Tuesday, 08 September 2009
Recently an old college buddy of mine emailed me through Facebook and asked this question. It got me to thinking. Here is part of my response:
A lot depends on how you personally define success, doesn't it? Do you measure by revenue generated, by people helped? Here are some initial thoughts: 1. Servant's heart. This is a relationship business. One must have a commitment to doing what's best for the client, without attachment to their choices or outcome. Advise and empower - give people the information to make an informed decision, and then get out of their way.
2. Drive. This business is not for the faint of heart. One must be committed for the long haul, not looking for a short-term cash generator. It will take investments of time and resources to be successful.
3. Business acumen. Run this as a business. Have an annual plan. Set goals. Put together a budget. Do quarterly check-ins and adjustments. Resist impulse expenditures.
4. Market knowledge. Know the market inside and out. Understand absorption rates, valuation trends, IRV's, patterns over years and decades.
5. Great caretaker. Successful real estate businesses are a balance of repeat/referral business and new customers. The former necessitates a strong, consistent lifelong follow-up campaign that gives value to the recipient and reminds them who their trusted advisor in real estate is.
6. Prospecting mindset. The latter in #5 requires creativity and determination. Whether it's calling For Sale By Owners and Expireds, expanding Web presence to generate Internet leads, or working the leads generated from an interactive voice response (IVR) system on listings, prompt and effective service to new business is important enough to be part of daily routine for a successful agent.
7. Strong alliances. Seek out the best in all ancillary businesses (mortgage, title, inspection, repairs, etc.) and make them easily accessible to your clients.
