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Lessons from NASCAR for RE Lessons from NASCAR for Real Estate – by Dana Sparks

The NASCAR Folds of Honor Quiktrip 500 is being run today at the Atlanta Motor Speedway.  Real estate agents can learn a lot from this sport to enhance their business.  It appears to those who do not follow car racing, that these drivers are simply going around in circles getting nowhere fast.  However, those who DO follow NASCAR or any motor sport, understand that there is so much more to the process & driving on a racetrack than just making one big left-hand turn.  Just like the public always says, “You have a GREAT personality so you’ll do really well in real estate!”  We all know there is a lot more to success in your real estate career than simply having a good personality.

A race car driver must first pass tech inspection for every race including his fire suit & race gear, know his car and make continual adjustments based on the race and his performance to the point when he comes in for a pit stop.  Sometimes he may need 4 tires, sometimes 2, sometimes he needs to adjust the car, sometimes the set up is just right.  Also, the driver is extremely dependent upon several others – his pit crew, his spotter, must recognize his sponsors AND is even dependent on the other drivers.  Drivers must also acknowledge their fans – perhaps that’s where the good personality comes in!

Do you approach your business the way a professional race car driver approaches a race or are you going around in circles going no where fast?  The following are some ideas to help you win each & every “race” you start.  “Drivers, start your engines!”

Pass Tech Inspection For Every appointment 

  • Complete CMA
  • Signs, Camera, Lockbox
  • Listing Agreement already filled out
  • Buyer Brokerage Agreement already filled out
  • ABCs of Agency with you & ready to explain
  • Showing route all planned
  • Purchase & Sale Agreement ready
  • Consumer Brochures
  • Area School information
  • Follow your Business Plan daily
  • Are you dressed like the commission you charge?

Know Your “Car”

  • Your Contracts are the “vehicle” you use
  • Multiple classes in BOTH GAR forms & RE Forms
  • Know what Special Stips are Available
  • Know the Exhibits & Amendments
  • Know your Objections Handlers
  • Know your scripts to solicit customers
  • Know your scripts to convert customers to clients

Make Continual Adjustments

  • Stick to a schedule or adjust your schedule to match your productivity
  • Generate new business FIRST every day
  • Learn new objection handlers
  • Preview property
  • Adopt a new lead gen technique
  • Learn Matrix in FMLS because Fusion is going away!
  • Learn GAMLS fo access to more properties for Buyers & for CMAs for Sellers
  • Get an assistant to free-up your time
  • Automate your Lead Follow-up
  • Break into a new price range or niche
  • Keep up with the changing market (CFPB changes, Mortgage changes, contract changes)
  • Revise your Business Plan each quarter

Work with Your Crew

  • Stay in touch with the lenders, appraisers, closing attorneys throughout your pending deal
  • Communicate with your Compliance Broker throughout the transaction
  • Stay in touch with the co-op agent & your client on a continual basis
  • Utilize the systems at your disposal
  • Use another agent to work with your sign calls so you can go get more listings

Recognize Your “Sponsors”

  • Stay in touch on a systematic basis with your past client & SOI
  • Send a thank-you note to the co-op agent, lender & closing attorney on EVERY transaction
  • Follow-up with your client and the co-op agent client AFTER the sale to make sure their move went well
  • Ask everyone who they know that needs your real estate services

Work with “Other Drivers”

  • Remember that your Co-op agents are really your clients so treat them that way!
  • The majority of transactions involve 2 agents so market to other agents so they can bring their buyers to your listings or list something desirable that your buyer wants to buy
  • Both agents in a transaction are working towards the same goal
  • Remember that the co-op agent has to answer t their client
  • Go to classes & workshops & share your ideas with each other – no one is going to “steal” your business – there is more than enough to go around

Acknowledge Your Fans

  • Solicit testimonials from past clients & share those freely with potential leads to make them feel comfortable
  • Wear your name tag so people may approach you with real estate questions
  • Stay knowledgeable about market trends & mortgage changes so that you will have the answers & be the source of all things real estate to your SOI
  • Send thank yous to anyone who has ever referred business to you
  • Post pictures of your clients after closing in Facebook, Instagram, Twitter & YouTube
  • Recognize others in the transaction who were instrumental in getting you to closing
  • Put together a Visual Tour of all of your past clients with a huge “In Appreciation” and post it on your Facebook page
  • Write an informational newsletter or article for your HOA, community paper, church bulletin, school publications, etc.

Go Junior!!!  or Gordon!!!  or Logano!!!  but really Junior!!!

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