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Working with buyers is physical labor. Working with listings is mental labor. The more listings you have, the more predictable your income will be. If you haven’t yet made the money you need to meet or exceed the goals of you and your family, you just haven’t found enough people to help! Today we’ll be discussing how to find your magic number, and what it means for your business!
- Fact: Working with buyers is physical labor. Working with listings is mental labor.
- Fact: The more listings you have, the more predictable your income is.
- Fact: If you haven’t yet made the money you need to meet or exceed the goals of you and your family, you just haven’t found enough people to help!
The MATH:
Let’s talk about your MAGIC NUMBER… that’s the number of active listings you must have at all times in order to meet or exceed the income required by your goals.
1) Let’s say you need $5000/month to pay your bills but $15,000 per month to live the life of your dreams.
2) Let’s say your average net commission is $5000. It takes 1 closing / month to keep the lights on and 3 / month to have a rockin’ lifestyle. (Adjust accordingly).
3) How do you achieve this income regularly, not sporadically? LiSTINGS.
Fact: You must LIST TO LAST.
4) How many listings does it take to hit those 3 deals per month?
-3 at all times if your inventory sells very quickly
-5 ast all times if your inventory takes 90 days +/-to sell
-up to 10 at all times if you have longer days on the market and more inventory.
5) Why aren’t we talking about BUYERS???
-Because buyers never, EVER ‘have to’ buy.
-Qualified, motivated sellers DO ‘have to’ sell.
6) Where do qualified, motivated, have-to-sell sellers come from? Typical magic combination of ‘spokes’?
Secret: It’s not ONE spoke that will get you to consistency!
- Centers of Influence / Past Clients / Referrals
- FSBOs (unrepresented sellers)
- EXPireds
- New Construction spec home listings
- Probate
ACTION PLAN:
Don’t stop until you reach YOUR magic number. Prospect, market and follow up until you meet or exceed what you need to maintain your magic number!
Track your listing leads on white boards.
You must have 3 x the needed numbers to succeed.
