Category: Real Estate

Be Determined to Be the Difference in Real Estate Sales

 

As a virtual motivational speaker for those in real estate sales, I know that “the numbers” don’t tell the story. In 2019, about 6 million new and existing homes were sold and there were about 1.4 million realtors. Sounds easy, right? Hardly.

Along came February 2020 and COVID-19. A tough profession got tougher.

In the best of times, turnover is huge. Almost 75 percent of new agents fail in the first year, and nearly 9-out-of-10 fail after five years. In this time of pandemic, everything has become harder, from the first showing to the final handshake (complete with masks and hand sanitizer). Without determination, you can become a statistic.

Now for the Good News

Due to the pandemic, in many markets the demand for housing is exceeding the supply. Interest rates on home loans are at historic lows, and home prices, which dipped at the front-end of the pandemic, have recovered and are approaching pre-pandemic levels.

It may be tougher to sell a home right now, but those professional realtors who have a positive mindset, the determination to succeed, and the daily grit to be successful can be successful.

In terms of positive mindset, every realtor must re-dedicate themselves to education by being more knowledgeable than the competition. You must be an expert on your market through research and understanding the market forces. In these times, you must become an expert in every aspect of virtual sales. “Not knowing” the new tools of communication such as video-conferencing platforms will immediately work against you.

The determination to succeed means offering your clients the best customer service they have experienced in any sales setting. Whether you are asked for a recommendation on a low-cost trash hauler to someone who can restore antique Victorian wainscoting, the more you can convey your command of the business the better (even if the question is outside the normal).

It comes down to being a professional. Are you determined to being in the professional elite?

Having the daily grit to overcome the challenges and to make a human impact in the life of every one of your valued clients will set you apart. We all know there will be good days and bad; things will fall through, and the unexpected may happen. Those without grit may fall apart. Those professional realtors with grit will fight their way through any adversity.

Something to Keep in Mind

Professional realtors have been around since 1900. Realtors have sold through wartimes, peacetime, recessions, inflation, The Great Depression, pandemics, and in the aftermath of floods and fire.

Professional realtors have enjoyed success despite hardship. They have done so by having the mindset, determination, grit and absolute dedication to ethics and personal integrity. They are dedicated team members and unselfish in their roles. You can succeed if you are determined to be the difference and rise up to make the difference.

 

Scott Burrows, Real Estate Sales Virtual Motivational Speaker is booking appointments for virtual sales meetings and events. Contact Scott today through this website today or call: (520) 548-1169

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