One quarter down, three to go. What do your business and action plans look like? Do they ensure that you not only hit your goals, but also exceed them this year?
Hopefully, they include a strong focus on building your listing inventory. As markets continue to shift, the more properly-priced listing inventory you have, the stronger your position, the more sustainable your income and the more agility you have to manage whatever comes your way.
If you’ve ever seen me speak, you may have heard me refer to listing inventory as investing in your “shoe store.” Here’s what I mean: If you were to have a shoe store, but no shoes, what would happen? You’d go out of business, right? Conversely, if you have lots of shoes, then buyers come to you!
The same is true in real estate. If you’ve got a real estate business (and, as an agent, you do) and you have no listings, you’ll go out of business, as well If you have a “full store” (listing inventory), then buyers (and other agents representing those buyers) will come to you.
It’s time to fill up your store and keep it full. Here are three top lead sources you should be prospecting:
Current FSBOs – If you were to call and speak to 100 FSBOs, you’d, without a doubt, get a few listings in 30 days. This strategy costs nothing. To be great at FSBOs takes some organization and phone skills that focus on serving, not selling.
Current Expireds – The great thing about expireds is that they’re like fruit; they’re usually ripe for picking. They already see value in working with a REALTOR®, and when they change agents, they almost always list at a lower price. They’ve already learned what price doesn’t work, and they’re committed to a move, which makes them easier to call.
FSBOs and Expireds From 6 Months Ago – This is a source of leads that isn’t normally on many agents’ radar because they aren’t actively advertising. These are people that tried and were unsuccessful. They were feeling the market out, and they ended up backing out of the sale. Now, after six months, many are just waiting in the wings and are probably ready to jump back into the market. Because they already went the FSBO route, many of these sellers will go straight to working with an agent.
Every month, plot your listings, sales and listings sold on a chart so that you can see your progress. The moment a listing goes under contract, be sure you’ve got one to replace it.
How do you make sure that happens? Two calls or connections per day. If you can talk to just two people per day, five days per week, that’s 10 contacts per week and 520 contacts per year. Do you think by doing so you can dramatically increase your production and watch that listing/sales chart go up every month? You bet you can. We’re here to help.
Darryl Davis has spoken to, trained and coached more than 100,000 real estate professionals around the globe. He is a best-selling author for McGraw-Hill Publishing, and his book, “How to Become a Power Agent in Real Estate,” tops Amazon’s charts for most sold book to real estate agents. He is the founder of the Next Level® real estate training system The Power Program®, which has proven to help agents double their production over their previous year. Davis earned the Certified Speaking Professional (CSP) designation, held by less than 2 percent of all speakers worldwide. To learn more, visit www.ThePowerProgram.com.