Is Your Real Estate Business Unshakeable?

05 October 2018
RLP Meadowtowne

Currently, we have about 110,000 real estate professionals in Canada and about 1.3 million real estate professionals in the U.S.  Last year only 3% of the agent population sold more than 25 homes and almost half sold nothing. So what do you need to do to ensure you capture a piece of the pie even when the market slows down? Create an unshakeable, unwaivering, steadfast real estate business that can survive in any market. 

Housing is a commodity, people need a place to live. With or without your assistance, people are are relocating for work, to be closer to family, or because they need another bedroom! Market conditions may dictate if they are moving out of your area, or into it, but the point is... people have to move. Homes in your area are selling. It may not be at the rate you're used to, or even what you would like it to be, but they are selling. If you have built your business right, you should be OK, no matter what the market throws at you. 

career balance

Tips to Create a Steadfast Real Estate Business

  1. MINDSET – You need to fall in love with the fact that you change lives with your real estate business and see what you do as truly adding value. You need to have the mindset that real estate is your career and not a job or a hobby. Tell yourself, "How I treat my business matters. How I run my business matters. How I step up my business matters. How the community sees me as a trusted real estate expert matters." Your mindset and how you view your business is paramount in how others see it. 
  2. STOCK PILE CASH – When the going is good, we don't worry... and that has to change. The biggest reason so many agents leave the industry is because they don't save enough of the money they make when things are good. Having capital and access to cash, not only to live on, but to run your day-to-day business is critical when the slower markets hit. Make wise decisions with your money early so it's there when you need it. And you will need it. 
  3. LOW LYING FRUIT – Get the easy pickings out of the way! When business starts to slow down ask yourself, "What are the top 10 things you did to drive your last 10 deals?" Take a look at the list and ask yourself, "How many of these tasks am I doing now?" You may be surprised to notice you've slacked off a little and that you've left a lot of easy ground to pick up on. There are so many ways to drive sales and revenue into an agents business, focusing on what worked in the past is a great place to go back to when you need it.
  4. SET YOUR GOALS – Wade Webb, Broker/Owner of Royal LePage Kelona says, "Your business is just math and all agents business really breaks down to knowing exactly three numbers. The first number is the number of people a day you need to speak to about buying and selling real estate. That is your DAILY number. The second number is the number of bona fide listing or buyer appointments you need to attend a week. That is your WEEKLY number. The third and final number is the numbers of transactions or sales a month you need to perform. That is your MONTHLY number. Those three numbers equate to any agents annual income goal." When you break it down that way it helps you to identify your transaction goals.
  5. TECH ENABLED – How techy are you? The biggest challenge with our on demand world is if you struggle with the tech you haven't got a hope. You will either need to learn it yourself or get someone to do it for you, but the real estate business cannot be done to the speed of expectancy from the customers without technology. It just can't. So you need to catch up.  
  6. MARKETING – Don't be the one trick pony, teach yourself to thrive in the new market and economy by teaching yourself new marketing tricks! Agents need to have at least four to six marketing funnels generating buyer and seller leads for them running at all times. Without enough leads there are not enough appointments. Refer back to number 4,
  7. CONVERSION – The greatest problem in our industry is our overall inability to convert a lead. It's so hard for many agents, especially new agents, to ask for that appointment. You need to be a lean mean appointment setting machine in this business to survive. Lead conversion is easy when you know what your lead wants. So ask them! Sometimes simply asking the consumer what challenges they face, then offering a process to help them navigate that challenge is enough. Just don't forget to ask for the business in the end. 
  8. LEARN TO DELEGATE – Many agents have convinced themselves that they have to do all the work themselves. What happens when you run out of time? Finding help, automating, and delegating allows an agent leverage someone elses' skills to give them the chance to really focus on what you love about your business. 

So there you have it, 8 powerful ways to help create a steadfast real estate business. Now go out there and crush it!