plan.

LOL As if I am making enough money now to NOT add these things to my action plan.

Dec 31, 2007 04:04 PM
Anonymous
Paul McFadden

Jamey:  I completely agree with you.  Good things happen when we're out pressing the flesh.  good luck to you this year-you're definitely on the right track!

 

Paul

Jan 01, 2008 08:19 AM
#7