What is a Formula for Success?
Over ten years ago (yes, Dan, if you’re reading this it’s been almost ten years!), I attended a Sales Workshop with Dan Schoepf of Prospects to Partners. During this workshop, we learned a lot and participated even more in activities.
First thing I learned for sales: it’s not easy. It takes time to build a relationship. Dan Schoepf shared this formula, amongst other things:
Professionalism x Consistency/Time = Relationship
Real estate is not too different. I’ve tweaked it a little based on Dan’s formula.
Market Expert x Consistency/Time = Referrals
In order to serve our customers and clients, we must first serve them something of value.
How long do you have to be in the real estate industry to be a market expert? Not long. In fact, with proper research, analysis, and tools; you can learn an area in a short amount of time. You must practice, however, and stay up to date on current market trends.
What is a market area? It doesn’t have to be the entire metro area. Focus on a particular area and be the go to for information. Stay in front of customers and clients by sharing this info.
What do you want out of a real estate career? If you cannot consistently deliver for customers and clients, is there really any value to what you provide?
How do you stay consistent? Stay up to date on trends, stats, and news in your market area. People will get the information somehow; wouldn’t you like to be the go-to?
This is by far the toughest common denominator to overcome. Building a business takes time, money, and a lot of energy and enthusiasm.
According to the latest NAR stats in 2015, 72% of sellers only contacted one agent, and 84% said they would recommend their agent for future services.
Can you afford not to consistently be professional and a market expert?