10 Tips from 10 Experts
10 Tips from 10 Experts
by Julie Escobar
Ten experts share their smartest survival strategies for today’s market
“The smart ones ask when they don’t know. And sometimes when they do.” Consider these wise words from Malcolm Forbes, a man who clearly knows a thing or two about surviving financial storms.
Isn’t that what we’re supposed to do when we don’t know, are facing adversity or are in over our heads? Heck, isn’t that even what we’re supposed to do to get ahead of the curve during tough times and be positioned for greatness when the tide starts to turn?
I think so, so I did. I asked: “What’s the SMARTEST thing agents can do to build their business in today’s market?” Fortunately for all of us, 10 of the top minds in the industry answered.
Here is what our special guests—Floyd Wickman, Bill Barrett, Darryl Davis, Carol Johnson, Mr. Internet®-Michael Russer, Matthew Ferry, Walter Sanford, Dave Beson, Claudia Wicks and Judy LaDeur—had to say about the smartest thing you can do to build your business now.
1. Industry icon Floyd Wickman: Well, I believe that’s a three-part formula. First, work each week (we could stop there and increase production by 38%)… on bringing in saleable listings. That means getting face to face with a seller for a listing or price reduction. Next, get all buyers and lookers into the office to be qualified, and sell them on the benefits of the office like you never have before. Last, sell in-house inventory first!
2. Industry icon Dave Beson: Focus on filling the prospect pipeline and improving your presentation so that when you get in front of a “live one,” you will win! If you aren’t pre-planning your day and including an hour or more of prospecting by phone, in person, by letter, by email, by postcard and follow up, then you’re missing the boat. I tell my audiences, “You have to be a missionary for real estate.”
The easiest thing to do is to tell a success story—just one—about a couple who kept their house or a family that WAS ABLE TO BUY because of your help. If you need to share a story with someone in the office, that’s okay. I have a letter that I suggest agents send out to everyone they know. It’s cool to follow up by phone, too, even if it’s just to leave a voice mail! Here it is:
Dear Bob and Mary,
I just reviewed my business for the year and found an amazing surprise: More than 61% of my business was past customers, referrals and repeat business.
Sure, it’s been a challenging time in real estate, but where would I be without the support of important people like you and your friends? Many thanks for telling your friends about me, and me about them.
Be sure to let me know if there is anything I can do to help you or a friend.
All the best,
Your Name
Get in touch, and stay in touch–consistently. That’s key.
3. Real estate and trends expert Bill Barrett: DO NOT CUT BACK ON YOUR BUDGET! Keep in touch with your past customers—meaning ALL of your past buyers and sellers—on a monthly basis. Superstars get 80% to 90% of their business from past customers through continuous prospecting and marketing. Consider that we’re still on track to sell four million re-sales nationwide this year. Who’s going to sell them? Certainly not the ones who “give up.” Stay in the game.
4. Noted speaker Darryl Davis: I believe the best thing about this market is that we will see a flood of buyers coming out. Sellers who were waiting in the wings to sell their houses and buyers who were sitting in the wings waiting for rock bottom all will start to move as we see our market start to inch up. Remember: The agent with the most listings WINS! If I were to gamble, I would say things will be on the upswing starting this spring. So prepare for the surge of buyers by building your listing inventory NOW!
5. Recruiting pioneer Carol Johnson: Stay in constant communication with your book of business, customer base and centers of influence. There is a market–people are buying and selling! This is a good time to make a change. It’s also a great time to develop new niche markets. Property condition is paramount right now—properties need to be in good condition, and prices have to be right. Make your listings the most compelling properties on the market!
6. Mr. Internet®, Michael Russer: I would have to say, launch your e-team. E-team members specialize and differentiate themselves by targeting a niche. 90% of agents don’t do this, which forces them to compete with everyone. Specialists know that they must always effectively answer the question, “What’s in it for me?” for every client.
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