The Path Toward Real Estate Success: The Importance of Vendor Partners

6 minutes
A gaggle of young professionals glad-handing near a window in an all-white interior. Perhaps it’s heaven. Jessica doesn’t think so. The only thought running through her mind is the hope that no one notices the sweat on her palms. Well, that and she’s glad she’s not the only one who showed up in glasses this time. She doesn’t want her eyes, the windows to her soul, of course, to allow a look in at the inferiority she feels in such a successful group. Is she a fraud? Right now she feels that way. She would never be able to use a word like glad-handing in everyday conversation, as Andre just did. Just keep smiling, Jessica. Your Taurus is waiting in the parking lot. There’s a Caramello in the glove box, I think. Yeah, pretty sure. Lie down and let that flowing caramel river carry you away from your inadequacies and toward salvation.
Joshua Smith Nov 13th, 2020
Joshua Smith
Mastery

I know we realtors get tired of hearing pitches such as: “All I ask is for you to give me one loan. Just give me a shot, and I can show you what I can do.”

Getting hit up constantly by vendors can get annoying, but they are just doing their job. I am sure we oftentimes come off the same way to the leads we are trying to turn into clients.

I am a HUGE believer in having strong vendor partner relationships, which are among the most important key relationships for realtors. Those relationships are as follows:

#1: Your relationship with your clients. This one is pretty obvious, but you want a great relationship with your clients so you can provide an amazing experience, which can lead to repeat and referral business.

#2: Your relationship with other realtors. This one gets overlooked by many realtors, but your relationship with other realtors is critical! You don’t want to get the reputation as a realtor who is difficult to work with. When other realtors see your for sale signs, you want them excited to have an opportunity to work with you again. If you are submitting an offer on a property with multiple offers, and you have had great experiences with the listing realtor, you may be told exactly where your offer needs to be in order to get accepted. All critical things which benefit your career and your clients, as well.

#3: Your relationship with your vendors. Your vendor partners get paid in either the same way or similarly to how you get paid. They need your business to grow their business, and they get paid when you get paid. So, they have a HUGE vested interest into your success. Let’s break down some other benefits.

IMPORTANT NOTE: The needs and best interests of our clients always comes first. I will never align myself with a vendor who does not provide superior service to my clients. I don’t care how many tools or supports they provide to me. Also, I recommend you know the compliance laws to make sure you are always abiding by them. At the end of the day, our clients choose which companies they want to use, and they need to know they have many options.

Okay, so how do you use your vendor partners to help you grow your business?

Let’s start with the more obvious one, then we will get into more strategic things you can do. Will utilizing your vendors make an amazing experience for your clients? If not, you will have trouble with future repeat and referral business. You may be going above and beyond, but maybe your client is having a horrible experience with the lender. If any aspect of your clients’ experience is not up to par, the overall experience will be seen as horrible, regardless of your role.

Now, let's discuss some more strategic things you can do to grow your business in other ways.

Lender Partnership:

-Having a great Lender is CRITICAL, and I don’t just mean someone who does a good job on loans. I want to utilize lenders who will jump on leads who want to get pre-qualified. I want a lender with the same speed to lead mentality that I have. The longer the wait, the less likelihood of getting the potential client on the phone.

-Having a lender partner hold open houses with you is HUGE! Lenders can assist with getting everyone to sign in, discuss rates/payments/options, and run loan applications from their laptop at the open houses, etc. Having a lender at your open houses with you is a huge advantage.

-You can meet with your lender once weekly or multiple times weekly and do call sessions together. You can both call all the leads in your CRM, and, with two of you calling with the same goal in mind, you can get through twice as much follow up, as well as have someone who is holding you accountable.

-You can co-market together. Again, check with your broker and compliance laws, but there are legal ways in which you can market together and split the advertising costs.

-Ask for all their old loan app leads which couldn’t qualify in the past. Ask if you can get names, numbers, and emails so you can follow up to see if there is still an interest, if their situation has changed, and if they would like to re-attempt the process.

Title Partner:

-A lot of title companies have marketing title reps whose job is to build a relationship with you and help you grow your business in hopes you are willing to recommend their services to your clients. Sit down with them, and see what they have to offer. They may have some great resources like: buyer guides, seller guides, script books, open house materials, effective marketing ideas, effective apps you can use, etc. Some even offer services where they can get you contact info for homeowners, for circle prospecting, notice of defaults leads for potential short sales, etc.

-They can assist in running estimated seller net sheets for your listing appointments. 

Again, just reach out, and see what services and tools they have available.

Home Inspectors:

-To minimize your time, see if your home inspector will take on the task of scheduling the inspection. Instead of your spending an hour trying to get in touch with everyone, re-confirming with everyone, etc. see if a home inspector parter will handle all of that. So, instead of an hour, you are only out the two minutes it takes you to communicate that to the home inspector.

-If your clients can’t be at the inspection, see if the home inspector will do a conference call to discuss the report in depth and be available for questions. Little things like this go a long way!

Again, there are so many things that can be done, but I wanted to discuss some to give you an idea, so that you know your vendor partners can do much more than just provide great service to your clients. Remember, they have a HUGE vested interest in your continued success. So make sure you ask and find out what ways you can work together in creating win-win relationships so your business can grow, and their business can grow. And all the while, your clients are receiving a world class experience!

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

2 minutes
Classroom Setting

7 Modern CRM Must-Haves to Drive Real Estate Business Growth

Real Estate Advice
Real Estate Success
CRM

A CRM, or “Customer Relationship Manager,” is a system that can help you automate your lead follow-up, stay organized, and help ensure you do not miss tasks. Your CRM might be the most important tool you use to fuel the success of your real estate business.

Most realtors do not have a CRM and those who do, don’t use it effectively. The first place to start when selecting a CRM is with your budget. Like most things, you get what you pay for, but you must work within your budget. The real estate technology world has no shortage of CRM choices, so I am going to focus on the critical features your CRM must have to boost your ability to succeed.

7 Must Have Features of any Real Estate CRM

1. Add leads both manually and automatically into your CRM

2. Add notes to each individual lead inside your CRM

3. Organize your database by type and category: Buyers/Sellers/Leads/Clients/Past Clients/etc.

4. Mass email feature that allows you to bulk email everyone in your database all at once

5. Drip campaign plans for both email and text

6. Auto responses, both email and text

7. Manual and automatic task capability

Is it time to invest in a CRM?

These seven absolute must-have features are what a modern CRM needs to be effective. A good CRM is critical to establishing and adhering to a follow-up process(for more on lead follow-up best practices, click here). A CRM will help you stay on task, and stay organized. Once set up correctly, a solid CRM is a massive game changer.

If you do not have one already, we’d love to help you start working on identifying and setting up your CRM.
Ready to learn more? Lets talk!

This blog was originally published on April 10, 2020 and has been updated for clarity and with the latest information.

Dominate Your Real Estate Business
Joshua Smith Feb 10th, 2021
4 minutes
Delegation via notes.

The Path Toward Real Estate Success: Delegation

Joshua Smith
Making Money in Real Estate
Mastery

You can only do so much. And there are only so many hours in a day. So, as a realtor, you must delegate.

A quick reminder from the Making Money blog post, realtors earn money by: #1: lead gen/lead follow-up, #2: appointment conductions, and #3: negotiating contracts.

To begin delegating, make a list of everything you do regularly that is not part of these three money making activities. This list will give you the activities you need to delegate.

ABSOLUTELY CRITICAL NOTE: As you are growing your real estate business, you will need to do everything for some time, as you will not likely have the funds to pay for additional help. Also, you want to do everything initially so you can learn how things are done and how you like them done, so, when you do delegate out these tasks, you can train your staff properly.

Before you start spending money, make sure everything you are doing is necessary. If you are doing a lot of tasks that are not getting results, you may, of course, just want to eliminate those tasks. Also, see if you can delegate regular tasks to your vendor partners. For example, you may see if your lender has someone on staff who can do your flyer design for you. I only like to spend money when it is necessary, so see what you can eliminate and delegate out for free. 

IMPORTANT FINANCIAL TIP: Before hiring a person to help with tasks, you should have at least four consecutive months of consistent closings/commission income, which can pay your business expenses, your personal income, and have enough left over to comfortably pay for some help. I like to see at least four months, because you know it is a trend that can be duplicated and not just a fluky good month or two.

Who do you hire first? Everyone has a different philosophy on this topic, so there is no perfect answer. However, I will give you my opinion based on my own personal experience. 

First: I recommend hiring someone to do your house/personal tasks. For example: landscaper, house cleaner, etc. These tasks can take up a lot of time you could otherwise use for business needs and can be far cheaper than hiring a full-time employee for your business.

Second: Check to see if you can find a licensed realtor who you can pay a per transaction fee to input your listings for you into the MLS, turn in paperwork to your broker, order your listing photos, signpost, lockbox, etc. and also can do all contract to close tasks like ordering inspections, following up with the lender, etc. Fees always differ, but you may find someone who will do the listing input for $150, and the contract to close for $350, give or take.

Third: Eventually, hiring a full-time in-office assistant will make sense. For most realtors, this time comes once most realtor get to four to five closings monthly (again, make sure this progress is consistent). Once you have hired this assistant, take the list we discussed above of all the non-moneymaking activities you do in your business, and assign those to your new assistant.

IMPORTANT SIDE NOTE: When hiring an employee, make sure you know your true costs, which can be more than just salary. For example: payroll fees, taxes, benefits, etc. By having all of this information, you will be fully prepared and can budget accordingly.

Once you have your assistant trained and dialed in, your business will continue to grow, and you can eventually add more assistants and even agents to work your overflow of leads, etc., but the above is a great place to start!

One last import piece of wisdom: “Your Trust Will Always Equal Your Capacity!” Or to continue growing your business, you eventually will need to delegate tasks and trust others to take these tasks on. If you don’t, you will find your business will hit a level where it can’t grow any further.

Delegation can be a scary process, but if you have your processes documented and your systems in place, success will be unavoidable.

Thanks for reading!  

Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

Joshua Smith Jul 10th, 2020
4 minutes
Crunching the numbers.

The Path Toward Real Estate Success: The Income Roller Coaster

Joshua Smith
Making Money in Real Estate
Mastery

A roller coaster goes up and then goes down.

Roller coasters can be both fun and scary, but the constant fluctuation (up and down) of the income realtors earn is only scary. But this pattern of income is extremely common in this industry.

First, you must understand that the income roller coaster most experience is 100% avoidable! Most realtors experience this unpredictability their entire careers, but just because they do, that does not mean you have to.

The reason this fluctuation occurs for many realtors is simple. Realtors start off not having any business, so they spend their days lead generating and other activities which lead to connecting with clients. Then they get some clients and stop doing the things that produced the clients in the first place. This process is repeated over and over.

To avoid taking a ride on the income roller coaster, you must do these three things:

#1: Manage Your Schedule

#2: Know Your Money Making Activities

#3: Delegate

Let's break each down. 

#1: Manage Your Schedule As discussed here, so much of your success will boil down to planning and managing your schedule. If you learn to make it a habit to plan your day out the evening before, you will most likely avoid the income roller coaster altogether. Have your appointments blocked off on your calendar along with your lead generation, lead follow-up, paperwork, and anything else essential to creating a successful day. 

We will go deep into tracking your numbers in the next real estate success tip blog entry, but the great thing about tracking is that you will be able to identify the exact amount of action that must happen daily to ensure you are hitting your goals. Each day you should know how many leads you need to generate, how many reach outs, how many conversations you need to have, and how many appointments you need to be setting to hit your yearly goal. Everyone’s goal is different, so your personal goals will determine how much time you need to allocate for each activity. 

Once you have your schedule planned and time blocked, stick to it. Create a plan, and then execute on the plan! If you allow yourself to get into a reactive state, having an effective day will become very difficult.

#2: Know Your Money Making Activities As a realtor, you will make money in this business in three ways (read more here). The first is your activities leading to setting appointments (lead generation and lead follow-up). The second is the actual appointment conductions that allow you to convert the lead into an actual signed/committed client. The third is contract negotiation. You need to negotiate contracts to get your buyer and seller clients into under contract status.

Everything else you do inside your business, even though it may be essential, must be classified as a non-money making activity. These are things which are essential but are not actually adding more deals in the under contract status. Examples include: Turning in paperwork to your broker, ordering inspections, inputting your listing into the MLS, etc.

As stated in point #1 above, you MUST manage your schedule to ensure that the essential non-money making activities do not take over and prevent you from doing your daily must money making activities. Daily planning will massively assist in ensuring this will not happen to you!

#3: Delegate Delegation becomes critical in a growing real estate business (more on delegation here). No matter how well you plan, how well you manage your calendar, or how good you get at your money making activities, you will hit a capacity. There is only so much time in a day, and only so much you can do. Eventually you will need to employ some help. I recommend you hire out the essential non-money making activities first.

Of course this plan easy to lay out in a blog post, and the process itself is not that tough. The hard part is staying disciplined daily to follow this plan. But, if you choose to create the necessary discipline to do so, you can avoid the real estate income roller coaster, and your future self will be extremely grateful you did. It is not easy, but well worth it!

And now it is time to take action on this information! Remember, information is no longer power, it is taking action on the information we learn which creates power in our lives… So, go take MASSIVE action, and keep up the amazing work!

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

Joshua Smith Sep 25th, 2020
2 minutes
Group collaborating on laptop

The Path Toward Real Estate Success: Website Essentials

Real Estate Advice
Real Estate Success
Joshua Smith

Just like your CRM, a website is a HUGE asset to your real estate business, but unfortunately, most realtors do not understand how to be effective with a website and their online presence.

An effective website will allow you to brand yourself, generate leads, and build credibility in your market with both your clients and potential clients.

So, what are the MUST HAVE features?

#1: A home page which brands you as a real estate professional.

#2: A built in IDX/home search feature through which potential buyer clients can use your website to perform home searches.

#3: Pop-up forced lead capture registration on the home search feature, which allows you to generate buyer leads.

#4: Home valuation page with lead capture, so potential sellers can get a home valuation in exchange for their contact information.

#5: Blog feature with the ability to embed photos and videos (preferably YouTube videos).

#6: An about page so potential clients can learn more about you.

You can use a site with other features which can be a nice bonus, but the above are the most essential features necessary to turn your website into a branding and lead generation machine!

As you know, having a good online presence is critical in today’s real estate market, and if done right, will return a HUGE ROI (Return On Investment)!

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

Joshua Smith Apr 17th, 2020
2 minutes
Would you believe it's a hand writing in a planner while the other hand holds a phone?

The Path Toward Real Estate Success: Time Management

Joshua Smith
Real Estate Advice
Real Estate Success

Time management does not exist.

You cannot manage time.

You cannot control the fact there are 24 hours in a day or 168 hours in a week.

BUT what you can control is your “choice management,” or how you choose to use your time.

Here Are Some Quick & Effective Tips:

#1: Wake up one hour earlier than you have to and spend that hour planning out your day.  What you are going to do? When you are going to do it? etc.

#2: Before you end each day, spend a few minutes reflecting on everything you did and see what you did that was not necessary. Then reflect on what was necessary to see if you could have done anything to be a little more effective and efficient with your time.

#3: Utilize a calendar and make sure everything gets on your calendar. Google Calendar is FREE.

#4: Create a daily to-do list. During your morning planning, make a to-do list of all the important things you need to get done that day. You can do it on a piece of paper or use a great app like Wunderlist. 

#5: Once you have created your daily to-do list ask yourself, the three items on your list that would have the greatest impact on your business. Make sure those get done as early in the day as you possibly can. Make sure the most important items get completed.

I know by doing the above tips you are adding more to your plate. However, anyone who takes the time to plan and reflect on his/her day does not have a time management issue. I can assure you, these tips will quickly become a massive game changer and something you can’t live without.

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

Joshua Smith May 15th, 2020
3 minutes
Real estate agent speaking on the phone while on her laptop. On the table with her, an iced coffee slowly sweats. She loves talking to her clients. But she came to this coffee shop on this day for an iced coffee and some laptop time. As each droplet darkens the wooden table, she considers claiming another call is coming in. But she doesn't do it. She powers through as she glances confidently at the camera. She can always order another iced coffee.

The Path Toward Real Estate Success: Speed To Lead

CRM
Follow-up
Joshua Smith

We live in an instant gratification world. Press one button, rent a movie. Purchase anything you want in minutes and receive it at your doorstep in less than two days. Pop a K-Cup in your Keurig, and within seconds your coffee is ready to go. Everything is fast, so people have been conditioned to expect speed!

So people are not going to wait, and why should they? There's no shortage of realtors, just a shortage of realtors who do not respond promptly.

IMPORTANT SIDE NOTE: From a TON of personal experience, I can assure you that every lead in your CRM is in the CRM of six other realtors. Start calling everyone in your CRM, and you will get a ton of leads who inform you they just bought or sold their home with someone else.

Per realtor.com’s research, if you respond to a lead within five minutes, you are 100x more likely to get a response than if you waited only thirty minutes, and if contacted within five minutes, you are 30x more likely to set an appointment. And that’s just the difference from 5 minutes to 30 minutes. Can you imagine if you waited 3 hours? Any time I can increase my likelihood of success by 100x and 30x, I am going to do everything in my power to make that happen!

I know what you might be thinking, “I can’t always respond that quickly, as I am on appointments, in meetings, etc.”. I 100% get it, and understand. Here is the AWESOME part about it, with all the amazing technology which exists today, you can automate so much.

But, as much as I love technology and systems, I have yet to find anything which can beat just picking up the phone, which is not always an option. Today, any good CRM will have auto responders, and the really good ones will have text video auto responders, in addition to email. 

Let’s say you are on a listing appointment. You set your auto responders on. A new lead comes in while you are gone, and within seconds gets a video text which is a video of you saying, “Hi, this is (your name), with (your company). Thank you so much for your inquiry. I wanted to send you this quick video text message to let you know I received your inquiry. I am with a client at the moment but will get back to you the second I am done meeting with my client, which will be in less than two hours. Thanks again, and have a great day!”. Then, at the same time, the lead receives an email with the same message.

People don’t always need an answer to their specific question right that second, but they do want a response when to expect an answer. You can’t keep everyone from hopping on another realtor’s website, but and auto response will greatly lower the chances.

Moral of the story: When you can, pick up your phone and respond in under five minutes.  When you can’t, get effective auto responders in place!

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

Joshua Smith Nov 6th, 2020
3 minutes
Happy couple closing a real estate transaction.

The Secret to Real Estate Referrals and Repeat Business: Stay In Touch With Past Clients

Joshua Smith
Mastery
Making Money in Real Estate

Did you know that 88% of recently surveyed buyers and sellers said their realtor did a great job, and that they would absolutely use them again in the future? However, only 11% ever do a repeat transaction with that realtor.

Why aren’t past real estate clients doing repeat business?

You can deliver absolutely amazing service to your clients, but if you do not stay in touch after the fact, those clients will forget your name and not know how to reach you. Out of sight, out of mind. To ensure your past clients do future business with you (and equally as important, send you referrals) you MUST stay in touch!

Why don’t most agents stay in touch?

Two reasons:

  1. They do not have a CRM/database to stay organized to stay in touch. Read more about what to look for in an effective CRM here.
  2. They feel uncomfortable bugging past clients begging for business.

The great news is both of these objections are extremely easy to overcome:

  1. Get a CRM/database, and use it. Problem solved!
  2. You absolutely do not need to beg for referrals to stay in touch, but you must stay in touch!

But how do you stay in touch without coming across as an annoying salesperson? By checking in and always focusing on the human connection. As Dale Carnegie states in his amazing classic business book, “How To Win Friends and Influence People,” the way to build deep connections is by being “interested in others, not trying to be interesting.”

Here are 4 basic tips for checking in with past clients:

1. Put past clients in your CRM/database

Send a “Monthly Current Market Video Update” to keep everyone educated on what is happening in the local real estate market.

2. Send out handwritten birthday cards.

Handwriting the note is essential. The personal touch goes a long way

3. Send out happy holiday emails.

Be sure you are staying relevant and front of mind.

4. Pick up the phone, and call every 90 days.

Don’t make it about you, make it about them. “How is the Family?”... “How is Work going?”.... Etc. Ultimately, the law of reciprocity will kick in and they will ask about you, your family, and your real estate career.

Why bother staying in touch with your past clients?

By staying in touch, you will stay front of mind, which will absolutely result in referrals! Now, to be successful at staying in touch, you need a good CRM/database that will allow you to task yourself, take notes, and allow you to do mass emails.

Your past clients are truly your money tree, growing in your backyard. Don’t forget to water it!

This blog was originally published on December 1, 2016 and has been updated for clarity and with the latest information.

 

Dominate Your Real Estate Business
Joshua Smith Feb 17th, 2021
5 minutes
A white house with a big tree with some sun peeking through.

The Path Toward Real Estate Success: Effective Open Houses

Joshua Smith
Lead Generation
Making Money in Real Estate

I am not sure why, but a lot of realtors believe in the myth that open houses are only for those just entering the business.

The fact is that open houses are one of the most effective ways to generate business in real estate.

But why are open houses so effective?

You have potential buyers and sellers coming to you.

Those buyers and sellers have already identified where they want to live, and/or the fact they want to sell.

You are instantly face to face, and have the ability to interview for the job right there.

But you can’t just put up a sign and hold an effective open house. Here’s what must be done to develop an effective open house strategy:

#1: Identify an area, and be consistent with it. Think of open houses as your “storefront” where you get to set up and meet potential buyer/seller clients in the area you want to work. Most realtors do open houses all over the place, which is a mistake. Instead, identify an area in which you want to build up market share, and then hold consistent open houses in that area. Current homeowners then begin to see your open house signs set up every weekend there, which increases consumer confidence as potential clients are seeing your name on a consistent basis. So pick an area and start to build your brand.

#2: Signage matters. Before you dive into this aspect or your open house strategy, make sure you check with your local government to see if there are any sign restrictions. If you do not have any sign restrictions, putting out 30+ signs will greatly help increase your brand awareness and drive more traffic to your open house. If you are located in an area with a sign restriction, do not get discouraged, as all your competition (other realtors) are held by the same restriction.

#3: Pre-market the open house. Run a targeted Facebook ad for the area for three days leading up to the open house. Create a neighborhood open house flyer, and hand deliver/door knock the closest 400 homes to your open house.

#4: Set up properly. On top of the 30+ signs placed around the neighborhood, also, purchase a couple tall, attention-grabbing open house flags to put in front of the property. You will get a lot of attention from people currently living in the area, but that is good. When they think of selling, you want to be the first person that pops up in their mind.

#5: Also, put a sign on the door that says, “Per Sellers Request Please Sign In,” and also place this sign on a table just inside the door and have your “Guest Registration Sign In Sheets” at the same table. And don’t forget to include a nice property flyer with all the property information, as well as the different mortgage payment options.

#6: The Tour. Once visitors have signed in, give a thorough tour. You can’t, of course, give a tour to everyone if the open house is really busy, but focus on giving a great tour to those you are able. Ask engaging questions where you can connect with them and identify their goals. Example questions: “What is it about the area you like so much?”, “Do you work near by?”, etc.

#7: Ask for an appointment at the end of the tour. Say something like: “So, what do you think about the property? Does it meet your needs, or are you looking for something different?” (Most will say they are looking for something different as ½ of 1% of homes sell from that open house). In that case follow up with something like: “Great, just so you know, I am not here to just sell you on this house. I am here to identify what your goals and needs are, and if this house meets those, then great, and if not, to identify what your goals and needs are, and then to find you exactly what you are looking for. Based on what you have told me what you are looking for, I know of several homes which I am confident will meet your criteria. I get out of here at 4pm today, and can meet you then to go show you those other homes. Is that something you would like to set up?” Most will not want to set an appointment right there, but if you ask enough people, you will absolutely get some that say yes. Read more about leading from a place of contribution to turn more conversations into appointments here.

#8: Put everyone into your database, and follow up. Read more on effective lead follow-up here.

If you plan, setup, and execute correctly on your open houses, you will absolutely get great results, so follow these steps, and go dominate your real estate business with open houses!

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

Joshua Smith May 29th, 2020
5 minutes
Mentoring in an office.

How to be Successful in Real Estate: Find a Mentor

Joshua Smith
Making Money in Real Estate
Mastery

You have two choices in building your real estate business. You can either try to figure it all out on your own or you can find a real estate mentor or coach. If you try to figure it out on your own, it can take a lot of time, money, and energy to get where you want to be. Many who try to figure it out on their own fail. In fact, 90% of realtors fail in the first three years because they don’t know what to do to create the success they want. But by hiring a real estate mentor/coach, they can show you the path to create the success you are looking for.

6 Tips To Finding a Real Estate Coach

1. Research

The first step you need to take is to do some research. Make sure your chosen mentor has either created the success you are looking to create or has successfully coached others to create what you are looking to create. If not, the chances are very small that you will be mentored effectively.

2. Identify Obstacles

Next, you need to find someone who is proven to be able to solve the obstacles your business faces. Do you have problems acquiring new leads? Does your pitch feel off? Keep these obstacles in mind as you select your mentor or coach.

3. Think About Your “Why”

What is your why? Get clear on the type of real estate business you want to create and why. Find a coach that’s in alignment with your “why.”

4. Get Clear on the Type of Help You Need

You may find you need someone to keep you accountable every week and who holds you to your commitments. Or, you may find that you are very self driven and just need the right, actionable information. If you need more in-depth accountability, then you probably need one-on-one coaching, whereas, if you just need the information, you may just need a good online group program.

5. Do Your Homework

Don’t just take a prospective mentor’s word for it. Has this mentor truly created the success you want to create? Look for testimonials from other agents who have benefited from their coaching.

6. Identify Your Budget

Coaching can get very expensive, so you need to know your budget. After you’ve identified your budget, you can then find the best fit for your overall needs and budget.

Expanding Your Knowledge in Real Estate

One of the great things about the real estate industry is that there are many professionals who are willing to share their knowledge for free. You can look into joining a great team or brokerage where the team leader and/or broker can become your mentor (as he/she has a vested interest in your success). Ask yourself, “Is my current broker and/or team providing the mentorship and coaching I need to accomplish my goals?” If the answer is no, then you may want to start exploring the possibility of hiring an actual mentor.

Hiring a Real Estate Coach

Mentors typically will cost you money. You may have to pay upfront for their knowledge or perhaps pay a split of your closings if your mentor is your team leader and/or broker. Be prepared to pay for mentoring as the coaches you will want are going to be people who have created success, so their time tends to be very valuable.

Lower Your Real Estate Mentor Fee

One way to find a mentor for a lower fee is to offer to trade your time for theirs. Remember, a mentor’s time is going to be more valuable than yours, as you are not yet up to that level of success. Offer to give three hours of your time for free, for instance. Find out if your mentor needs help in the office, at a charity event, getting coffee, cleaning the office, washing a car, etc. You will find that most mentors really respect your hunger and drive and will end up giving you much more time than the original agreement.

Reaching Your True Potential as a Real Estate Professional

One big mistake people make is asking, “What will I get out of this situation?” This is the wrong question to ask. Instead ask, “Who will I become from this experience?” A mentor can show you the exact skill sets you need and can apply for the rest of your life to continue to create massive success! If you study anyone successful, entrepreneurs, athletes, musicians, etc. they all have mentors, and for good reason. Take this fact very seriously, as mentoring can and will have a huge impact on your success!

This blog was originally published on August 7, 2020 and has been updated for clarity and with the latest information.  

Dominate Your Real Estate Business
Joshua Smith Jan 20th, 2021
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