Almost every day a REALTOR® will ask, “How can I make more money in today’s market?” Regardless of where you live, the answer is the same. You must embrace change and adapt as quickly as possible.
Change is a process, not an event. Once you have accepted the fact that the market has changed, you have three choices: proactively change, keep doing what you are doing, or drop out of the business. Whether you make a conscious decision or not, you are making one of these choices. If you do not change your tactics, you are doing the same thing and not getting the results you got a few years back. Dropping out of the business is not a good decision, considering our nation has double-digit unemployment. It appears there is really only one choice: change.
Following are six components I feel are necessary to implement change in your business.
1. Evaluate your market and your business. Get the statistics from your association on all the types of transactions in your area and the percentage each represents for their category. Are you getting your share or more according to your association? Are you pursuing the right clients? You need to look at all the sources of your business: referrals, open houses, telephone prospecting, Internet, etc. Define what percentage of your time and talent is applied to each source of business and adjust or change what you are doing accordingly.
2. Determine your strengths. If you are organized and can follow a system, then pursuing short sales may be a natural fit for you. If you enjoy working with buyers, why not develop a campaign to pursue them?
3. Gather information regarding what’s working for others. There are hundreds of books and articles about accepting change and how change impacts your life. There are trainers and coaches that will guide you through the process as well. Research on the Internet by reading blogs or going to Realtor.org for systems and ideas to implement in your business. You can even take a course and earn a designation in a specific niche.
4. Write a plan. Writing a plan is the most critical part to implementing change. Be sure your plan includes specific steps and activities that can be measured as you move toward your goal.
5. Implement your plan. Implementing your plan is perhaps the hardest part of the process, as you have to make the necessary changes needed to make more money. You need to be passionate and purposeful about your plan. Have a clear vision and focus on where you are going as well as the rewards associated with making changes as you work through the process.
6. Have some form of accountability. In order to reach your goal and achieve success, you must have a system of accountability. Get an accountability partner to hold you responsible for doing the activities that will lead to you making more money.
Change is not so scary if you reduce it to a plan with daily activities and rewards at the end. Today is the day to implement the change that will make a difference in your life.
Jeff Moore is the Regional Developer with Realty Executives Inter-Mountain Region.
For more information, visit www.RealtyExecutives.com.