With the market as volitile and saturated as it is - there are 10 things that you can do right now to increase your market share, grow your business and increase your income:
1. Focus on seller pricing strategies. How motivated is your seller to move? How great are you at price reduction scripts? Move from mediocre to mastery in these areas ASAP!
2. Master staging. With so many homes to choose from, in order to move your listings, they have to be in the bottom third in price, and top third of staging.
3. Learn and use creative financing. I'm not talking about crazy loan products, how familiar are you with FHA, THDA and VA loans? In today's environment, you had best be familiar, because 85% of all loans now are falling under these programs.
4. Bulletproof the transaction. You have to be invovled at every stage of the game. Long gone are the days of signing the contract and showing up at the closing table. Too many things can go awry . . . especially where appraisals and financing are concerned.
5. Master lead capture and conversion. Lead generation is a MUST. The manna from heaven has ceased. You have to meet people, add them to your database, stay in touch with them and ask for referrals. But getting a lead is only half the battle. You have to have scripts down pat for creating buyer urgency! What are your conversion rates, and do you have the tools you need to increase calls to converts?
6. Be more proactive with internet leads. 87% of buyers find their home online. You should take your internet leads seriously, and work them hard!
7. Get leand and mean with your expenses. When you are doing fewer transactions, you must cut your expenses in order to maintain your profitability. Do you have a sustainable cashflow model? If not, you need to!
8. Get clear about your role. You are not a chauffer, a therapist or a mortgage finance expert. You are a LEAD GENERATOR and customer service manager! Are you lead generating 3 hours per day everyday? If not, then you are abandoning your most important role as the CEO of your own real estate practice! Are you serving your customers well? If not, someone else will!
9. Become and expert in short sales and foreclosures. There is a HUGE opportunity in these two avenues. Yes, there are more phone calls and paperwork necessary to get the deal done - but with foreclosure rates as high as 50% in some areas, it makes sense to get involved!
10. LEAD GENERATE, LEAD GENERATE, LEAD GENERATE! Three hours per day, every day - forever! Your first hour should be spent preparing your list of whom to contact. The second hour should be spent ON THE PHONE or handwriting notes. The third hour should be spent doing follow up notes in your database. Always remember, if you are too busy to lead generate, you won't be.
If you need help in any of these areas, please contact me!
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