Consistency is key when it comes to any business venture, especially real estate. It can be tempting to switch up your business strategies here and there when things aren’t running smoothly, without giving your original plans time to shine.
The tips below will teach you how to be consistent in your efforts and give you a better chance at reaching that carrot we’ve all been chasing.
Trace the steps that have enabled the top real estate agents to get to where they are today.
Here is the podcast:
How To Be Consistent
Behind every successful real estate agent there is a plan, which they follow every week without fail. The key is being consistent with that plan.
There are three tips you should follow to help you be more consistent:
- Establish your KPIs (Key Performance Indicators) - these should be specific, attainable numbers that you know you can reach every week.
- Track your goals with the Prospecting Hack Sheet - use this sheet to log your prospecting efforts and see where you are at with your KPIs.
- Have someone hold you accountable - find a colleague, friend, or family member who can push you toward your goal.
Let’s get started.
1. Establish your KPIs
One of the first and most important things you can do as a real estate agent is set up a real estate business plan to outline your goals.
Once you’ve set goals, you can then establish your KPIs to measure the progress you make towards those goals every week.
Focusing on your KPIs allows you to easily get an overall diagnostic of your business plan, so you can analyze patterns in your business and make any necessary adjustments.
Real estate KPIs might track your number of transactions, face-to-face appointments, buyer and listing presentations, or lead generation for the week, amongst other metrics.
Your KPIs are also important tools for calculating your monthly or yearly conversion ratios.
Be careful not to choose KPIs that are virtually unattainable. You want your KPIs to be achievable so that you stay motivated and they eventually become a weekly habit.
2. Using The Prospecting Hack Sheet
Now that you’ve come up with the KPIs that are important to your business, you can customize the categories in the Prospecting Hack Sheet to fit your specific needs.
My Prospecting Hack Sheet is set up to track the following metrics on a weekly basis.
One of the metrics I’ve found helpful to track in my business is the number of events I attend.
Attending events is a great way to get in front of people, and in turn, foster a relationship with potential clients. You should strive to attend at least one event every week, such as a training, marketing event, or social gathering.
Another metric I’ve found helpful in my business is tracking lead generation.
Here, I’m looking to add at least three new leads per week to my database. This number includes leads from any source; I don’t go into details of the breakdown on this sheet.
Tracking the amount of time you dedicate to prospecting every week is important, since it should have a direct correlation to your productivity level.
When it comes to prospecting, a good KPI to aim for is about 10 hours per week.
Good prospecting should generate meaningful conversation with the people you are reaching out to.
Use this space to document your conversations in more detail. Jot down the names of the people you have conversations with in the cells provided, then go back and tally the names at the end of the week.
Personally, I aim for 60 meaningful conversations per week. These are more than just quick phone calls; this number represents substantial conversations or text dialogues with the people I want to keep in touch with.
Statistically speaking, only about one-third of the phone calls you make will turn into a meaningful conversation. This means that if you make 180 phone calls in a week, only about 60 of those will be truly meaningful conversations. The same idea applies to text messages or emails.
At the end of the day, the ultimate goal of your conversations is to set a face-to-face meeting with the person you are talking to.
This could be grabbing coffee, meeting at a neutral location, or going out to lunch, depending on your situation and comfort level.
I would recommend a KPI of 10-15 face-to-face appointments per week.
Buyer and Listing Presentations
From there, the goal is to transform your face-to-face appointment into a subsequent buyer or listing presentation.
This is important because as a real estate agent, buyer and listing presentations are your bread and butter.
Aim for at least two a week. That means eight per month, which is a huge opportunity to increase production. Remember, you won’t get a client out of every buyer or listing presentation.
Here you’ll track the number of people who have taken the next step and signed a buyer’s representation or listing agreement with you.
Your KPI should be to get at least one new listing agreement or buyer’s representation signed per week.
Ideally, if you put the effort in, 50% of your buyer and listing presentations will result in some kind of agreement. If you set eight appointments per month, this translates to four new clients every single month.
While having the buyer’s representation or listing agreement signed doesn’t guarantee you will close a transaction, the higher this number is, the greater opportunity you have to close a deal.
Thank You Cards
Another great way to get in front of people and stay top of mind is to send thank you cards on a consistent basis.
Try sending at least six thank you cards per week. If you attend six face-to-face appointments every week, then you have a reason to send six thank you cards.
Commit yourself to send a thank you card after each listing appointment or buyer consultation, whether or not they sign up to work with you. Or send them to people you haven’t talked to in awhile to get back in touch with them.
Sending cards really does make a difference, and it makes you memorable as an agent.
A great tool to use for this is SendOut Cards.
3. Be Accountable
The final tip on how to be consistent is finding someone who can hold you accountable to your goals.
Being accountable to someone else means they know the goals you are working toward and they encourage you to reach those goals.
Establishing accountability helps to maintain your focus and motivation, since now you have to answer to someone else if you don’t follow through with your plan. For more motivation, checkout the post I made here on the Top Real Estate Quotes.
A good accountability partner might be a friend, family member, or colleague you can depend on to give you an honest evaluation of your business efforts.
Final Thoughts on How to Be Consistent
As American author and leadership mentor John Maxwell said, “Small disciplines repeated with consistency every day lead to great achievements gained slowly over time.”
And it is true. Being consistent is at the foundation of any successful business. Consistency is a commitment you make in the realization of your goals.