Hey Coach, I want to double my income…
Category:KB Consulting SolutionsYou may or may not have said this to your Coach, or even out loud. But honestly, how many have entertained the thought? And it’s not limited to sales production. This may also be related to recruiting and increasing the number of agents and quality of sales force in your office. So, if you are new to the business, a seasoned professional, and/or a Broker/Owner/Manager or Recruiter. This one is for you!
The first step that I normally take with Clients who want to “double their income” in the upcoming year’s Business Plan is to stop, drop and evaluate the business we’ve closed in the past 12 months and then move forward. Let’s take a brief look at the steps needed to potentially “double down” and have your best year ever in real estate.
- Thoroughly evaluate your “Source (closed) of Sales”
a. Transaction side by transaction side, discern where the business came from.
i. Drill down to the specific resource which provided the lead; example, if it the source is farming, what specific product was mailed? What was the message? What is the timing (frequency and consistency) of the mailing? Was the collateral mailed snail mail, door knocking or digital?
b. Be very intentional with each closing to discern the steps, process, procedure and circumstances around each closed transaction. - Results are in the Details: Write it down
a. Document the history of the transaction
i. These details should also be a vital, manageable dimension of your database. The habits and history of both buyers and sellers is predictable. Use this to your advantage.
b. Once you have results, you may now make comparisons and determine what is the best return on investment of time, money, talent and energy on your part as well as the rest of the team. - Document the response time in servicing each “source of sale”
This is where we have a coachable moment or two. This is one of the first steps to increase your production and profitability. The more dependent you are upon technology, the more powerful this evaluation will serve for you.
a. What was the time from lead origination to lead contract (either listing or buyer)
b. What could have been done to improve the response time?
c. How will current systems and processes be modified to shift results? - The art of follow up
If you were to have a heart-to-heart, eye-to-eye conversation with yourself, what would you discover about where your business may be leaking away from the closing table?
a. For each category of “Source of Sales” that you evaluate, ask yourself the tough question of “what slipped through the cracks and was never followed up on?”
i. How many leads were mishandled or completely abandoned?
ii. How many calls were there that were never returned?
iii. How many of my past buyer/sellers were involved in a transaction this year without my professional assistance?
iv. What major opportunities were missed that could have promoted the business to a bigger audience in a cost and time effective way?
a) Community Events
b) Cause Marketing
c) Client Appreciation
b. What systems are missing that allowed the leak?
i. Who/what will provide the solution?
ii. Who will execute the details to ensure each is followed up on?
c. Where is the accountability?
i. Coaching?
ii. Systems that remind and badger us until the “task” is complete?
d. Financial analysis
i. What did the leak (not following up on the lead) cost?
a) Current year financial loss
b) Professional reputation
c) Future business - Communication
As you have now realized, follow-up is vital in the pursuit of doubling or increasing your business from year-to-year. It’s about systems and execution. Yet don’t overlook clear, concise and intentional communication.
a. Ask for the business
i. “Who do you know that I should be talking with?” should be the close of each and every conversation you host. This is by far, the best open-ended question you may ask. It opens the closing conversation up to much more than buyers and sellers. It opens the door to a dimensional, comprehensive snapshot into the sphere of the individual or group you are speaking with.
ii. Be approachable and open to serve. Never allow your response to be “so busy” or “so busy I don’t know what to do” … you must appear organized and remain approachable and ready to serve the needs of others.
b. Timing is everything
i. Ask for the referral at the start of the relationship and not at the closing table. To repeat, end each conversation with “Who do you know I should be talking to?” and see what happens. When you raise the awareness of your willingness to serve needs to the beginning of the relationship/transaction, you will be surprised how it will increase your business.
ii. All team members should be asking the same question. Build it into scripts.
“Hey Coach, I want to double my income…” may or may not be where you are, yet refining what you do and when you do it will certainly get you closer to the goal you have set. And picking up the business you’ve dropped or that has fallen through the cracks will take you over the top and bring repeat business as you will serve to be a resource, and not a sales pitch.
