Five Ways To Kill Your Business

By
Services for Real Estate Pros with Real Estate Pipeline, Inc.

It amazes me on a daily basis how many agents that I deal with actually set themselves up for failure by making simple, yet deadly, mistakes in their business.  Some of these mistakes seem to be so simple to overcome.  Yet, time and time again, they repeat the same thing expecting a different result.  That is the definition of insanity. 

So, in the hopes that I can in some small way help YOU avoid making these mistakes, I wanted to summarize an article I found in BrokerAgentPro that lists 5 of the things agents do that hinder their own efforts...and ways to avoid getting caught in these commission killing traps.

Getting ‘Busy Work' confused with actual ‘Work' - Many agents across the country suffer from not having a consistent game plan for their daily activities.  There are several things that you should do daily.  These include: Lead generation; Contacting prospects that are potential clients; Work and sort out the motivations of existing clients; Negotiate contracts on pending deals; Present findings to your clients.  All 5 of those things MUST be done on a daily basis to maintain a consistent level of effort on all aspects of your business.  If you are not getting any one of these done, you are attempting to build a business on a weak foundation and you will fail. 

Not working a set schedule - Lack of motivation is the biggest cause of not working a set schedule.  "I don't feel like it today."  Guess what...no one *feels* like it.  But, they do it.  Successful agents work a set schedule every day whether they ‘feel like it' or not.  What do you do on days you don't feel like working?  See #1 above.

"It's a numbers game" - Well, sort of.  But, no, not really.  Yes, you need to track your numbers.  Yes, those numbers are important.  But, in no way will those numbers lead you to making any money!  This is a PEOPLE game!  If you are not out helping people with or talking to people about real estate, you are doomed to fail.  Focus on what you have to offer - your talents and abilities to assist people in buying or selling a house. 

Lacking multiple lead streams - That's right.  If you do not have multiple streams of leads, you will fail.  If your only source of leads is making cold calls, asking for referrals from clients, calling expired listings, etc...You are limiting your ability to get new clients.  If you take a day off, you don't make ANY progress.  None.  What if you lose your phone for a day?  What if you lose your voice for a day?  No progress.  So, having several good lead generation sources is a must in order to keep bringing in new potential clients.  Just remember, not every lead will close.  But, every lead needs worked.  That's what you do!

"Its all about the Benjamins, baby!" - This philosophy will ultimately be your demise in real estate.  You should never put earning a commission above your ability to be of service to your client.  If you are not out there to help your clients, you will fail.  If you don't know how to help your clients, LEARN!  The ‘rules' have changed.  Make an effort to adapt to those changes and *help* your clients.  The money will follow. 

 

If you would like more information on increasing your inbound referrals, please contact Clint Miller of www.recr.com.  You can call at 800-977-7058 or follow me on Twitter at www.twitter.com/recr.

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Re-Blogged 5 times:

Re-Blogged By Re-Blogged At
  1. Donald Bradbury 11/14/2008 12:03 PM
  2. Mike Hughes 11/15/2008 07:03 AM
  3. David Matney 11/16/2008 09:33 PM
  4. A. Keith Hebert 01/07/2009 08:59 PM
  5. Daniel H. Fisher 08/01/2011 11:13 AM
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Show All Comments
Rainmaker
188,968
Clint Miller
Real Estate Pipeline, Inc. - Missoula, MT

Lyn -- Wow...I appreciate the compliment.  It does seem like common sense.  But, that seems to be one thing that a lot of people lack at times...guilty of it myself.  :-)

November 15, 2008 11:37 AM #86
Rainer
15,173
Chris Shouse
Lyoness USA - Las Vegas, NV
Realtor - Las Vegas

Very good reminder that we should do these things everyday and it is my belief Social Media also fits into things that must be done.  You need to have a purpose in mind for the Social Media and you can also have some fun with it too.  It is a great way to get to know people you may never meet face to face.

November 15, 2008 11:47 AM #88
Rainmaker
188,968
Clint Miller
Real Estate Pipeline, Inc. - Missoula, MT

Chris -- Thank you!  I agree with you on the social media aspect.  Otherwise, I wouldnt know you!  :-)

November 15, 2008 12:06 PM #89
Ambassador
567,248
C Tann-Starr
Tann Starr & Associates, Inc. - Flushing, NY

Social media has made quite an impact on us all, wouldn't you say? (LOL) Spanking post, bay-bay! Enjoyed every minute of it as well as the conversational thread. Very well said ladies and gentlemen, very well said. :-)

November 15, 2008 12:58 PM #90
Rainmaker
188,968
Clint Miller
Real Estate Pipeline, Inc. - Missoula, MT

C - Yes! Yes it has! Awwww...TY, my dear!  And, yes...the commentors did well!  :-)

November 15, 2008 01:06 PM #91
Rainer
26,859
Joel McDonald
Joel McDonald -- www.AutomatedHomefinder.com - Castle Pines North, CO

As always, great post Clint!  I especially like the suggestion about diversifying your sources for leads.  So true...

November 17, 2008 08:40 AM #92
Rainmaker
188,968
Clint Miller
Real Estate Pipeline, Inc. - Missoula, MT

Joel -- Thanks, man...yeah, thats a big one that alot of people dont think is needed.  But, just like cold calls, it's a viable source.  And, of course, you should call MY COMPANY www.recr.com for that...LOL!

November 17, 2008 08:55 AM #93
Rainer
33,860
Jake Forbes
United Country Forbes Realty & Auctions - Hertford, NC

Clint,

What a great post! Especially for a young agent fairly new to the business like myself.  I'm going to print off your blog and keep it on my bulletin board. 

November 17, 2008 09:29 AM #94
Rainer
51,033
Christopher Bonta
The Bean Group - Londonderry, NH
Realtor, Integrity and Honesty

Clint, very nice post and something everyone who is in real estate should abide by, we know its hard to do but it is something that just has to get done. Once again great post and by the number of responses and your gold star, everyone else seems to agree.

November 17, 2008 10:01 AM #95
Rainmaker
188,968
Clint Miller
Real Estate Pipeline, Inc. - Missoula, MT

Jake -- Thank you!  And, I hope it helps you with your future endeavors. 

Christopher -- Thats right...it has to get done.  Thanks.  Much appreciated.

November 17, 2008 10:26 AM #96
Rainmaker
135,631
Elayna Fernandez
Designed 2 Impress, Inc. - Naples, FL
Marketing Success Made Possible

 

Elayna

Amazing post. I really agree that you need a process for everything you do. Even if it works for a while, you will eventually fail.  Thank you for the very needed reminder!

Elayna Fernandez

Naples FL Marketing

November 17, 2008 12:14 PM #97
Rainmaker
188,968
Clint Miller
Real Estate Pipeline, Inc. - Missoula, MT

Elayna -- Well, thank you!  And, I agree with you...you have to be flexible and improvise, adapt to the changes as they come along.  Thanks for reading!

November 17, 2008 01:18 PM #98
Rainmaker
437,317
JL Boney, III
Russell and Jeffcoat - Columbia, SC
Columbia, SC Real Estate

These are fantastic points, that hopefully everyone takes to heart. Great post my friend.

November 17, 2008 08:47 PM #99
Rainmaker
188,968
Clint Miller
Real Estate Pipeline, Inc. - Missoula, MT

JL -- Thanks, man.  Much appreciated.

November 17, 2008 09:05 PM #100
Ambassador
1,260,793
Debe Maxwell
www.AtHomesCharlotte.com | Savvy + Company Real Estate - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi Clint!  Another GREAT post that is deserving of that little gold star!  Congratulations! 

You're absolutely right--you can't put all of your eggs in one basket--you must diversify and work smart, not hard!  Although in this market, I'm having to work smart and double as much as I've had to in past years.  It's worth it though, the leads are trickling in and I'm investing in my future keeping up with them, smartly!

Debe in Charlotte

November 18, 2008 06:30 PM #101
Rainmaker
188,968
Clint Miller
Real Estate Pipeline, Inc. - Missoula, MT

Hi Debe!  Thanks!  Very much...Im glad to hear that you are having a good year...and working as SMART as you are!  Altought....smarts only go so far..so, working hard helps too!  :-)

November 18, 2008 07:36 PM #102
Rainmaker
217,265
Patricia Beck
RE/MAX Properties, Inc., GRI, CDPE - Colorado Springs, CO
Colorado Springs Realty

Great tips for agents, it can be easy to get off track.  I like what you said about this business being a people game not a numbers game!

November 19, 2008 09:05 AM #103
Rainmaker
188,968
Clint Miller
Real Estate Pipeline, Inc. - Missoula, MT

Patricia -- Yes, it can.  Unfortunately, even when people think they are on track, they arent.  Thanks!!

November 19, 2008 09:17 AM #104
Rainer
73,288
Bruce & Mary Smith
Savannah Lakes Homes - McCormick, SC
REALTORS, Savannah Lakes Village McCormick SC

I think some agents 'kill' other agents with negativity - talk, talk, talk.  It begins small - with a comment - and grows over the coffee pot, through lunch to the end of the 'work' day, a day with little work.  Also, we see agents who are discouraged because clients are not walking in their door like they did last year!  I say "Get a life!"  Good post!

November 21, 2008 09:38 PM #105
Rainmaker
188,968
Clint Miller
Real Estate Pipeline, Inc. - Missoula, MT

Bruce and Mary -- I completely agree! And, I dont think I can say anything more than you just did.

November 22, 2008 09:15 PM #106
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