It’s Official – We’re FINALLY In The Tank … 5 Things To Do Now

Posted by: Carl Medford on December 8th, 2008

SO… it’s official. We’re finally in a depression. You think? And it took our government telling us to know it? Truth is, most Realtors I know have already been in a depression for a LONG time. At least now the government agrees with them. It’s a small consolation to some, I’m sure.

So now what? You could:

  • Go out and run up a credit card debt SO large the government will have to bail you out to keep VISA from going out of business.
  • Go and buy a larger tub -– you’re already taking a bath, why not invite some friends to join you?
  • Go and sell your house on the San Francisco Peninsula and with the proceeds, buy an entire Midwestern state and set yourself up as a ruling monarch.

On a serious note, times like this define a Realtor, and can help break them out of mediocrity. There ARE Realtors out there (other than REO listing agents) who are actually doing well in the current market. They’ve taken the time to build systems into their business which continue to bring a steady flow of prospects.

As any successful Realtor knows, you cannot depend upon one stream of business –- like a stool, you need at least three legs to properly support your business strategy.

Here are 5 things you can do right now to ensure that your business has the foundation it needs to succeed:

  1. Identify your sources for business leads. Many real estate agents have never taken the time to analyze the source of every single lead. If you don’t know where they came from, you cannot successfully plan for more.
  2. Divide your leads into categories. If you don’t have at least three, separate definable sources, you will need to strategically add and implement lead generation mechanisms.
  3. Ensure that your lead generation sources include AT LEAST the following three sources:
    a.  Sphere of Influence: You MUST have a methodology for identifying and communicating with your sphere of influence. If built properly, this leg will provide a constant flow of referral leads.
    b.  Internet Lead Generation: Companies such as HomeGain.com are an excellent source of internet leads.
    c.  Farming: Whether it’s a geographical area, group of friends, clubs you belong to, etc., you need to be targeting a specific group of people and making yourself as visible as possible.
  4. Develop a consistent plan for contacting your leads. Many sources recommend touching every lead every three weeks with something that provides value to them. Whether you use email, phone calls, snail mail, etc., they need to perceive you as their “go-to” real estate expert.
  5. Hire a mentor. Many argue that they don’t have the money for a mentor. I’d argue that you can’t afford NOT to have a mentor. Successful individuals such as Tiger Woods all have mentors -– many of them, more than one.

Get started today! The country’s economy may be in the tank, but there is no reason your business has to be as well.

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Comments

3 Comments on “It’s Official – We’re FINALLY In The Tank … 5 Things To Do Now”

Kevin Sandridge

Hey Carl – great action plan to follow after the “No Duh!” comments made by the Government Think Tank who now proclaims we’re “in the tank,” as you say.

You do realize that there are still people who feel as though we SHOULD try to spend our way out of this recession. Asinine! Hard work – ad the efforts you’ve outlined in this post will do us much better…

Michael Gwynn

Carl,
I really like your blog. You have a great handle on the simple yet effective measures to succeed in today’s market. Your section on Lead Generation is right on target.

Another point which is needed today is “Focus”. We interact with a number of agents and brokers. The successful ones are able to focus their resources to gain new clients. This does not mean that HomeGain is their only source for Lead Generation. This means that success comes from a focus on using the HomeGain tools properly and effectively.

With the correctly focused time and energy to use our tools, or any lead generation tool, the agents and brokers dramatically can increase their chances for success in gaining new clients and transactions.

I look forward to your upcoming posts.

Pat Varnell

Love your blogs. How do you recommend finding a good mentor? I’m sure there a lot of them out there, but some are better than others.

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