Provided By Realty Times
The truth is most Agents want to share with you how they achieved success; they passionately share their techniques and the mentors, coaches, or speakers who helped them. I caution you – more than 95% truly have no idea or can’t quantify their success for you. They don’t really know how they got there or what it cost to produce it. They heard a great idea in their mind, put it into place, but haven’t tracked it according to really know the ROI (Return on Investment).
In the movie The Wizard of Oz, Dorothy, the Scarecrow, the Tin Man, and the Cowardly Lion were all scared of the great and powerful Oz. They shook with fear at the shear intensity and volume of his voice. Toto was the one to reveal that Oz was a little man behind the curtain using a sound system to produce the illusion of greatness and power. Too often, the great Oz is a parallel to the great Realtor. We need to pull back the curtain to make sure what we are seeing is real.
Too often, Agents are mesmerized by the promotional gimmicks and marketing strategies that other Agents say “work like magic”. There is nothing wrong with marketing, provided you are doing the real work of pulling the prospecting levers behind the scenes. Prospecting makes it’s own magic over the short and long run. Again, prospecting can just be calling past clients and your sphere. It doesn’t have to be all the other activities that most Agents don’t want to do.
The big challenge is how do we pull back the curtain? How do we find out the real truth? We have to ask the right questions, so we can gain the answers that reveal the truth. If someone approaches you with great and powerful business-generating techniques, ask these types of questions:
What is the conversion ratio on this technique?
What percentage of your business comes from this approach?
How many transactions dos this technique generate for you annually?
How much does it cost you to use this marketing service to generate leads?
How many Sellers have you gained?
How many Buyers have you gained from this approach?
How much time do you need to invest to set this technique up and maintain it?
Have you included the value of your time in that equation?
What is your net profit from this activity after all your costs are subtracted?
I have found from asking these types of questions for over thirteen years that most people don’t have the answers. I began asking these questions about my third year in the real estate business. I did this because I was the type of person who wanted to do better. I would listen to these so called superstar Agents and how they did business. In many cases, I would implement their strategy exactly and not get anywhere near the results the Agent claimed. I developed this list of questions and discovered that very few Agents could actually answer them. They just liked the ego boost of being a panelist, star, or whatever you want to call them. There are many Speakers and Trainers who fell into this category as well. Be careful! Some did know the answers, however, and those are the people I respect even today.
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