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Build Your Stock: Four “Investment” Strategies for Staying Ahead in a Changing Market
By Roberta Ross, National Speaker, Author & Coach and
Julie Escobar, Syndicated Columnist
In challenging economies, our sense of net worth and emotional stability very often rise and fall like the stock market ticker on our television screens.
Finding that much-desired feeling of empowerment and security may seem tougher to come by, but by shifting your view to what is possible, you find enormous opportunity. The value of your stock is not based on what is, but upon your response to what is. Top agents rely on action, tenacity and good old fashioned people skills to keep their stock high and their stress to a minimum.
Building your “stock” in today’s market has much more to do with your daily activities than your investment portfolio. A great number of successful businesses and extraordinary entrepreneurs are born from tough markets. The question is, will you be one of them? In this economy it’s important for serious real estate professionals to tap into what can be done NOW – that means, investing in yourself, your business, and your future. Here are four key strategies to ensure that your “stock” is on the rise.
Build your inventory. It is listings that drive this business. Your income is determined by your inventory. For example, if you only have a handful of listings, you can’t with any certainty “bank” on closing transactions this month. However, if you maintain an inventory of 15-20 or more listings, and they are PRICED right, you can trust that you’ll have a steady flow of income. Markets are always in flux and when sales contracts are suddenly on the rise and buyers are on the move, there is opportunity for those who are prepared. By keeping your inventory in place, you are positioned to capitalize on these market shifts. Whose listings they purchase is entirely up to you!
Price them right. We’ve touched on it already, but pricing has never been more critical. I’ve heard agents say, “Any listing is better than no listing,” and that couldn’t be further from the truth. We are currently in a market saturated with fence-sitters – buyers who people who are waiting out the market to buy and sellers who are waiting to sell at their price. It seems to be a perpetual game of “how low—or how high—can we go?” Overpriced listings that sit only compound the problem of an over-glutted market and damage your reputation.
Real estate guru Darryl Davis offers some great dialogue for competitive pricing: “Mr. and Mrs. Seller, if the market is going down in price, we can’t price it at what the market IS; we have to price it at where the market is GOING to get it sold.” ProspectsPLUS! users are getting a lot of mileage from the Merchandising Review and Price Pyramid found in their agent marketing software. It is important to include tools and visual aids in your presentations that demonstrate the importance of pricing right. Why? They help the agent convey to sellers how critical it is to price at or below market value in today’s economy if they wish to get their home sold sooner rather than later.
Get organized! There are signs across the nation that our markets are picking up. If you don’t get organized, systemized and prioritized now – when will you EVER have a better opportunity? When business is at a full-court-press agents tend to ignore all those “little things” like staying in touch with their current book of business. Trust us when we tell you that if you don’t know who your customers are and have a system in place to remind them that you are there for them consistently; they will most definitely return the favor. Build your systems now, and they will serve you for years to come.
Build relationships. Sales skills and negotiations aside, this is and always will be a people business and people do business with those they trust. Our trying times have made consumers all the more anxious to ensure they have the best possible advocate and resources on their side. Gone are the days of just “getting by” in terms of customer service and relationship building. People expect more than they ever have and certainly have more exposure than ever to your competition because of the internet. In Gary Keller’s book, The Millionaire Real Estate Agent, he shares that statistically, one in every twelve people in your sphere of influence will result in a transaction per year if you’ve stayed in touch with them. Top that with the studies conducted by the National Association of Realtors which tell us that top producers credit their sphere of influence for more than 74% of their business. Marketing analysts tell us that it takes roughly $10.00 of new business to replace $1.00 of lost business. What does that tell you about where YOUR marketing dollars should be spent?
Remember, success occurs when preparation meets opportunity. Building your stock is the preparation that will position you for success. More than anything else, your best investment strategy in ANY market is an open mind, a positive perspective, a willingness to continuously fine tune your skills and connect with people. Keep growing, learning and taking action and you’ll find yourself pulling ahead of your competition and staying there.
Roberta Ross is President of Six Figure Real Estate Coach, Inc. She has been in the real estate business for more 15 years. She travels nationwide speaking to thousands of real estate professionals and coaches agents on marketing, lead generation, and business strategy. Her unique blend of business and speaking experience enables her to educate, entertain and motivate real estate professionals to achieve their goals and beyond. To get great tips and insights for your business click here to like her page!
Julie Escobar is a syndicated columnist with more than 20 years of sales and marketing experience in the real estate and speaking industries and is passionate about providing the tools, techniques and solutions brokers and agents need to build extraordinary careers.
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Tough Markets Make Tough Agents
Three Keys to Thriving in Today’s Economy
By Roberta Ross, "America's Six Figure Real Estate Coach"
[Note: This article was so popular when it appeared in Broker/Agent News in 2008, we wanted to share it again!]
You’ve no doubt heard the saying, “When the going gets tough, the tough get going,” right? Well, while that is a great old adage, I believe more to the point in today’s tightening market it would be better to say, “When the going gets tough – the tough dig deeper.” Tough times do call for tough measures, thicker skin, smarter strategies, finite focus and the ability to embrace the adversities. I am reminded of the Philosopher Friedrich Nietzsche’s words, “That which does not kill us makes us stronger.” Well friends, it’s not our time to go – so what do you say we seek the strength we need to not merely survive, but thrive in any market?
1. Anchor or Rocket-booster? Floyd Wickman says that adversity can be an anchor or a rocket-booster depending on your attitude and your actions. I invite you to look at today’s current market changes for the tremendous opportunities they present. Challenges are great conduits for change. They force us to really examine what we are doing and truly take our professionalism, focus and efficiency to the next level. Look to those agents who have successfully navigated tough markets and real adversity in their careers and you’ll discover that many of them made more money, captured more market share and developed some of their sharpest skills as a salesperson and negotiator during down economic times. Why? Simple: timing is everything and when they looked around and saw 80% or better of their colleagues in the industry going into fear mode or leaving the business altogether – they recognized the opportunity to ignite the rocket fuel before them and take their careers to the next level. Ask yourself this: Do you want to be weighed down by an anchor, or realize new career heights? The choice is yours.
2. Clean House. I’m not talking about dusting the baseboards in your kitchen. More importantly in a changing market, you need to clean up your thought processes, habits and priorities. Put these three things on the top of your spring cleaning list and you will help set the stage for a fresher outlook, a streamlined business plan and a clearer sense of direction.
- Thought processes. Your thoughts are the springboard for your actions, your actions--or what you do—determine which direction you will go. Do you really want to start that whole process with a negative? Of course not. There is enough negative news out there to go around – feel free to leave your share on the table, television or parking lot when you head into work for the day. Your brain – your powerful mind – is truly still the best computer in the world – and like all computers it is susceptible to what we used to call in the OLD days of technology, “garbage in – garbage out.” Feed your mind with affirmations for success and with viable information that will help you help your clients.
- Habits. Oh, this one can be tricky. What’s that old saying? “Old habits die hard.” Indeed they do, but kicking those unproductive habits off of our daily to-do lists is a critical part of building momentum. I’ll give you an example. I know many of you are bloggers and have incredible success from this online networking portion of your business. I caution you however, to make sure that your “blogging time” doesn’t cut into your “prospecting time” with live, voice-to-voice, face-to-face, belly-to-belly contact with your prospects. Many of you want to spend hours and hours trying to design your own marketing pieces, newsletters, postcards, draft, redraft and redraft again your business letters or re-decorate your cubicle in the office. While that’s all wonderful – it will not make you any money. So focus on building GOOD habits such as committing to an “Hour of Power” each day of no-nonsense, full-tilt prospecting.
- Priorities. One of the things we focus on in our seminars is teaching real foundation builders for salespeople. Understanding and IMPLEMENTING the basics are a must-do in a changing market. Things like smart budgeting, measurability, consistency are key. One of my favorite foundation cornerstones however is “Work high priority activities first.” I truly believe that as professionals and entrepreneurs who are looking to put themselves ahead of the competition and build experience repeatable, sustainable success in ANY market – stay true to those items closest to their revenue line. What do you get paid to do as a REALTOR? Prospect, Present and Close. Each work day, make it your priority to prospect, consistently fine tune and tweak your presentation and learn to close like the pro you are. It’s a funny thing about these three items. If you ask a dozen agents what the MOST important component is – you will get mixed reviews. All are important, backwards, forwards and in between. If you are strong and confident in your close and presentation, it takes a little of the fear out of prospecting. If you are terrific at prospecting, you know you’ll be in front of more people and forced to perfect your presentation and close. Stick to these top priorities, delegate as much of the “busy” work that is bogging you down and you’ll see that revenue line build before you know it!
3. Toughen Your Standards. Are you ready to be tough? Are you willing to shed the negative influences, thoughts, habits that tether weaker agents to mediocre income levels? Start today, right now. Toughen up, get back to the basics and dig deep when it comes to those core activities that will help you weather any market such as:
- Stay close: Your sphere of influence is the lifeblood of your business, both in now revenue and future referrals. Stay in touch. Consistently, creatively and with care, EVERY month.
Farm effectively: We have a saying, “It is more important to reach the people who count than counting the people you reach.” In other words, know your best customers, farm using targeted data mining to find more of the same and concentrate your efforts, energy and marketing dollars on the people with the highest propensity to buy or sell from you.
Get out there: Are you an active, visible part of your community? Today’s consumers are looking for advocates, people they can trust, know, and communicate with on a first name level. Forge those relationships with smart networking and community involvement.
Put systems in place: You know it, I know it; we all know it. Profit and productivity in a challenging market is no small thing and it is not something easily done by those “flying by their seat.” Top producers ensure that systems are in place to automate their marketing, allow for checks and balances and provide a constant stream of prospects to fill their pipeline. Systematize! It will save your sanity and help you earn top dollar!
Now, more than ever, it is a time to dig deep and really search for those nooks and niche markets that are perfect for your personality. It is a time to carefully measure your results while remaining in a visible presence in the market. It is a time to know what you are made of and as always, where you are headed by way of goals and dreams. The right goal, the right mindset and attitude coupled with a fierce determination that you can control YOUR economy regardless of THE economy will win you results and help you to wear the confidence of someone who not only has survival skills, but the kind of spark and staying power most entrepreneurs strive for.
Go ahead, get tough. We’re right there with you.
Roberta Ross
"America's Six Figure Real Estate Coach" has been in the real estate business since 1995. She is a speaker and coach and travels nationwide speaking to real estate agents on lead generation, mindset, and business develop. Her unique blend of business experience, sales success, and energized, meaningful speaking style enables her to educate, entertain and motivate real estate professionals to achieve their goals. She believes in working smart and structuring a plan that is effective, efficient and enjoyable! To invite Roberta to bring TOUGH MARKET skills to your associates and sharpen your company’s competitive edge; or to have her speak at your next event or association meeting click here.
To learn more from Roberta, like her page by Clicking here!
Read MoreMaking the Grade
Back to School Time Success Strategies for Real Estate Professionals with Roberta Ross
By Julie Escobar
You can almost feel it -- that anxiousness, excitement and uncertainty that envelopes us around this time year after year. As tens of millions of children head back to classes, even those without little ones can get caught up in the thirst for knowledge, need for more certain schedules and the never-too-old-for allure of new notebooks and supplies. All right, maybe that last one is just me, but you'll have to admit there is something exciting about creating a clean slate, learning to the best of our abilities and growing as a sales professional as well as a person.
To tackle this topic, I turned to keynote speaker and friend Roberta Ross and asked her to put on her "Professor Hat" for the day and share with us what she believes to be the top three topics agents need to master in their market and best practices for continuous growth in this industry.
Ready to get started? You've had a healthy breakfast, donned your uniform (name badges everyone!); put on your thinking caps and you're ready to learn - right? Here are the "classes" you must master in this market:
1. Niche Marketing: New or experienced, the most important thing you can do to grow your business is to establish a niche," shared Roberta Ross. Niche players fare better, earn more, usually are better at time management and can more quickly define themselves as an expert in their market area. Why? First, it gives you clarity of purpose, so you're more efficient in the way you conduct your business, in the manner you build your skill sets and your knowledge base and in how you grow your customer base. You don't need to be all things to all people. You just need to be the best at reaching out to, teaching and building relationships with that core group or niche. That not only builds your business faster, but it gives you a sense of certainty and confidence that you wouldn't have if you were trying to work with any and all customer types.
I'll give you an example. I recently talked to an agent that was a FSBO expert who told me she didn't need to work any other prospecting base. She has been working with FSBOs so long and so well, that she knew, almost even before she walked in the door for the listing appointment what they would ask, what they would need and what it would take to get the listing. Now if YOU had that kind of confidence for every appointment, how many MORE doors would you walk through?"
FSBOs not your thing? Consider becoming a "condo king" or specializing in working with people who are going through a divorce. So often those people need a trusted resource they can turn to, and you can start by networking with area divorce attorneys. Put them on your sphere of influence mailings and your Just Listed/Just Sold postcard system. You'll demonstrate that you're the expert to get things done in today's market. Another of Roberta's students in Annapolis had a former career in the medical profession and focuses all of her efforts and energies building her niche in the medical communities. Remember our friend Karin Hill, manager at Watson Realty Corporation in Florida who makes the motorcycle community her niche of choice or her agent that specializes in working with the hearing impaired? Now that's thinking outside the box!
Whatever niche you choose, make it your own, speak the language, reach out to everyone and anyone in that sphere and you'll find yourself building a business that's more fun, more interesting and believe it or not, less work!
2. Leveraging Technology Tools: "Leveraging technology and available networking to maximize your potential for lead generation, prospecting and keeping your pipeline of customers filled is crucial to your success," says Mrs. Ross. "That means learning how to use Facebook, Twitter, LinkedIn, YouTube and the social networking tools that are available today. It can also mean hosting weekly or monthly conference calls, webinars and workshops for those in your niche, community or sphere of influence. These are great ways to inexpensively and effectively establish and reinforce your niche. Technology allows you to be in many places and in front of many people at one time, which helps you build relationships by using these tools to share information on a regular, consistent basis. Technology also allows you to put systems in place such as automating your postcard marketing using tools such as MLSmailings.com or your ProspectsPLUS.com postcard gallery which can take some of the daily, weekly and monthly marketing chores off your to-do list, freeing you up to spend more time at what you do best - getting face-to-face with customers and prospects. Also, you'll want to use RSS feeds from your blog to auto-update your social networks and websites as well without costing you precious time.
3. Work High Priority Activities First. "Real estate agents get paid to build relationships and provide exceptional service. There are, of course, a million and one ways to be busy but making no money - critical to your success for both new and experienced is to make sure those priorities are worked first. If you put them off until later, too often, later never comes. You need to have absolute focus on scheduling the time to prospect, present, close and build relationships before anything else. That means making and KEEPING that appointment with yourself every day.
The last thing we wanted to cover in our time together is how, as sales professionals, we can create good study habits that will also contribute to our success. A technique shared by both Roberta and myself is to first of all, appreciate the time you already have. Think about the down time you have commuting to the office, running errands or driving back from an appointment. You could easily use that time to nourish your mind and build your skill set by listening to audio books, podcasts or powerful motivational or technique-filled CDs. Roberta pointed out that often, these little "bites" of education along the way can be even more conducive to learning as we can absorb information better in snippets than we can if we were to try to sit down and try to digest a one-two hour audio course at once.
Another great idea is to begin and end your day with a chance to learn. Keep a book or two beside your bed and spend that first fifteen minutes or so when you rise and before your head hits the pillow at night to drink in new information. It's a great way to fuel our minds and a powerful way to bookend your day.
Thank you much Roberta for your time and wisdom. We both hope you've picked up a few good lessons here today. We challenge you to make the most of your time, this market and the clean slate that this "back to school" season offers all of us!
To learn more from Roberta, like her page by Clicking here. Contact Julie Escobar at 866.405.3638.
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