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Efficiency Boot Camp 101 : Hem and Haw Not Welcome!

By: Markell Hardin
 

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Efficiency Boot Camp 101 : Hem and Haw Not Welcome!
If you are a Realtor and are struggling in the current market, and you have not read the oldie but goodie ‘Who Moved My Cheese’, go get the book RIGHT NOW! Especially if you find yourself…

If you are a Realtor and are struggling in the current market, and you have not read the oldie but goodie ‘Who Moved My Cheese’, go get the book RIGHT NOW! Especially if you find yourself complaining about one or more of the topics listed below:

  • There are too many distressed property owners, and I can’t seem to make money off of them. Servicing a bunch of Short Sales is too much of a hassle, and REO properties involve too much out of pocket expenses
  • There aren’t enough Buyers. My lead sources have dried up
  • My team is not motivated to succeed. I have slackers on my team who don’t do their part, that is why my business is down
  • We’ll just have to wait the market out to be successful again (and you sit there like Eeyore from Winnie the Pooh with a depressed and sad look on your face as you say this)

For those of you who have read ’Who Moved My Cheese’ and are still grumbling with the market conditions, I do feel your pain. Even though I’m not in the trenches making offers on Short Sales that take banks 8 months to reply, or submitting Short Sale packages for the 4th time in a year on the same property, or having over a dozen listings and buyer prospects are nowhere in sight. I may not be doing it myself, but I see you doing it, and I know how tiring and exhausting it is. You want RESULTS for your efforts, not only because results = paycheck, but you are in this business because you are driven by results! Listings that won’t sell and a shortage of Buyers is the opposite of Results, and it’s draining! We want RESULTS for our clients, we work with you because we like you, and we want you to succeed!

Have no fear, Efficiency Boot Camp is here! This blog is 1 of 4 in a series, and we will be following up with a new blog post every Monday for the next 3 weeks. When you’ve read ‘Efficiency Boot Camp 401′ you know it’s time to take action!

Boot Camp 101 Agenda: Lead Management.This is so difficult for most agents, so if you’ve never been able to master it, don’t feel bad. However, Lead Management, Realtors, and Boot Camp go hand in hand. As a Virtual Assistant Company who works with agents nationwide, I’ve never seen such resistance to organization and systems! If more agents were willing to track, organize, and document lead management, the coaching business would be bankrupt! I call it Boot Camp because I’ve never seen a topic where a third party has to push and push and push agents to do their part. It’s so easy to be busy with other things, things that are more interesting. I invite you now to submit to change for the rest of 2010, so that 2011 is more productive NO MATTER WHERE THE MARKET IS!

Here is what lead management is NOT:

Answering your phone from a potential lead in the middle of a grocery store, dinner with your family, while you are driving to a listing appointment, or any other time of the day that is not designated for Lead Management. Period. I know it’s tempting, and we’ve all had that GREAT conversation with that potential buyer on a Monday afternoon in the middle of a work out, golf game, or shopping, and you CONNECTED. But let me ask you this: Did it lead to a closing? Did it lead to a closing more than once, answering your phone anywhere and everywhere? If you answered Yes, do you LIKE being constantly interrupted through out the day by prospects who could not get a loan to save their life, who don’t really want to talk with you when you start asking them the tough questions like ‘Have you submitted a mortgage application?’. You get the idea. This is not lead management. This is chaos. It breeds burnout, failure, exhaustion, and most of all, the abandonment of the structure you need to succeed. If you’re talking while you’re driving, how are you going to record detailed notes from the conversation for follow up later? How are you going to enter the follow up in your calendar for later? How are you going to take down their mailing address if they are out of state to mail them a relocation package? You’re not. You’re going to talk to them, then rely on your memory to follow up. Recipe for disaster!!

What is the purpose of a Lead Management System? Your system should accomplish at least 3 things:

  • Your best lead source. Is it your web site? Your referral sphere? Your office?
  • What is your conversion rate for buyers? For sellers? What is the average conversion time for each? Just as we can determine what the average market time is for a home, we should know what our average conversion time is for meeting a prospect and turning them into a closing.
  • Why do leads not turn into clients? Are they unable to sell or buy? Are they going to the competition? We should know this information so we can improve our rate.

 

So here is your super easy STEP 1 for today: Identify your lead sources, and identify the database you want to keep them in. It does not have to be elaborate or costly!! Big mistake in paying for software before you know you’re going to use it! We need a place to keep them in so you can categorize them according to type of lead; A for HOT HOT HOT – B for not so hot but can get there – C for may buy/sell in 6 months or more. You need a system that identifies your A leads, and THOSE are the leads that need programmed in your phone, so you can tell when they are calling you, and you can take THEIR call in the middle of the cucumber aisle, not some yo yo who’s brother is a Realtor and he just wants the price of your listing (WHY didn’t he call his BROTHER?).

But I digress: Here are some budget friendly possibilities:

 

If you have a system in place already, but you can’t accomplish the 3 items listed above from your system, then it needs more attention. We will help you get there!

But wait, what if you don’t have enough leads coming in, and this is part of the problem? That’s another blog and subject, and we will cover that in our next series! Stay tuned…we’ve got lots of valuable information to share, and it’s my favorite kind of information: FREE.

 Don’t forget to get your copy of:

Who Moved My Cheese

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