[WBNL 52–15] 9 Strategies to Thrive in the Real Estate Business

[WBNL 52–15] 9 Strategies to Thrive in the Real Estate Business

There are opportunities in any real estate market for those who are willing to make the necessary adjustments in your action plan, skillset and mindset!

The following 9 strategies will help you THRIVE in the Real Estate Business. These strategies are timeless and easily adapted for any business owner.

1 – You ARE the Creator of your Reality
Take personal responsibility for where you are at this exact moment. All of your thoughts and actions have lead you to this exact place in time. If you are not entirely pleased with your results, then change your thoughts and take action toward what you want to create.   Check in with yourself often. Are your thoughts positive or negative – towards or away from what you desire? Do you find yourself slipping into the negative muck and mire – from the media or the glass is half-empty people around you? Be deliberate and intentional in your thoughts and actions. Focus on what you want not on what you don’t want.

Recommended reading & resources:

2 – Be a life-long learner
Educate yourself about the market, understand the trends and statistics. Know the inventory.  Identify other niche target markets for your area and develop a plan to generate business from those sources that work best for you. Identify one or two areas to improve personally and/or professionally.

Continuous learning is the minimum requirement in any career field:

  • Read something to enhance your personal or professional development a minimum of 1 hour/day
  • Take specific courses, seminars, or workshops based on areas you want to improve or master
  • Listen to audio programs or podcasts in your car or when walking or working out
  • Set aside one hour a week at a minimum and select a topic in the Wanderers Club to work on for your business

3- Polish your sales skills

  • Improve and upgrade your qualifying, presentation and closing skills.
  • Learn how to better present the history and current real estate market story to your buyers and sellers.
  • Update your buyer and listing presentations with supporting graphs, statistics, etc.
  • Take sale-able, properly-priced listings!
  • Use all of your available company marketing and advertising tools.
  • Practice, Practice, Practice your closing and qualifying skills.

4 – Have a written business plan with specific goals
All smart business owners have a written business plan and clear, specific goals. Track your results, expenditures and return on investment.   Know what’s working and what is not and make the appropriate adjustments and course corrections.

5-  Get back to the basics
Never get away from the basics – they always work – in any market!

  • Do you have a solid Sphere of Influence/Referral system in place?
  • Are you attracting new business daily?
  • Have you selected 3-5 target markets to concentrate on this year?
  • Do you have a powerful Listing and Marketing Proposal?
  • Do you conduct a formal buyer consultation and qualification?
  • Take classes or training in areas that you want to refine or improve.
  • Are you leveraging the training and content available to you in the Wanderers Club?

6 – Implement effective real estate business systems
Are you working on your business while also working in it? Most real estate agents are not running their business as a true business. They are simply the “technician” working with buyers and sellers toward a successful close of escrow and collecting a commission for services rendered.

Create and implement key real estate business systems that work for you as an individual agent in these key areas of your business:

  •   Real Estate Business Plan and Goal-Writing
  •    Develop Your Unique Value (Selling) Proposition
  •    Personal Promotion, Branding and Marketing
  •    Past Client/Sphere of Influence/Referral System
  •    Listing System
  •    Buyer/Escrow System
  •    Farming System
  •    Lead Generation and Follow-up System
  •    Internet, Blogging, Social Networking Strategy
  •    Business Financial Basics for the Real Estate Agent

Recommended reading: EMyth Revisited

7 – Adopt a daily ritual to start your day in a positive mindset
Show up – Mentally, Physically, Emotionally and Spiritually. Now more than ever it’s important to get up, do your morning mindset ritual, get dressed for success and go into the office or that first appointment. Some suggestions…morning meditation, prayer, exercise, read your affirmations, review your goals, eat breakfast, review your day’s tasks and schedule. Exercise and eat properly for you.

8 – Create a daily activity plan and stick to it 
Time block for best results. Know how many calls, face-to-face contacts, emails, mailers, contacts you must make before you call it a day. Challenge yourself with daily goals – don’t go home until you have at least one appointment for example.

Getting Things Done; Read WBNL 52 Tip 14 on GTD
Read WBNL 52 Tip 13 on Time Blocking

9 – Be Accountable
Get an accountability partner or hire a coach. Ask for help. Help each other. Form a mastermind or accountability group

Skills

Posted on

April 11, 2016