schedule_iphoneAs a Realtor, how do you organize your day? Do you have a strict schedule or do you just sort of see what comes your way and then wing it?  Here’s a little secret: the real estate agents who make $250K or more per year stick to a strict schedule. This schedule is one of the keys to their success.

Develop Discipline

Believe it or not, realtors who exercise regularly make more money than those who don’t. In fact, 74% of high earning realtors go to the gym at least 3 times a week. What does this have to do with my real estate business, you ask?

In his bestselling book, The Power of Habit, Charles Duhigg explains the way one small but important habit can change everything. “Typically, people who exercise start eating better and becoming more productive at work. They smoke less and show more patience with colleagues and family. They use their credit cards less frequently and say they feel less stressed. Exercise is a keystone habit that triggers widespread change.”

By infusing discipline in one area of their lives, these real estate super stars are making it easier to create that same discipline in other areas. Make a commitment to develop a schedule that incorporates habits that will help you focus on what is important to your success

Increase Your Prospecting Time

In real estate, your leads are the lifeblood of your business. In order to make these leads work for you, you have to put in the time to foster them. Realtors who make the most money also spend the most time in lead prospecting each day.

The $250K earners prospect (on average) 4.6 days per week, while the $70K earners only spend around 3.5 days a week prospecting leads. Furthermore, the highest earning realtors spend 90 minutes or more on each prospecting session, while the lower earners only spend 45 minutes to an hour each time

This means that agents who make less than $70K are prospecting just under half the time, but are earning only one third of the income. A jump in only 30 to 45 minutes per session generates a tremendous amount of additional income.

Once Isn’t Enough

In addition to more days and more time spent on leads, $250K earners don’t give up when their leads don’t answer the phone or the door. Nearly one hundred percent of these agents make evening calls to those leads who didn’t answer their phone during the day with an occasional weekend call to those who didn’t answer at all during the week. They know that each prospect they contact is a potential sale, and lost opportunities mean lost income.

If you are struggling to make your real estate business as successful as you know it could be, consider infusing more discipline and structure into your day. These habits will continue to build on each other and you will see results as you increase the number of appointments you make each week and grow your bottom line.

What is the difference between a realtor who limps along making only $70K per year and one who pulls in $250K or more? Is the second realtor working exorbitantly long hours or tapping in to some kind of real estate superpower? Not likely.

While there are a number of factors that go into the success of a real estate business, one of the most powerful ways a realtor can impact his or her business is through accountability.

Bullseye Accountability and REDX

The Power of Coaching

In a survey of hundreds of realtors, those making $250K reported that the number one way they hold themselves accountable is through a coaching program. In fact, of the realtors surveyed making $250K, 73 percent have had at least one full year of coaching, while 68 percent have had over three years of coaching.

By contrast, in the $70K group, 78 percent have had less than a year of coaching. Why does coaching make such a significant difference? It’s the accountability factor.

So what makes coaching such a powerful tool? There are a number of things that coaching provides:

  1. Clear vision and purpose
  2. A defined business plan
  3. Written goals
  4. Diverse ways of doing things
  5. Refined skills and techniques
  6. Accountability

Having someone to answer to, especially someone knowledgeable in the real estate industry, will start your engine and get you going like nothing else.

The overwhelming majority of respondents said that the coaching program was what drove their business to the $250K level. They didn’t wait until they could afford it. They made it a part of how they would achieve their goals.

The Power of Personal Accountability

Whether you have a coach or not, you should define your goals and write an effective business plan. Of the hundreds of realtors surveyed, 100 percent of those making $250K per year had both written goals and a written business plan. This is obviously an important factor in their success.

Written documents that remind you of where you want to go will provide the concrete, “on paper” accountability to help you get there. And having written documents to live up to drives you to do better and keeps you motivated to stay consistent with those goals.

Having to answer to someone other than yourself is a compelling motivator. One realtor made a deal with his children that anytime he made an appointment he would take them out to dinner, and if he sold a contract he would take them to dinner and a movie. Every day when he picked up his kids from school, he had to look them in the eye and give an accounting of his work.

Accountability should be a major part of your business operations, whether that means reporting regularly to a friend or coworker or working with a business coach. It will yield enormous dividends in both the short and long term success of your business. Find ways today to insert more accountability into your business plan and you will be on your way to a $250K paycheck in no time.

Join us next week for more ways to take your $70k paycheck to $250k

Tracking Numbers on Real Estate Leads

Prospect smart like a 250K REDX Top Producer

You’re an entrepreneur. There’s no question that you are full of confidence, intelligence, and ambition. But at the end of the day, the difference between a highly successful entrepreneur and a typical entrepreneur is one thing.

It’s all in the data. Entrepreneur Magazine says your best shot at success comes when you have “a complete understanding of the numbers that drive your business.” While the big numbers after the close of a sale are important, don’t overlook the data that came before and paved the way for that big commission check.

The REDX talked to some of the biggest money making realtors in the industry, the people making a minimum of $250k, and we asked them where their money came from.

What we heard didn’t surprise us. All agents know that prospecting and leads are the foundation of their business, but when we ran the actual numbers we found 2 astonishing things.

250k Agents Track their Business Numbers

$250k agents don’t only know that their business comes from great leads, but they know which leads are the most productive and have the numbers to back it up.

78% of the richest realtors in America track their numbers—compared to only 42% of realtors earning $70k or under. Ultra successful realtors track three things:

  • How many contacts need to be made before an appointment is set
  • How many appointments it takes before a listing contract is signed
  • Average commission made on each contract

Bottom line: $250k agents track more than their income. They track the specific investments of time and work they put in before they even get to the sale.

$250k Agents Understand the ROI of their Business

The playing field is pretty level from the outset. All agents, regardless of their take-home will get in contact with about 7.6% of all expireds they contact and 38% of the FSBOs they contact.

What happens after that is where we start to see the gap widen.

It’s clear that $250k agents are doing something differently than $70k agents. The value of the $250k agents’ monthly listings is over $2000 more than the $70k agents.

Not only did these successful agents track their numbers, but they understood them, let them inform their daily habits, and developed strategies for success based on them.

One agent we interviewed took her highest yielding commission checks and asked some questions about them:

  • What type of lead was it?
  • How hard did I have to work to get the lead?

The first question led her to find that certain leads were more profitable than others in her particular market. The second question clarified whether the time she had to put into generating the lead, making the calls, setting the appointment, and closing the deal was worth the return in money.

This particular agent broke down the numbers so that she knew exactly what each call was worth to her. If calls on FSBOs came out to $13 each but calls to expireds returned $8, she focused her time on the FSBOs.

Bottom line: $250k agents understand where the money comes from so they can focus on the things that give the most return on their investment.

Join us next week for a discussion about how principles of accountability turn $70k agents into $250k agents.

Are you struggling to find leads for your real estate business? Are you spending too much time generating leads and not enough time acting on them?

Here are five simple ways to speed the process of lead generation and free up more of your time to make appointments, sign listing contracts, and close sales. [click to continue…]

Warmer weather, longer days, and increased home sales. Summer is upon us, and many real estate agents find that this season is the most ideal for selling a home. Here are just some of the many advantages of selling your home during the months of warmer weather:
[click to continue…]

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