The average sale price in the United States is just a bit higher than $400,000. That makes the average commission about $12,000. This means you need eight deals to gross $100,000 and about 10 to net $100,000 — about two transactions per month. Inventory is rising. The only question is whether YOU will be the one to list the next homes in your market!
Fact: When you LIST two homes per month, you will automatically attract buyer business as well, so focus on listings!
Fact: It looks like you have more time than you do to create these 8-10 transactions. Take a wall calendar or your planner and count up the actual work days left in this year (or quarter…you can use this plan for ANY quarter you wish!)
Example: There are 14 weeks left this year, 90 days total. When you take out weekends and holidays, not to mention travel or other things you’ve got scheduled, you’ll find that you have 70 to 80 work days at most. Put a dollar sign on your work days so you are super focused on dollar productive activity on those days!
Post that calendar on your wall.
You will have to actively contact both people you already know as well as those you don’t know. People you know are past clients, people in your sphere of influence, and agent referrals. People you don’t know are everyone else. Are you willing to speak with both to earn your $100k this quarter?
You should analyze where your business came from last quarter, through last year, and keep doing what has worked. Consider doing more of what worked. For example, if you had five transactions from repeat clients, but you didn’t have a system to speak with your database regularly, how many more repeat clients could you create this year by being more drilled down on that source of business?
You must be willing to do what you don’t want to do when you don’t want to do it at the highest level. Keep doing what you’re doing and you’ll keep getting what you’re getting. To go to the next level financially, you must go to the next level with your skills.
You must ask for help when you need it. Don’t waste time re-inventing the wheel, sampling, or trying things out. Get help through coaching and make sure you’ve discussed your goals with your family, partner or team, so everyone is all- in!
Let’s look at these 12 guaranteed effective lead sources to get you those eight listings and your $100k by the end of the quarter!
Expired listings. Expireds are at the top of the list because of the following:
–They clearly want to sell and many have to sell. These are the listings you’re looking for! There’s been a huge increase in expired listings recently since most agents still had too-short listing agreements in anticipation of the hot seller’s market continuing.
–You know that the wrong price is likely a problem. Your comparative market analysis is much easier on an expired listing.
–The agent you would have competed against (the one they thought would get the job done, who they probably already knew) is now out of the picture.
–The seller will correct negative feedback and reprice the home in most cases, creating a quick sale. The average days on the market for re-listed expireds is always very low.
Bonus: Don’t forget old and older expired listings. You’ll have less competition and are more likely to get the seller the price they wanted in the first place. Many of these expired sellers will simply ask you what it’s going to take to get it sold.
For many of you, you’re probably feeling comfortable with at least two or three of the twelve sources. Start with those and really drill down to increase your contacts and your level of skill. Just ask for help. Waiting is not profitable.
Once you’re getting results from those two or three resources, it’s time to add the next one. You may even have ‘dabbled’ in all twelve, but not really taken each to the next level. What would happen if you decided you will take 8 to 10 listings this quarter?
For those of you who are already listing and selling 8 to 10 homes per quarter, which of the twelve sources do you still need to add to your skillset to take your business to the next level?
Tim and Julie Harris are coaches and host a syndicated podcast for real estate professionals called Real Estate Coaching Radio.
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