Here is a great article from Lenn. It isn't too late for you to get your 2011 business plan laid out and then implemented. Thanks for sharing this great information with us Lenn. I am in the process of double checking how I am doing with several items on this list!
DEVELOPING A BUSINESS PIPELINE is essential for real estate agents, loan officers, home inspectors and other folks in the real estate industry.
Inspired by Pat Kennedy's timely article about "nothing on the books". I'm sure Pat will have a new listing contract or a new Contract of Sale for a buyer "in the pipeline" shortly. Pat has prospects and prospects become buyer or seller clients.
DO YOU HAVE A PIPELINE? Some folks believe that their "Pipeline" begins with a listing contract or contract of sale. I believe that a real estate business pipeline begins with your business plan. If you are simply going in many directions with no plan, no schedule of tasks to be completed on a daily, weekly, monthly basis, you're likely waiting for something to happen. Don't sit around waiting for something to happen. Become a mover and shaker for your own business pipeline.
WHAT IS A PIPELINE? Many believe that the pipeline begins with a contract, a listing contract or a contract to buy a home. I believe that a pipeline is THE ACTIVITIES YOU PLAN AND EXECUTE TO BRING BUSINESS YOUR WAY:
Web Site Development
Blogging for Business
Working a Farm (direct mail, etc.)
Daily Schedule of Work/Family/Play
Answering the Telephone or other Communication Devices.
Developing Advertising Content (photos, etc.)
Upgrading Existing Advertising Content
Taking Advantage of Listing and Showing Opportunities
IF YOUR NEW BUSINESS PIPELINE IS PASSIVE, you'll be waiting for opportunity to fall in your lap. You may/will get some business from your broker, friends, relatives, some former buyer or seller clients. OR NOT! With the tremendious number of licensees, agents MUST compete for business if the real estate business is your only or primary source of income. If you're not communicating in one way or another with your old business, they can easily become the new business of another agent.
STIR THE POT! If you rely on former buyers and sellers for new business to "fill your pipeline", you'd better hope they can find you if they need real estate services or wish to refer someone your way. If you've changed brokers, did you notice your pipeline? Take advantages of opportunities to be in contact with your pipeline. You can bet your boots that every consumer in your pipeline will be the target of many agent competitors either by way of direct mail or by simply being on the Internet where folks cruise for real estate information/advice.
PULL PIPELINE! The Internet offers a wonderful opportunity for agents to develop a NEW BUSINESS PIPELINE. Work on your web presence and, if you have a web site that produces well for real estate services in your area, you have a business pipeline. Your Internet site will be "pulling in business" for you. Pay attention to it and work it. Respond to that e-mail. Answer that telephone and spend a few minutes chatting with the caller.
PRETTY SOON YOUR PIPELINE WILL BE OVERFLOWING!
Then you'll have success from your pipeline and "TRANSACTIONS ON THE BOOKS".
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.
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