Adults, on average, gain one to two pounds per year as they age. This means if you’re a runner, or insert your particular flavor of exercise there, that in order to maintain your weight year over year, you will need to increase the time and intensity with which you run – and that’s to maintain the same weight as the year before. By the same principle, you would need to do significantly more yearly to lose weight.
The same effort-to-outcome equation applies to us in the current real estate market: The efforts and activities that found you success over the last few years are not going to yield you the same results if performed now.
But Kris, I can’t POSSIBLY work harder. I’m already pushing it to my limit!
If you are already truly giving your business 40 hours a week then you’re right, you don’t need to put in more hours, you need to take an honest inventory of the work that you’re doing to ensure that you aren’t unknowingly behaving as though you are still in the previous market conditions.
We are creatures of habit and the groove you got into and found success with a year or two ago is likely not yielding you the same results. So let’s pop the hood and look at how we are spending our time and make the changes necessary to get some real traction.
Self-Check: Are you putting in the work where it counts, or are you waiting for something to fall into your lap?
If real estate is your full-time career, are you truly putting in 40 hours a week?
- If the answer to this is no, then get to bed earlier and add the hours you need to! If you’re treating this like a hobby, it will pay you like one.
- If you are hitting the office full-time, are you working the entire time you’re there…or are you playing office? Perform the money-making activities and ditch the rest! If you were your own boss, would you be considering yourself for a promotion or would you need to be fired? Don’t be your own worst employee!
Is there an activity you’re still doing that isn’t gaining you results?
- Just because you started doing something a few years ago doesn’t mean that you have to continue to do it forever. Perhaps it’s second nature now and you can kick the reminder or chart to save yourself some time. Perhaps it worked during a super hot market and it’s not being fruitful now.
- It’s okay to stop doing things that don’t serve you anymore. The market is different, you are more experienced and have more information. Drop the things that aren’t gaining you more clients, exposure, and transactions, and replace them with more fruitful activities.
Do you have time set aside every day to prospect for new clients?
- Put this on your calendar every. single. day. and honor the time. Schedule around it wherever possible. If you miss a day or two here or there, that’s fine – it happens! But don’t let it slip to a week or worse, a month. The work you do now will pay you 90-120 days from now so it can become easy to fall out of the habit of prospecting when you don’t see immediate results.
- Every single top producer I know prospects every single day that they can. If they miss a day, they hop right back on the next and don’t let it get to day three.
- If this is a challenge for you, figure out how to make it easier. Do you need it on your calendar with reminders set? Do you need an accountability buddy to hold you to it? Can you turn it into a game with rewards? Make the time for this and you’ll be thanking yourself in short order.
How are you staying in front of existing contacts and clients?
- Kill the call to check in, call to show them your value, and give them something they can use or think about each and every time you reach out. If you’re struggling with what to say or share with them, that means you should increase the amount of research you’re doing about the market to give you material and ideas!
- Stay in front of them so you are top-of-mind. This is crucial to connecting with more clients and increasing your number of transactions. If someone says they are a year out, that means you need to be reaching out for updates and sending them information at least once a week – in addition to their home search. Life situations change so quickly, the last thing you want to hear after a month of silence is that they got that promotion and went under contract with someone else because your follow-up wasn’t frequent enough.
- Are your buyers still pre-approved? Interest rates are on the rise and that pre-approval your buyers received 90 days ago may not mean the same thing for them as it did when they first received it. Their price point or other search criteria may have changed. Discussing changing interest rates and encouraging getting RE-approved is a fantastic reason to reach out to buyer clients who are on the fence.
Are you the expert you say you are on your market and its current conditions?
- Hustling alone will not set you apart from other agents within the market. You need to be informed so that you can be an information broker. There is a ton of misinformation and seemingly scary news floating out there, position yourself as a beacon of truth, accuracy, and helpful information to your community.
- Read, subscribe to newsletters, watch videos, attend trainings that are offered to you, and listen to podcasts to the point where you can confidently educate someone on what it takes to get a home under contract and close it in your current market.
- Be ready to answer the question: “How’s the real estate market?” at social gatherings with a really strong answer.
- Know how to share this information about your market during a conversation without having to look it up:
- Current inventory levels
- Average days on market
- Current interest rates and how it affects buying power
- Highlight the most recent market reports
- Make educating your community, customers, and clients a priority.
Review the above items and make whatever changes are necessary to streamline your work and gain better results from your efforts. This market is demanding more from us, but if you perform your work with more intention and focus, it doesn’t have to mean more hours.
You can do it, I know you can!