You can predict if you’ll be successful in real estate. It’s not what you think, either.
What New Agents Expect
From my survey of hundreds of agents under three months in the business, I found that more than 1/2 of them expected a sale the first month of the business. What does that mean? When do they have to start looking for leads? That first week in the business! Yet, how many new agents start lead generating even in the first month? How long have you been in the business?
When did you start lead generating on purpose? Or, have you started? That’s why my book, Up and Running in 30 Days, now in its 6th edition, has you lead generating in week one. It’s your assurance plan you will get a sale fast and will stay in the business.
Expecting ‘Dumb Luck’ to Carry You to Success
Inevitably, there is a new agent who has an Aunt Martha in his back pocket. That is, Aunt Martha wants to buy a home, and has told nephew Tommy she’ll wait until he gets his license to purchase from him. Ca-ching. Dumb luck. Tommy concludes that’s how the business goes. You just wait for someone to find you and sell them a home. We know that’s not the norm, though.
Unfortunately, Tommy’s going to wait a long time for that next transaction! The ‘dumb luck’ approach to the business results in low results. Since the ‘dumb luck’ agent isn’t doing a business start-up plan, we have no way of predicting results, because we can’t measure business-producing activities. We can only measure other ‘dumb luck’ agent incomes. That’s way too late to actively coach–or to terminate with purpose.
Your Manager Could be a ‘Dumb Luck’ Manager–Pardon the Expression…
Dumb luck managers just look at results; sales and listings sold. So, they are not aware that agents may be failing for months. If new agents expect to make a sale in month one, how many months do you think it takes for them to get dis enheartened? 2-3? Not long. So, once new agents are mentally and emotionally out of the business, they will resist any help from managers. They’ve decided they can’t make it in the business. They’ll stay awhile, though, for ‘dumb luck’ transactions.
Are You Lead Generating on Purpose?
Are you working a specific, prioritized lead generating plan? Is it made up of prioritized lead generating activities? Does it have ratios of activities to results, so the new agent knows whether he is on track to his goals?
Here are my activity ratios from Up and Running that will result in 8-12 transactions the first year in the business:
20 contacts to get one buyer or seller lead
8 times of putting people in the car to sell someone a home
3 listing appointments to gain one marketable listing
80% of listings sell
80% of transactions close
What are the ratios in your office? Do you know? Do you know the work it takes to consistently generate the income you want to generate? Or, are you counting on ‘dumb luck’?
Best Advice to Create your Assurance Plan
Grab the best business start-up plan you can find and start the plan. Find someone to coach you to the plan. Analyze your numbers frequently. You’ll stay on track AND assure your success.
More Advice from the Pros
Here’s an article from productivity experts (including me) on advice getting started: 26 Agents Reveal the Road to Success.
Want coaching and support along with launching your business start-up plan? Look at my online program, Up and Running in Real Estate
. It combines the plan, the action plan, motivation, and coaching. Start right or re-start with confidence.