– The year 2023 was a unique and challenging real estate market with low inventory and escalating prices.
– Despite the market conditions, individuals have the opportunity to thrive and make it their best year ever.
– Key steps to increase chances of success include making a personal commitment to succeed, following a business plan, prioritizing revenue over expenses, practicing fast lead follow-up, and focusing 80% of time on generating new business.
– Nurturing relationships with existing clients and asking for referrals is important for profitable transactions.
– Tim and Julie Harris, experienced real estate coaches, offer a podcast for real estate professionals.
2023 was the weirdest real estate market on record. We played mortgage rate ping-pong, had unprecedented low levels of inventory and still there were escalating prices. All this happened, but you survived it, so go you! Well done. Now it’s time to make this your year. Don’t just vow to “survive another one” — instead, commit to thriving and making this your best year ever. How can you increase your chances of that happening?
1. Make the decision today that this is your year
It’s your year in spite of mortgage rates, inventory levels, who your broker is, who gets elected and what you hear on TikTok about the market. “If it’s meant to be, it’s up to me” plus “I’m a doer, I get things done, I do things now,” are your new affirmations to own your success.
2. Follow a business plan
An effective plan includes committing to consistent lead generation, knowing where and how you’ll generate those leads and having an organized database, a schedule reflective of your goals and specific numbers to track. This way you’ll always know if you’re on track, ahead or behind.
3. Lead with revenue, not with expense
Your product is profit. Use mint.com to track your expenses. If you can’t track closed business back to an expense, you shouldn’t be doing it. When you can see closed transactions, do more of what produced those and do it in a systematic way.
4. Practice furiously fast lead follow up
Answer your phone when you’re not with clients, and anyone who lands in your voicemail, Messenger, Whatsapp or other texts has to be called back immediately. Don’t hide out from your leads. 1800HomeHotline.com can help with this since you’re immediately notified when someone calls on one of your signs or ads outfitted with your 800 number.
5. Follow a profit-driven schedule where 80% of your time is spent generating new business
Focus on lead generation, presenting, negotiating and closing. We have several podcasts focusing exclusively on how to create an ideal schedule to be highly productive. Nurture your database like never before.
Speak with them, pop by or take them to coffee. Always ask who they know who could use your help buying or selling real estate. These are your most profitable and generally stress-free transactions. Who do you know who’s getting relocated, get married, becoming an empty-nester, investing in rentals or flips, or has first-time buyer kids ready to transact?
Tim and Julie Harris host a podcast for real estate professionals. Tim and Julie have been real estate coaches for more than two decades, coaching the top agents in the country through different types of markets.
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