With most things in life, showing up is half the battle. Getting yourself out of bed and into the gym. Sticking to a commitment you made that you don’t really feel like doing anymore. In real estate it’s about making the calls, following up with your leads, and doing the work.
And in an industry as competitive as real estate, accountability is king. Here are 3 effective ways you can hold yourself accountable for doing the work that will drive your success. Trust us, the top producers do all 3.
1. ABP (Always Be Prospecting)
An undeniable (and let’s face it, unsexy) fact about real estate is that prospecting and follow-up = transactions. It may not be the most fun and conversion rates can be discouraging… but it all comes down to that one person at the right time.
Tom Ferry recently did a study surveying over 3,000 real estate professionals. The most compelling statistic that came out of the survey was that agents who prospect 5 or more hours a week make more than $200,000 a year. Now that is hard to ignore!
The trick with prospecting is to shift your mindset out of instant gratification. Think of it like a farmer spreading seeds. Not every seed will root, and even some of the seeds that root won’t necessarily thrive. But the yield comes later. You’re fueling your pipeline with opportunities.
Invest in a Coach or a Partner
A real estate coach or some sort of business mentor is incredibly valuable, no matter how successful or seasoned you are. Real estate is tough… there’s a reason why 87% of agents fail in the first few years! You’re not just selling houses, you are an entrepreneur and a small business owner. You have to think like an accountant, marketer, CEO, manager, entertainer – you name it!
Most successful broker/owners or mega-agents have this in common: they ask for help and don’t try to do it all. It’s impossible to do it all and you will burn out. A coach can help you keep a level, outside perspective on your business. They will hold you accountable, push you further than you thought you could go, and shed light on your blind spots.
If the financial investment isn’t a possibility for you, try to find an accountability partner instead. It could be a colleague or peer outside of your market (to avoid competition). Just like a workout buddy, it’s helpful to have someone checking in and holding you accountable to the commitments that you’ve made for yourself and for your business.
3. Know Your Numbers
When I was fresh out of college, to my own detriment, I had an “out of sight out of mind” attitude towards my finances. I would auto draft my bills but never really look at them, watch my spending but not really track it, and just hope that at the end of the month I broke even with a little extra. Smart? Absolutely not. It’s only when I started facing my finances head-on, knowing my numbers, and setting a strict budget that I truly felt in control. No surprises!
Think of your day-to-day tasks that way. Particularly with prospecting and follow-up, because they are arguably the most laborious. It’s not enough to just do a little bit here and there and hope that you close enough deals. To reach your goals you need to play the numbers game and do the math. Understanding your monthly and yearly performance in terms of success metrics will help you assure that you reach your projected transaction volume.
What should I track? Start here:
- Average response time to new leads
- # of follow-up attempts
- Lead conversion rates (start a conversation)
- Lead close rates (actually close the deal)
- # of leads generated per month
- advertising budget