It's hard to believe, but the first 3 months of the year are gone and the year has brought more news, speculation and opportunity. The economy is on the lips of every forecaster, foreclosures have hit the highest in 30 years, bank repossessions are the hottest housing market opportunity and real estate agents across the country are adjusting commissions to get the sales.
     With the basic business building techniques we discussed with the start of the year, you're probably very aware of your local market. Let's review:

Sphere and Contact Database:
Your sphere and database should have been contacted at least twice in the last 3 months by telephone, 4 times by email (with a newsletter or market update), and at the very minimum 1 time with a direct mail piece.
     If you haven't gotten any business off of this particular group, we can understand... this is your cultivation list, but you still need to ask for business in some form and at every point of contact.

How did you do?

FSBO, Expired and Off Market:
The largest growth market since we discussed it in part 4 of this year. Considering every other real estate agent working the business is trying to convert FSBO's, Expired and Off Market listings, the numbers might be smaller than anticipated, but given the numbers -- If you're working this market, you should have gotten something.... anything...

How did you do?

Cold Calling and Contacts:
If you have been following your plan, then these numbers should not be out of line:
Minimum 500 calls per month = 1,500 calls
(Based on the minimum number in your list)
Average Conversion 3% = 45 viable leads
(National Sales Average 5 %)
Convertible Lead Ratio 25% = 11.25 Completed Sales
(If you're not closing 1/4 of your sales - you need some practice!)

Cold calling is not fun, but the numbers are true. If you haven't worked on a serious calling program, you are missing our on a serious part of your business growth.

How did you do?

Door Knocking & Face to Face Meetings:
Minimum 500 per month = 1,500
(Okay, let's say the weather was bad, and it took a while to get your list, and you didn't want to get started right away... we'll adjust - 500)
Average Conversion 10% = Adjusted 50 leads
Convertible Lead Ratio 25% = 12.5 listings/sales

We're giving you a break, but your numbers should still be impressive for what is considered a 'slow' market.

How did you do?

     If you have been faithful to your business plan, you should have made enough money in real estate to pay your bills and some to re-invest into your business. We haven't discussed advertising, or establishing a budget for more promotion... we're trying to focus on the basic business building techniques to bring closed deals to your pocket.
     If you haven't reached your quarterly goals, then you need to assert yourself more, increase your numbers and focus on your business goals. It's not too late to build your long term business success. It will get easier as you go, but to thrive you have to be committed to your business and your success. The sample numbers presented are based on national averages and are proven to work in any market condition. If they are not working for you, then practice your scripts, try alternate approaches, and go after business vigorously.

TAXES, TAXES, TAXES....

We're not tax specialists, nor do we claim to be... but here are some helpful tips to keep you out of trouble:

1.) Depending on your state, you should put 25% of your income into a separate account specifically for taxes - You're allowed to collect interest on the amount until you pay taxes.
2.) Hire a professional! You wouldn't go to the guy on the corner to get your tooth pulled... leave your taxes to a certified professional. It will give you peace of mind and less headaches in the long run.
3.) Don't sweat the small stuff.... It's important to know what is a business write off, but you have to make the money to be able to write it off! If you keep good records of your expenses, it will be easier for your accountant - if you don't, get some advice from professionals that can make your tax time easier.

DID YOU KNOW...
     Sellstate brokers are trained in personal business coaching and sales techniques to help with your business success? Contact your local Sellstate office for free personalized coaching to kick-start your business success....