The 80-20 Rule…A Real Estate Myth!
Most Real Estate Brokers and Agents are familiar with, or at least have heard of, THE 80-20 RULE!
Simply put, it states that: 80% of the business in real estate is done by 20% of the agents; and/or 80% of the business done in most real estate offices is done by 20% of the agent-roster!
Not very encouraging if you’re in the 80% bracket!
Well, I’ve got GOOD NEWS…AND…BAD NEWS!
THE GOOD NEWS…THE 80-20 RULE IS A MYTH!
THE BAD NEWS…IT’S MORE LIKE 90-10 OR WORSE!
If you are: 1. a ‘New’ Agent (active in real estate 24 months or less); 2. an ‘Under-producing’ Agent (earning less than $60,000 in ‘Gross Commission Income/Year or ‘Closing’ fewer than 8 transactions/year); OR 3. just a ‘Struggling’ Agent… that ‘BAD NEWS’ is devastating!
Take a moment to lament! Then, GET OVER IT! DO SOMETHING ABOUT IT!
If you want to ‘hang’ with the ‘Big Dogs’, here’s 13 Things You Need To Do To Jump-Start YOUR REAL ESTATE BUSINESS:
1.Acknowledge that you are ‘a business within a business’... AND start running your business like a business!
2.Set daily, weekly, monthly, quarterly, semi-annual and annual goals that are specific, measurable & time-bound... and hold yourself accountable for achieving them!
3.Develop a detailed plan to reach those goals…and follow the plan!
4.Make ‘prioritized’ prospecting the ‘single most important activity’ you will undertake each workday!
5.Be proactive…make things happen! Don’t just sit around waiting for the business to find you! Make things happen!
6.Focus on building a ‘Referral-Based’ business that gives you in excess of 60% of your business with 3 years or less!
7.Focus on securing ‘Marketable Listings’…thereby ‘leveraging’ the laws of real estate brokerage in your favor.
8.Develop buyer & seller appraising, evaluating and qualifying skills!
9.Enhance your ‘inter-personal’ communication skills…especially your listening and presentation skills!
10.Learn ‘how to’ control the ‘pricing strategy’ discussion and ‘how to’ control objections!
11.Learn ‘how to’ Close The Sale’!
12.Become familiar with, invest in and use today’s technology and social media platforms!
13.Enroll in ‘Agent Business-Development Training like i-FAStTRAC®! To do so, go to: ifasttrac.com
Recommended Readings: Good To Great…Jim Collins and Maximum Achievement…Brian Tracy
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