{"id":201,"date":"2018-04-03T14:09:18","date_gmt":"2018-04-03T18:09:18","guid":{"rendered":"https:\/\/kbconsultingsolutions.net\/?p=201"},"modified":"2018-04-23T14:16:15","modified_gmt":"2018-04-23T18:16:15","slug":"top-3-ways-to-build-your-best-business-part-2","status":"publish","type":"post","link":"https:\/\/kbconsultingsolutions.net\/?p=201","title":{"rendered":"Top 3 Ways to Build Your Best Business (part 2)"},"content":{"rendered":"<body><h2><strong>Don\u2019t let a great market create bad habits!<\/strong><\/h2>\n<p><strong>FOLLOW BEST PRACTICES\u00a0<\/strong><\/p>\n<p>I love this time of year!\u00a0 I am a sunshine, warm weather spirit!\u00a0 It\u2019s spring, the flowers are blooming, the trees budding, and the market is HOT!\u00a0 Each spring, professional baseball players pack up and travel to Spring Training.\u00a0 They relentlessly practice the fundamentals of the sport: throwing, catching, pitching, batting, running, sliding\u2026basic skills.<\/p>\n<p>As a professional REALTOR\u00ae we must do the same.\u00a0 Keep our skills sharp and in fundamentally sound.\u00a0 The best way? To develop and sustain strong, well-documented best practices:<\/p>\n<p><strong>Develop and Implement Systems<\/strong><\/p>\n<ul>\n<li>Plan Your Work; Work Your Plan\n<ul>\n<li>Vision \u2013 Define your Big WHY?<\/li>\n<li>Business Plan\n<ul>\n<li>Business Snapshot: an overview of your source of sales and what potential business\u00a0 you might be allowing to fall through the cracks<\/li>\n<\/ul>\n<\/li>\n<li>Review Activities vs. Results\n<ul>\n<li>Daily\/Weekly\/Monthly\/Quarterly\/Annually<\/li>\n<\/ul>\n<\/li>\n<li>Measure and Track\n<ul>\n<li>Source of Sales (Quarterly at a minimum)<\/li>\n<li>What is working; what is not?<\/li>\n<li>What do you need more of; what do you need less of?\n<ul>\n<li>42% of Buyers were referred to an Agent<\/li>\n<li>12% of Buyers used a REALTOR\u00ae they previously worked with<\/li>\n<li>10%\u00a0 of Buyers found their REALTOR\u00ae on a website<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>Listing Practices\n<ul>\n<li>Checklist: Listing to contract \u2013 what you do\/how you do it<\/li>\n<li>Set the agenda\/schedule of the process<\/li>\n<li>Set communication expectations to Seller with Seller<\/li>\n<\/ul>\n<\/li>\n<li>Buyer Practices\n<ul>\n<li>Consultation process<\/li>\n<li>Checklist: Contract to Close<\/li>\n<li>Set communication expectations to Buyer with Buyer<\/li>\n<\/ul>\n<\/li>\n<li>Additional Opportunities to Build a Strong Business\n<ul>\n<li>Open House\n<ul>\n<li>Open House in a Box<\/li>\n<li>Get creative; Set amazing expectations\n<ul>\n<li>Food Truck<\/li>\n<li>Ice cream vendor<\/li>\n<li>Wine and Cheese Neighborhood Gathering<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>Switch properties<\/li>\n<\/ul>\n<\/li>\n<li>Door Knocking<\/li>\n<li>FSBO Open House<\/li>\n<li>Video Preview to Agents with similar sales<\/li>\n<\/ul>\n<p><strong>Create a Covenant<\/strong><\/p>\n<p>Imagine if you could double your listing inventory with one action.\u00a0 What would that mean for your business?\u00a0 What would it mean for your family?\u00a0 Your wealth?\u00a0 Your future?<\/p>\n<p>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.\u00a0 This has empowered may professionals to build a phenomenal business and sell homes to generations of clients.\u00a0 The practice has worked for years and continues to work in today\u2019s market\u2026yet timing is everything!<\/p>\n<p>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 \u201cCovenant.\u201d<\/p>\n<table class=\" cke_show_border\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td>\n<h3><em>\u201cThe typical Seller has recommended their agent twice since selling their home.<\/em><\/h3>\n<h3><em>Thirty-three percent of Sellers have recommended their agent three or<\/em><\/h3>\n<h3><em>more times since selling their home.\u201d<\/em><\/h3>\n<\/td>\n<\/tr>\n<tr>\n<td>\u2014 2017 Profile of Home Buyers and Sellers.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Know Your Market<\/strong><\/p>\n<p>Own it.\u00a0 You are the expert.\u00a0 You are the navigator. The facilitator, the professional who Is driving the transaction.\u00a0 To dominate your market and deliver exceptional service you must:<\/p>\n<ul>\n<li>Know your numbers\n<ul>\n<li>Know and understand\u00a0<em>your<\/em>\u00a0Market Snapshot:<\/li>\n<li>Market Stats\u2014Year-over-Year; Month-over-Month (Per Price Point)\n<ul>\n<li>Absorption rate<\/li>\n<li>Average days on market<\/li>\n<li>List vs. sales price<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>Know your Office Stats\n<ul>\n<li>Year-over-Year; Month-over-Month\n<ul>\n<li>Volume<\/li>\n<li>Per Person Productivity<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>Know Your Performance Stats\n<ul>\n<li>How do you measure against the market?\n<ul>\n<li>Average days on market<\/li>\n<li>List vs. Sales\u00a0<strong><u>Price<\/u><\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>Know your Unique\n<ul>\n<li>What sets you apart from everyone in the market?<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>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!\u00a0 Knowledge of your business provides power and security!<\/p>\n<p>Move closer each day to be a resource, not a sales pitch.<\/p>\n<\/body>","protected":false},"excerpt":{"rendered":"<p>Don\u2019t let a great market create bad habits! FOLLOW BEST PRACTICES\u00a0 I love this time of year!\u00a0 I am a sunshine, warm weather spirit!\u00a0 It\u2019s spring, the flowers are blooming, the trees budding, and the market is HOT!\u00a0 Each spring, professional baseball players pack up and travel to Spring Training.\u00a0 They relentlessly practice the fundamentals<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-201","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/kbconsultingsolutions.net\/index.php?rest_route=\/wp\/v2\/posts\/201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kbconsultingsolutions.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kbconsultingsolutions.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kbconsultingsolutions.net\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/kbconsultingsolutions.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=201"}],"version-history":[{"count":1,"href":"https:\/\/kbconsultingsolutions.net\/index.php?rest_route=\/wp\/v2\/posts\/201\/revisions"}],"predecessor-version":[{"id":202,"href":"https:\/\/kbconsultingsolutions.net\/index.php?rest_route=\/wp\/v2\/posts\/201\/revisions\/202"}],"wp:attachment":[{"href":"https:\/\/kbconsultingsolutions.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kbconsultingsolutions.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kbconsultingsolutions.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}