Are You Using Proven Models in Your Real Estate Business?
Are you working with proven models in your real estate business? This is the time of year that real estate agents are preparing for the next year, and truly, to have a successful 1st quarter, real estate agents should be executing on their 2023 plan today!
The Millionaire Real Estate Agent by Gary Keller with Dave Jenks and Jay Papasan lays out four fundamental models that you should be considering in your real estate business. While the activities may have changed since the writing of the book, the fundamental models are solid.
Economic Model - You've got to know the numbers that drive your business. How many contacts do you need to make? How many appointments do you need to set? What are your conversion rates? What percentage of business acquired will make it to the closing table? The point being is you need to know your numbers. Your numbers will help you in the development of the next model - Lead Generation.
Lead Generation Model - What are your sources of leads? An individual agent should have in the ballpark of 2 - 3 lead sources while a team may have up to 3 - 5 depending on size of the team. Be marketing based prospecting enhanced. Market and prospecting work together like peanut butter and jelly. Your goal should be to consistently add people to your database. Give yourself a goal of adding one contact a day.
Budget Model - You've got to know your numbers around the budget. I watch real estate agents spend themselves out of the business by not getting their thoughts wrapped around budget. Expenses for an individual agent typically run around 30% while a team may run closer to 60%. The budget's two largest expense lines will fall with marketing and lead generation.
Organizational Model - Who are your key hires? Who will help you take the business to the next level? What are the things you can leverage in both business and life? Have you created space in your budget to make key hires?
All four of these models work together to set you up for success. Operating a business without using models is attempting to pin the tail on the donkey after being spun around several times....not going to happen for you.
This is the time of year where real estate agents, real estate teams, and real estate brokers are evaluating their next moves to set up the next year. If I can help you with that, let's have a conversation. The greatest investment you can make in your business is making an investment in yourself. Hiring a coach is making an investment in YOU.
Cheers to what is ahead for you and your business.
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