Welcome to the kick-off of Coach Paul's Real Estate Lead Conversion University series. This twelve-part series will be dedicated to breaking down the best real estate lead conversion strategies, discussing how to properly nurture leads, build your pipeline, and successfully scale your real estate business.
Check out the next part of the series here.
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Have you ever thought about what it takes to achieve greatness in real estate? Not just to be good, but to be great?
Maybe you’ve been struggling to achieve greatness. Maybe instead of greatness, you feel mediocre or average at best. But as you look around, you see other realtors that seem to be crushing it. With the emergence of celebrity agents and mega teams in recent years, it’s easy to feel inferior in this profession.
Maybe you have wondered what you can do to take things to the next level? How is it that some agents close 10 transactions in a year, while others close 100 in the very same market?
Over recent years there has been an explosion of realtors coming joining the profession. In fact, in the decade following 2012, the number of Realtors grew by half a million, and it’s reported that now there are over 2 million licensed real estate agents in the United States.
In recent years with interest rates low, remote work the new reality, more and more people flooded the market in a post-pandemic buying frenzy. In what some have referred to as “The Great Relocation,” from February 2020 to December 2021, about 56 million Americans, or about 17% of the population, moved to a new home. It seemed like almost everyone was “on the move.”
Buyers wanted to buy. Sellers wanted to sell. But what about now? Times are changing. And now the market has shifted. With price escalation and Interest rates on the rise, more and more homeowners are staying put.
Some buyers have been priced out of the market, and now the cost of living in some markets has exceeded the median household income.
So what now? What’s next? What can you do to survive? And not just survive but thrive in real estate? To achieve real estate greatness?
Maybe you have heard it said that 10% of the realtors do 90% of the transactions. It’s a little unclear if that stat is fully accurate, but when you look around, you will see that some agents are absolutely killing it, while others are scraping to get by.
Have you ever wondered what the difference is? What will it take for you to dominate your market?
Here are some hints most of us know instinctively, but it’s good to be reminded.
It’s a process. You can’t rush greatness. The best inventions, the best companies, the most innovative programs, and the greatest leaders have developed over years, not in a moment.
You have to have perseverance and dedication. Setting goals, keeping your eyes on the prize, and going day by day until you achieve what you want. This is greatness.
If you are new to real estate or feel like your career is stalled, maybe it’s time to write down some goals and look ahead to the future.
Commit to the long game. And envision what you want to achieve in the next year or 5-10 years from now. Then work towards it.
It takes work. The top realtors in the country didn’t grow their businesses by luck. They didn’t wake up one day and have a mega-team by chance. You can’t close 100 transactions annually without a strategy and a plan. It takes intentionality and hard work.
Professional athletes and top producers making millions of dollars annually get to the top of their sport or industry by working at their craft over a period of years. They put in the time and effort to be great. They practice and practice until they get it right.
Have you ever seen a bodybuilder at the peak of physical fitness? Those chiseled abs didn’t happen in a week; those biceps didn’t develop in a month. It takes years and years of working out and countless hours in the gym to achieve that type of result. And why should real estate be any different?
It takes dedication. Sustained and consistent effort over time produces amazing results.
Starting new in real estate is a challenge. It requires stepping out of your comfort zone, networking, meeting new people, making cold calls, and doing whatever it takes to grow your database and build your pipeline. But the more calls you make and the more conversations you have day by day, you can grow a massive pipeline.
Let’s say you commit to calling leads every morning and have a regular prospecting time. Let’s say your goal is to have just 10 real estate conversations at the start of every day, which will result in hundreds of conversations in a month and thousands of conversations in a year.
Then it begins to have a snowball effect. Your sphere of influence grows bigger and bigger over time.
Your reputation grows, and as awareness grows, people start calling you back, ready to do business.
Wins sometimes come after a loss. Sometimes you can learn more from failure than success.
Failure means that you actually tried. Failure forces you to look back and encourages better thinking.
You have to explore why things didn’t work out and make adjustments so that you can accomplish your goal in the future.
Sometimes setbacks are stepping stones into future breakthroughs. Failures develop resiliency, and you can learn about how to do things differently and make improvements in the process.
There have been life-changing inventions that took thousands of attempts to get right, there have been billion-dollar companies that have emerged after struggling for years of being unprofitable, and there have been famous actors that experienced years and years of rejection and being told no before they got their break.
Failure is an opportunity to learn. And some of the greatest real estate agents have learned through the mistakes of their past what works and what doesn’t.
As we have talked with hundreds of realtors about what the outlook is for 2023, there is one clear thing. Nothing will be the same as it’s been. Times are changing. And it’s time to get prepared. Some realtors will succeed, and some won’t. Some realtors will gain more market share, and some will get out of the market.
How about you? Are you ready to experience real estate greatness? What do you think it will take to be successful this year? Let us know your thoughts on this topic.
Coach Paul
Looking for more of Coach Paul's Real Estate Lead Conversion University? Check out the next part of the series here.