10 Steps To A Massive, Money-Making 4 th Quarter Page 1
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1 10 Steps To A Massive, Money-Making 4 th Quarter Page 1
2 10 Steps To A Massive, Money-Making 4 th Quarter Page 2 10 Steps To A Massive, Money-Making 4 th Quarter By Tim & Julie Harris Tis the season for trick-or-treating, turkey carving and tree trimming but while some real estate agents may be using the seasonal slowdown as an opportunity to take a much-deserved break from the daily grind, the most successful agents are ramping up their fourth-quarter efforts to close out the year strong and get a jump start on That s because those agents know the fourth quarter, traditionally considered the slowest time of the year for home sales, is actually the best time of the year to be in business. There are several reasons for this. The first is a simple competition issue. Many agents have adopted the historical feast or famine mindset that has plagued the real estate industry for decades. They do most of their closings in the spring and summer, and then they are inactive for most of the rest of the year. By October, many agents have already started to think about and act like the holidays are already here, and they have checked out. Most of them don t come out of their winter hibernation until spring. No one has ever corrected these agents mindset and demonstrated the value of working consistently throughout the year. You may arrive for work one day in November and find you are the only car in the parking lot but that s a good thing! You can work undisturbed, enjoying the peace and quiet, and take the business your competitors are leaving on the table. Secondly, while it s true that fewer homes are listed for sale during the fourth quarter, it is equally true that some of the homes that are hardest to sell will sell now. Homes that were listed but overpriced in the spring are languishing on the market, and their listings are about to expire. Some for-sale-by-owner sellers who were perhaps overconfident their properties would sell are ready to listen to your expertise now. The fourth quarter is also a common time of year for corporate relocation, with many people changing job locations and hoping to move to a new home by the New Year. This is a great time of year, then, to have a clear mindset and solid plan to serve this underserved market. And finally, the fourth quarter is the best time of year to lay down your plans for 2017 and give some of those plans a test run. The relationships and contacts you make now will be paying you in the spring of next year. If you wait until spring to take action, as some agents do, you will also be waiting until next summer to get paid. Your ultimate goal should be to ring in the New Year with massive momentum, leads and listings.
3 10 Steps To A Massive, Money-Making 4 th Quarter Page 3 Where you are, where you re going and how you re going to get there Before forming your plans for the fourth quarter, you must assess where your business is, where you need your business to go and what it will take for you to reach those goals. Where are you now? What are your year-to-date and pending numbers? How many units have you sold? Are you on track to meet your goals for the year, or behind? Where do you need to be? You will need to cover your net costs and shore up your savings, but maybe you want to pay cash for a great trip, too. Decide how much money you must earn in the fourth quarter to have a great quarter maybe your best fourth quarter ever. How many deals are required to accomplish that goal? How many potential listings and buyers are currently in your pipeline, and what are they worth to you? How will you get there? Time to get out a calculator and a calendar. Figure out how many work days are left this year. If there are about 100 days left in the year, there are about 15 weekends left in the year, or 30 weekend days. Will you be working on any weekends? Mark off some sanctioned holidays and other days you will need to take off work. Say yes to party invitations, because they are opportunities to make new contacts and cultivate existing relationships with your past clients and Centers of Influence. Realistically, you should end up with about 60 to 80 work days left in the year. Circle the days you will be working on the calendar, and commit to being productive on those days. TIM & JULIE S TIP: This is a great time to use our Real Estate Treasure Map, one of our coaching tools that will guide you step-by-step in making these calculations. Your goal should be to figure out those numbers and your work schedule, and accomplish a maximum number of listings by Jan. 15. If you know those numbers and what days you will be working, you will go into the next year with tons of momentum. Bah, humbug! How to work through the holidays, but still enjoy them Some of you may not be able to rationalize working hard because it s the holiday season. We re not telling you to work nonstop for the rest of the year, while your competitors are basting their turkeys and drinking eggnog. That s neither sustainable nor realistic. Give yourself a little break. Take a vacation. But commit to working on certain days, and stick to that commitment. Tactical, practical and applicable: Your 90-day plan for success Now that you have taken stock of where your business is for the year, how much business you need to do in order to have a strong fourth quarter and what kind of work schedule it is going to take to accomplish your goals, it s time to put plans into action. Here are 10 tips for maximizing the work days you have left this year.
4 10 Steps To A Massive, Money-Making 4 th Quarter Page 4 1. Decide what schedule you must follow on your scheduled work days in order to meet or exceed your goals for the final stretch. Your work schedule for the fourth quarter is probably more limited than other times of the year. Stick to the tasks that drive your business: Lead generation, lead follow-up, prequalifying, presenting, negotiating and closing. Post a sign on your door that lists those tasks, and if you leave the office to do something that isn t on that list, take a U-turn and get back to doing the things that actually make you money. 2. Commit to being at work when you re at work, and being at play when you re at play. Work days are precious in the fourth quarter, so keep your priorities to appointment setting, listings taken, buyers put in contract, price reductions and extensions. TIM & JULIE S TIP: Use our Real Estate Success game to keep on track. 3. Track your numbers daily. It may be more difficult to find people this time of the year, so you may need a higher level of focus to get the same results you experience at other times of the year. Go on more appointments, and do more follow-up. If you are falling short on closed appointments, you will need to increase your number of contacts. Figure out the magic number of listings you need at all times to accomplish your goals. If you have no listings now, this is the easiest time of year to take listings. If you sell any of those listings, replace them. Our Real Estate Success Game tells you what you should be doing every day and keeps a score card of points you accrue for each activity you complete. 4. Accept that it is OK if you are the only one in the office. Instead of begrudging your competition for staying home and basting their turkeys, focus instead on how there is more business available for you, with less competition. This is a fantastic time of the year to do five things: Reach out to at least five past clients or people in your COI per day; Cherry-pick the best expired listings and unrepresented sellers; Market yourself while no one else is; Work your open house and coming-soon strategies when no one else is; and follow up to set more appointments than you thought possible. Have fun with it it s not supposed to be a grind! 5. Expect to hear holiday objections. The fourth quarter is actually a great time of year for relocation and motivated buyers. Some of those buyers are about to be homeless, and there are homes available in affordable price ranges. There is less competition because some sellers neighbors are taking their homes off the market. Homes generally look their best during the holidays, and you can have fewer, but better-quality showings. Be sure to control showing activity to minimize sellers inconvenience, though. 6. Expect that some of your listings may want to take a break. Your job is not to argue with them, but handle those objections the same way we described in tip #5. Stress to sellers that they will have more competition if they put things off until after the holidays or until the spring, when the market picks up. 7. Accept and embrace that what you do in the fourth quarter of this year largely determines your success in first quarter of next year. We know for a fact that having a
5 10 Steps To A Massive, Money-Making 4 th Quarter Page 5 great first quarter is a major indicator of how the rest of your year will go. In other words, blowing off the fourth quarter could crash your entire next year by slowing you down, getting you off track and keeping you in a state of being behind all the time. That is demotivational! 8. Have fun in the fourth quarter! This isn t supposed to be a grind, and don t let the winter doldrums entice you to sit in front of the fireplace and watch movies. This is the easiest time of year to connect and reconnect with your client base. You can make more powerful contacts in less time this quarter if you take advantage of all the social opportunities you will have. It s also a great time to do builder and developer outreach and hold events of your own. Consider sponsoring toy drive for your community. Follow up with our Holiday Gift Wrap project and reap the rewards for taking action. 9. Set aside at least one week prior to New Year s Day to use your Real Estate Treasure Map. Complete a new plan before it is already next year. Use the fourth quarter as a dry run for what you want to do next year. Follow the schedule you set for yourself, polish up your lead-generation spokes and get relentless on your follow-up! 10. Ask for help when you need it. You are surrounded by all of the support, motivation and tools you need. We may not be in your office, but for those of you who really are the only car in your parking lot, we are here for you. If you have an off day, turn on our radio show and get inspired. Let us help you get to where you need to go faster and with less stress!
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