Your Real Estate Production In 2018 Will Be ________?
Assuming a typical Real estate deal, takes about 60 days to close, that means every deal you put in the pipeline today (December 5th) going forward, will close in 2018. That's why I always planned ahead and began the new year beginning on October the prior year. So the question is: how many contracts do you have pending at this time?
On December 12 I will be meeting with a small group of real estate agents in Providence RI to conduct a mastermind coaching session designed to help each of these agents to figure out their 2018 production and necessary activity level (a specific schedule). I do this session every year with each of my one on one coaching clients on December, a few weeks before the new year begins. It has been proven successful to design a specific schedule for one to follow before the new year begins, this allows them a few weeks to practice and get ready to go in addition to helping the agent to realized what it takes to become successful. Most agents participating in the session always experience some sort of a breakthrough.
Is it possible to predict your income going forward?
Top producers all around the country have been able to predict (within a 90% proximity ratio) their income and they do so every single year. In order to predict how much money you will make in the coming months, a real estate agent must study closely and understand their ratios on the following points:
# of calls (or door knocks) per contact
# of contacts per qualified lead
# of contacts per hour
# of follow up calls per qualified appointment
# qualified appointments per listing taken
# listings taken per closed deal
These are just a few of the subjects we converse about during the mastermind session. In order to know these numbers, an agent must study their ratios first for a few months (at least one quarter), measuring each activity and writing the results down. After a few months of collecting data, you can pinpoint exactly what it takes to get a qualified lead and the conversion ratios.
Obviously the better an agent gets on the phone, prospecting, door knocking, handling objection the more appointments they get to schedule, the more appointments, the more listings taken etc.
Naturally those who follow a specific direction, taking their career seriously, measuring everything they do for at least 90 days, these are the individuals who qualify to become top producers IF they are willing to commit the necessary time and participate in the right activities.
Unfortunately most agents (90%) aren't willing to do what it takes to become outstanding. Most agents are too busy doing the wrong things and therefore, always struggle, never knowing how much money they'll make and their entire life reflects on their simple decision: Not doing what needs to be done.
Here is what most agents are not willing to do and therefore they FAIL to succeed:
invest time to study,
improve their skills,
learn their ratios,
follow a plan
follow a specific schedule,
be held accountable,
invest money in their business,
do lead follow up,
prequalify all their appointments,
ask buyers to sign an exclusive agreement,
practice the listing presentation,
and the list goes on!
I stopped trying to figure people out. What I do now is, I simply choose to work solely with those who are willing to do what I know will make them super top producers. Succeeding as a real estate agent is fairly simple, but of course, most people never do what it takes to become successful, for some strange reason, most people choose to do what they're used to which isn't making them any money.
One thing for sure:
There is a lot of room at the top! and will always be plenty of room at the top for those who understand the game and willing to play by its rules.