This year I have observed the dialogue and behaviour much of the industry is participating in has reached it’s expiry date. Simply the market has changed but a lot of the real estate industry has not. For the few that have, they are already seeingÂ market shareÂ increases even though total revenue has not increased due to a smaller number of transactions effected year on year.
Below are the 5 critical behaviours that if executed flawlessly will provide the highest return in terms of leveraging your efforts. Unlike much of the industry which is pre-occupied with lots of work for works sake, these high leverage actions simply get more listings and more sales. Here they are:
- CrucialÂ conversations with vendors…not a sugar coated, feel good talk but a direct conversation with the vendor about the reality of the market place. This together with buyer offers are the most powerful vendor management tool at your disposal. High level business development daily…whether it’s 10 before 10 (that is 10 prospecting calls before 10am every day) or just 1 hour of telephone blitz-work per dayÂ to attract new vendors, this must be a non-negotiable daily ritual.
- Vendor paid marketing … the ability to overcome vendors who want a soft campaign or an internet campaign only to sell their property. Apart from the fact that print and online workÂ complementary andÂ the passive buyer that comes offline is quite often the premium price buyer, unless a vendorÂ has ‘skin’ in the game, their commitment to selling is questionable. If they are not prepared to invest their money, why would you invest yours?
- Attraction Business… the 7 figure agent runs an attraction business. Their marketing not only puts them on the shopping list for more vendors, it puts them on the shopping list of the best vendors. You have listings with VPA andÂ good marketing – you get good listings with good marketing.Â
- Energy … without a doubt the most critical behaviour in 2011. In real estate you can go from the heights of exhilaration to the depths of depression in 24 hours. Your ability to stay positive and change the way your vendors and buyers feel by bringing the best version of you to work daily is a weapon not to be underestimated. Quite often the new salesperson with no experience sells a property that has been on the books for four months in their first week at work whilst the experience salespeople could do nothing with it for months. WHY?