I’m excited to bring you my latest message on what to do in a changing market. If you haven’t already, be sure to check out my earlier videos on the topic.  

Being prepared for changes our market will continue to endure is a must in the world of real estate. As many as 85% of agents are out of the business within their first five years, and that number shoots up to 98% for agents that make it 10 years.    

To avoid becoming part of the statistic, prospecting is integral to your success. This is far from everyone’s favorite part of the job, but there’s a succinct phrase to consider: A closed mouth will never get fed. It’s a simple rule, but fundamentally important to remember. The only way you can grow your business and stay in business is through prospecting. 

The market forecast for 2019 was clear—along with a rise in market prices, we will have fewer sales. Accounting for this, you’ll need to make the most of your opportunities and employ the most effective strategies. 

“There’s a succinct phrase to consider: A closed mouth will never get fed.”

Organize the business you’ll acquire into these three categories: 

  • Today business. These are prospects that have to act with immediacy, and they include For Sale By Owner (FSBOs), sellers that have a short window of time to move, etc.    
  • Tomorrow business. This is your follow-up business, or those who aren’t ready to act just yet but will be relatively soon. This includes those with a lease that’s nearing its end or those who are a month or so away from getting into the market.
  • Passive business. This mode of business is centered around your consistent outreach and will come from your friends, family, and others close to you.

On top of that, you need to make it your mission to master five facets of your prospecting, effectively becoming a specialist in those areas; examples are calling FSBOs unrelentingly, mailing people in your sphere of influence each and every month, and door knocking at least once a week, just to name a few.  

Set daily standards for the number of contacts we make a day and compare those markers with last year’s standards. By doing this, you can pinpoint your No. 1 income-opportunity source from the prior year, capitalize on that source further, and leave room to supplement your strategy with other sources as well. 

Lastly, cast aside past behaviors and focus on a mentality that will drive your success now and that you can carry into the future. The best time to get ahold of people is in the morning and Thursday afternoon, so if you don’t succeed at one of those times, try the other. 

If you’d like more information, want a free business assessment, or have suggestions for a future video topic, please reach out to me. I hope to talk to you soon!