"Experimentation helps build real estate market share

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Agents should try a new marketing strategy each month

Friday, May 13, 2005

By Bernice Ross
Inman News

Instead of constantly searching for new ways to make money in the real estate business, isn't it time to stop relearning what you're supposed to do and start doing it?

How many new ways are there to make money in 2005 from your real estate business? So far, the best new idea for 2005 is the new "pay-per-call" service being launched by Ingenio.com. Other than that, real estate continues to be about one thing only – forming solid face-to-face connections based upon outstanding customer service. You can certainly market on the Web; join a lead generation company such as HomeGain or e-Agent.biz; or access television leads through HouseValues.com. You can create passive income by working for companies such as Keller Williams or EXIT Realty. You can invest in real estate to create retirement income. Bottom line, none of these models is new.

Agents continue to flock to seminars to learn how to make more money. They remark on the great ideas, intend to implement them, and then fall back into doing exactly what they were doing before attending the seminar. Furthermore, if the speaker doesn't deliver at least one new, exciting way for the agents to make money, many agents feel the session was a waste of time. The real issue is not the content of the session. It's what the agents do after they leave a session. Agents purchase great programs, but they don't implement "out-of-the-box" thinking. By "out-of the box," I mean taking the training materials out of the box, reading and/or listening to them, and then implementing what is learned.

Real estate coaching attempts to address this issue. Coaching is about taking small, incremental steps over time that result in consistent results. Sadly, many agents sign up for coaching and then drop out. Sometimes it's due to the fact that the so-called coaching is only holding the agent accountable or training the agent to use the company's sales system. Other times the agent wants to change but is unwilling to do the necessary work. In fact, a coach on my team shared a rather startling story. An agent, who currently pays $5,000 per month to be coached by a leading name in the industry, was missing his coaching calls. Making matters worse, the agent wasn't even concerned that he was wasting $5,000 per month.

How can you make a difference in your business?

1. Get out of the box

Begin by opening up and reading (or rereading) any training materials you have purchased. Most are packed with excellent ideas. Identify the ideas that appeal to you most. If you're too busy to read all the material, read a single chapter.

2. Baby steps over time result in big results

A principle tenet of coaching is that taking small, consistent steps over time results in huge changes. Agents often become overwhelmed when they consider all the things they could be doing. The key to making long-term behavioral change is to try one new idea per month. This month's idea might be changing your business cards so they have testimonials from clients or pictures of your listings. Next month might be joining a lead generation company or signing up for an 800 call-capture service.

3. Work on your strengths, not on your "shoulds"

Yes you "should" be calling on For-Sale-by-Owners, prospecting expireds, and door knocking. Just because some expert says you should do something, that doesn't mean it will work for you. If you hate doing certain activities, you will be unable to sustain them for any length of time. Instead, identify the real estate activities that you enjoy doing. Make these the cornerstone of your business.

4. Expand what is working

Examine your income from 2004. Where did each of your leads originate – open house, geographical farm, Web advertising, etc.? Which group generated more transactions – buyers or sellers? What was the predominant area(s) in which you closed transactions? Rather than searching for a new idea, why not expand what is already working? If you're doing a considerable amount of business from your geographical farm, consider expanding it by 50 percent to 100 percent in adjoining areas. If you work well with buyers and not with sellers, focus on being the best buyers' agent you can be. It's easier to expand what is already working than it is to initiate an entirely new approach.

5. Be an early adopter

The early bird does get the worm, or at least that's how the saying goes. At least once a quarter, try something brand new. See if it works for you. If it does, then continue to use it. If not, dump it. People who try new strategies often pick up market share by innovating. If you're serious about building your business, willingness to change and experiment will help keep you far ahead of the competition.

Ultimately, you know what to do. The question is, "Are you willing to do it?"

Bernice Ross, co-owner of Realestatecoach.com, has written a new book, "Waging War on Real Estate's Discounters," available online. She can be reached at bernice@realestatecoach.com."