(If you haven’t seen it yet, be sure to read 9 Real Estate Business Musts Part 1, so you don’t miss any of our real estate best practices.)
I’ve been working on my backyard landscaping since spring began. It’s something I started planning in winter. Imagine my excitement, watching the weather forecast for when I could get out there and perform a total makeover, all completed by may.
It started out quite well, too. Moving boulders, enlarging the lawn, re-grading the beds, planting new plants.
About a quarter of the way into the project, though, the weather suddenly turned less-than-ideal for me to continue. It was either too hot, too rainy or too cold (at least in my imagination).
I suddenly had too much other work to do. I threw my back out, maybe I should hire someone to finish it?
I had one excuse after the other to not complete the project. Too easily distracted? Not motivated enough? Lazy? Maybe a bit of each.
The fact is, if I finish it myself I’ll save huge bucks. Sorta like how agents stand to make a lot of money when they drop the excuses and pay attention to the “musts” of their real estate practices.
One real estate “must” is a good website – find out how LeadSites can grow your online brand.
4. I’m too busy to follow up with my SOI
Whoever gave us the dictum “The fortune is in the follow-up” is a genius. Too bad so many agents ignore real estate best practices such as this.
Consider this: According to the NAR, only 23 percent of home sellers used an agent they worked with before. Forty-one percent found their agent through a referral from a friend, neighbor or relative.
That’s 64 percent of listing clients out there who won’t hire you if they or someone they know can’t remember you.
And they are all sitting in your CRM, ripe for the follow-up.
The “I’m too busy” excuse for this “business must-do” is almost always followed by “I have no idea what to say to them.”
Long before I got into real estate I had a landlord who was also an agent. I didn’t know him that well, other than that he was a nice guy and a great landlord. Then, one day he called me, asking for my help.
He quickly explained the current market (in your case, you can explain to them that there aren’t enough homes for sale for the buyers who want them). He told me how he was struggling to find listings and asked if I knew anyone who has talked about selling.
Alas, I didn’t, but you can bet that for the next week or so I kept my ears open for any mention of real estate in my day-to-day dealings.
Although I didn’t have a home to sell and wasn’t exactly his ideal lead, there was a good chance that I knew someone who was, and my landlord recognized that.
So, make the calls. Be honest, ask for help. You simply cannot afford to be too busy to nurture these relationships. Spending money on other marketing when you allow this group of people to fall through the cracks isn’t good business, it’s just stupidity.
5. I’m too busy to write a business plan or revisit the one I have
I don’t know about you, but when I hear the words “business plan,” my eyes glaze over. What a boring topic. What a hassle. Right? But, the reality is that
“A goal without a plan is just a wish”
according to the late author and aviator, Antoine de Saint-Exupéry. One of the top real estate best practices is to have a reliable business plan.
And, the good news is that there is a non-boring, hassle-free (even fun) way that you can transform your goals into a plan. Check out Tyler’s brilliant business plan template for agents.
Then, no excuses when it comes time to check in on the business plan. Some experts claim that you should check and adjust the year’s plan at mid-year.
Since real estate is cyclical, you may need to do so sooner. Changes in your local economy could signal a change in the housing market, throwing off your carefully-planned numbers. Updates and adjustments can keep you on track to reach and sustain success.
6. I’m too busy to take time off
Want to hear something sad? Seventy percent of small business owners worked on Thanksgiving, despite promising themselves they’d take the day off, according to a Funding Circle Small Business Holiday Survey.
Most agents claim they don’t have the time to take time for themselves. But, “failing to take vacations is one of the worst mistakes business owners can make,” according to Clate Mask, CEO of Infusionsoft.
He goes on to say that while many small business owners have an “unwavering focus on their business,” which can lead to success, it comes with a price – your health and emotional well-being. Check out Mask’s walkthrough of how to prepare yourself and your real estate practice for a vacation at Inc.com.
Yes, vacations count as real estate best practices!
Even if you stay close to home and unplug from the business for one or two days, don’t think of it as a luxury, but as a necessity.
Oh, we aren’t done with you yet – check back soon for part 3 of our list of real estate best practices, and why your excuses just aren’t cutting it.
Owner & Operator,
The Elite Group
Largest Home Inspection Company in North America
Best Selling Author “Secrets Of Top Producing Real Estate Agents: And How To Duplicate Their Success.”