Master Your Trade

Master Your Trade

As most of you well know, real estate is a living example of The Pareto Principle…it would be safe to guess that less than 20 percent of the membership of NAR is doing 80 to 90 percent of the business (transactions) annually.

So How?  What sets them apart?

They master their trade.   It IS that simple.

Let’s explore another group of professionals who simply (and remember simple is seldom easy) master their trade, one skill set at a time, one play at a time and then one game at a time.  Each spring, members of MLB gather in Florida and Arizona and practice the fundamentals of their sport.  You know, pitching, ground balls, stealing bases, hitting…the fundamentals.…over and over until they simply cannot get it wrong.

What they know is the following: To make it to the playoffs, and then the World Series, they must invest time, energy, talent, patience and commitment into the fundamentals of the sport.  No matter what level of income they have achieved, how many world championship rings they have acquired, or how many years they have invested in the sport, they must stay fundamentally sound and sharp to continue to play and win.  And just to add a little pressure, there is always someone in the farm leagues, playing hard every day to take their place on the field.

Real estate is NO different.  No matter how many houses you have listed, how many transactions you have closed and how many satisfied, raving fans you have…there is someone standing in the wings with the goal of dominating your market space.  Game on!

Let’s take a snapshot of the fundamentals which we need to be focused on to continue to perform at the level desired with the income deserved.  Each task/topic should be practiced with the same relentless commitment and dedication as an MLB member has to Spring Training:

The ABC’s of Mastering the Real Estate Game:

Action and Accountability:

• Craft and execute a written business plan which includes:
  • Vision Statement (know and own your “Why”)
  • Vision and Goals—what do you want and when?
    • 1-3-5 Year Written Plan
  • Org Chart—How are you structured for success
  • Determine what activities are necessary to hit your goals
    • Quarterly
    • Monthly
    • Weekly
    • Daily
• Know your numbers
  • Review and adjust as necessary
    • Actual to goal
    • Market of the moment
    • Source of Sales/Production
    • ROI on all expenditures/ventures
• Secure an Accountability Partner
  • Broker/Owner/Manager
  • Real Estate Coach
  • Business Partner

Build and Honor the Right Systems:

When you have mastered this step, the business should run itself.

• Building a marketable/dimensional data base
  • Maintaining accurate, manageable content
  • Consistent touch system
• Building your business with the intent to sell
  • Executable plan of action
• Following and honoring your written business plan
  • Engaging and incorporating the right software
  • Developing and adopting best practices
• Maintaining a process and procedures manual
  • Set it and forget it method
• Adopting and exercising exceptional listing practices
  • Procedures
  • Dialogs
  • Marketing
• Executing the perfect Buyer Consultation
  • Adopting and exercising strategic best practices
  • Developing and executing scripts and dialogs
• Consistently evaluating your market
  • Performance against market stats
  • SWOT analysis
  • Trends and opportunities

Commit to Leverage:

Focus your time, energy and talent on income producing tasks

• Your Org Chart should be strategically designed to cover this fundamental topic which may include but not be limited to:

• Marketing
• List to Contract (transactional) tasks
• Contract to Close (transactional) tasks
• Errands and runner tasks
• Personal errands

If it is not an income producing task, leverage the task and pay someone to do it.

You must be willing to get out of the way and GIVE IT AWAY!

But wait, there’s more…one last tip in the ABC’s…it’s the D.

Don’t Settle:

Consistently self-discover and discern your highest and best self.  As per NAR’s survey of the consumer, what they desire most is an honest, trustworthy individual to guide them through the process of the real estate experience.  Be that.  Become the trusted advisor.

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Without exception, the professionals whom have mastered the art of real estate are tenacious, resilient and committed to the industry and making a difference in the lives of others.  For many years, we have known…real estate represents the essence of servant leadership.  First and foremost, thanks to those who serve for a job well done!