Top 3 Ways to Build Your Best Business (part 2)

Top 3 Ways to Build Your Best Business (part 2)

Don’t let a great market create bad habits!

FOLLOW BEST PRACTICES 

I love this time of year!  I am a sunshine, warm weather spirit!  It’s spring, the flowers are blooming, the trees budding, and the market is HOT!  Each spring, professional baseball players pack up and travel to Spring Training.  They relentlessly practice the fundamentals of the sport: throwing, catching, pitching, batting, running, sliding…basic skills.

As a professional REALTOR® we must do the same.  Keep our skills sharp and in fundamentally sound.  The best way? To develop and sustain strong, well-documented best practices:

Develop and Implement Systems

• Plan Your Work; Work Your Plan
  • Vision – Define your Big WHY?
  • Business Plan
    • Business Snapshot: an overview of your source of sales and what potential business  you might be allowing to fall through the cracks
  • Review Activities vs. Results
    • Daily/Weekly/Monthly/Quarterly/Annually
  • Measure and Track
    • Source of Sales (Quarterly at a minimum)
    • What is working; what is not?
    • What do you need more of; what do you need less of?
      • 42% of Buyers were referred to an Agent
      • 12% of Buyers used a REALTOR® they previously worked with
      • 10%  of Buyers found their REALTOR® on a website
• Listing Practices
  • Checklist: Listing to contract – what you do/how you do it
  • Set the agenda/schedule of the process
  • Set communication expectations to Seller with Seller
• Buyer Practices
  • Consultation process
  • Checklist: Contract to Close
  • Set communication expectations to Buyer with Buyer
• Additional Opportunities to Build a Strong Business
  • Open House
    • Open House in a Box
    • Get creative; Set amazing expectations
      • Food Truck
      • Ice cream vendor
      • Wine and Cheese Neighborhood Gathering
  • Switch properties
• Door Knocking
• FSBO Open House
• Video Preview to Agents with similar sales

Create a Covenant

Imagine if you could double your listing inventory with one action.  What would that mean for your business?  What would it mean for your family?  Your wealth?  Your future?

Historically, our industry leaders and gurus have encouraged us to build a strong business by providing an extraordinary experience for the client and then asking for a referral.  This has empowered may professionals to build a phenomenal business and sell homes to generations of clients.  The practice has worked for years and continues to work in today’s market…yet timing is everything!

We propose that rather than asking for the referral (you know, friends, family and business associates who might be interested in a real estate transaction) at the closing table, that you ask for the referral at the time the listing agreement is signed, in the form of a “Covenant.”

Know Your Market

Own it.  You are the expert.  You are the navigator. The facilitator, the professional who Is driving the transaction.  To dominate your market and deliver exceptional service you must:

• Know your numbers
  • Know and understand your Market Snapshot:
  • Market Stats—Year-over-Year; Month-over-Month (Per Price Point)
    • Absorption rate
    • Average days on market
    • List vs. sales price
• Know your Office Stats
  • Year-over-Year; Month-over-Month
    • Volume
    • Per Person Productivity
• Know Your Performance Stats
  • How do you measure against the market?
    • Average days on market
    • List vs. Sales Price
• Know your Unique
  • What sets you apart from everyone in the market?

Designing and executing best practices within your practice moves you to a higher level of professionalism and help to create an entity with greater value and marketability!  Knowledge of your business provides power and security!

Move closer each day to be a resource, not a sales pitch.