With fewer trades to make, many falling markets, and more agents than ever before, it makes business sense to hit the fundamentals. That’s why at Inman, we’re going back to basics with curated throwbacks to some of our most-read stories as well as new agent ideas in the field – all culminating in Inman’s Autumn Market Playbooka two-day virtual event you should plan to attend.
There are some things that the best agents do that average agents usually don’t. These activities lead to results that are envied, but rarely achieved. If you’re not getting the trading results you want, chances are it can be attributed to your day-to-day actions.
Here’s a list of seven things top producers do that you’re probably not doing.
1. They follow their numbers
The best of the best agents track their company’s numbers. They know, on average, how many real estate-related conversations they need to generate a deal. They know how many calls, on average, they have to make to set up an appointment and what their appointment conversion rates are.
They know the ROI of their marketing campaigns and advertising spend. They know how much net income they keep compared to the gross income they receive.
What we inspect we can expect to grow and become more efficient.
- Do you track the number of calls you make daily?
- Do you know where you are today in relation to the objectives you have set for this year?
- How long has it been since you reviewed all of your marketing spend to track the return, or lack of return, you are getting from it?
There’s no better time than the present to start tracking your numbers, whether you’ve been lax lately or never done it 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, staffing or training. They understand that constant upgrades to their businesses lead to exponential growth. Are you reinvesting in your business?
A good exercise is to make a list of items or expenses that could help take your business to the next level. Rank them based on their value and impact on your business, and stick to your investment plan. This will keep your investment focused and disciplined instead of emotionally spending your investment funds on products and services that will be offered to you at the right time.
If he hires an assistant or additional staff, it’s wise to save a portion of each check into a savings account with three to four months of that salary. If it’s a tool or technology, buy it as funds come in. Your desire to attend a conference is also often a good motivator when based on funds for the event from part of the fences 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 out their schedules for prospecting, following up on past clients, and appointments. They understand that if they don’t control their schedule, their schedule will control them.
The best agents have specific times in their schedule for each revenue-generating action item. They identify whether the morning, afternoon or both are the best times to make calls, then they write these times in pen in their calendar.
They have specific times when making appointments and although our business requires some flexibility when it comes to appointments, they do their best to meet their schedules when possible.
Designating specific times each day for income-generating tasks is a hallmark of all top agents I know.
4. They study their local market daily
The best agents constantly monitor sales activity in their local markets. They know the properties that have recently come on the market, contracted and sold.
They know the average days on market for homes sold, the absorption rate for their local market, the amount of inventory (homes for sale) currently available compared to previous months, as well as current price trends .
By being students of their local markets, they can communicate valuable information to their customers and prospects. They understand that their job is to provide information and advice so buyers and sellers can confidently make the best decision for themselves.
This trust leads to smoother transactions and customers for life. Lifetime customers not only use these agents themselves, but they also send referrals.
The value of market knowledge is never underestimated by elite agents.
5. They Constantly Communicate With Other High Level Agents
In the real estate business, we really are better off together. Elite agents build relationships with other top agents in their existing field, as well as in other markets. They develop these local relationships with other high-level agents, knowing 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 to serve their clients at a higher level.
They develop relationships with successful agents in other markets to identify trends and strategies they can apply to their own market. Relationships with agents who are in other markets can also lead to referrals.
Some of the best agents I know have even developed farming techniques for food market agents. Their efforts to build these relationships through monthly list emails, mailers, and personal phone calls lead to a steady stream of referrals in the same way that a neighborhood’s farming leads to consistent lists.
Communication leads to relationships. Take the time to check with a few other agents in your market and others. These calls and relationships always improve your business.
6. They hire for their weaknesses
I have never known anyone who has accomplished all that he could without the help of others. Successful agents hire people for positions in which they are weak or that prevent them from accessing the highest possible income-generating activities.
They hire assistants to help with organization, running the system, or scheduling screenings. They hire deal coordinators to manage the deal closing process and they hire marketers to build their personal brand. They understand the value and leverage that hiring others gives them and their businesses.
For every $100,000 in annual income you earn, that works out to about $50 an hour. The best agents understand the leverage of hiring someone for $15 to $20 an hour (or more) to do lower-cost activities that keep them from doing the most revenue-generating activities they could do, like communicate with clients, show a property, or keep listing appointments.
If you really want to grow your business, hiring people to help you is essential.
7. They work harder than anyone else
You may have heard that you shouldn’t judge a book by its cover. But I would go a little further, don’t judge a book by just reading one of the last chapters. Often we focus on what the best agents are doing now and miss everything they did to get into that job.
While you may see agents who are top producers now and think they’re not the hardest working agents in your office, at some point in their careers, elite agents have worked extremely hard. They put in the work, the time and at some point almost always worked harder than anyone around them.
If your business isn’t where you want it to be, pick up the pace and work harder than ever before. Understand that there are seasons in every business. The growing season always appears after the working season. Your dream business is just on the other side of your hard work.
If you want to be a top producer, do what the best producers do. By modeling your activities after theirs, your results will soon reflect their results as well.