Ask Tim and Julie…..

We recently received this question from a Realtor whom had requested a Free Coaching Call….

“My problem is the dramatic swings in my income…one month I will do great…and for the next couple months I will be in survival mode. How can I get my business to the point where I can have cash flow…vs cash spurts?”

Connie, Realtor from Arizona.

Tim and Julie’s response:

Hi Connie,

Your question is symbolic of a problem that 99.9% of  all real estate agents face. So, if it makes you feel any better…you are not alone!

The challenge is that agents think too much like sales people and not enough like business people. Let me explain…

Agents will go from intense periods of looking for business…followed by intense periods of servicing the business they found.

For example, you decided to list 2-3 houses. That becomes your mission in life…list those homes! You are a focused, driven house listing machine.

In order to accomplish that goal you become more intense, more focused…..you become what we call…the Real Estate Navy Seal. You are intensely focused on:
1)    Asking for business.
2)    Lead generating, prospecting.
3)    Going on appointments.
4)    Doing lead follow up. (have you ever noticed the amount of time you take to call a lead back is directly related to the size of your checking account and number of pending deals?)
5)    Take action..you are going on appointments, doing the things you must do to accomplish your goal.

As a Real Estate Navy Seal you are intense, focused….nothing gets by you. If someone from a mile away mentions selling a home….your heightened Seal ears pick up on the words and you are asking for the business…

The Real Estate Navy Seal is proactive…taking action now…vs reactive.

You indeed accomplish your goal of listing those 3 homes. You did it…goal accomplished.

Now what happens…

You go from being from being a  Real Estate Navy Seal Mode (RENS) into…..a……

Not so intense, slower moving, not all that motivated…Real Estate Sloth (RES). As a sloth you move slower, talk slower, think slower….you are no longer in ACTION MODE….you are now in reaction mode.

Your focus and energies are no longer on generating the business. That powerful, focused intense agent that you had to be has been replaced by its alter ego…the the Real Estate Sloth.

You are now focused on doing things like:
1)    Making home brochures.
2)    Realtor tours and maybe open houses.
3)    Putting the homes on 6 bazillion web sites.
4)    Servicing your sellers.
5)    Speaking with potential buyers
6)    Working on your websites.
7)    Going to endless office meetings….

Obviously, this list could go on and on. The point is..how much time are you spending being the Real Estate Navy Seal vs the Real Estate Sloth?

Here is a great question for you. How much time did you honestly spend in the last 30 days being in Real Estate Navy Seal Mode vs being just another Real Estate Sloth?

Chances are, if your income is constantly going up and down…or maybe you aren’t earning what you need/ want to earn…its because you have yet to understand that being a RENS is actually LESS work than being a RES…..

Every day at HREU we have literally thousands of Realtors participating in a coaching program. I am not telling you that to brag.  You must know that what you are experiencing is common. Believe it or not…there is a proven path for you to follow to learn how to go from being the Sloth to being a Seal.

The first step in creating consistent income is learning how to work consistently. Here is the secret..Consistent Effort and Actions = Consistent Results.

The Navy Seal is in GO mode at all times. He is ready for action NOW. Even more so…he makes things happen. He IS the action. Most importantly, the Real Estate Navy Seal has learned how to be intense..focused…even when he doesn’t feel like it.

Most agents only get results when they feel like it. Only when they feel motivated…when they feel scared because they are broke etc. Look around your market place…you know who the RENS are. They are the agents who produce month in and month out. These are the agents who are growing their businesses in this market…helping more people…making more money than every before. In case you haven’t discovered our FREE Realtor Superstar Interview site…check it out. Free Weekly Interviews with the nations real estate movers and shakers.

The Real Estate Sloth is intense, focused and taking action maybe 10% of the time. The rest of the time…they are just hanging out doing stuff that ‘fills their day…and empties their wallets.’

Are you being consistently inconsistent? In other words, IF you being honest how much time do you REALLY spend at these activities:

Take this simple test. Answer these questions:

1)    How much time are you devoting to lead generating? Old school over the phone prospecting to 21st Century methods…they are all valid and great ways to generate business. How much time (honestly) did you spend this week…heck, all month…on proactively going AFTER business?

(If you don’t know the answer to this question its a sure sign you are currently in Sloth Mode.)
2)    What is your lead follow Up plan? I can tell you from our personal real estate selling experience that lack of effective lead follow up is costing you at least 10 sales per year. (easily). In THIS housing market you have to call every lead back within no more than 5 minutes. And your new lead follow up rule should be:

“I will follow up with this lead until one of two things happens…they list or buy with someone else or they file a restraining order against me.”

Hopefully you know that I was joking about the restraining order. But, its my intention that you understand the intensity that is absolutely required in this market for lead follow up.

(Real Estate Navy Seals have pre-qual forms, scripts, systems…they are ready for action!)

3)    Are you pre-qualifying 100% of your leads…100% of the time? Do you use anything resembling a script when you pre-qual? Do you ask them questions that are designed to….you know…generate business? How much more time would you have, how much more…dare I say….money would you have IF you were to actually learn how to truly prequalify every buyer and seller lead you speak with?
4)    Presenting. At HREU we coach our students to have an organized listing AND buyer presentation. But, no presentation is worth anything unless YOU are out there..in front of potential buyers and sellers…presenting. Is your listing (and buyer) presentations just a mish-mash of things you have picked up along the way? A little of this..a little of that? Maybe your presentation has ‘worked’ for you 50% of the time. In other words, the buyer and seller prospects you were presenting to didn’t run and hide from you as a result of your ad-hoc presentation. Think about this, what happened to the other 50%? How much more consistent would your income be if you not only had a very professional sales presentation…and you were using it on a regular basis?

5)    Closing. How much time are you spending….asking for the sale? Julie and I occasionally watch the HGTV real estate shows…Realtors showing endless homes to their weary buyers.

It’s interesting to watch as the agents seem to always complain about how many houses they have to show….and at the same time the buyers complain about how many houses they are being dragged to see.

I can tell you from personal experience that when we had our real estate team, we sold many homes to many buyers who came to us having grown discontented with their previous agents.

In the course of pre-qualifying them we would learn that the previous agent had been working with them for months (and months). I can clearly remember many of these wayward buyers telling us that they had seen a home with their previous agent that they had indeed liked…but, didn’t buy it. (and it had subsequently sold). When we would ask why they didn’t buy it they would always tell us the same thing..

”The agent we were working with didn’t ask us to…or we didn’t know that it was out job to tell the agent….we wanted to buy…”

In other words, their previous agent never tried to close the sale. Generally speaking if a buyer is in your car, and they have been fully prequalified..ready to buy….they are indeed ready…to buy! So, close them. THAT’S YOUR JOB.

Bottom line, consistent organized actions will create consistent income. If you are ready to make the leap to become a Real Estate Navy Seal start by requesting a FREE Coaching Call.

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