No regrets! 7 things the best real estate agents wish they had done sooner
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We learn either through the pain of trial and error or through the experience of others. Based on my desire to learn from others, one of my favorite questions for the most productive agents is, “What would you have liked to have done sooner?”
After interacting with thousands of agents, here are the seven most common things the most productive agents tell me they wish they had done sooner.
1. Hired an assistant
If a real estate agent does not have an assistant, then they are the wizard. Each agent has areas of strength and areas of weakness. The bottom line in the businesses of many great producers is that they do what they do best and that they hire an assistant to help in areas where they are weak.
For their businesses to be optimized, they must do the maximum dollar-generating activities possible.
For every $100,000 of a person’s annual income, that works out to about $50 an hour. If you make $100,000 a year and do things like schedule showings, enter listings into MLS, or run direct mail campaigns, you’re doing $15-20 an hour jobs at instead of $50 an hour, like continue list of appointmentsview properties or make phone calls with your sphere of influence.
The best producers understand the value of their time. They make sure to take advantage of an assistant to help them with activities at a lower cost and so that they have the opportunity to scale their business. All the best agents I know wish they had hired an assistant sooner.
2. Become a better student of the game
There comes a point in every top agent’s career when they realize they don’t know what they don’t know. This is the beginning of enlightenment and becoming a student of this enterprise.
Like a new agent 28 years ago, I was in an office with four other agents. I watched how they did their job and modeled everything I did after them. My mother was the broker who owned the business and she encouraged my brother and I to attend a national real estate congress after selling for a year.
I remember attending breakout sessions and hearing agents talk about their business and how they close over 100 deals a year. My mind was blown. My limited view of what was possible had held me back, but after seeing others do more, I began to believe that it was possible for me to do it too.
My brother and I studied how these top agents ran their business, and four years later we closed over 100 deals. My only regret was not attending the convention and getting to know more about how others were doing earlier.
If you really want to grow your business, become a student of what other successful agents are doing, and model your business on theirs. It’s a path the best agents wish they had taken sooner.
3. Cultivated a geographical area
Most agents start their careers focusing on helping buyers. But almost all of the best agents come to a point in their career when they realize that the agents who work primarily with buyers are real estate sellers. Meanwhile, agents who primarily work with ads are running a real estate business. This leads to a shift in focus of buyer activity towards Advertisement.
This shift in focus leads to the most fundamental listing strategy in real estate – geographic farming. The process of adding consistent value to a specific neighborhood allows agents to be seen as the expert in this field and leads to consistent enrollment opportunities.
The best producers understand the cumulative effect of constantly adding value to a geographic farmand their only regret in farming is that they wish they had started earlier.
4. Going all-in on video
Video has become an essential marketing tool for top real estate agents. But there is a process with video. If you engage in video, over time your videos will improve. You will see which videos your ideal client answers, and you’ll produce more of those videos. The main senior agents realize that the sooner they would have started, the sooner they would have gotten their groove on with the video.
If you’re still wondering if video will help your business, here’s some statistics to consider:
- 73 percent of owners say they are more likely to sign up with an agent who uses video
- 403 percent more requests are driven by listings with videos
- Videos on social networks generate 1,200 percent more shares compared to images and text combined
- Marketers who use video increase their revenue 49 percent faster than non-video users
Using video helps agents grow their business as quickly as possible. All of the most productive agents who get into video wishing they had done it sooner.
5. Optimized their database via a CRM
Show me your database, and I’m sure I can tell you where your business will be in one to five years. The best agents come to a point in their career where information about the clients they are currently working with, or former customers, becomes too difficult to remember. That’s when they realize the value of an organized database.
The ability to organize customer information, set up automated tracking programs, and segment the database into different groups that can be communicated to in a way that suits them are just some of the reasons why the best agents value their CRM. They understand that the ability to grow their business depends on their ability to communicate and add value at scale.
These capabilities are the reason why the best agents would have liked to optimize their databases via a RCMP earlier.
6. Join a mastermind or hire a coach
You can’t build your dream business without input from other people. Landmark, even the Lone Ranger needed Tonto. All senior agents realize that to get a full perspective of their business and what’s possible, they need guidance.
Just as the best athletes have coaches, so do the best agents. The best of the best always want other people around them who are striving to grow their business and themselves. It’s here that brains can also lead to business growth and a broader perspective of what is possible.
There are different styles of coaching for different people, but every agent who finds the perfect fit for themselves regrets not having found the right one. good coaches or brains earlier.
7. Build relationships with other agents
There comes a point in the career of most top agents when they realize that other agents in their local market are their competitors and are also their allies. They realize that relationships with other top agents in their market are what help them close deals when inventory is low, as was the case during the pandemic. They understand that collaboration helps sellers sell and buyers buy.
They also realize build relationships with agents in other markets leads to references and sharing ideas. Whether those relationships are built through meetings at conferences, targeted mailings to agents in feeder markets, or office visits in other markets, agent referrals in other markets prove that we really are better when we work. together.
The best of the best in real estate wish they had built deeper relationships with other agents sooner.
These are the seven things I’ve heard most often that veteran agents wish they had done sooner. Will you act now or will you look to the future with regret?