I recently accepted a new position within our company. The first two weeks of this change found me running nonstop, working from early in the morning to late at night. I have been reminded during this time that it is so important to live a balanced life. For me, taking time to slow down and enjoy life makes me so much more productive when I am in the office.
One of the ways that I escape is to get on my bike. Riding in a pack of 20-30 riders at speeds of 20-25 miles per hour is an amazaing rush. Pedaling alone on a country road and seeing the Texas wild flowers and cows grazing also brings me to a place of solitude.
I am not sugessting everyone take up biking. That's just one of the things that works for me. What I am saying is this- all work and no play makes Johnny a very dull and unproductive boy.
In today's market, everyone is working harder, trying to positioin themselves in a ways to grow their business and fighting harder to keep the business that they have. In doing so, those who are able to maintain balance in their lives will be more successful.
Take time this week to spend time with friends and family, exercise and stop to enjoy the little things in life. The benefits will be great on more levels than you will realize.
Saturday, May 10, 2008
Tuesday, March 11, 2008
Where are you, technically speaking?
As I look around our industry these days, I am really taken with how technology continues to change and evolve. Personally, I struggle to keep up, but I try to learn something new as often as I can. The hard part for me is taking time to learn. However, I fear being one of these people who wake up some day to realize I am out of touch.
Do you know how to download a podcast whether you own an mp3 player or not? Do you know how to send automated text messages? Do you know how to set up an RSS feed to your homepage so that you can have the latest industry headlines right at your fingertips? These are just a few of the many, many ways that you can put technology to work for you.
Many agents today are turning to social networking sites to market themselves. Webpages such as postlets.com, youtube.com and craigslist.com are reinventing the way homes are being marketed. These sites are easy to use and can get you more free marketing for your listings.
I don't pretend to know everything there is to know about technology. It really is an effort for me to keep up with things and to learn new skills. The fact that you are reading this blog tells me that you are probably more tech savvy than most.
The challenge is this- Don't let the world pass you by. Don't wake up some day and regret that you didn't continue to learn new skills. Take time to learn something new each day, week or month. Put it in your business plan and hold yourself accountable.
The best example of an agent who exemplifies this is a gentleman who I have in my office. He has been licensed in the state of Texas for over 50 years and is nearly 80 years old. He has a laptop with a wireless card and a gps system and is constantly learning new technology! He is an inspiration to me and on top of all of that, he is a great agent!
Do you know how to download a podcast whether you own an mp3 player or not? Do you know how to send automated text messages? Do you know how to set up an RSS feed to your homepage so that you can have the latest industry headlines right at your fingertips? These are just a few of the many, many ways that you can put technology to work for you.
Many agents today are turning to social networking sites to market themselves. Webpages such as postlets.com, youtube.com and craigslist.com are reinventing the way homes are being marketed. These sites are easy to use and can get you more free marketing for your listings.
I don't pretend to know everything there is to know about technology. It really is an effort for me to keep up with things and to learn new skills. The fact that you are reading this blog tells me that you are probably more tech savvy than most.
The challenge is this- Don't let the world pass you by. Don't wake up some day and regret that you didn't continue to learn new skills. Take time to learn something new each day, week or month. Put it in your business plan and hold yourself accountable.
The best example of an agent who exemplifies this is a gentleman who I have in my office. He has been licensed in the state of Texas for over 50 years and is nearly 80 years old. He has a laptop with a wireless card and a gps system and is constantly learning new technology! He is an inspiration to me and on top of all of that, he is a great agent!
Wednesday, January 16, 2008
Being successful in 2008
The new year is well underway and most of us have already failed at some new year's resolution, but it is not too late to make changes in your business that will lead to a successful year.
One of the people who I work for, Jim Fite, says that if you do the same thing this year that you did last year, you will NOT get the same results. Rather, you are likely to get worse results if you do not make changes to keep up with changing times.
I believe that 2008 will be a year of tremendous opportunity. I believe that investors will start coming back into the market to take advantage of some bargins that exist in our market today. I also believe that agents who make the right canges to their business will be tremendously successful. I further believe that new agents who succeed in this business will be in the business for a long time to come.
So, what are some of the changes that agents need to make to be successfull in 2008? First, I believe that there are more opportunities now with For Sale By Owner properties and expired listings than there has been in a long time. It seems that more FSBO properties are not selling and that more quality expired listings are available each day. In a future blog entry, I will address more thoughts on how to get in the door to these sellers, but let's just say that you have to look for something that will make you stand out in the crowd.
The biggest thing that you have to change in 2008 in order to be more successful is attitude. DON"T BUY THE HYPE! The real estate sky is not falling in the Dallas-Fort Worth markets. Recent trends show that home prices continue to make increases across the area, job growth continues to be strong and the overall local economy seems to be surpassing the national economy in many ways.
Wake up each day in 2008 and believe that you have the ability get out there in the world, work your plan, and be successful!
One of the people who I work for, Jim Fite, says that if you do the same thing this year that you did last year, you will NOT get the same results. Rather, you are likely to get worse results if you do not make changes to keep up with changing times.
I believe that 2008 will be a year of tremendous opportunity. I believe that investors will start coming back into the market to take advantage of some bargins that exist in our market today. I also believe that agents who make the right canges to their business will be tremendously successful. I further believe that new agents who succeed in this business will be in the business for a long time to come.
So, what are some of the changes that agents need to make to be successfull in 2008? First, I believe that there are more opportunities now with For Sale By Owner properties and expired listings than there has been in a long time. It seems that more FSBO properties are not selling and that more quality expired listings are available each day. In a future blog entry, I will address more thoughts on how to get in the door to these sellers, but let's just say that you have to look for something that will make you stand out in the crowd.
The biggest thing that you have to change in 2008 in order to be more successful is attitude. DON"T BUY THE HYPE! The real estate sky is not falling in the Dallas-Fort Worth markets. Recent trends show that home prices continue to make increases across the area, job growth continues to be strong and the overall local economy seems to be surpassing the national economy in many ways.
Wake up each day in 2008 and believe that you have the ability get out there in the world, work your plan, and be successful!
Saturday, December 1, 2007
Business Planning for 2008
It is the time of year again when good agents begin to think about their business plans for next year. I thought for this entry, I would share with you some of my thoughts on this topic and what makes a quality business plan.
First, I would say to you that any agent who really wants to be successful in this business MUST have a business plan. It really isn't important what format the plan is in, what kind of paper it is written on or what color and type size it is written in. SUCCESSFUL AGENTS HAVE A BUSINESS PLAN!
I remember cleaning out the desk of an agent who left our company to go to a competitor. The agent had been complaining for months about his business and how he was not making any money. In one of his desk drawers, I found a file folder that had the words, "business plan" written on it. The file was empty. I was not surprised by this, but saddened that the agent had not taken control of his business with a plan.
A business plan is a road map. It is a tool to show you how you get from point A to point B. It is not set in concrete. Good business plans are written in ways that allow for flexibility and change as your business changes.
There are several elements that a business plan must have to be complete. First, the business plan needs to have realistic goals. Preferably, how many listings you are going to take, how many buyers you are going to sell and how many total units you are going to close. I use the word realistic because sometimes people tell me, "I'm going to double my business next year." This is always admirable, and I am never one to tell someone they can not achieve a goal that they set, but, most agents are not willing to make the commitment to the type of effort that is required to obtain a goal of this magnitude.
Beyond that, your business plan should include some method for achieving the goal. In other words, what activities are you going to engage in to achieve you goal. Are you going to call FSBOs? Work expireds?
Prior to starting your business plan, I recommend that you review your business from 2007 and study where your business is coming from and use that information as a starting plan for the new plan. The best agents I have worked with in the business can tell me at the drop of a hat exactly where there business is coming from.
The hardest part is to start. Once you have something down on paper, the refining of the plan should be ongoing. Details can be added in time as you become more clear on how to achieve your goals.
Best of luck in your business planning in 2008. I am always willing to assist people with this process and would be happy to review your plan. Email me at patrick@century21.com if I can assist you in any way.
First, I would say to you that any agent who really wants to be successful in this business MUST have a business plan. It really isn't important what format the plan is in, what kind of paper it is written on or what color and type size it is written in. SUCCESSFUL AGENTS HAVE A BUSINESS PLAN!
I remember cleaning out the desk of an agent who left our company to go to a competitor. The agent had been complaining for months about his business and how he was not making any money. In one of his desk drawers, I found a file folder that had the words, "business plan" written on it. The file was empty. I was not surprised by this, but saddened that the agent had not taken control of his business with a plan.
A business plan is a road map. It is a tool to show you how you get from point A to point B. It is not set in concrete. Good business plans are written in ways that allow for flexibility and change as your business changes.
There are several elements that a business plan must have to be complete. First, the business plan needs to have realistic goals. Preferably, how many listings you are going to take, how many buyers you are going to sell and how many total units you are going to close. I use the word realistic because sometimes people tell me, "I'm going to double my business next year." This is always admirable, and I am never one to tell someone they can not achieve a goal that they set, but, most agents are not willing to make the commitment to the type of effort that is required to obtain a goal of this magnitude.
Beyond that, your business plan should include some method for achieving the goal. In other words, what activities are you going to engage in to achieve you goal. Are you going to call FSBOs? Work expireds?
Prior to starting your business plan, I recommend that you review your business from 2007 and study where your business is coming from and use that information as a starting plan for the new plan. The best agents I have worked with in the business can tell me at the drop of a hat exactly where there business is coming from.
The hardest part is to start. Once you have something down on paper, the refining of the plan should be ongoing. Details can be added in time as you become more clear on how to achieve your goals.
Best of luck in your business planning in 2008. I am always willing to assist people with this process and would be happy to review your plan. Email me at patrick@century21.com if I can assist you in any way.
Saturday, November 10, 2007
Start Stop Continue - A time management tool
Everyone is busy. In the day and age of technology, we are always trying to do more things in the same amount of time. The blessing of technology is that it has given us many tools to save time and be more efficient. The bad news is that all too often we try to cram more things into our time to use up all of this time we are saving.
I think it is important for us to review our time periodically and examine how we are spending it. I try to emplement a process in my time management called "Start, Stop, Continue". I have been using variations of this technique for ten years. The process is simple. Periodically, write down everything you do for a week and try to keep track of how much time you are spending on each task.
Once you have a good sampling of how you are spending your time, sit down in a quite place where you will be uniterrupted and ask yourself these questions: 1. What am I doing that I could stop doing? 2. What am not doing that I should start doing? 3. What am I currently doing that I must continue doing?
Sometimes, in order to start new things, we have to quit doing things that we have been doing out of habit or because someone told us to do them and the reality is those things are not the best use of our time. The key is to make sure you don't wuit doing the things that you need to do to keep generating leads to drive your business. Too often we do the things we need to do until they work, then we quit doing them. Don't fall into that trap!
Our time is the most important thing we have. When you boil down our lives, it is really all we have. The decisions we make on how to use it are the most important decisions we can make.
I think it is important for us to review our time periodically and examine how we are spending it. I try to emplement a process in my time management called "Start, Stop, Continue". I have been using variations of this technique for ten years. The process is simple. Periodically, write down everything you do for a week and try to keep track of how much time you are spending on each task.
Once you have a good sampling of how you are spending your time, sit down in a quite place where you will be uniterrupted and ask yourself these questions: 1. What am I doing that I could stop doing? 2. What am not doing that I should start doing? 3. What am I currently doing that I must continue doing?
Sometimes, in order to start new things, we have to quit doing things that we have been doing out of habit or because someone told us to do them and the reality is those things are not the best use of our time. The key is to make sure you don't wuit doing the things that you need to do to keep generating leads to drive your business. Too often we do the things we need to do until they work, then we quit doing them. Don't fall into that trap!
Our time is the most important thing we have. When you boil down our lives, it is really all we have. The decisions we make on how to use it are the most important decisions we can make.
Tuesday, October 16, 2007
The Value of a Client
My column in last week's Fort Worth Star Telegram was an article that contained a number of statistics regarding real estate in the state of Texas. You can read the full article here, http://www.star-telegram.com/117/story/266864.html . There is one little statistic there that I think is very important and I want to expand on it.
The statistic I am talking about is that 63% of those surveyed said they would use their agent again, but only 41% actually used the agent to by their next home.
There are two things that alarm me here. First, only two thirds of our customers are happy with our service. This is a problem, but not the topic of this blog entry. The bigger issue is that clearly people have a problem finding the agent that they want to use when they need our services again. Our company recently did a study and discovered that one satisfied client can mean $16,800 in sales!
Lack of follow up after the sale is so easy but yet something that our industry is historically really bad at doing. In today's world their are so many ways to follow up with our customers that are inexpensive and simple. Electronic newsletters, egreetings, automated postage campaigns are all ways to follow up.
I believe that these methods, while somewhat impersonal, are certainly better than doing nothing. However, given the value of what a client can mean to you in the long run, I think the best way to follow up is with a personal phone call or visit. A client who has bought or sold a home and remains in the immediate area should be contacted at least twice a year.
Excuses abound. "I was too busy", "I really didn't like those people", "They aren't going to move for years". These are all excuse I have heard.
The car dealership where I bought my last car calls me after visit I make there, even if I have just had my oil changed. Why? They want to retain my business. They get it. They know the cost of generating new customers is far greater than retaining old ones and the value of those customers through time.
It is time for real estate agents to get it. We spend so much time on generating new business that we forget about what we have. Study the value of each client and the referrals they send you each year and make time to follow up with those people in a personal manner.
The statistic I am talking about is that 63% of those surveyed said they would use their agent again, but only 41% actually used the agent to by their next home.
There are two things that alarm me here. First, only two thirds of our customers are happy with our service. This is a problem, but not the topic of this blog entry. The bigger issue is that clearly people have a problem finding the agent that they want to use when they need our services again. Our company recently did a study and discovered that one satisfied client can mean $16,800 in sales!
Lack of follow up after the sale is so easy but yet something that our industry is historically really bad at doing. In today's world their are so many ways to follow up with our customers that are inexpensive and simple. Electronic newsletters, egreetings, automated postage campaigns are all ways to follow up.
I believe that these methods, while somewhat impersonal, are certainly better than doing nothing. However, given the value of what a client can mean to you in the long run, I think the best way to follow up is with a personal phone call or visit. A client who has bought or sold a home and remains in the immediate area should be contacted at least twice a year.
Excuses abound. "I was too busy", "I really didn't like those people", "They aren't going to move for years". These are all excuse I have heard.
The car dealership where I bought my last car calls me after visit I make there, even if I have just had my oil changed. Why? They want to retain my business. They get it. They know the cost of generating new customers is far greater than retaining old ones and the value of those customers through time.
It is time for real estate agents to get it. We spend so much time on generating new business that we forget about what we have. Study the value of each client and the referrals they send you each year and make time to follow up with those people in a personal manner.
Saturday, September 15, 2007
How to be a happy Realtor - Time management and balancing your life
This week I had an interesting conversation with an agent in my office who has been in the business for just about one year. The agent had just closed on a difficult transaction and our conversation turned to customer service and making sure that clients are happy after the transaction closes. This particular agent consistently goes above and beyond the call of duty in communicating to clients. A characteristic that is admirable, but if not managed, will lead to burn out and excessive stress.
I took the opportunity to share with the agent some of my thoughts on time management, and so I thought I would share them here too.
First of all, I think it is important to always establish expectations at the outset of a relationship. Let the client know what days and hours you work, in what time frame you will return calls and emails, then, adhere to that schdule. I learned very early in my career that people would treat me the way I trained them to treat me. If I answered my phone at 9:00 at night, that would be when they would call me. Don't let your clients steal your personal time. You need that time to be better able to serve them when you are working.
Organization is the key to time management. Any successful agent I have ever known has had solid systems in place for staying organized. Using a contact management program such as Outlook, is a great way to stay on top of your time. Personally, if I think there is a chance that I will need to schedule an appointment when returning a phone call, I will not make the call until I have my calendar in front of me. All of my emails, contacts and tasks are in one place. I don't know how I ever managed without the systems I have now.
Finally, I can't stress enough how important it is to create balance in your life. An agent who worked for me several years ago had an amazing year, was the top agent in the office and was simply setting the real estate world on fire. However, the time the agent was spending in the office was taking a toll on his personal life and relationship with his family. At the end of the year, the agent came to me with a business plan that floored me. The agent was actually planning on scaling back is business, letting his personal assitant go and spending more time with family. Six months later the agent shared with me that he was happier than he had ever been, by cutting costs, he was taking more money home and his wife was expecting a baby. And the best part is that he actually did more business because he was happier!
A true success story of how balance in your life can make you BETTER at what you do and HAPPIER! Embrace it!
I took the opportunity to share with the agent some of my thoughts on time management, and so I thought I would share them here too.
First of all, I think it is important to always establish expectations at the outset of a relationship. Let the client know what days and hours you work, in what time frame you will return calls and emails, then, adhere to that schdule. I learned very early in my career that people would treat me the way I trained them to treat me. If I answered my phone at 9:00 at night, that would be when they would call me. Don't let your clients steal your personal time. You need that time to be better able to serve them when you are working.
Organization is the key to time management. Any successful agent I have ever known has had solid systems in place for staying organized. Using a contact management program such as Outlook, is a great way to stay on top of your time. Personally, if I think there is a chance that I will need to schedule an appointment when returning a phone call, I will not make the call until I have my calendar in front of me. All of my emails, contacts and tasks are in one place. I don't know how I ever managed without the systems I have now.
Finally, I can't stress enough how important it is to create balance in your life. An agent who worked for me several years ago had an amazing year, was the top agent in the office and was simply setting the real estate world on fire. However, the time the agent was spending in the office was taking a toll on his personal life and relationship with his family. At the end of the year, the agent came to me with a business plan that floored me. The agent was actually planning on scaling back is business, letting his personal assitant go and spending more time with family. Six months later the agent shared with me that he was happier than he had ever been, by cutting costs, he was taking more money home and his wife was expecting a baby. And the best part is that he actually did more business because he was happier!
A true success story of how balance in your life can make you BETTER at what you do and HAPPIER! Embrace it!
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