In his new regular column for Elite Agent Magazine, real estate coach, keynote speaker and mentor Claudio Encina answers your questions. This issue, he tackles the topics of targets, competition and technology.
Q. I had an ordinary start to the first quarter of the year; how can I change to make the next quarter count? Rick Mancini – McGrath Liverpool
Focus on the responsibilities and the strategies that will make every quarter a successful quarter. Here are five questions attached to five strategies:
- Where is your pipeline? Your pipeline of expected or potential business has to be at least triple your sales goal. Most salespeople and sales managers fail to measure the dollar value of their sales pipeline of potential business. If your sales goal is $100k in a quarter, then your pipeline must be at least $300k. The reality of sales would be a 30 per cent closing rate, so three times your sales goal versus sales pipeline is the rule.
- Where is your work ethic? In these times, the best ethic you can have is a great work ethic. Start an hour earlier and stay an hour later. That’s the work ethic that will produce results.
- Where is your attitude? Pressure can get to your outlook. Now is the time to put on your game-day attitude, starting early in the morning. Just read or listen to inspirational messages every day. Your positive attitude is a precious asset – protect it.
- Where is your responsibility? In tough and high-pressure times, it’s easy to blame everyone but yourself. Resist the temptation. Rather, take responsibility for people not returning your call, cancelling appointments and other ‘easy-blame’ opportunities. Learn from experience, figure out a better way and make sure it only happens once.
- Are you fishing where the fish are? If you want more sales and listings, identify the hot pockets in the areas that are moving and shaking. Make a plan each week and look for the gold nuggets of properties that are selling and in which areas; you will definitely catch more fish!
If you attack this quarter with these five strategies, you will be screaming, ‘I did it!’
Q. I have some agents dominating my marketplace. How can I start to develop market share? What’s the formula? Rod McGrath – Professionals Allawah
You are either dominating or competing in your marketplace. If you compete, you will always compete on fees, marketing, services, and so on. Make a plan to buy a piece of people’s minds in the focus area or business development area (BDA) that you service so that, when they are thinking of selling or buying, your name and the company you represent come to mind.
For example, if you created a 12-month letterbox marketing plan, this is what the formula would look like:
BDA formula: Promote consistently = Trust = Resource = Trusted Resource!
Letterbox drops are extremely effective in the BDA. Why?
- Create visual impression.
- Communicate consistency.
- Make you the trusted source of information.
By receiving a marketing piece consistently each month over a period of time, even though they don’t know you, people start to feel they can trust you. Strategy is key here, not ‘spray and pray’, in order to build market share.
Q. With so many more apps and software available to make things easier, do you feel innovation has changed our industry? Nick Papas, Principal – Century 21 Maroubra
My answer is to have a balance between ‘high tech and high touch’. While there are some effective ways to do business via software or apps using ‘high tech and high touch’, some agents are getting caught up in chasing the change and tend to forget what this business is actually about: people.
While technology has changed and evolved dramatically, people haven’t. People still have worries, fears, desires, hopes and dreams. They want to be moved, validated, cared for and respected. It doesn’t matter the technology, platform or medium through which we reach them; people are still people. ‘Humans haven’t had a software update in 200,000 years.’
Too often we hope that technology or innovation is going to be the breakthrough for our business. No technology can guarantee that you will connect with or move people. That’s done through the message and content of what you are delivering through technology. Technology will continue to evolve and innovate rapidly. Human emotions and needs will not.
The best way to reach your clients is with ‘high touch’. You just can’t beat the phone call or a face-to-face appointment and that will never change!
For more information visit claudioencina.com.
