Careers in Real Estate

Follow the 80/20 Rule for Success in your Real Estate Career

By Stephanie Goedl
June 8, 2017

This is video number four in our series “When Preparation Meets Opportunity.” This one covers what really IS our job as REALTORS®. A lot of people get this a little bit confused and find themselves wandering in this crazy game but I have a couple of tips to keep you on track. First remember, mornings are for creating business and afternoons are for doing business.

When you get into what your job actually is there are five items that you should spend 80% of your time focusing on and learn to master.

Prospecting and Lead Follow Up:
The first one is prospecting and lead follow-up. What category does that fall under? Easy, creating business. If you’re not doing this crucial part of your business in the morning, you won’t have any business to do in the afternoon. So make sure this is your number one priority each and every day. You wake up every day at 0…unemployed. What are you going to do every single day to get that job?

Presenting:
The second part of our job is presenting, going on those appointments. Guess what? We can’t do that without prospecting. Practice your presentation skills.

Negotiate Contracts:
The third part of our job is to negotiate contracts. Once you find yourself prospecting, you’re getting more appointments and you’ll start to negotiate more and more so that is something you definitely want to master.

Conversations with Sellers:
Number four is being able to ask for price reductions.  Sometimes that’s a difficult conversation to have with our sellers but that is a part of our job that we do need to master as well.

Qualify your Buyers:
Number five is to work with highly qualified buyers. This is something that is so important to our business. By highly qualified I mean you’ve taken the time to ask the right questions and not just pre-qualify with your lender but pre-qualified them as far as knowing what they want, their time frames, and make sure all the decision-makers are there so you don’t find yourself spinning your wheels for months at a time.

For new agents I have a tip for you, if you spend two weeks on number one, prospecting and lead follow-up, I guarantee you numbers 2-5, the presenting, negotiating, price reductions and working with highly qualified buyers are going to fall into place. You will find yourself busy, productive and successful as well.

Those 5 things that I just mentioned, that’s really where you should spend 80% of your time as agents. The rest of your time, that 20%, should be spent on administrative parts of your job: your paperwork, working with your transaction coordinator, the other agents, etc.  A lot of agents get that switched so they’ll spend 80% of time on their paperwork and let the other parts of our job fall by the wayside and then they start at Ground Zero again. Remember spend 80% of your time on the creating your business part and 20% of your time on the administrative and you will be very successful. So with that, thank you and I hope you picked up some great tips.

 

About the author: Stephanie Goedl is the Chief Operating Officer of CENTURY 21 Discovery. For more information about CENTURY 21 Discovery you may call (714) 626-2000.

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