Often, there are one or two parts of your business that are going quite well. Unfortunately, most agents do not go deeper and they usually have no clue how deep they can go. For example, if you ask any agent how many Client/SOI repeat and referral deals they SHOULD be getting from 500 Clients/SOI, they will likely have no clue. So, if they are getting 20 deals per year which is 70% of their business, they may tell you that 70% of their business comes from Client Marketing. The problem is that they should/could be getting 50 deals or 10% instead of 20 deals at 4%.
Perhaps someone does great with Open Houses for one week a month and if they did two open houses and created a true system, they could get four times as many deals from open house efforts in the coming year.
If you are getting $100,000 GCI from Expireds and it is working well, and your Billion Dollar Agent Target is $500,000, then keep going, go deeper, focus on expanding that revenue pillar. Restart what worked well in your past. In interviews, I often hear Billion Dollar Agents mention that they used to do open houses or they used to work FSBO or they used to send a monthly mailing to their Client/SOI. For a variety of reasons, they have stopped what was working well in the past. If something was working in the past, go back and get it started again. You do not have to be the person who does the whole work, just get it going and delegate. Delegate what you hate.
Let’s say that you hate Open Houses. But given your market, listing inventory, and staffing for agents, running Open Houses could be a very good thing to do. In fact, it is very likely that you are over-spending on Buyer Web Leads and under-spending on Open Houses. Perhaps you feel they are a waste of time. Or you hate FSBO because they are unrealistic. Or you hate Expireds because they are angry at the previous real estate agent. But my guess is that you probably love getting a listing appointment with a motivated seller. So, delegate what you hate, such as working with FSBO and Expireds and let a system run by other people work those marketing segments and just produce listing appointments with motivated sellers.
For every Billion Dollar Agent at $1,000,000 GCI, we can usually identify $500,000-$1,000,000 of Missing GCI due to a total lack of basic revenue pillars such as FSBO, Expireds, Farm Marketing, Open Houses and other marketing tactics.
You likely got tired of doing Listing Management early in your career, so you delegated those 2-5 hours that you hated of posting the photos and virtual tours on a zillion websites and hired an assistant. Then you began to hate doing Closing Management so you delegated that task. After a few years, you began to tire of showing buyers hundreds of homes so you delegated to a buyer’s agent. If you like meeting with people, but do not like setting up and taking down 10-20 directional signs for every open house in bad weather, then just delegate what you hate.
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