Category: Goal setting

Comfortable Sales Goals Lead to Sleeping at Your Desk

 

Not long ago, I was leading a seminar on real estate sales and setting sales goals when a new agent asked if I thought daily prospecting and follow-up did much good. She clarified she prospected when she had a chance, but she was more interested collecting referrals. She shrugged when I questioned how she defined goals for collecting referrals. Then I asked if she felt she had the grit be successful. The word “grit” stopped her cold.

What are Your Goals for Real Estate Sales Success?

Depending on the source, the failure rate for real estate agents after one year has been estimated at between 75 and 87 percent. Most of the agents who do make it barely squeak by. The old rule of thumb said that about 80 percent of the brokers make 20 percent of the profits. The new norm is even more intimidating. According to industry experts, it has now become the 90/10 Rule where 90 percent of the realtors earn 10 percent of the commissions and ultimately, just the top 1 percent of the realtors earn 40 percent of the commissions!

Mike Lalji, a highly successful real estate broker for the past 35 years, described some key elements that characterize a “1 percenter.”

“Those 1% Realtors…pretty much make whatever their written goal is for the new year. They write their goals a day or 2 before the 1st of January of the new year… they develop good interpersonal relationships with family and friends and are self-motivated.”

The Close.com website in a January 2019 article entitled “Why So Many Realtors Fail After 2 Years (and How Not To)” listed a failure to set goals as one of the key reasons new real estate agents fail to make the cut.

The article cited a sophisticated scientific paper printed in 2015 in Nature magazine. Simply put, the article stated that written goal setting and the determination to follow it through erases all differences between gender, ethnicity, race and other factors.  No matter where new agents start out, if they write down their goals and have the grit to follow it through, they have an infinitely better chance of succeeding.

The Joy of Prospecting

Alexis Petersen writing in January 2019 for RIS Media, an online real estate magazine, stated several goals in order for agents to be successful and listed the following as being important:  setting realistic prospecting goals, committing to prospecting ideas – including cold calls and visits as well as referrals, focusing on quantity prospecting (not just to friends and family), following up on every call, email, text or inquiry, and my favorite, “Make prospecting part of your daily routine.”

Petersen echoed other articles written by industry professionals. It is having the determination to write down and set goals, the grit to prospect every day, to follow up on every lead, and to network whenever possible. As a real estate sales professional, you must have the vision to separate yourself from the pack and be part of the 1 percent who believe they will succeed.

Don’t get comfortable and wait for the market to come to your feet. It won’t. Have the courage to stand up and be a professional real estate agent, fighting each day for your success.

Book Scott Burrows, Inspirational Real Estate Keynote Speaker on Sales and Goal Setting, through this website or call us at: (520) 548-1169

 

Year of Change Ahead for Financial Advisors: How Will You Respond?

Every one of us involved in the financial and insurance industry knows that 2019 will be a year of change.

Bob Veres, writing for Advisor Perspectives (December 10, 2018), pointed out at least five major challenges that will impact financial advisors this year. They include new “BI” or best interest standards and fiduciary oaths; planning for the coming Bear market and making clients your partners in the financial planning process; the pressure to shift away from AUM (percentage-based) portfolio revenue models to flat fees; the trend away from traditional insurance agencies to self-directed purchases; and the opportunities in utilizing customized “Robo” software within your practice. Veres concluded that change is never easy and financial advisors and insurance brokers must prepare for whatever is next.

Will You Evolve or Be Left Behind?

How will you adapt your business this year? Have you identified your strategies to meet the comprehensive financial planning needs of clients about to retire as well as younger generations embarking on their careers?

As a financial advisor, in order to stay ahead you will need to wear many hats in managing client expectations. Will you be able to show clients at all stages of their careers the value that you are bringing to the investing equation, and are you determined to make the necessary emotional investment and to be an educator as well as advisor?

In 2019, and beyond, financial advisors will need to focus on new niche markets to differentiate themselves. They will need to embrace the latest tools to set themselves apart in a highly competitive financial advisory market. It will not be a matter of offering customer service, but tapping into technology to access changing regulations and ultimately to use that information to recommend the right insurance and investment products.

The questions asked above, and many more, can only be answered by one person:  you. The expanding workload, the deluge of information, evolving fiduciary rules, the need to offer clients greater transparency, and the maze of ever-expanding investment options will require each financial advisor to have the grit to maintain their success and to rise above average. “Average” advisors will suffer from average on-line ratings especially as more millennials enter the work world. Average will mean being left behind.

Be a Student, Be Coachable

The most successful financial advisors will be those who understand that they are students and not “professors.” Being a student, even if you have been in the business for many years, means updating your practice management, understanding and employing new technologies and the educational components necessary to help your clients reach their goals. It means attending conferences that offer niche market products and opportunities, evaluating the latest practice management solutions and being facile enough to use the social media to set yourself up as an authority.

While new investors may not be sophisticated in terms of investing, they understand technology and how to access information. Financial advisors must match that intensity and sophistication and have the knowledge to answer tough questions their clients find online. It is a tall order but a tremendous opportunity.

The year ahead is where the financial advisor will be a student who is determined to learn what is needed to make the practice successful.

 

For more information on how financial advisors can develop a winning vision, contact Scott Burrows, Financial and Insurance Industry Motivational speaker, through this website or call us at: (520) 548-1169

 

 

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