There are two real estate business strategies any agent can use to close 24 or more deals per year, no matter the market. The first is to generate your full income goal in four different ways, and the second is based upon the principle that consumers want to do business with people they like, trust and respect. By staying top-of-mind and building meaningful relationships, your income will be consistent month after month because you’ll produce a consistent flow of referrals, and a consistent flow of income leads to the creation of long-term wealth.
The 4 Pillars (Sources) of Income
Whether you are a new agent or have years of experience, developing pillars of income to support your business is essential to your growth. Relying on a single pillar often results in failure and a lack of income. A shift in the market, changes in regulations or a softening in that particular pillar could have dire consequences. However, developing and working four pillars will ensure a thriving business, and when the market shifts, you will have more than one way to adapt and generate income.
To develop your pillars, start by identifying the four sources of income you’d like to pursue, and work each one as if it is your only source. Choices for pillars include your SOI, expired listings, FSBOs, online lead sources, social media, geographic farming and new construction. While there is no shortage of lead sources, the challenge is to identify the four with which you can be most successful. Develop your marketing strategy for each pillar of income and take massive action (aka money-making activities like prospecting, prospecting and more prospecting).
Top 50 Program: 86-50-1
My eBook “86-50-1” outlines the exact process that Master Coach Mike Coke used to nurture his relationships at such a high level that he was able to yield massive returns for years to come. The concept is all about personal connection. Our relationships are our most important assets, and the relationships we have generate more business and more profitable income than anything else we do. That’s why we spend time, resources and money buying things like contact management systems or creating our own.
Good habits related to managing your relationships and a routine of dollar-productive activities will help you create consistent income without the peaks and valleys that can be caused by market circumstances. By adding simple strategies like these to your arsenal, you can develop a business that thrives no matter the market. To receive instructions on how to integrate these powerful strategies into your business, email firstname.lastname@example.org, and we’ll get you implementing them in no time.
For more information, visit www.WorkmanSuccess.com.