Photo by by Diana Pinto
In my last post, I shared 20 reasons agents fail from my recent survey. You can read these 20 reasons here.
At the end of the post, I asked you if you could see a trend in the answers. I had the luxury of reviewing all 100 survey responses and the trend literally jumped out at me. Here are the two major reasons fail according to those of you who answered my survey:
- Limited or no prospecting.
- Lack of consistent follow up.
Now, we all know there are hundreds of reasons why someone could fail in real estate. Selling homes is not as easy as it sounds, especially in a down market. However, it is helpful for us to focus on the top two reasons. Why? Because of the 80/20 Rule. The 80/20 Rule states that 20% of the causes generate 80% of the effects. This means:
- 20% of your activities generate 80% of your income
- 20% of your clients generate 80% of your income
- 20% of your clients suck 80% of your time
- Only 20% of the reasons why agents fail generate 80% of the failures
Hopefully, as you read the short list of 20 reasons why agents fail, you began to think:
"How can I avoid this from happening to me?" or "What can I do to not make this same mistake with my business?"
The answers on failure actually tell you what you need to do to be successful. It could be very overwhelming to look at the various reasons why agents fail and then try and create an action plan for your business. This is where the 80/20 rule comes into play….
Simply focus on the top 20% and you’ll insulate your business from 80% of the causes for failures. Several month’s ago, I asked agents to complete a different survey. In the survey I asked them what their biggest challenge was for their businesses. The answers they provided boiled down to one BIG challenge, which was:
Getting New Clients
It’s easy now to see how all of this comes together. Agents are unable get new clients because they don’t consistently prospect and they don’t follow up with the prospects they do have. I could end today’s post by simply telling you to prospect and follow up more. However, if you’re not good at prospecting now, how do you get better? If you don’t systematically follow up with your prospects, what can you do to improve? Challenging questions, I know. I faced these exact same questions in my business.
Since the first survey, I have been working on a new membership for real estate agents that will help you generate new leads for your business. More importantly, I’ll show you how to convert those leads into clients using compelling sales letters. And don’t worry, this new membership is very affordable. You won’t need to invest a lot of money to join. I know times are tight right now.
I’ll be launching this new membership on Monday, August 25th. Mark your calendars and watch for an email from me on this date that reads "Doors Open" in the subject line. You really will want to read my email on the 25th!