Using the 80/20 Rule to Build a Successful Business

HOW TO USE THE 80/20 PRINCIPLE

TO BUILD A SUCCESSFUL REAL ESTATE CAREER

We are all familiar with the 80/20 rule.  20% of Realtors generate 80% of the business in your local market.  If you're not part of the 20%, maybe some of the activities you are doing on a daily basis in not conducive to producing successful results. 

When you apply the 80/20 rule on an individual basis, you can say 20% of activities you do in a day will produce 80% of your business results.  What does that mean to you?  It means you are spending a lot of time doing things that do not generate success.  If you focus on the activities that generate business for you, then you will be more successful in your real estate career. 

We are all guilty of working but not really working.  We are spinning our wheels looking busy but what are we really doing!  Here is a list of activities that you can do on a daily basis that should help to produce more results.  If you use your time more wisely, then you should begin to see and improvement in your results!

1. LEAD GENERATE
   1. Every day you should be performing activities that results in a return of leads.  Here are a few examples of activities that generate leads:
      1. Calling Expired Listings
      2. Blogging
      3. Calling past clients asking for referrals
      4. Purchasing leads through 3rd party vendors
      5. Community Involvement.  Attend networking and community events.
      6. Be an active participant on social media sites.  Share content, ideas and advice.
      7. Build a referral base
2. NETWORK
   1. Get involved in community events and activities in your neighborhood
   2. Go to networking events to meet other business professionals
   3. Be sure to be up to date on local and regional market conditions so you will be knowledgeable about your local area
3. SERVICE CURRENT CLIENTS
   1. Make sure you are providing your best service to your current clients so you they will want to tell everyone they know about the great service you gave them. (Referrals)
   2. Consistently provide your clients with updates and information on the buying or selling process and next steps so your clients will feel well informed.
   3. Stay organized and on top of your paperwork so you are not missing important deadlines for your clients
4. FOLLOW UP WITH PROSPECTIVE CLIENTS
   1. When you get a new lead, follow up with them.  Many Realtors contact their leads only once or twice and then give up.  Try different forms of communication to reach your prospective new client
5. CONTINUE TO IMPROVE ON YOUR SYSTEMS AND EDUCATE YOURSELF ON NEW PROCESS & PROCEDURES OF THE BUSINESS
   1. Build market and business plans for future goal
      1. Create marketing plan for listings and create fliers, newsletters, and other promotional collateral
   2. Attend training classes, webinars and sales meetings to learn new techniques and changes in the industry
   3. Read books that will develop your skills to be a better Agent
6. GENERAL DAILY ACTIVITIES
   1. Respond to emails and missed phone calls
   2. Update website info/profiles and social media

Visit us at www.premierhomesmd.com to search for houses in the Maryland area.  Contact us at (410) 363-1535 or info@premierhomesmd.com.