How to make a lot more money in Real Estate? Would you do it if you were told to put your head down and work hard for one hour to earn $10,000?
I mean, duh! And who wouldn’t?
In fact, earning a $10,000 commission requires far more time than one hour. We’re referring about instances where you may have received a commission but didn’t because you didn’t put in a little bit more effort.
It’s like being a careless amateur gambler to try to earn a commission with the least amount of effort feasible.
Even though you’ll lose a lot more commissions than you should, you’ll still occasionally succeed.
Putting $10,000 into perspective
Consider the time it would take an experienced tradesperson to earn $10,000. If they’re highly qualified, have a lot of experience, and are fortunate to land a top-paying position in their field, $10,000 probably equals a MONTH’S worth of diligent labour at a rate of about $60 per hour.
Think back to the last time you missed out on a terrific listing because you didn’t take the extra hour (or ten minutes) to be completely ready.
Have you ever foolishly blown up $10,000?
Most agents have! Here are three of the greatest reasons I lost $10,000 or more in one gambling session due to missed listing possibilities only:
1. It was recommended by a friend, and I believed it to be a win;
2. I neglected to give myself enough time to prepare since I was too busy with other things;
3. I simply felt that what I had prepared was “good enough” out of laziness.
Whatever the cause, I’ve lost the equivalent of many YEARS’ worth of a skilled tradesperson’s earnings during my career.
Here is how to reduce the likelihood of failing.
1. A polished Listing Presentation is a requirement. Plan time to practise and enhance your skill each week if you don’t already have one or if it needs work.
It will be profitable for the following TEN years if you spend 50 hours (two hours per week) over the next six months creating a fantastic listing presentation. The increased commissions from that time investment may well be worth a million dollars or more.
For 50 hours of labour, that amounts to $1,000,000 ($20,000/hour). Is it sufficient motivation for you?
Life Tip #1: While some investments may not offer an immediate return, they may do so over time.
2. Make an effort to plan your listing appointments for 3–4 days following the initial contact. The additional time gives scheduling flexibility so that CMA preparation time can be fit around other crucial duties without sacrificing quality or adding undue stress.
(There is a straightforward technique to make sure that never happens, but it’s a big issue.) If you’re concerned about losing the listing to another agent who might react quicker than you.
3. Schedule a ** “Appointment with Yourself” ** as soon as you make the listing appointment to begin putting together your CMA. Long before your visit, it’s a good idea to start formulating strategies on how to approach your CMA.
Life Tip #2: Every successful person in the world schedules time specifically to reflect and make plans.
4. One day prior to your visit, schedule another “Appointment with Yourself” to evaluate and polish your CMA. This might only take ten to fifteen minutes, but you’d be surprised how frequently taking a second look will reveal new information.
Life Tip #3: Your brain is a strong engine that, when given the right fuel, can perform astounding feats on its own.
5. Schedule one final “Appointment with Yourself” for an entire hour just before your listing appointment, excluding travel time. Even though you won’t usually need the entire hour, it’s okay if there is some extra time. For instance, examine your CMA for 10-15 minutes of the given time, and then use the remaining time to check your email or reply to messages.
If you do require the full hour, you’ll be happy you scheduled that crucial time just before your appointment. I can’t tell you how many times, an hour before my listing appointment, I’ve had a flash of inspiration and changed something important in my CMA.
6. Make a 15-minute early arrival plan. This removes worry about encountering problematic traffic or other situations.
Park nearby when you get there, then go over your CMA and presentation one last time. This last review guarantees that the material is still fresh in your mind and improves your chances of giving a professional presentation.
If you follow the advice above, your success rate will increase noticeably. Most agents may increase their annual income by at least $50,000 or $100,000 with a LITTLE MORE work.
The major message of this article is that you must intentionally allocate enough time for preparation in order to ensure that you are at the top of your game. You must plan to succeed. This applies to all of the ways we lose our commissions, not simply listing appointments, of course.
REALTORS® are famously bad at putting things off till the last minute, which is a very expensive and straightforward issue to fix.
Finally, after reading this entire post, you might be wondering, “Who has time to schedule all these “Appointments with Themselves”?”
Consider this! We only have a certain amount of time each day. The key is to spend more time doing what is right and less time doing what is wrong.