Busy Work or Hard Work in Real Estate? There is a Difference
As a broker of record and doing a fair share of deals every year, I have encountered almost every type of real estate agent out there. The challenge I find is that most Realtors say they work hard, but do not achieve the results they want. Why? To take it a step further, the average real estate agent according to CREA does 2-3 deals a year so obviously, something is wrong here. Does “hard work” not equal success? Well it does, but there are two types of hard work. Yes, there is a right way and a wrong way to work hard and most Realtors unfortunately choose the wrong way.
Many Realtors go to work excited about prospecting creating new business, but by the time they get to their desk, all this paperwork seems to magically appear. Fill out this contract, return that email, and before you know it, the days almost finished. Whether it was because they are scared or lazy, an agent will convince themselves that the day went by productively. Instead of just twiddling their thumbs, they do busy work. Doing busy work is also something agents do so they can tell their family members that they were actually working that day.
You need to be honest with yourself, is what your doing making you money? If your business is not constantly growing, it is dying. So if busy work is different from hard work, what exactly does hard work entail? Your time should be split 80/20, 20% towards managing and catering to your business and 80% toward creating new business. Here is the break down of what you should be doing every single day in order to do real hard work:
1 hour of solid practice and roll play each work day
A professional basketball player would spend countless hours vigorously practicing every single day, sometimes on the same thing. Do you not consider yourself to be a professional? If a multimillion dollar athlete thinks it is a great idea, shouldn’t you?
2 – 3 hours of lead generation per day, 4 days per week
Prospect. Prospect. Prospect. If you aren’t continuously going after new prospects, someone else will.
30 to 40 minutes of effective lead follow up per work day
Most Realtors get amazing leads, but forget about them and they fall right through the cracks. Do not make that same mistake.
30 minutes prequalify everyone before you go out on a selling or listing appointment
Your time is valuable. A doctor wouldn’t automatically do brain surgery on you if you have a headache. Ask the right questions to figure out exactly what your client needs. Sometimes they just want some information.
1 hour of preparing for a presentation before going on a Buyer or Seller appointment
Just like any athlete who practices right before a game, you should do the same before your appointment.
1 quality listing or selling presentation per work day, at least 4 days per week
If your not getting at least 1 appointment every day, you are definitely not prospecting as much as you should be.
30 to 40 minutes of administration follow up on transactions per work day
This is that 20% of your day when you manage your business
1 hour per week talking to all Buyers and Sellers
It is critical for you to stay in absolute contact with everyone you are working with, it shows professionalism.
If you can follow this list of “hard work” for the next 12 to 18 months, I guarantee you will surpass you goal!