Realtors and the 80/20 Triangle
Unless you are a realtor or in a related business (mortgage, home inspection, escrow, interior design, CPA, etc.), I am not sure why you are reading this. Maybe it is because you are a loyal reader.
As I serve realtors, I have made some interesting observations. Maybe I am writing this for personal validation. Since my current practice is focused in southern California, my evaluation is only for that area. The real estate industry has less than 10% of its realtors making 90% plus of the income. That means that 90% of the realtors are leaving money on the table.
What stresses me more is that with the same or less effort, each realtor could increase his or her revenues and free time. Understanding that we all have varying amounts of time, energy, creativity and money, the effective use of these four is critical to get all we want from our businesses (besides real estate and with real estate). Below are some proven ideas to use your time, energy, and creativity to increase your revenues:
20% of the people who CAN afford to buy a home or are motivated to sell their existing home
80% of the people who CANNOT afford to buy a home or are not motivated to sell their existing home
When targeting your market, ask these questions:
- Where are houses selling?
- What are the selling price points targets I want to sell?
- Am I approaching the correct target market?
Once you have answered these, follow the strategy below:
At each open house, gather all this information with the goal of being continuous in your ongoing marketing effort. The information you should gather includes: email address, residence address, telephone number (cell, fax, home, work), dates of birth, employers name and address, and children’s names. The question you might be asking is “How do I get the people to fill out the information card?” The answer: Make them an offer they cannot refuse that includes your time, energy, and creativity ONLY. What might that be, you ask? Read on!
Realtors who work with us offer a first prize of closing cost for pre-qualified homebuyers on their next home purchase. Second prize can be a complimentary home inspection (someone who can now be a power partner). The third prize can be an existing home market evaluation, or for someone looking to move to a new area, a community valuation. The third prize only involves your time, energy, and creativity to generate value for your potential client. Please be clear; the first and second prizes can be awarded once every 12 months. As you increase home sales from one per month to three to five per month, the value and frequency of first and second prize giving can increase. Increasing these will lead to more referral business. Everyone who enters wins the third prize. Calling and congratulating them on winning gets you in their door. Continuing to communicate with items of your time, energy, and creativity that deliver value will allow you to stay in touch, so when the time is right, you will be their first choice to represent them.
Gerry Rose runs INTEGRITY Networking Solutions in Oceanside, CA. He works with realtors who want to attract the right prospects and their affinity partners who want to generate more referrals. More than 10,000 businesses have been presented the INTEGRITY Networking Solutions system in San Diego, Riverside, and Orange Counties.
Gerry’s stimulating presentation Unlimited Prospects, Unlimited Referrals is ideally suited for small business owners, home-based businesses, and independent professionals who want clearer direction and want to attract more prospects, develop dynamic systems, and strengthen their companies’ accountability. Gerry does one on one consulting, conducts a range of keynote speeches from thirty minutes to full-day education workshops.
His books, Unlimited Prospects, Unlimited Referrals, 101 Tips to Attract Prospects, 101 Tips to Generate Referrals and Unlimited Prospects, Unlimited Referrals, Giving Your Clients What They WANT, So You Get What You WANT are currently available. Unlimited Prospects, Unlimited Referrals, Using Your Time, Energy, and Creativity to Create Value, will be available in 2006.
Gerry has more than 20 years’ experience directing business owners how to grow their businesses. He is a networking dynamo. Those who know him will assure you that he does a great job of bringing people together—which is why he started Integrity.
Involved with networking organizations since 1984, Gerry is an Accomplished Toastmaster, a member of Toastmaster International, and has chaired numerous chambers of commerce and non-profit organizations.
Are you truly committed to attracting the right prospects and generate more referrals? If so then contact INTEGRITY Networking Solutions for availability and information. You can contact Gerry by mail at 1610 Quiet Hills Drive, Oceanside, CA 92056. Direct dial (760) 439-4623; e-mail to gerry@integritysd.com. For more information, go to www.integritysd.com
