Labor Day & Your Real Estate Production – by Dana Sparks
Labor Day is a day of celebration! Labor Day was originally founded as a national tribute to honor the contributions workers have made to the strength, prosperity & well-being of our country. It is also a day that marks the end of Summer vacation and the excitement of getting “back to work” for most of us! While we enjoy our holiday barbecues, outings on the lake and time relaxing with family and friends, we also gear-up for a prosperous end of the year! The most important things to focus on when you come back to work are the systems that run your business. There are four general areas that need systems and strategies in place to run your successful real estate business.
These areas are:
- Generating Business
- Servicing Active Business
- Following Up AFTER Closing
- Following Up Long Term
Systems for Generating Business: How are you generating real estate clients? You should have a specific time every morning for GENERATING the business. That is your job! That is the main thing you get paid for… finding people who need your help to buy or sell real estate. Whether you use the internet, the telephone, your car, the US postal service or a combination of all of these, what you do every work day morning should be focused on this activity alone.
Systems for Servicing Active Business: In today’s real estate market, it is extremely easy for this portion of your job to tend to take up the majority of your time. It is imperative to begin this part of your daily activities AFTER you have spent your time generating new business. As challenging as it may be to get a transaction closed, once it is closed, it will behoove you to have another client ready to go (or preferably already in the works) rather than having to start from scratch. Avoid the typical “roller coaster” of production and activity in your real estate business. When focusing and honing your strategies for getting pending transactions closed, remember to include your co-op agents, lenders and closing attorneys when refining your strategies (i.e. consider a message on your voice mail that lets callers know when they can expect a return call, an auto-reply on your email with contact information or current status updates & access information on your listings, etc.)
Systems for Following up AFTER Closing: You can gain a huge percentage increase in your business year after year by developing strategies in this one area of your sales business. Think back to the last major purchase you made (a car, furniture, a computer system, home theater system, etc.) have you heard back from the salesperson that sold that item to you? What kind of an impression would that have made on you in terms of future or referral business? Simply sending a hand-written thank-you note to ALL the parties involved will greatly enhance your business. There are many other ways you can service your clients and co-op agents and other parties AFTER the close of your real estate transaction.
Systems for Following Up LONG TERM: Long Term follow up is another area of your business replete with opportunity for more sales! How systematic are you in following up with your past clients? Co-op Clients after the sale? Vendors to whom you give business? If you have not contacted a past client in a while (a LONG while) pick up the phone NOW! They DO NOT know that you should have been in touch with them on a regular basis! Chances are, if they are still living at the same address (wink wink) they will be delighted to hear from you! What about your co-op agents… perhaps they are out of business and would love to make money from the referral fees you give them from THEIR past clients! Your favorite inspector has made a lot of money from the clients you have sent his way, have you asked him whom HE knows who needs to buy or sell? Do you contact people on their birthdays (the closing attorney gets a copy of the parties’ drivers licenses!) There are so many opportunities to make an impression and offer your services to help people with their real estate needs!
It is vitally important for you to have systems and strategies in place in every aspect of your business for enhanced real estate sales! Not only will you get more business, but you will also alleviate some of the stress you feel from the frenetic way you are handling your career. If you have systems in place, Labor Day is a good time every year to evaluate your checklists, organization, procedures and policies that operate your real estate business! These systems will contribute to the strength, prosperity and well-being of your real estate sales business!