Terri Cooper

Make More Money AND Have More Time Off!!

Is this really possible or just a myth?

Yes!  – it is absolutely possible!  If 6% of the agents sell 90% of the stock, then how do they do it?

This article will give you the clues – will take you to some strategies which the top performers use to skyrocket their sales results.

Clue No 1TAKE YOUR EYE OFF THE DOLLARS!

This may sound like a paradox.  Surely you are in real estate to make money?  Surely you need to track your commissions and know your income targets?

However, when your focus is constantly on the dollars – your anticipated earnings, somehow this focus comes across to your clients and is translated as your client seeing that your main purpose is to use them to make your fortune!  Research has shown that up to 85% of our communication is body language and intuition (which can be wrong) You need to ensure that your focus is OFF THE MONEY whenever you are speaking with clients and tracking your progress.

Think only of the targets, not the money.

1. Set your goals

2. Estimate how much income you will need to achieve these goals

3. Set your targets for how many sales you will need for this income target

4. Then … and here comes the important part …. Forget about the money!

When your focus is on the activities necessary daily, weekly and monthly to stay on track for achieving your targets, the money will take care of itself and your bank balance will automatically reflect these activities.

Don’t spend the money before you get it! Don’t calculate your commissions until AFTER your sale has settled!

I have found that the minute I start thinking of how much a particular sale may be worth to me, things start going wrong. I “take my eye off the ball” and find that the universe seems to stop cooperating with me!  Focus only on the numbers and the money will take care of itself.  Just wait till your sale settles, THEN check your bank balance – not before!!

Clue No 2:  SPEND THE MAJORITY OF YOUR TIME WITH QUALIFIED CLIENTS!

Remember the 80/20 rule -  80% of your business will come from 20% of your clients.

Develop check lists to qualify clients.

Qualify your buyers. Your job is to sell property, not spend your time running around buyers who cannot buy! There are clues as to which are the hot buyers, the ones ready to buy today if you can find them the right property.  These are the ones to contact every few days, to prospect for them if possible with other agents who will conjunct with you.  Remember if they are “hot to trot” and buy from another agent, most likely they will have a house to sell and the odds are “YOU WON”T GET IT!”

Qualify your sellers. I have been guilty of spending too much time and emotional energy with sellers whose price expectations are unrealistic.  Ask the question “What will you do if we can’t find a buyer at the price you need?’  and listen carefully for the answer.  THERE ARE CLUES!! If they are not ready to meet the market at this point in time, don’t lose them altogether – don’t give up and walk away.  They are still sellers, they have just not quite made the decision to go.  It may be that the next house has  not come along yet, their circumstances are not right for the move “JUST YET”   Keep them in your “nursery”  Keep in contact, make them feel you care, no pressure at all, keep the listing but low-key and when the circumstances change, they will want to sell NOW and guess who will get the business!

Service, service, service!! In the changing market it is the agents who go that little bit extra, who make the client feel they are really working hard to get a result for them, whether that is a sale or a purchase, it is these agents who will survive and I truly believe we will be the ones who prosper.  Hard times only serve to sort out the best from the mediocre and I think our level of service will be the factor that will cause us to be among the best!

Clue No 3: DON’T BE AFRAID TO BITE THE BULLET AND GET HELP!!

It is impossible to be all things to all people and be competent at everything.

One of the best decisions I made early in my career, was to employ someone on a part-time basis to help me with the overload.  It was great for my clients, they were amazed and happy to always receive follow up calls, and it took  a burden of guilt off me!! Most of my leads came from this follow up from my open houses, from my past clients, and it was worth every dollar I paid, as it freed me to be dollar-productive with my prospecting and my sales activities.

The next best thing I did was to finally make the decision to have a PA.  The level of stress that disappeared because of having my PA there with me was incredible.  A PA can handle all the administration which takes up so much time and energy. Again you will be able to concentrate on the things that matter the most; prospecting, listing, negotiating and holding sales together.

If you are serious about making a success of this career – sometimes you have to bite the bullet and get help.

Clue No 4: LOOK AT THE BIG PICTURE

When you think of the money needed to run your business, the clue is NEVER work it out on a weekly basis. Often when you do this, the amount of weekly expenses, the fear can paralyse you.

The trick is to allow a certain budget each month for overheads and running expenses, but apart from this, start to  look at every expenditure in the light of how will it increase your business?  If this expenditure or investment causes you to make even one more sale per month at an average commission of $8,000, then surely the expenditure is justified so proceed without fear!

If you change focus and view all expenditure related to your work as an investment in your business – not something I need to budget for weekly – your stress levels will decrease and you will be more focused on your activities, not your bank balance.

Short term vision will paralyse youyou must have a focus, a plan and be clear about where you want to be a year from now. This thinking will guide you in what you need to do and to spend to get there.

In summary, some of the most  important things you can learn from the top performers in the industry are:

To plan, focus, learn, prepare and most of all to be resilient and don’t focus on the small picture!

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2 Responses to “Make More Money AND Have More Time Off!!”

  • This is one of the most clearly written concise articles about real estate success that I have seen in a long time. Keep up the good work thank you!

  • Thanks Steve – I am concerned that too many of our agents are spending too much time for too little return – hence the article – glad it was useful! Please feel free to pass it to anyone if you feel it would be of help, Cheers Terri

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