6 Ways to Improve Your Real Estate Business

Renae | October 21, 2016 | Best Practices

6 Ways to Improve Your Real Estate BusinessTom Ferry is a known for being one of the top coaches in the real estate industry, which is why we were excited to share his words of wisdom at the recent California Association of Realtors conference in Long Beach. At the event, Tom provided some key ways for agents like you to improve your real estate business.

Some of these may sound like no-brainers, but you’ll be surprised. With 78.4 percent of people saying they would stay with their agents but only 5.4 percent actually sticking to that promise, it goes to show, there is always room for improvement.

1. Watch What You Say

Do you sometimes feel at a loss for words with clients or wish you could take back a past conversation? The key, according to Tom, is three-fold.

First, role playing. We all hate doing it, but getting over the fear to get some good practice in before a real conversation with clients is important. Setting time aside with your colleagues to role play can help address common objections your face and just get you more comfortable pivoting no matter where your meeting or call goes.

Second, your listing presentation should be updated often. You should have the basic information on hand that every potential client wants to know. However, making sure your presentation is streamlined, organized and addresses all key elements can help it go more smoothly and with more purpose.

Finally, recognizing which kind of prospects you fear speaking with and addressing how to speak with them can help expand your client base (so you stop avoiding them).

2. Maximize Your Time

It’s a given that time is precious in an agent’s life. If only people could pay you a little bit here and there with time. Some key questions to ask yourself to help you make the most use of your time:

  • What are the highest and best uses of my time?
  • What are my highest priorities
  • When was the last time I completed an analysis of my time?
  • What are my time traps?
  • Who are my time traps?

We thought the last one was interesting because oftentimes we focus on what zaps us of our time instead of the people we spend too much time with.

3. Avoid These Growth Killers

Mind games you play with yourself are not uncommon in a business with high goals and an inordinate amount of time interacting with others. Three mind games you might play that you should stop right now:

  • Heeding the opinion of other people – Those naysayers or all-out negative people? Don’t listen to a word they say. It’s good to take constructive criticism and use it to improve you and your business, however, those who have nothing nice to say can zap you of your energy, creativity and spirit.
  • Illusions of past grandeur – Celebrate your past wins – they can show you what you are made of and what you are capable of accomplishing! But don’t ride on them too long. When you look to the past to define your success now, it can cripple you from innovating and working harder for this year’s goals.
  • Being a worrywart – It’s easy to get into a mindset of worrying. Did you do the right thing? Are you going to make it? You might talk yourself out of doing well if you ask these kinds of questions too often. Or, worse, you may become paralyzed by worry that you don’t take actionable steps to make things happen.

4. Adopt a culture of “ABT” or Always Be Testing

You might find this take on the classic Glengarry, Glen Ross mantra “always be closing,” but testing is an important way to measure and improve yur marketing. The example that Tom gave: If you send out 500 postcards, A/B test two of them. Send one postcard to 250 people, another postcard to the other 250 people and see which one works best.

The more often you measure your efforts, the more often you can improve them.

4. Make Life Easier on You – and Your Clients

Life is complicated as it is. So every opportunity you have to make everything you do and say less complicated, the better. Here are three examples that Tom suggests to gain considerable improvement in your communications and processes.

  • Simplify your offer
  • Make it easy to schedule an appointment
  • Ask questions (email, social, mail, phone, landing page, face to face)

6.Measure Often, Improve Often

If you look at your numbers often, then good for you! But there is always room to improve. For a good year, take a look at your results:

  • Yearly
  • Quarterly
  • Bi-monthly
  • Monthly
  • Weekly
  • Daily
  • 3 times per day

Once you have that down, you can determine which timeframe allows you the greatest opportunity to adjust and succeed. For example, maybe checking weekly and not daily helps you recuperate from the week, take a step back and determine your next steps.

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