Real estate has always been a huge part of Daniella Marnelli’s life. It was her first career, and it remains her calling today. She is also a wife and mother, and balancing it all can be a juggling act. But, Daniella shares the secrets behind her schedule and behind her success–in all her callings.
There are 80 working days left in 2018. Depending on how many days you work, how many holidays you celebrate and so on, you have about 80 days to wrap up 2018. 80 days…
How do you want your bank account to look like on January 1st of 2019? Do you want a bigger bank account or a smaller one? I suspect a bigger one… so let’s get to work.
Whatever your goal is, NOW is the time to make that happen. The next 45 to 55 days will be critical for setting yourself up for strong close to 2018 and a fast start to 2019. What you do in the next few days and weeks will determine the size of your bank account on January 1.
Let’s face there are two types of agents today… hobbyists and CEO’s. This blog is not intended for part-time agents or those that work real estate sales as a hobby. For those of you that run your business like a business, those of you that know your daily number and know what it takes to generate one sale… this article is for you.
How many families or investors do you want to serve between now and the end of the year?
How many contacts do you need to make to drive that number? One rule of thumb is 40 to 1.
What systems do you have in place to create the result you desire?
Write down the number of sales you’ve made so far this year.
Write down the source of those sales.
This is your system… a system will produce what a system will produce, nothing less nothing more. If your system is not producing the expected result, it’s time to update your system.
1. Cash… cash is king. Are you building your cash reserves? Reducing bad debt? Investing in marketing? (Hint: You can do all 3.)
2. Knowing what you know now, what immediate adjustments do you need to make?
3. Have you started a small weekly accountability group with like-minded, goal-oriented CEO’s like yourself? If not, what are you waiting for?
#WinTheDay
Melissa Horton shares her real estate journey with us on today’s episode of “Success from Scratch.” “Fear was producing excuses everyday,” she says. Fear held her back and put her business into paralysis. It was her decision to “take action” that launched her career. Watch this week’s episode for her full story!
What if today was your last?
JP posted and sent an article out yesterday from Steve Jobs commencement speech at Stanford in 2005. As you know, Steve was an American entrepreneur and business magnate. He was the Chairman, Chief Executive Officer (CEO), and a co-founder of Apple Inc., Chairman and majority shareholder of Pixar, a member of The Walt Disney Company’s board of directors following its acquisition of Pixar, and the Founder, Chairman, and CEO of NeXT. Jobs is widely recognized as a pioneer of the microcomputer revolution.
What can we learn from Steve that applies to being the CEO of your real estate practice? Plenty… read on:
When Steve was 17, he read a quote that went something like, “If you live each day as if it was your last, someday you’ll most certainly be right.” It made an impression on him, and since then, for the past 33 years of his life, he looked in the mirror every morning and asked himself, “If today were the last day of my life, would I want to do what I am about to do today?” And whenever the answer has been “No” for too many days in a row, he know he need to change something.
Remembering that you’ll be dead soon is the most important tool Steve Jobs ever encountered to help him make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure — these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.
No one wants to die. Even people who – like me – want to go to heaven don’t want to die to get there. And yet death is the destination we all share. Our time, your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma — which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.
Do that today, do it NOW as if today was your last.
#WinTheDay
On today’s episode of “Success from Scratch,” we have Sam Lloyd and Tiphannie Clements from the W Lux Properties team. The team is on track to create $50 million dollars in business this year. The dynamic duo was matched together online, similar to “match.com,” yet for business. The culture of the team places great value on encouraging team members to collaborate and serve consumers at the highest level. Potential team members are invited to meet their whole crew to ensure culture fit and work ethic. Learn more by watching now.
How would it feel if you could help 50 families buy, sell or invest in real estate every year?
A system will produce what a system will produce… nothing less, nothing more. So I’m curious, what is your system producing for your business? Are you happy with that result or do you want more? If you want more, read on.
Are Your Systems Producing Reliable Results?
Let me clarify. For some of you reading this blog, losing weight might be an example you can relate to. Losing 10 pounds is a GOAL. Changing the way you eat for life is a SYSTEM. Many of you have a goal of helping 20 or more families buy, sell or invest in real estate this year. That is a GOAL. What systems do you have in place to ensure that outcome?
So let’s review first why you need systems in place. Unless you are a hobbyist in real estate, you’ll need systems for:
As a real estate broker and later as a real estate business coach, I’ve seen, reviewed and put into practice virtually every system out there. In my current view of the business, the perfect place to start is with Gary Keller’s three L’s from The Millionaire Real Estate Agent: Leads, Listings, and Leverage.
Next-level agents – those that run their business as a business – implement real estate systems to handle each of the three L’s. Let’s dig in.
Leads are the lifeblood of your real estate practice. Without leads, you have no clients and no deals. Systemizing your lead generation and conversion processes will result in more clients and more successful transactions. One such system is outlined in The Millionaire Real Estate Agent, which outlines a system to move prospects from your outer circle to your inner circle.
In the book, we learn 2 prospecting categories and 11 marketing categories to choose from and implement. Exploring all of them would spread you too thin, yet having a plan to start with one and “add one” each quarter is a solid process to build a strong real estate practice.
Move Prospects From Your Outer To Your Inner Circle.
Your business is just math – depending on market conditions, your skills and results you will need to increase or decrease your formula:
For every 12 people on your “met” contact database – when you follow this system – you can reasonably expect to net 2 sales… either a direct sale or a referral for a sale. Do you want to do 5o sales this year? Then a solid database of 300 people using this system can produce that result.
For every 50 people in your “not met” database you can reasonably expect 1 sale. You want to do 5o sales this year, then you’ll need 2,500 people in your not meet database.
If you want to run an efficient real estate business, focus on gaining more listings, not more buyers.
Listings require less time and allow you more scheduling flexibility… you don’t have to work around the clients’ schedules nearly as much as with buyers. You can also be more confident in your ability to collect payment as a seller’s agent than as a buyer’s agent. We’ve all had buyers cut us out of a deal at one time or another. And even with a buyer’s brokerage agreement, forcing payment of commissions can easily get contentious. It’s a headache you just don’t need.
One of the best resources I’ve run across for a listing system is Hoss Pratt’s book LISTING BOSS
So work with well-qualified, sense-of-urgency buyers, but focus your efforts on earning listings from sellers.
Leverage is all about finding and utilizing resources to help you scale your business.
Perhaps you could spend more time landing more listings if you hired a transaction coordinator to manage the paperwork for your pending deals. Or you could spend more time on income-generating activities if you hired an assistant to handle the administrative aspects of your practice.
Leverage your resources to help you serve more clients and increase your revenue.
Feeling overwhelmed? Good, that’s the place where all growth begins. Break it down into small chunks and get started today. If you have not read my article Delegate, Automate or Eliminate, now would be a good time.
Need a business coach? Schedule a consult with us today.
#WinTheDay
