Is your real estate career falling into a dangerous trap? Follow these tips and learn from those who have already made some costly mistakes so you don’t have to!
1. Lead with revenue, not expenses. Don't spend before you earn. Hold your expenses accountable for producing promised results.
2. Be your own guru. Stop looking for a know-it-all real estate guru and become your own. Instead of giving your power away, empower yourself. Knowledge = confidence; Ignorance = fear.
3. Realize this is the new normal. This is the new normal market; the bubble market was an abnormal market. Low or no appreciation is normal; buying a home for its rapid appreciation and thinking of it as a winning lotto ticket is abnormal. In a normal or correcting market, people buy homes to have a place to live, to raise their families, and to build memories – focus on that.
4. Follow through and follow up. Any top producer will tell you that their #1 source of business is repeats and referrals from past clients and centers of influence. If you don’t call them, they might assume you don’t care about them.
5. Live in the present. Make money with the market of the moment instead of focusing on what used to be or what might be ahead – be present in the here and now.
6. Don’t be a seminar junkie and a take action flunkie. You must do both to succeed! It’s not enough to just read about, study, and learn what to do in this market. You also have to take action and DO what you learn, so get out of analysis paralysis and get into action.
7. Know your market stats. What’s selling and what’s not? Days on the market. List-to-sell price ratio. Short sale and REO stats. Number of NODs filed in your area in last 60 days. Pricing trends in your area. New construction activity. These are all essential pieces of information for your clients.
8. Understand urgency. Don’t take too long to act on price reductions. Call leads and prospects back immediately and communicate consistently with existing clients.
9. Think like a business owner. Being debt-free IS free. Know your business and personal overhead and make sure you have a business plan. Know how many deals you need to close in order to achieve your goals.
10. Focus on new lead generation daily. Establish minimum standards for the number of contacts you will make per day and become a well-rounded lead generation machine.
11. It’s not a numbers business, it’s a people-helping business. Our truest purpose is to be of service to others. Focus on what you’re here to give and the income will follow.
12. Don’t be phone-phobic. The answer to almost all challenges in real estate is: “pick up the phone."
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