February, 2017:

7 Must-Haves for Every Realtor

7 Must-Haves for Every Realtor

The word “must” gets thrown around a lot in real estate.

You must be active on social media.  You must use video.  You must work with internet leads.

The truth is, you can be successful in real estate without social media, video, internet leads and just about every other “must” out there.

In fact, there are only seven true must-haves for every Realtor.

#1 – A Plan

You don’t need a formal business plan, but you do need to know what you want to achieve and how you’re going to achieve it.  Make sure your plan is in writing and set aside time to review it at least once per month.

#2 – A Clear Value Proposition

In your marketing materials and in-person, you must communicate to potential customers why they should work with you instead of someone else.  Your value proposition could center on your experience, track record, previous careers, local knowledge, or anything else that distinguishes you from other agents in your market.

#3 – A CRM (Customer Relationship Management)

Your network is your most valuable asset as an agent.  You must have a reliable place to store, manage, and access the contact and personal information of the people in your database.

#4 – A Consistent Way to Generate Leads

If your income is unpredictable from one month to the next, inconsistent lead generation is the likely culprit.  To smooth out the peaks and valleys, invest in marketing and prospecting systems that give you a consistent flow of potential buyers and sellers.

#5 – A System for Tracking Lead Sources

You can’t know what’s working and what isn’t unless you track how you get your leads.  You can use something as simple as an Excel spreadsheet, or you can use your CRM.

#6 – A Place to Log Expenses

You might have heard the saying, “It’s not what you earn, it’s what you keep”.  If you don’t know how much money you’re spending, you can’t know how much money you’re keeping.

Programs like Quickbooks, or apps like Expensify, make logging expenses easy so you always know what you’re keeping.

#7 – A Transaction Management System

The quickest way to damage your reputation and endanger your license is to drop the ball during a transaction.  You must have a system in place to ensure you have the proper paperwork, meet contract deadlines, and follow-up on all outstanding issues.
P.S. – The most common missing item of the seven is a plan.  If you don’t have one, now is the perfect time to put one together. Without a business plan, you will struggle to hit your goals.