What are you going to do if 20% to 30% of the volume in your marketplace stops? This week my Coaching Tip is about growth stalls, why they happen, and how to avoid them by putting yourself in a position to achieve all that you’re capable of.
The reality is that when you hit a growth stall there are only a few things you can do. You can increase your average sale price, get a higher volume of transactions, or increase your average fee. And there’s a balance to maintain – If you lose fees because there are fewer sales and lower volume, then you have to increase your fee.
It’s up to you to learn how to sell what you do in a way that’s meaningful to the customer. This is not a like-for-like service, you’re different from your competition and you bring unique advantages to the table.
It may not seem obvious, but one of the best ways to keep your business growing and reduce your lead generation costs is to simply think about customer experience. When you do hit a growth stall you can go deeper with your existing customers, get your landlords to buy and sell, and get more past clients doing transactions with you.
When you improve customer experience your customers will tell other people about you, and that reduces your lead acquisition costs. And remember that every member of your team has a part in delivering that higher customer service experience with your firm.
Of course, the best way to deal with growth stalls is not to hit them. In this market the best agents will be the ones who really get going, do the work, and earn even more than last year.
I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.