How to Succeed in Real Estate Sales - Primer
To a large degree, success in residential real estate sales can be yours if you understand, accept, and are guided by a number of basic Fundamentals. This article includes seven of ours.
I am a fan of “Large Visible Charts.” Ideas left in a computer often stay in the computer. Print these Seven Fundamentals and place them where you can see them every day. Just looking at them makes you think about them, consciously or subconsciously. Thinking about them will move them from your head to your heart. It is from your heart that action begins.
Build a “Book of Business” Mindset
Your “book of business” begins as your address book of friends, relatives, and acquaintances, and should grow daily. Building your book of business requires conscious and conscientious effort (and a good CRM).
Why is building a Book of Business Mindset important?
Because real estate sales is a “numbers game.” Some people will tell you otherwise, but I have been selling for 40 years, and this has been my experience.
The average term of home ownership is some 5 to 8 years, so everyone you encounter each day does not need your services today, but they will need your services someday (or they may know someone who needs your services). Ask everyone their name and if you can get it, their contact information.
It is important to recognize that you are in the business for the long haul…a sacrifice today may create a reward in the future. Treat everyone as if they will someday close a deal with you. Realize that much of the population fits into one of the following categories, and that most people you encounter daily will not need to list or buy anytime soon:
Suspects – Every one you meet. They may not be in the market to buy or sell today…but they will be someday, and they may know people who would benefit from knowing you.
Prospects – People looking to buy or sell with no set time horizon
Customer – People buying or selling in the next 12 months.
Your “Book of Business,” (Also known as your customer database) is a source of much of your future revenue and financial security. Build it methodically and as data rich as possible. Keep in mind that “Information is the currency of the 21st Century” (Toffler)
Remember, Contacts Create Contracts.
The software you choose to use to build and capitalize on your growing Book of Business (customer database asset) is referred to as CRM, Customer Relationship Management software). There are many choices. The question, “What is the best software?” leads us to the next Fundamental: Discussions of lead capture and lead conversion.
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