Have you seen this post from Easy Agent?: 3x Your Business With This Single Spreadsheet?
If not, or if you need a refresher, that’s what we’re going to be covering today.
We talked all about replacing the word price with the word value.
And how striving to bring value to your audience everyday is what will actually increase your bottom line and help you maintain a successful business.
And what we’ve done is put together a spreadsheet that will help you determine your lifetime value.
Let’s check it out!
To get started, you’ll need the spreadsheet.
Download it from Easy Agent below!
We’ve already calculated a few things for you, including –
- The average commision check
- Referral per client
- Homes per client
Which all adds up to…
- The total revenue per client
So all you have to do is enter:
- Your last 10 commission checks
- Total number of clients and referrals you had this year
- And then the number of clients and repeat clients that you’ve had over the span of your career
Filling out this worksheet will also give you a great opportunity to reflect on the year you’ve had and further refine your goals and plans for the New Year.
After you’ve inserted these number, you can start figuring out the most effective ways of increasing your salary.
To up your commission checks, you need to start farming the areas that can make that happen. Commit to farming the areas that have an average commission check of $10,000 instead of $2-$3k.
Think about what that might look like for you.
Are there other neighborhoods for you to direct your attention towards?
Can you target a different demographic?
Is there a luxury team in your area that you can team up with to gain experience?
This is the perfect time to ask yourself these questions and come up with a plan of action.
This is also a good time to take a look back at your social media marketing efforts.
Did you run ads on Facebook or promote pins on Pinterest?
Take a look at who you targeted and how that audience responded.
How can you reframe those target demographics to make more of an impact next year?
Or, should you be marketing to a different audience entirely?
Another place to look is your referrals.
Contactually has continued to report that the #1 source of business for agents is referrals from past clients.
In the sample spreadsheet, you can see that the average is .25 referrals per client.
So that’s 1 referral for every 4 clients.
How do your current numbers compare?
Aim to get a referral every second client.
Better yet, set a goal to land a solid referral after every transaction.
Now, more than ever before, it’s easier to reach out to your satisfied clients and have them share their success story.
A problem many agents run into is that they put this off.
Maybe you want to let them get settled or wait until you have more time, but there’s no time like the present.
You’ve got to catch them in the moment.
Have them write it down, record a video or get an audio clip.
However you can best capture their joy and share it with your network.
Go above and beyond to create memorable experiences for them and this will drastically increase your salary and bottom line.
Lastly, you need to consider how you’re going to increase the number of homes per client.
Of course you can’t predict how many times people are going to move.
What you can do is target investors.
Create a section just for them on your website, or start running ads to them on Facebook.
Here are some notable takeaways from the National Association of Realtors‘ Profile of Home Buyers and Sellers that was published October 31st of this year.
- At 31 percent, the primary reason for purchasing a home was the desire to own a home of their own.
- First-time buyers made up 35 percent of all home buyers, an increase over last year’s near all-time low of 32 percent.
- Eighty-eight percent of buyers recently purchased their home through a real estate agent or broker.
- Eighty-eight percent of buyers would use their agent again or recommend their agent to others.
- Only eight percent of recent home sales were FSBO sales again this year. For the second year, this is the lowest share recorded since this report started in 1981.
Download the worksheet and fill it out!
Let us know how it helped you prepare for 2017 & 2018.
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.”