Updated: May 4
Making 50 cold calls a day, knocking on doors and cutting your commission are just a few of the most common pieces of advice real estate agents get. But does conventional wisdom work?
Does conventional wisdom work? Throughout our careers as real estate agent, we’ve been told there are a few sure-fire ways to get more leads and closer to your goals. These are the most widely held beliefs and commonly uttered advice in the industry.
“Make 50 cold calls a day.” Yeah, right. Prepare to get rejected 50 times a day almost every day. There’s no better formula for quickly hating your job.
“Knock on doors!” Most of those doors will be slammed in your face — then you’ll really start hating your job.
“Always be closing!” Sure, if you want to fit the stereotype.
“Cut your commission.” Oh, is that why you got into real estate? To make less money?
“Price high, sell low!” Tell them what they want to hear only to disappoint them later.
“Fake it till you make it.” In other words, do a bad job and lie about it.
To show you what actually works, I’m going to share nine principles that will help you in your real estate career. They’re quick and condensed. Understand them, and try to apply them to your business.
1. Cultivate your core
You need to have and cultivate a robust network of people. Focus on connecting with buyers, sellers, fellow investors, banks, contractors, accountants and attorneys. These need to be people you can trust and depend on.
2. Monetize your license
You’re a professional — your time and knowledge is worth money. Invest your earnings in marketing and other investments. Your license gives you opportunity. Monetize it with consulting, property and project management, investment partnering and networks.
3. Scale down
You don’t need to be everywhere all the time. Focus on a geographical location, and be there consistently without pause. Use social media to farm, use direct-mail flyers and sponsor neighborhood events. Be the rock star celebrity agent in your area without the annoying cold calls and door-knocking.
4. Model excellence creatively
Study the best in your business, and mirror what they do to suit your personality. Be authentic and sincere. Read books that inspire, motivate and guide you to excellence. Seek a mentor, and apply what you learn creatively.
5. Change from ‘mindset’ to ‘heartset’
We sell homes not houses. Change from mindset to heartset — no tips and tricks. Approach each situation with gratitude, not entitlement. Humility, humbleness and compassion resonates with people. Be relatable, and do a good job. The success will follow.
6. Give to get
Give someone something, good or bad, and you will get something in kind back from that person. If you want your banker or referral network to give you leads, be the first to give them something. We are wired to reciprocate. Don’t ask for something of value unless you have done something of value.
7. Never be closing — ‘NBC’ not ‘ABC’
It’s simple; Do the opposite of “always be closing” in today’s world of information and technology. A consumer doesn’t need to be “closed” on. They need interpretation of the information they already have. They need consultation and support, not a pressure to “sign here.” Do this right, and they’ll be asking, “Where do I sign?”
8. ROI: Return on influence