By Kathryn Bovard
The one secret that successful agents know is that you can never stop prospecting and building your business. Take industry leaders that already enjoy a large market share in their product category such as Coca-Cola. Although they already enjoy a healthy market share in soft drinks, they continue to spend millions of dollars in advertising and promotions to increase their market base.
They know the advertising caveat, “You are either growing or you are losing your customer base”. It’s similar to one of the basic laws of physics, there is only either growth or decay. There is no such state as stability, so if you are not actively growing your business, it must be decaying.
As a seasoned agent of five years or more, the general rule of thumb is to spend 10 percent of your gross closed income on your business and 10 hours of week of prospecting activates that will get you in front of clients.
If you are a new agent, the minimum amount of investment back in your business should be 20 percent, however 30 percent or more is optimal. This investment should be specifically earmarked for building your client base, not necessarily for capital improvements such as computers or copy machines, etc. As well as 20 hours or more a week on activities that will get you “nose to nose” with people. Building your client base is a numbers game, and the more people that you can get in front of, the more successful you will be.
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