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Get free tools & tips Tell a colleague about us Who else uses Express Commission?In September 2010 Express Commission provides commission advance s to leading residential, commercial, and industrial real estate agencies and business brokers across Australia. Our clients are based in every state of Australia and include both independent agencies and members of Australia’s most successful real estate groups including:
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Express Agent News 8 Oct 2007 issue Selected article shown below. See all articles for this issue.
Planning for Leads.
How to develop a systematic lead generation strategy as part of your real estate business plan. Lets face it, without leads you could be the most knowledgeable and talented real estate agent in the country and you could be going under financially. Its time to get really serious about this key aspect and plan for your success both short and long term, if you need help get a coach. First you need to focus on lead generation as one full aspect of being successful in real estate, and develop an effective long term strategy and plan for this most critical component of your business. Second You need a database of your own; you need to add to it daily, to create systems for effective communication with all leads that come your way. Which database you develop isn’t important. Just get one and start using it. Do not wait. What targets do you need to hit? That depends on what your strategy is, what your goals are and the timeframe you want to achieve it in… you can work backwards from your income goals and this years key performance indicators. If you don’t already know these you should start tracking them immediately. You must know the numbers of sales per month, listings per month, listing appointments per month, average sale price, average days on market, average commission, and the total number of sales you have had. I suggest you break it down into 2 parts listed/sold) and also the number of property’s sold in your entire marketplace and the average sale price. Then work backwards to come up with the number of leads you need. Determine whether these are people you know or don’t know…the amount and type of contact you need to do stems from that)…. Always err high, this is a crucial number – how many leads do you need to generate to get the number of listing appointments you need to get the listings you need, to get the sales you need, to make the income you want. Set your targets high. If you get to many leads then we can talk about leveraging and assistants, but if you don’t have enough leads you are in trouble. Most agents do not have a clear concise system to their lead generation…they don’t track the numbers and they don’t commit to the process…but you must if you want to be a consistent and strong performer in this industry. Massive action here will lead to massive results in your income. To be a top performer in real-estate long term you must commit to frequent contact with your database in order to develop close relationships. You must approach it systematically to ensure it is done and not missed out when you are busy doing other things. By systematising this aspect of your business the prospecting machine keeps running with little energy and you will not face the typical roller coaster ride that many agents do, but will see a strong and steady growth in your income each and every month. Do you have any feedback on this article or ideas for a topic that you would like us to cover in future editions? |
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