One thing I discover about most agents during coaching is they are seldom consistent with their business building activities. The culprit is usually due to getting busy from performing income producing activities, so they shift focus to working on their “job” and stop working on their “business” all together.
What’s strange to me in this case is how when their pipeline runs dry … they can never seem to understand why.
I’ve heard this statement often …”Man, I was really busy there for a while …but it has really slowed down for me in the past few weeks … I guess the market has slowed again”. My reply is …“Is it the market ….or is it you”?
Think about a three legged stool and how it takes support of all three legs to stabilize the seating area … Your “Seating Area” is your net income and the three legs of your net income are – Your Financials, Your Job, and Your Business
Your Financials need to be in order before you can stabilize your income… This leg of your stool includes your commission income as well as your expenses. Your expenses must be constantly in check with your income or the “net” will be unbalanced. You need to know your “net” on each transaction, tracking your expenses is the only sure way to know how much you are making on each transaction.
Your Job is your service …what you do for your clients. This leg holds the knowledge and expertise you have obtained. Good service is what makes clients happy, and happy clients will refer you business. Exemplary service and complete honesty (to a fault) is a must to fulfill your fiduciary duties to your clients.
The third leg of your business needs to be the strongest … Think of this as the “Atlas” of the three legs … Your business is networking and prospecting for quality prospective clients on a consistent, and persistent, basis. To keep this leg strong you must “exercise” it at least five days per week. If this leg becomes weak it will negatively impact the job and financial legs …which in turn will impinge on your net income.
Below are 5 "Action Items" you can use to jump start a sluggish pipeline and refill it with quality leads ready to sell or purchase property.
1. Update your Book of Business, (list of names), by calling everyone on your list. Update all your info and while you are talking with them mention how your business is based on referrals. They may know someone who is thinking of buying or selling. (Your Goal: 80-90% of your business derived from personal referrals)
2. If you are not using a data base management software (Top Producer or other), make plans to start NOW! If you are currently using a database system, are you familiar with all its capabilities? If not, take a class and refresh yourself with the system. Try to find new ways to make the system work better for you.
3. Commit to tracking your income and expenses at a high level. Where are you spending your time and money? Most importantly; what is working, what is not? Commit to tracking your business. You need to know what you made per hour on every closed transaction …
4. Invest back in your business. Set aside 5-10% from every sale to invest back into your business …Prospecting, client promotions, and networking events ... Computer Software and hardware are all investments needed to maintain a healthy income.
5. Connect with your service providers and let them know how important they are to your business. Example: When you give a referral to a landscaper, let them know how important it is they think of you when they hear of someone buying or selling. Let referrals be a two way street with your service contractors.
Bonus Tip: The best way to double your income is to get a referral from every client you work with… the reticular activator is a powerful referral “magnet”. Use it and you will see your pipe-line start to flow.
Lastly …Invest time in you. Lose weight, quit smoking, eat better, and join a gym. Not only will you feel and look better, you will gain the one thing more valuable than time, ENERGY! Spend quality time recharging. Time lost with family and friends can never be found.
Eddie Brown ©2011
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