Are you shifting along with the market?

By
Education & Training with The Real Estate Masters Institute

In case you haven't noticed, in most parts of the country the real estate market has shifted.  In most places the market has declined not only in value but in units closed, a few markets have remained relatively stable, and even fewer have actually gone up and hit a seller's market.

The key thing to note, however, is that no matter which shift you are experiencing, the question you need to ask yourself is if you have shifted, as well.  Many Realtors in todays market have been in the business for less than six years, the NAR numbers clearly show that, and have never experienced a market like the one we are in.  Also, some of us veterans of the business have contracted temporary Alzheimer's and forgotten what the market was like "once upon a time" where we had to hustle.

If you have been reading my blogs, one motif I hope you have picked up on is that now is the time to be proactive and to manifest the life you deserve.  The beautiful thing about a shift is that it creates a natural law of survival of the fit, which in our case means survival of the skill based lead generators.  This is an amazing time of opportunity for you to come out of this a Rockstar!

If you are not familiar with the 80/20 rule, there is a great book on it called the 80/20 principle, but here is the synopsis:  20% of your activities drive 80% of your results.  In our industry, the 20% is dollar producing activities.  Lead generation, listing presentations, showing appointments, and negotiating offers.  The 20% OF the 20%, is lead generating.  Now more than ever it is about pressing palms and kissing babies.  If you are not highly engaged with your database or your farm, now is the time to do so.  If you lack the scripts or are nervous about what to say, please let me know and I'll send you a few free samples.  Don't let the lack of scripts be what deters you from staying in this industry, going out and lead generating, and capturing the market share.  If you position yourself properly now, and gain inventory, just Imagine where you will be sitting once the market turns back around.  You will absolutely blow by your competitors and come out stronger than ever before!!!

Always Remember, There Are No Limits!!

Jeff Bonham

The Real Estate Masters Institute

Comments (5)

Dawn LoPresti
United Country/Country Lanes Real Estate - Rutherfordton, NC

Jeff-you have made some really good points.  I have to say that I am new to the business and i am still trying to find my way. I am "stuck" so to say on cold calls-I don't know how to get the conversation flowing.  Which for me is very frustrating because I am a very out going person.  It is something I can't put my finger on.  I agree with you that if you put yourself out there now, you will reap the benefits when the market comes back, but as i previously said, how does a new agent like myself compete with other agents who have years of experience on me? 

Aug 21, 2008 08:52 AM
Anonymous
Jeff Bonham

Great question, Dawn.  The first thing one must do is to make a paradigm shift and realize it's not about the number of years of experience or the number of closed transactions, but coming from a belief system that you are the best person to serve the customer.  If you are someone who is in this business and focused on customer service, rather than the commission check, you can compete with anyone.  The first step is getting in the door with your scripts and dialogues, the second step is having a listing presentation based on doing a customer "Needs Analysis," the third step is having a consistent and systemized marketing/follow up plan that will under-promise and over deliver, and finally servicing the deal to closing and beyond to generate a lifetime of repeat and referral business. 

What type of cold calls are you making?  Are you working FSBO's, Expired/Withdrawn, or are you calling a farm?

Also, are you focusing on always growing and working a personal database to drive your referrals? 

Jeff

Aug 22, 2008 04:10 AM
#2
Dawn LoPresti
United Country/Country Lanes Real Estate - Rutherfordton, NC

Jeff

I have calling FSBO and the expired listings of our MLS.  I have been working on a database-I try to get my cards to everyone i meet and encourage them to send me referrals. 

Thanks

Dawn

Aug 22, 2008 09:39 AM
Frances C. Rokicki
Fran Rokicki Realty, LLC - Bolton, CT
Broker-Mentor,CRS

Jeff, Good post!  I try to encourage agents to get out and get going!  I have a Coach, lucky to say, and it makes all the difference in this market!  Keep up the good work!

It's a Good Life!

Fran

Aug 22, 2008 12:27 PM
Jeff Bonham
The Real Estate Masters Institute - Springfield, MO
CEO

Dawn, the database will be the life blood of your business.  A good follow up program with them consists of reaching them with a "call to action" message at least 20 times a year, preferably 30.  It needs to do several things, but the main point is to reinforce the fact YOU are the real estate expert.  We can talk further in detail if you'd like on the phone.

Your Expireds and FSBOs...what is your conversion rate?  How many do you talk to a day, once you get them on the phone, how many do you book, then how many do you take as a listing.  These sources are GREAT for NOW business, especially in the down turned market.

Frances, good for you for using a coach.  I am not only the owner of a coaching company, but I believe in them so much that I have a coach for myself, too!  Keep it up!  It is often so hard to see the small inconsistencies in our own day to day activites we often overlook them or believe they are insignificant, but the third eye of a coach can make all the difference!

Aug 30, 2008 12:46 PM