Well, spring is here. And for most agents that means the start of another busy buying season.
However, with the current market conditions being … shall we say, less than ideal … I took the liberty of creating a gameplan for generating New Agent success.
Call it a blueprint of sorts, of how and where to spend your valuable time and money in a market as tough as this. Because make no mistake about it: As a New Agent in the business, you don’t have as many clients or resources at your disposal.
Which means one false step, and it’s bye-bye real estate business, and hello corporate job. (And we all remember how much fun that was.)
So with that said, I put together some numbers on how much time (and in some cases money), you should spend in the following areas of you business:
- Sales & Marketing,
- Rendering Services (the actual buying and selling of homes),
- Administrative Tasks, and
- Knowledge Building.
These aren’t hard and fast rules per se, but rather guidelines on where -- exactly -- you could be spend your resources to give yourself the best possible chance for success in today’s tough market
Sales & Marketing (40% of your work week).
At first glance this might seem like a high number (40% of a 50hr work week equals 20 hours a week of sales and marketing activities), but take my word for it, it’s time well spent.
How can I be so sure?
Just by the simple fact that you can have the best product or service in the world, but if no one knows about it, then nothing else matters.
So you’ll want to market your business through networking events such as the Chamber of Commerce, local business associations or even service clubs like Rotary or Kiwanis.
Each event typically lasts 2 hrs and is a terrific way for new folks like yourself to get plugged into your local business community.
Generating more referrals is also a good way to spend some of your sales and marketing time, since we all know that it’s infinitely easier to convert a "warm lead” into a closed deal.
Now I understand you’re new to the business and as a result might not have too many existing clients to call on, but remember, that’s not your only source of referrals. You’ve got family, friends and even neighbors all around you that can be terrific sources of referrals -- as long as it’s done right.
That doesn’t mean pestering them every other day for a lead.
Instead you’ll want to let them know you’re now in the real estate business, and if they know of anyone looking to buy or sell a home, that would be a great referral for you.
Rendering Services (30% of your work week).
This is the actual process you engage in while facilitating the buying or selling of a client’s home. I’m sure you’ve spent a considerable amount of time talking to your Broker about this (or even taking classes prior to getting your license), so I won’t bore you with the details.
Just know that the possibility does exist where you’ll have more work than you know what to do with. Which is why I like the 30% figure, since as you take on more and more clients, you’ll ultimately want to consider bringing on some outside support to help you get through it all.
This can be something as simple as referring business to a group of trusted agents and getting a commission, or hiring on a "buy side” agent who can help you out in other areas.
Either way, you never want to spend more than half of your week actually doing the work, because then how can you market your business for future work?
The answer is you can’t, and that’s what people mean when they say you don’t want to "grow too fast”.
Anyway, for now, just focus on getting enough clients so you can spend 30% of your time "doing the work” and keep the rest in the back of your mind.
Administrative Work (20% of your work week).
As the name would suggest, this is all the "back office” work that affects your business, but doesn’t directly contribute to the "bottom line”.
We’re talking about things like bookkeeping, filling out paperwork, attending meetings…things like that. For now, doing this type of work isn’t a big deal, so 10 hrs a week is fine.
But don’t go too far past this number, since that’s just taking up a lot of your valuable time with "busy work” instead of focusing it on the task of building your business. I can’t tell you how many times I’ve seen people inadvertently sabotage their success by constantly doing all of the administrative work at the expense of more productive uses of their time.
Knowledge Building (10% of your work week).
I think one of the biggest ironies of today’s modern age is living a world with so much information – yet rarely feeling like we have the time to access it.
As a New Agent, you don’t want to make that mistake.
Read, listen and/or watch any type of business building material you can get your hands on. Books, newsletters, audio programs…anything that can help with the growth of your business.
If you’re not sure where to start, try googling "real estate success” or "new agent sales” and just dig right in.
If you want something easier, we have a free report on how to get more business in today’s tough market, so if you’d like some more ideas on how to do that just email (Subject: More Buyers in Today’s Tough Market) and we’ll shoot you a copy right away.
But whatever you do, don’t make the mistake of thinking you don’t have time to learn more about getting more business. Because the reality is you don’t have time not to.
So there you have it, my blueprint for New Agent success on how and where to spend your time and money in today’s tough market. May it guide you well.