Could You Do More or Should You Do Less?

You've probably had this reaction before, right?

You are out at a upscale restaurant and you order something that sounds delicious on the menu. You're enjoying a glass of wine while you wait for your entree to arrive. Perhaps a bowl of soup or a house salad and a nosh on some bread whets your appetite until the meal is delivered to your table. 

Photo courtesy of Rioncm on Flickr



The waitress arrives and puts down the item you ordered and you look at the nicely plated entree and think to yourself, "That's it?"

The serving appears small and the entire plate isn't even filled with meat or fish or pork or chicken and there certainly can't be enough potatoes or vegetables to fill you up. Not when you're used to everything being "Biggie-sized" or "extra large," right?

But as you take your first bite the delicious flavors simply ooze into your mouth. You savor the perfect blend of taste and aroma. The side items compliment the main dish perfectly and your enjoyment of the dinner is ideal. In fact, when the waiter returns at the end of the meal to offer desserts, you have to sadly pass because you're too full.

More Isn't Always Better

It's human nature to think that if it's more expensive, it must be better. If someone will give you twenty of something, that must be better than ten of the same thing, right? Shouldn't a headliner's show be better than the warm up act? Could a underdog really ever beat a favorite? "Do you believe in miracles?"

In our world of real estate, sometimes doing more of something isn't necessarily the answer. Doing less but doing it better might be exactly what is needed. Calling prospects for three hours might not be as beneficial as scheduling three face to face visits with past clients who have referred you business in the past. Sending 1000 postcards to a subdivision once a quarter might not prove as effective as sending 200 cards to a smaller section of the same neighborhood every 18 days.

Repetition is certainly valuable when learning any new skill but there must be some focused intent behind it. Are you repeating something so it can be memorized for a one-time event or so it can become internalized and called upon each and every time you face a certain situation. There is a big difference between repetition and redundancy.

If there is one thing that everyone shares, regardless of their status in life, their role in the work force or the balance in their bank account, it is time. No one gets more than anyone and no one gets less. Taking every task and allotting it the correct amount of time is so critical to your success.

Utilizing the MLS to search for houses is a requirement for most Realtors but spending 3 hours "surfing" the MLS to set up five showings isn't a better use of time. Holding a 90 minute sales meeting for the office because "that's the way we have always done it" might not be as powerful as scheduling 10 minute individual coaching sessions with the 20% of the agents who bring 80% of the business to the office. Sitting around in the office talking about last night's American Idol results might be fun but it's not going to deliver the results that knocking on two For Sale By Owner's doors could bring in the same thirty minutes.

Don't get fooled into thinking that bigger, longer, more expensive or louder is better. If the smaller, shorter, cheaper or quieter way doesn't work, you could always add some back...or perhaps, maybe even take more away?

"Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away."

Antoine de Saint-Exupery 

Until next time, keep building relationships, solving problems and having fun.

  

Play Ball - What Realtors Can Learn from Little Leaguers

Monday Morning Match is a quick post - maybe a quote, inspirational story or idea - intended to spark some motivation inside each of you so your week gets off to a fantastic start on Monday morning.


Today was my son Ryan's first day of baseball for his little league season. It was a beautiful day in Central Ohio as the boys played a double header and it got me thinking about some of the simple lessons Realtors can learn from little league.

Start Early - Today's first game started at 8am (on a Sunday, no less) but if you want to get your day off to a great start, get up early and set your mind right that you're going to win. Enjoy a good breakfast and have your day planned ahead of time. Ryan's To Do List today was "play baseball." What's on yours today?

Warm Up & Practice - The kids have been practicing hard for the last few weeks (in between rainstorms here in the Midwest) but it still was necessary to loosen up with some catch and a quick cycle of fielding ground balls before the game.

When was the last time you practiced your skills? Rehearsed dialogues lately? For most Realtors, the last time they practiced their listing presentation was when they gave it. Isn't that approach leaving your most important skill to luck?

Taking 15-30 minutes each day to review your skills, paperwork and technology tools might just be the trick to make you "game ready" when the next client shows up.

Know Your Position - The kids needed to feel comfortable running to their positions when the coach called out the lineup. They need to know their assignments and who covers each spot on the field. Doesn't it make sense that Realtor's should really know their "area" of assignment? Have you researched the market weekly to know the inventory, average sales price and days on the market? When a question about the market is hit your way, can you field it with a blend of competence and confidence?

Good baseball players can anticipate where the batters will hit the ball, giving themselves a better chance to get out of the inning and up to bat where they can score some runs. Good Realtors should know which way the market is moving and help clients get ahead of the prices - in either an appreciating market or a depreciating market.

Shake Off Errors - Everyone makes mistakes. Baseball players and Realtors are no exception. How you handle them is the key to your success. Do you learn from them and try to do better the next time? You need to shake them off and stay focused on the next opportunity.

You Can't Get a Hit If You Don't Swing the Bat - Ryan suffered a strike out in his first at bat but we cheered for him anyway. He didn't just stand there and let other people dictate his future. He swung the bat because he knows you can't get a hit if you don't first make contact. Sure, just making contact with the pitched ball doesn't insure you will get on base safely, but it's the first step.

In his second at bat, he stepped up confidently with a runner on third base and smoothly slapped the ball between the first and second baseman, scoring the runner from third for the teams first RBI of the season.

Good Things Happen to Those Who Hustle - Some very good advice for anyone in a sales position might be "keep your head down and get moving." Ryan's hustle to beat the throw at first base led to him being safe. He led off first and quickly stole second base on the next pitch, advanced to third on an overthrow and scored his first run of the season as the outfielders weren't able to gather the ball quickly enough.

Imagine the good things that could happen to you if you were the first person to contact that expired listing down the street, or knocked on the door the day the home owner planted his For Sale By Owner sign and started building the relationship right away. Start off each day contacting members of your "bullseye list" via phone calls and hand written notes and you're putting yourself in scoring position.

Pay Attention to the Action - When you're a nine-year-old it's easy to get distracted by any passing airplane, barking dog or loud cheering from another diamond, so paying attention to the ballgame in front of you is paramount.

Are you staying focused on your current transactions - allowing the checklists and systems you have created to keep you on track - as well as consistently blocking out time for business development activities? Are you letting social networking and chit chat around the water cooler swallow up your day? Just like we say to the kids, "Keep your eye on the ball."

Be Ready to Run - This is the first year kids have been able to steal bases and, as you can imagine, the defenses aren't exactly skilled enough to throw runners out. If you get on base, there's a pretty good chance you might score without your own team getting a hit. In this league, base runners and fielders always need to be on their toes.

Are you ready to meet with a client if an opportunity arose today? Do you put yourself in a good position to advance in your career by being in front of people at your church, gym, country club, school or maybe even your kids sporting events?

Cheer for your Teammates - Support of and for people on your team is so important. It's so much easier to get up after a failed attempt when you know your teammates are pulling for you to do better the next time. When you succeed it sure is nice to have someone to celebrate with, isn't it?

If It's Worth Doing, It's Worth Tracking - If you didn't keep score, it would just be a scrimmage - no winners and no losers. But that's usually not why people play a game. Keeping score is one way to measure your efforts and identify areas of strengths and weaknesses. The results will help you do better the next time or repeat successful actions to hopefully repeat a good outcome.

Are you tracking your prospecting efforts so you know how many calls it may take to secure an appointment and how many appointments it takes to secure a listing? How many houses do you have to show each buyer before an offer is written? It's time to get your score sheets out and aim for RBIs - Realtors Building Income.

Win or Lose with Class - Shake Hands - Kids learn at an early age that it's great to win but it's also okay to lose. Nobody starts a game hoping they'll come out on the losing side but when you do, look across the diamond and congratulate the winners. There's always another game. Whether you've won or lost, you can always do better next time.

Everything is Better with a Post Game Snack - What are you waiting for? Get out there and score some big deals, secure some new listings, sell some houses and then gather with your teammates and enjoy a cold Popsicle.

Get ready to play. It won't be long until your next game is ready to begin and the umpire yells,

"Play Ball!"

What Could You Do with 46,000 More Clients?

"Where can I find more a few more leads?"

I hear that all the time in some form or fashion from agents. Hard working, full-time Realtors are always looking for new clients but most people stop searching beyond their sphere of influence, open houses and telephone duty.

Sure, some work For Sale By Owners and others might work the expired listings. Corporate relocation referrals are always a nice source of "found business" but where else can agents look to identify home owners who might need an agent to help them sell or potential home buyers who need representation in the purchase of a new house?

Well, between December 31, 2009 and December 31, 2010 there appear to be almost 46,000 new places to look. And the actual number of potential leads could be much higher.

According to the National Association of Realtors Membership report, there were 45,987 fewer members heading into 2011 than there were at the start of 2010. (1,112,645 down to 1,066,658)
Now let's be honest, a large portion of those leaving the membership probably never did a single transaction last year but it's difficult to assume that there weren't a few very successful agents in that lot that just decided that it's time to call it quits. There might be some twenty to thirty-year veterans who closed hundred of deals in their careers who have just had enough of this challenging market.

So what happens to those clients who are living comfortably in their homes today that was lucky enough to work with one of those 45,987 people (or, in some cases, unlucky enough)? Who will they call for help? Who can they rely on to provide market updates? Who will be the recipient of their personal referrals for years to come?

Why not you?

If you're an agent who is looking to grow his or her client list, a great place to start is by searching for those "orphaned clients" of agents who no longer have a real estate license. Many of these former agents got in when the market got hot, sold a few homes, closed a few deals and then as the market cooled down, just like that, they're out of the business.

Search your MLS by Agent ID. Ask your branch manager or broker for a list of former agents who have left the business. Take a veteran agent in your office (or company) to lunch and ask them about some of the "old timers" who used to stroll up and down the hallways. Trust me, "there's gold in them thar halls."

You could contact any of those "orphaned clients" and simply introduce yourself. What have you got to lose? Your call might go something like this...

"Hello. I am Sean Carpenter with Coldwell Banker.

"I specialize in the area and while researching your neighborhood, I noticed that the agent who helped you buy your home back in ______ is no longer in the real estate business. Were you aware of that?

"I understand you may not need any real estate services at this point but I would hate to know of any homeowner who didn't have a friendly contact to help with any questions or concerns about their home or local real estate market .

"I'd be honored to be your new point of contact should you have any needs between now and when your plans may call for a housing change."

After making some contact, drop a hand-written note in the mail, include a few business cards and depending on how long they may have lived there, perhaps an updated overview of the market might be in order. By exuding confidence, displaying competence and delivering consistent and relevant information, you might be able to earn their trust and their precious future business and referrals.

Once you've established contact, you can add them to your everyday mailing and contact list. The stats don't lie. Most home buyers, when surveyed by the NAR, state that they "definitely would" (65%) or "probably would" (22%) use the agent who sold them their house again when they go to sell yet the actual number who do use the same agent when they go to sell is a much lower number (23%). Agents leaving the business is a huge reason why this is true. (Poor follow up is another...but that's a whole different blog post).

So what are you waiting for? It's time to put on your detective hat and start seeking out those "orphaned clients." They're going to eventually call someone. They just won't know it's supposed to be you.

Unless you tell them.

Until next time, keep building relationships, solving problems and having fun.