A common mistake agents make is to spend so much time on non-money making activities. How often have you worked diligently completing project after project only to find at the end of the day there wasn’t enough time to prospect or follow up with hot-buyers and hot-sellers. If a plan isn’t developed to specifically identify top 20% activities, it is likely that you will “major in minor things and minor in all the major things.”
Why does this happen? It is human nature to focus on things that we can control. It is also human nature to avoid pain. When we know what the outcome will be to completing a task, our tendency is to do those tasks first. For example, calling to schedule an inspection, picking up a survey, or inputting a listing. All of these projects can be done successfully. On the other hand, prospecting with buyers and sellers does not guarantee an appointment. Additionally, even successful agents will avoid prospecting because they fear rejection. We associate pain with fear and rejection. Our first thought is to postpone possible rejection and instead focus on projects where there is no risk of failure and pain. This is a highly unproductive habit because these projects are not the money making or the 20% projects. To be successful you must train your brain to live and breathe on 20% activities, the ones that will make you money.
By identifying the week’s top 10 activities, you can retrain your brain to be much more productive. Listed below are the activities that should be thought of first and completed prior to working on the 80% non-money making tasks. Be sure to complete the list at the beginning of each week.
- Pending Sales – long gone are the days of writing a contract and knowing it will close. It is now necessary to stay on top of every sale until it closes.
- Existing Listings – your sellers have trusted you with the single greatest asset they own, their home. What is the next step you can take to get their home sold?
- Hot Buyers – a buyer that is likely to buy within 60 days is a hot-buyer. What is the next step you can take to get your buyers to contract?
- Hot Listing Prospects – any home owner that could list their home for sale in the next 60 days should be on this list. What is the next step you can take to with each to get their property listed?
- Relationship Management – your best past client advocate and sphere of influence contacts should be on this list. Anyone that has made a significant contribution to your success should be included. What is the next step you can take to encourage each of these people to send you more business.
You may end up with too many projects when you’ve completed the list of next steps for each of the above prospects. Prioritize this list by choosing the top 10 money making projects (we call these the 20%’ers).
If you don’t have 10 projects, identify prospecting “next-steps” that will lead to more buyers and sellers. Keep in mind that the quality of prospecting campaign is much more important than the quantity of things you do.
Congratulations! You now have a great plan for the coming week. If you plan each week using the top 10 approach, you will be pleasantly surprised at how quickly your business will grow.