In real estate, you need to build a great profile. To do this, you must recognize that your profile is measured by the size of your network, and your network determines your net worth as an agent. Your network is not just about numbers, though – it’s about the quality of the relationships you have built in your community.
We have discussed categories within your database, what you do with those categories, and how you measure your growth as a result. One of your best categories for conversion to actual listings is your market appraisals list. These are people you know you can work with and are active in real estate. Of course, the market appraisals that are in your database now are only a starting point. To grow your business, you need to improve your buyer work in order to continuously find new sellers and property managers.
One of the basic questions you want to ask while prospecting is whether this is the buyer’s first, second or third purchase in the area. You are, of course, looking for the client who has made multiple acquisitions and therefore owns or manages properties they may eventually want to sell. These potential sellers will ultimately convert to market appraisals. However, if you don’t keep count of how many contacts you have in these categories, then you have no benchmark to accurately measure your growth and potential. Re-evaluating and re-categorizing the contacts in your database is a necessary, ongoing process.
You want to quantify your contacts at various stages in the sales cycle so that you know how to effectively work with them to build momentum. You can calculate your momentum by knowing how many listings you need, how many market appraisals it will take to make those listings, and how many potential sellers will likely convert to market appraisals. These calculations must be done regularly because the market is always changing and your benchmarks have to change with it.
Doing the tactical work of keeping current with market trends, plus evaluating clients and making the phone calls to work with them, is vitally important to driving the momentum you need in order to build a great profile and grow your business. Remember that every sale you have made is a potential future sale. Be sure to stay in touch with those buyers so you are there for them when they are ready to become sellers.
I hope you have enjoyed today’s Coaching Tip, and I look forward to seeing you again next week.