top of page

Understanding The Fundamentals

To be successful in real estate, you MUST master the fundamentals.

There are four keys to becoming a high-producing agent, and I’m going to break them down for you. It’s important to master these to ensure your success as a realtor and entrepreneur.

Key 1: Shift Your Mindset

One of the most important traits an agent needs to be successful is self-awareness. In order to improve your business (and your life), you must have a starting point. You know yourself better than anyone, and it’s time to do some soul searching to identify the things that are keeping you from climbing to the next level. Consider asking yourself these questions:

  1. Are you a procrastinator?

  2. Do you find yourself doing things that “keep you busy” but don’t actually produce any business?

  3. What does your daily routine look like?

After looking at some of the most successful agents in the country, I recognized that they all have one thing in common: They are extreme executors. They’re obsessed with their routines, and they don’t leave gaps of wasted time (nor do they fill their time with mundane tasks that can either be automated or outsourced). They understand that time is their most prized commodity. This is a big part of why shifting your mindset or reframing your thinking is so important. You MUST have enough self-respect to value your time, and only spend it on things that are helping you grow your business (personal and family life aside, of course). I think often agents waste time because they don’t truly realize how important it is. Try a quick exercise: Assign a literal monetary value to every hour of your time. Now double that amount. Now, double THAT amount. Observe how that feels, and ask yourself if you’ve been undervaluing your days, hours, and minutes. Time is our most precious investment, so: Decide what YOUR time is worth and choose how you spend it wisely.

Key 2: Survive Market Fluctuations

There is no master formula or cheat code for increasing your market stamina. It’s not something that is just acquired in one day. Market stamina is like a fine wine: It gets better with age…IF you know how to refine your process and focus on what’s important. There are some essential practices to keep in mind if you want to cement your performance as being superior.

  1. Define Your Market: I say it a lot, and I’ll say it again (because it’s that important): Decide who you’re going to serve (millennials, first-time buyers, retirees, etc.) and what product you’re going to sell them (desert homes, beachfront properties, suburban living, etc.).

  2. Be A Consultant: Always recommend the best options to your clients (fixer-upper with renovations buildout, refinance options, new constructions, etc.).

  3. Make No-Brainer Offers: Make offers that the client feels irresponsible not taking.

  4. Follow-Up: This goes without saying, but is so important that I’ll say it again. TOO MANY agents fall short on this tip. Having a sequence set up that creates audience touchpoints is paramount. Using things like home buyer guides, market reports/newsletters, video messages, etc. builds authority and credibility with your audience.

Key 3: Mastering The Art Of Negotiation

Mastering the process of negotiation is truly an art form. You must know how to read the room, so to speak. Knowing when to let things be versus when to be more aggressive is key. Here are (you guessed it!) some tips on improving your negotiating performance.

  1. Be Prepared: Bring all necessary materials to your meetings (CMA, Similar Case Studies, Testimonials, etc.)

  2. Face-To-Face: It’s always better to negotiate face-to-face. You can get a clear read on how you’re being perceived by reading the body language and posture of the client. By meeting in person, there’s also a wildly better chance that you will have the client’s full, present attention (as well as showing them that they have yours, which goes a LONG way for a multitude of reasons).

  3. Seek To Understand: Always remember to be your clients’ advocate and consultant. They are considering your help based on your market expertise combined with your ability to help them make an informed decision. Potentially the most vital part of helping them feel understood: Listen more than you talk, and ask more questions than you answer (How can somebody feel like you understand them unless you spend a significant amount of time listening?).

  4. Don’t Be Afraid To Say No: Some clients just aren’t worth the trouble, so know when to say no. It’s ok, I promise.

  5. Pick Win-Win Deals: Pick deals where you and your client both win. This is why defining your market is key; based on the type of client you serve, you’ll be able to have a feel for where they’re at right out of the gate, and you’ll be able to cater to their needs depending on what they value.

Key 4: Be Disciplined

In order to truly maximize your time as an agent and entrepreneur, you must do the following:

  1. Create A Routine: A series of events and/or tasks you complete on a consistent basis.

  2. Stick To Your Routine: Be honest with yourself and realistic about things you place in your routine. Challenge yourself to be disciplined and CONSISTENTLY execute that routine.

  3. Make Time For Reflection & Analysis: In order to forecast/project the necessary investments, improvements, and next moves for scaling your business, you absolutely must analyze your performance (metrics, concrete data, numbers). You can do this on a daily or weekly basis.

  4. Set Aside Time For Relaxation, Recovery, & Enjoying Your Fruits: Proper rest and relaxation is just as important as going out and crushing it. You deserve it; We all do! Work can be a prison without a proper work-life balance.

Use your routine not only to build discipline but self-awareness, as well. Consistent routine utilization really does provide a baseline by which you can observe fluctuation with yourself. You can really maximize your results when you have set milestones or goals based on how you’re performing and can adjust accordingly. Just like using numbers to really observe how your business is running, having an objective (scientific, even) approach to how you’re running your life is essential for improving it.

“Respect the building blocks, master the fundamentals, and the potential is unlimited.”

-PJ Ladd

Mastering the fundamentals is important because it unlocks your potential. I challenge everyone reading this to take any opportunities you have to go out and define your market, talk to people, and make real connections. When people perceive you as someone who has their best interests at heart, they will trust you. And trust, my friend, is the key to winning over any client in real estate (and any type of sales, really).

5 views0 comments

Discover Source Hero's solutions for small businesses.

  • Facebook

Join Private FB Group!

bottom of page