2023 Business Planning: What Must Be Considered

2023 business planning

Greg Harrelson & Abe Safa discuss business planning for 2023 and what you should be considering when making your plan.

Most people in the real estate industry don’t lay out their business plan until December, but you’ll be three months behind if you do that.

In real estate, you don’t just take a listing today and then sell it to a lead right away. It can take months to post a listing, market it, screen interested buyers, and close deals, especially when you’re also busy gathering and warming leads.

That means it’s time to start your 2023 business planning. Read on for our breakdown of everything you need to keep in mind while nailing down your business plan.

 

Form Plans for Different Trends in the Market

This isn’t about predicting the ups and downs in market prices; this is about preparing for those ups and downs so you’re ready if and when they happen. How will you adapt to the changes that happen in the market next year?

You can’t just go with the flow of the market. If you do this and the market goes down, you risk going down with it also. That’s why effort and planning is so important.

 

Scale up Your Effort

If the market goes down by 40 – 50%, you’ll be at half of what you earn this year. You can’t control that — but you can control how you respond to it.

Making half as much for your effort? Well, put in twice or three times as much effort, then. Double down on calling and take charge of your success.

Be Consistent

While working on phone calls and lead generation for three hours a day for 100 days is the same time commitment as doing this for an hour and a half for 200 days, consistency is king. Putting in an hour and a half each day for 200 days will have a far larger impact.

Refuse to Be Passive

Don’t just accept the loss that the market brought to you — fight it instead. Continue being an active participant in your own life and learn how to adapt and problem-solve if things get tough.

 

Track Your Numbers Closely

Your future depends on your numbers. Tracking your sales and losses is extremely important, as it gives you an overview of your business so you can make informed decisions.

Eliminate Distractions

One thing that keeps us from moving forward is distractions. If we’re constantly distracted, we can never get properly focused to do our best work. Shut your personal phone off and ignore any notifications that aren’t related to real estate; 2023 is the time to buckle down and get serious.

Keep Generating Leads

Your hot leads were probably only hot because they were excited about low-interest rates and swept up in the excitement of selling and buying properties. However, negative sentiment about real estate has seriously impacted almost every lead, meaning that your hot leads have probably cooled off a bit.

People who were motivated to buy six months ago are not nearly as motivated now. This means you need to focus on warming your leads back up and generating new leads to keep things moving.

The game has changed, but guess what?

We all have the tools and knowledge to win at this new game — we just have to change along with it.

Published on Oct 11, 2022 under , ,

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Real Estate 101

What Does Pending Mean in Real Estate?

What Does Pending Mean in Real Estate?

What Does Pending Mean in Real Estate?

When looking for a new home, you will encounter properties in various stages of activity.

This sparks several questions. What should you do if the status of the home you’re interested in is “pending” or “contingent”? What is the meaning of contingent in real estate?

What does pending mean in real estate? Understanding the distinctions between contingent and pending can help you identify properties you may still be able to purchase — and how to proceed if you’re interested.

pending-real-estate-infographic

What Does Pending Mean in Real Estate?

Pending means that both the buyer and the seller have signed a legally binding contract and are ready to advance. There are still questions about how the contract will end, so the offer is still “pending.” This could include the home purchase conditions, repairs, inspections, court approvals, or reports. 

Aside from “pending,” there are some real estate conditions you must be aware of if you’re looking for a property. This way, we can determine what pending means compared to other property conditions.

Contingent

The seller accepted an offer, but the deal won’t go through until a home inspection, loan approval, or another condition is met.

Contingency deals are still available because you can cancel the contract under certain conditions. Contingent deals will become “pending” if everything goes well.

Under Contract

If a buyer makes an offer and the seller accepts, the sale is under contract.

All contingencies must be met or waived for a house to be “complete” (inspection, financing). “Under contract” becomes “sold” when the deal closes.

Sold

A transaction is not considered “sold” until the physical transfer of the property, and the exchange of money have occurred.

After that, the transaction is considered “closed,” and the new owner is given full property ownership.

What Does “Pending” Mean in Real Estate Compared To “Contingent?”

Contingencies are requested provisions — a sort of safeguard — to protect the buyer’s money in a specific situation where the buyer may feel compelled to back out of the deal.

Contingent sales occur when a buyer requests and the seller accepts a contingency.

At this point, the seller can’t entertain another offer, but the buyer can back out if their contingency fails, which is completely different from pending agreements. With a pending condition, you most likely can’t back out of the deal. 

Common Questions Encountered in Real Estate

What Does Pending Mean in Real Estate?

 

How Can Finances Affect a Pending Condition?

Unsurprisingly, financing is crucial to the successful purchase of a home. Even if a buyer is pre-approved for a loan, circumstances such as losing or quitting a job or taking on a large debt can change the lender’s mind.

What Could Happen If the Inspection Fails?

Home inspection contingencies permit the buyer to withdraw from the transaction if the inspection reveals a significant defect.

As a new homeowner, spending thousands of dollars on unforeseen repairs after closing is the last thing you want.

Does Appraisal Release You From Your Contract?

The buyer is released from responsibility under the contract if the home’s appraised value is lower than the purchase price.

Suppose the appraisal is lower than negotiated, and there is no clause allowing for a price adjustment.

The buyer will be forced to either determine the difference between the purchase price and the appraised value or lose their deposit.

Coaching Greg Harrelson Real Estate Lead Generation Abe Safa

How to Manage The Shift

How to Manage The Shift

manageshift

Admit That It’s Real


We all know that things are changing and there’s a lot of uncertainty in the stock market and economic inflation. You must first start by admitting that it’s okay. The market is going to be different now than it was before. Get ready for what needs to be done to find opportunities in this shifting market.  

Take 30 Minutes and Hit Pause 


Before doing what needs to be done, you need to take a step back for 30 minutes and just think about your business. Write down five things you must adjust, assuming the market is shifting.

This gives you time to think. People are always rushing and are constantly stressed out, and having a break will give you time to be creative. Do this during the morning when your mind is still fresh. 

Set a New Daily Contact Goal


Talk to at least 20 people a day and just check in with them and see if they’re curious about whether the value of their home has changed or not.

See if they have questions about what is happening in the market. You could be a good resource if you open up the conversation. 

Get a Coach


If you’re in coaching right now, the big question you have to answer is, “Are you showing up for every call?”

And, if you don’t have a coach yet, who can be your coach?  

The problem in hot markets is that even though they can afford to have a coach, they do not do anything the coach says.

On the other hand, when the market is down, few people are getting into coaching because they are afraid they cannot afford it. Those that do show up and follow the coach thrive in a shifting market. 

Use Tech Tools To Increase Your Bandwidth


You’ve got one of the most powerful features in CRM out there with the workflows. It helps you connect with more people; this means more business. Connect and talk to at least 30 to 40 percent more people to do the same amount of business.

Don’t let your business go down just because the number of transactions in your market goes down.

Bandwidth means the number of people you can talk to within a certain period of time. Using technology and having an ISA will increase your bandwidth because you can communicate with more people in the same amount of time.

Rewrite Your Schedule and Eliminate Anything You Cannot Track a Positive ROI From


Look at your schedule and all the things you consistently write there and ask yourself what your ROI is. If you have a hard time answering that question, you need to think twice about whether that needs to be in your schedule.

Re-evaluate your schedule and eliminate stuff that doesn’t contribute to investments’ gains.

Get an Accountability Partner


Do so and set your goals. You can have two or three accountability partners to help you stay on track. Having an accountability partner will motivate you on days when you don’t have a hundred percent in you. The sizzling hot market can make you create bad habits and lose focus.  

Work on Your Mental Endurance


You need to have the mental endurance to stay the entire day. Talking to 20 people a day is no joke. Stick to the game and avoid all distractions that come your way.   

Work on Your Physical Endurance


This is a good time to get back in shape because you will be needing that energy and stamina. Having good physical endurance makes you think more clearly and perform better. The physical side really helps the mental side. One way to break the pattern of lack of motivation is to start increasing your physical strength. As Tony Robbins would say, physiology dictates your psychology.  

Know Your Numbers To Know Your Market


As the market is shifting, your market knowledge becomes more valuable. Start separating yourself from the rest of the market. Gather all the data to have conversations with people about what’s happening at the local or national level, stock markets, interest rates, or inflation because people are talking about this now. You need to be able to have intellectual conversations with sellers and buyers on these topics. 

Remember: your job is to be able to find the data that makes the buyer comfortable moving forward. These buyers know all the news around them, and you need to present the data that will otherwise make them feel confident about buying. Your job is to bring certainty to a world full of uncertainties; that’s what they need right now.

The shift doesn't mean the market has completely flipped...

 

A coach is an investment.

 

Tech, Tools, and Real Geeks

 

Calculate your value per hour.

 

Mental Endurance

 
Coaching Keeping It Real

Keeping It Real: The Resources To Equip Your Real Estate Team for Success with Sascha Chatman

Keeping It Real: The Resources To Equip Your Real Estate Team for Success

 

 

In this episode of Keeping it Real, Sascha Chatman and  Frank Klesitz, CEO of Vyral Marketing, break down how you can equip your real estate team for success.

Learn more about the resources needed to manage your own team of real estate agents. Of course, a capable workforce is one thing for generating leads and obtaining success in the real estate world. However, having the right resources available is one of the critical factors needed to equip your real estate team for success.

Recruiting Presentation 

Transforming Your Success into Their Success

Creating a Schedule

Buying this Year vs Next Year

Discovery Phase

The discovery phase is meant to determine whether or not the agents being recruited are the right fit for their real estate team while providing the necessary details for the agents to know what their team is about. Sascha first discusses their team goals and strategies to ensure agents know exactly what they're walking into. He also discusses other matters, such as expectations from the agents themselves and their commissions.

The discovery phase may be one of the most important parts of knowing how to equip your real estate team for success. In order to succeed, you need to have a reliable workforce on your side that shares the same goals and is willing to cooperate with the rest of the team to move forward. Having a compatible and efficient team is one of the best resources you can have in real estate, as it can significantly affect your business' productivity.

Ad Educated Buyer is Easier to Work with!

Agent Utility Belt

This is the highlight of the entire video. Sascha compares his utility belt of resources to Batman's belt of tools and trinkets. This belt essentially exists to store all resources and keep them within reach. Don't get the wrong idea, though. It's not an actual belt. Instead, it is usually a cloud or a compilation of all your valuable resources, such as videos, links, and other agent tools. Having a utility belt that is curated specifically for your team and your needs could help increase the productivity of your workflow because you won't have to scavenge for resources when you need them.

Not only does it make you more productive within your workplace, but it also gives off the sense that you are reliable and organized. When clients ask for something, you will easily have it within reach. 

Clients understandably have many questions before closing the deal, so one of the best ways to answer them is to grab a resource from your utility belt. For example, you're talking to a client about title insurance. Instead of answering their questions yourself, you could take an informative video from your utility belt and ask them to watch it. This makes it easier to understand and relate to.

Having a utility belt is a great way to equip your real estate team for success. It also comes in useful during business transactions. All in all, it's one of the best resources that a real estate team can have.

Having the right resources is essential in equipping your real estate team for success. Create an agent utility belt that caters to your team by signing up for the Real Geeks platform today. We provide valuable resources that you and your team can use to achieve the best possible outcome in every situation. Get started with us today!

Coaching Greg Harrelson Real Estate Lead Generation Abe Safa

How To Monetize a Lead Funnel Through Simple Nurture

Greg Harrelson & Abe Safa discuss lead funnels and how to build and monetize them through simple nurture campaigns.

It can be challenging to turn a profit in today's competitive market, but it's not impossible with the right tools and techniques. This article will discuss one such tool: the lead funnel. We'll also show you how to nurture your leads through simple, practical methods to maximize your chances of making a sale.

What is a lead funnel?

 
 
 
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What is a Leaky Funnel?

 
 
 
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What Does Lead Funnel Mean?

The first step to monetizing your lead funnel is understanding it and how it works. A lead funnel is simply a process by which you generate leads and then nurture them until they're ready to purchase. It's an essential tool for any business, but it's significant for companies in highly competitive industries.

There are several ways to generate leads, but the most effective method is usually through online channels like your website or blog. Once you've developed a lead, you need to nurture it until it's ready to purchase.

Invest in Lead Generation Process

 
 
 
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The first and most crucial step to monetizing your lead funnel is to invest in a good lead generation process. This process should be designed to generate high-quality leads that are likely to convert into customers.

There are some different factors that you should consider when planning your lead generation process, but some of the most important include:

  • The clarity of your value proposition
  • The targeting of your marketing efforts
  • The quality of your lead capture forms
  • The effectiveness of your lead nurturing process

These factors are essential, but your efforts will be nothing if you can't get your leads to conversion. That's why it's so important to invest in a good lead generation process.

No Leads In; No Leads Out

The second step to monetizing your lead funnel is to make sure you generate a sufficient number of leads. This may seem like an obvious point, but it's one that's often overlooked. If you're not generating enough leads, then you won't have any to nurture and convert into customers.

There are many different ways to generate leads, but some of the most effective include:

  • Creating helpful and informative content
  • Optimizing your website for search engines
  • Advertising on relevant websites and platforms
  • Building a solid social media presence

Each of these methods can be effective, but you'll need to experiment to see which ones work best for your business.

How Do You Connect With a New Lead?

There are several ways to do this, and the method you choose should be based on what will work best for your specific business.

 
 
 
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Ask Questions

The best way to connect with a new lead is to ask them questions. This will help you know them better and discover more about their needs and wants.

You can ask questions through several channels, such as email, social media, or even in person if you meet them in person.

Listen

It's also essential that you listen to what your lead says. This will help you understand them better and find out more about their needs.

You can do this by reading their posts and comments or listening to them if you meet them.

Approve and Make Suggestions

Once you've connected with your lead, you must approve and make suggestions. This will help them see that you're interested in their needs and willing to help them.

You can do this by approving their comments and posts or by making suggestions on how they can improve their decision.

 
 
 
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Consider Your Leads Timeline

It's also important to consider your lead's timeline. This will help you understand when they're ready to buy and how you can best help them.

You can do this by looking at their previous purchases or asking them questions about their timeline.

 
 
 
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Finally, it's essential to offer value to your lead. This will help them see that you're interested in their needs and willing to help them.

You can do this by offering discounts or by providing helpful information.

By following these simple tips, you can easily connect with a new lead and help them see your business's value.

Real Geeks Your All-in-One Real Estate Sales Marketing Solution

Look no further than Real Geeks if you're looking for an all-in-one real estate sales marketing solution. We offer several different services to help you connect with your leads and convert them into customers. Contact us today to learn more about how we can help you reach your sales goals.