With fewer deals being completed, many markets in a downtrend, and more brokers than ever, it makes business sense to reach for fundamentals. That’s why at Inman we’re going back to basics with curated recaps of some of our most read stories as well as new insights from agents in the field – all culminating in Inmans Playbook for the autumn marketa two-day virtual event that you should attend.
There are certain things top agents do that average agents don’t typically do. These activities produce results that are envied but rarely achieved. If you’re not getting the business results you want, it’s probably because of your day-to-day actions.
The following is a list of seven things top producers do that you probably aren’t doing.
Table of Contents
1. They track their numbers
The best of the best agents track the numbers for their business. They know, on average, how many real estate-related conversations it takes to generate a transaction. They know how many calls they have to make on average to get an appointment and what their conversion rates are for the appointments.
They know the ROI of their marketing campaigns and ad spend. They know how much net income they keep compared to the gross income they receive.
What we test, we can expect to grow and become more efficient.
- Do you keep track of how many calls you make every day?
- Do you know where you are today in relation to the goals you have set for this year?
- How long has it been since you reviewed all of your marketing spend to track ROI, or lack thereof?
There’s no better time than the present to start tracking your numbers, whether you’ve been careless lately or haven’t done so before.
2. They reinvest in their business
The best agents reinvest a portion of every commission back into their business. This can take the form of marketing, tools/technology, human resources or training. They understand that constant upgrades of their businesses lead to exponential growth. Are you reinvesting in your business?
A good practice is to make a list of items or expenses that could help you take your business to the next level. Arrange them by value and impact on your business and stick to your investment plan. This keeps your investments focused and disciplined, rather than emotionally spending your investment funds on products and services that happen to be offered to you at the right time.
When it comes to hiring an assistant or additional staff, it’s a good idea to save a portion of each check to build a savings account worth three to four months’ salary. If it’s a tool or technology, buy it as soon as the funds come in. Your desire to attend a conference is often a good motivator too, if it’s based on the event’s funding coming from some of the degrees you need.
Reinvesting in your business is a leading indicator of future growth.
3. They block their schedules
The best real estate agents always block their schedules for prospecting, following up on previous clients and appointments. They understand that if they don’t control their schedule, their schedule will control them.
Top Agents have specific times in their schedule for each revenue-generating action item. They determine whether the best times for them to make calls are in the morning, afternoon, or both, and then use a pen to mark those times on their calendar.
They have specific times when they make appointments and while our business requires some flexibility in scheduling appointments, they do their best to stick to their schedules whenever possible.
Setting specific times each day for revenue-generating tasks is a trait of every top agent I know.
4. They study their local market daily
Top agents consistently investigate sales activity in their local markets. You know the new properties that have come on the market, been signed and sold.
They know the average days in the market for houses sold, what the absorption rate is for their local market, how much stock (houses for sale) is currently available compared to the past few months, and also the current price trends.
By knowing their local markets, they can provide valuable information to their customers and prospects. They understand their job is to provide information and guidance so buyers and sellers can confidently make the best decision for themselves.
That trust translates into smoother transactions and lifetime customers. Lifelong customers not only use these agents themselves, but also send referrals.
Elite agents never underestimate the value of market knowledge.
5. You constantly communicate with other top agents
In the real estate industry we are really better together. Elite agents build relationships with other top agents in their existing territory as well as in other markets. They build those local relationships with other top agents and understand that these are the people they are most likely to do business with on a professional and senior level. They understand the value of other professionals in their market and how they can help each other serve their clients at a higher level.
They build relationships with high-performing agents in other markets so they can identify trends and strategies that they may be able to apply to their own market. Relationships with agents in other markets may also lead to referrals.
Some of the best agents I know have even developed agent growing techniques in feeder markets. Your efforts to build these relationships through monthly list emails, mailers, and personal phone calls result in a steady flow of referrals, just as cultivating a neighborhood leads to steady listings.
Communication leads to relationships. Take the time to check with a few other agents in your market and others. Those calls and relationships always improve your business.
6. They hire because of their weaknesses
I don’t know anyone who has achieved everything they could without the help of others. Successful agents hire people for positions in which they are weak or that keep them from activities that generate the highest possible income.
They hire assistants to help organize, run systems, or schedule demonstrations. They hire transaction coordinators to manage the contract-to-close process and they hire marketers to build their personal brand. They understand the value and leverage that hiring others brings to them and their organization.
For every $100,000 in annual income you make, that’s about $50 an hour. Top agents understand the leverage of hiring someone for $15-$20 an hour (or more) to do lower-cost activities that keep them from doing the highest-revenue activities they could be doing, like: B. communicating with customers, showing real estate or entering appointments.
If you are serious about growing your business, hiring people to support you is a must.
7. You work harder than everyone else
You may have heard that you shouldn’t judge a book by its cover. But I would go one step further, not judging a book by just reading one of the later chapters. Often we focus on what top agents are doing now and miss everything they did to get into that position.
Although you might see agents who are now top producers and think they aren’t the hardest working agents in your office, elite agents worked extremely hard at some point in their careers. They put in the work, the time, and eventually they almost always worked harder than everyone else around them.
When your business isn’t where you want it to be, pick up the pace and work harder than ever. Understand that there are seasons in every business. The season of growth always comes after the season of labor. The business of your dreams is just the other side of your hard work.
If you want to be a top producer, do what top producers do. By aligning your activities with theirs, your results will soon reflect their results as well.
Jimmy Burgess is CEO of Berkshire Hathaway HomeServices Beach Properties in Florida in Northwest Florida. You can connect with him on Instagram or YouTube.