I attended a class put on by Rick Deluca last week up in Port Ludlow WA. He is what I would consider a classic real estate pro. The basics never get old and I find his approach very refreshing in this age of glitz and gadgets.
The 20 Biggest Mistakes
Brokers make as they build their business.
My Notes from Rick Deluca class June 1, 2011
1) Accountability:
Be accountable to someone
Broker
Coach
Partner
Group
2) Focusing on a 12 month plan:
Who can see that far into the future, instead focus on your activates for the next 12 weeks
Block out personal time
Block out educational time
Write it down and review it each day
3) They don’t treat the profession of real estate as a “real job”.
Have a schedule
Have systems
Be consistent
4) Being a student of the industry:
Know the market
Know your own numbers
Knowledge breads confidence
(Rick has a good list of numbers you should know)
5) If you don’t act like an expert you will not be perceived to be the expert:
Do local market studies to know the area
Be prepared to answer the questions
(See number 4 above)
6) Have an unrealistic expectation that clients will call you:
You need to stay in front of them consistently
Use all types of marketing; in person, phone, mail, e-mail, hand written note
Everything comes down to TRUST…how do you demonstrate TRUST…through
your Character and your Competence.
Character goes to personal activities
Competence goes to professional activities
7) Be influenced by negativity:
Be careful where you get your news
You can’t control most of it anyway
Just turn the news off
Don’t listen to people who are negative…it rubs off
Often others who are most willing to share….shouldn’t, they have nothing
better to do.
Spend too much time reinventing the wheel:
Copy the most successful people around you
Search for it before you design or build it
Ask your broker..he/she probably has something you can use already
9) Treat everyone in your data base as equal…..they are NOT:
Look at data base like a target
Bulls eye = They enjoy you and your success
1st ring = Would refer you to others
2nd ring = Might refer you to others
3rd ring = Probably should not be in your data base
Know who your “Bulls eye” people are and spend most of your time and
attention on them
10) Are not consistent with ongoing contact:
Only 11% of customers later use the same agent again even though 88% said
they would when asked after their transaction closed.
Of the customers who did not use the same agent again 65% said it was
because of a perception of …….indifference.
Send out an annual thank you letter
If you have not been in contact send a mea culpa letter.
Always show evidence of success
11) Don’t regularly update their presentations:
Market time vs. Selling price
Remodel vs. Sell
Keep it neat and professional
The higher the quality of the physical package the higher the perceived value of
the information and the information provider (that’s you)
12) Failure to fulfill promises:
Provide a sellers activity report every 2 weeks
Call day after closing
13) Be willing to be the boss:
Hold yourself accountable, you are the boss of you
7-10% of income goes back into your business
3 times a week stay an extra 15 mins and ask yourself “How could I have
increased my productivity today?”
14) Have a business plan:
Keep it simple
Bulleted points on 1 page
Daily habits/routine that will lead to your success
15) Not spending enough time constantly generating leads:
30-45 mins. a day on lead generating activities
Create new habits at http://www.habitforge.com
16) Not using systems:
Everything you do more than once should have a checklist or system
A system is a process that can be replicated, duplicated, anyone can do it and
you can hand it off. A system is a written process.
17) Most agents don’t stretch themselves:
Yes it can be uncomfortable, You can’t grow when you are trapped in your
comfort zone
Hold yourself to a daily action plan
Must do
Should do
Would like to do
18) Pricing home correctly:
Know the market
You set the parameters you are comfortable with as a professional
Use fhfa.gov for good information
Housingpredictor.com
19) Social marketing:
Some spend too much time on this one method of marketing
Do it professionally
Keep in mind you are doing this for their information…not your ego
20) Fail to embrace technology:
Don’t hide behind it
Use it to duplicate you…you in many places
Youtube.com
Eyejot.com
We are in the wave of video….get with it too. Great for testimonials
Rick Deluca resources:
http://www.realtor.org
http://www.realestateideaclub.com
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