Take Your Business To The Next Level | #TomFerryShow Episode 105
Today I have a really important question for you…
Where is your business in the cycle?
There are 5 cycles in every business, and depending on where you are, you may need to shift your strategies…
The 5 Cycles of Business in Real Estate
Startup: New agents starting in real estate within the last 5 years.
Growth: You’ve figured out what you’re good at, and your business is increasing (people, marketing, and, innovation).
Cash Cow: These are the agents who make real estate look easy, and they are crushing it!
Fading Winner: Was once a cash cow, but has missed the mark on marketing and innovation.
Restructuring: Were once great at a niche, but that niche has adjusted or gone away.
2 Steps For Growth
Step One: Know Your Market
I’ve talked about it before, but the consumer is looking for hyper local experts.
This means you are out there previewing homes, studying the hot sheets, and understanding the market better than anyone else!
When you understand the market you know exactly where you fit within it!
This means you’ll know where to focus: buyers, sellers, lead sources, etc.
When you know your role you can spend the time, energy, and resources in the right places and go all in!
All in, doesn’t just mean all in for a short time…
You are in it to win it, and you own that niche for the next ten years!
Most importantly you have to find your two lead sources and spend 70% of your time on lead generation and appointments.
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Step Two: Master The Ideal Schedule
What are your outcomes?
Think about the two or three bulls-eyes you need to hit (hot sheets, role playing, etc)
Make sure you are carving out time to set appointments.
Start with your hot leads and get that early victory to build your confidence.
Then go after your other hot opportunities, database, and follow ups!
Coffee meetings/build your sphere of influence.
Don’t go to lunch with real estate agents!
Go to lunch with people in your sphere.
Targeted community marketing.
Door knocking, non-owner occupied, and other sources.
Finish with Lead Follow Up or Appointments!
Where Are YOU in The Cycle?
What steps do you need to take to go all in?
If you are brave, let me know in the comments below what changes you need to make in your business!
Remember your strategy matters, and now more than ever, self-awareness about what cycle you are in and the actions you take absolutely rules!