With the housing market, as it is today, many of us real estate professionals may be questioning our career choices. I have heard as many as 60,000 have left the industry in 2023. Wow! When the going gets tough, reviewing and recalibrating your business is essential. In The Millionaire Real Estate Agent by Gary Keller with Dave Jenks, Keller provides vital strategies for building and keeping your business profitable. I have outlined a few concepts here and encourage you to grab this book off the shelf for a deeper dive to help fortify your success.
First, know your motivation. When first starting in sales, we had a manager who had us bring in a picture of something that represented what we wanted to accomplish. One colleague had a picture of a sailboat. Another had a photo of her family. Both of these represented the "why" for each colleague. Interestingly, the difference was one was intrinsic, and one was extrinsic. The thing about external motivation is that once it's gained, the reason is lost. In comparison, intrinsic motivation gives us a constant purpose.
Next, set BIG goals from the start. Keller reasons that the smaller goals can be the stepping stones to help keep us inspired along the way. Furthermore, Keller references the Pareto principle. Eighty percent of your success comes from 20 percent of your effort. We may focus on getting every lead nailed down at the start of building a business. As our business grows, we might delegate the smaller deals to our team and focus on the more significant opportunities. The point is that maintaining an intense focus is a substantial contributor to our success. One way to maintain focus is to use the time-blocking method. When we time-block, we can designate the critical times of the day to the most important aspect of our business leads.
Finally, that brings me to the last conclusion: many cynical attention-grabbing headlines about our industry exist. These can cause a massive distraction to us and even tank our morale. We must educate our clients, help them focus on their goals, and give them tools to support their financial well-being. One way is to give them context even when the market is down. For example, my previous blog talks about how many of our first-time homebuyers were not around to be able to under that interest rates have been much higher and that today's rates are still at or lower than the 50-yr historical average. Another way we do running a comprehensive cost analysis with Mortage Coach is to help add value to a client's decision process. We help clients see oppotunity cost of not becoming a homeowner or gain. In some situations, supporting the client waiting to purchase their dream home is the right thing to do. And in many cases, clients are encouraged to move from a renting to purchasing a home. I think we can all agree, doing the right thing brings the clients back and even better referrals
We hope you found these tips helpful and encourage you to borrow or buy this book for more ways to support your business. Share your tips too. As they say, a rising tide lifts all boats!
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