Brokers and team leaders can end the uncertainty of seasonal market-dependent income and replace it with more controllable and predictable income.
By Michelle Sieksy for Ylopo
You can have a more stable and predictable income as a real estate professional, even in the off-season. All you have to do is start by doing these four things.
1. Increase lead activity
The first step in ensuring a more consistent income in real estate is to increase your lead activity. Start by reviewing your database to find ways to maximize its value and bring any hidden opportunities to the surface.
Next, create a multi-touch process for lead follow-up. We’re talking texts, phone calls, emails, video messages, and social ads. These touches can come from you, your agents, your team assistant, your AI tool, in-house or outsourced ISA’s, or from all these people combined.
2. Manage your agents and yourself better
Managing a team is hard but it is even harder to hold yourself accountable as a team leader or single agent. The first thing you need to do to manage more effectively is decide what activities are really worth your time and your team’s time and start being proactive about these things instead of reactive. There are only four things in real estate that actually make you money:
Make sure you have enough time set aside in your schedule to do your money-making activities. You can do so by embracing time-blocking.
Next, compare your business goals with your agent’s goals and determine how many new agents you need to hire in order to achieve those goals.
Finally, focus on creating opportunities for your agents and effectively enforce accountability. Be careful that you’re not enforcing accountability in the form of punishment. Try this clever three-strike process:
3. Organize and track lead activity
Get yourself organized with tracking your lead activity. Start by getting the right tools and systems in place, then work on getting an idea of where all the people are in your business pipeline and set a plan of action for how to follow-up with them.
Try using standardized lead stages and set follow-up expectations associated with each lead stage.
Finally, prioritize those lead stages. Focus first on your inbound leads and prioritize anyone in your system raising their hand. Any brand new leads should be the second priority.
Here’s a great way to prioritize: Priority 1: Hand raisers in your database Priority 2: Anyone engaging in your seller experience (Homebot) Priority 3: Leads ISA’s had a good conversation with but haven’t converted. Priority 4: Leads engaging with AI (RAIYA) Priority 5: New incoming leads
4. Implement a lead conversion process To be successful, you have to know what to do and be able to replicate it. Try to understand blockers that are preventing you from converting leads and find ways to overcome them.
Finally, be prepared to ask for the appointment. Focus on keeping the prospect’s experience with you as upbeat and positive as possible from start to finish. The goal of your initial conversation should be all about showcasing your value. By focusing on the service and not the sale, you will set more appointments, get better reviews, land more closings, and ultimately earn a more consistent and predictable income. For more helpful tips and strategies to keep your real estate business thriving all year long and end the cycle of feast or famine read the full article which includes a link to the complete training video.
Original article published By Inman on November 23, 2021.