Day One Biggest Takeaway
I think it’s safe to say that most agents – whether you’re with me at Summit or just reading this blog – are doing so because they’re seeking economic growth. With that in mind, my eight drivers of economic growth are the “biggest takeaway” from Day 1!
Let’s dive in!
1. A scalable process to attract new business
Create a repeatable and scalable process for attracting new customers every day. The best part is that you can use 5 ways to thrive:
- Use your database to optimize referrals
- Crush geo-farming that ranges from 500 homes to 100K
- Do MEGA OPEN HOUSES
- Invest in online advertising (Zillow, Trulia, Realtor, Google)
- Create awareness on social media that you’re the trusted advisor
One attendee, Andy Tse made his own Rockstar breakthrough by aggressively geo-farming for the last five years.
Wanna know how much he closed year-to-date?
$5 million in GCI and he’s got his sights set on $10 million by the end of the year!
2. Increase frequency and size of repeat and referral business
3. Increase your average sales price
A little incremental jump creates geometric growth!
4. Increase your average commission percentage
…And it all boils down to skills and marketing.
5. Build a team!
Having additional administration, marketing, and sales support on your team will help you boost your business.
Even big producers are joining teams on traditional team splits because they’re sick of doing EVERYTHING! By having a team, these Rockstar producers can focus on just working with clients and not worry on doing every small detail.
When building your team, align the size of your team with your ambitions! The more aggressive growth you seek, the bigger your team needs to be.
6. Penetrate a new market every 18 months
7. Add a new service or offering every 12-18 months
8. Acquire another business every 12-18 months
The average agent is 57 years old and potentially thinking of getting out of the business.
You should take advantage of this possibility. Buy their book of business and fold it in to your own as they leave the business.
Think of the value to be mined from the databases of longtime veterans like that! It will definitely bring you and your economy tremendous value.
Can you identify one person in your marketplace that you should buy their business? My advice is to create a list of several agents in your market who you want to buy their business over the next five to 10 years.