The 4 Cornerstones of Real Estate Success

What is your definition of success in real estate?  Does it have to do with money?  Time?  Lifestyle?

Regardless of your definition, there are four cornerstones you’ll need to have in place before you can achieve success in real estate.

CORNERSTONE #1: CUSTOMERS

According to NAR, nearly 90% of agents fail within the first five years of entering the business.

That’s a staggering statistic.  You can blame a hundred different factors for the failure rate, but the one most responsible is also the simplest.

Agents fail because they don’t have enough customers to survive.  They don’t have customers because they don’t generate leads, convert leads, or both.

Now is a good time to ask yourself, “Am I doing the activities I need to do to get customers?”  If the honest answer is “no”, start working on a solution today.

CORNERSTONE #2: SYSTEMS

Agents who are successful with lead generation and conversion are often tripped up by a lack of systems.

If you are busy one month and then slow the next, a lack of systems is to blame.  If you find yourself working from eyes open to eyes shut, systems are the solution.

Systems are what make your business predictable and manageable.  They can encompass checklists, CRMs, transaction management software, to-do lists, and much more.

You can find proven systems to implement through training classes, mastermind groups, and coaching programs.

CORNERSTONE #3: VALUE

Why should someone buy or sell a home with you?  Is it your experience?  Neighborhood knowledge?  Negotiation skills?

You must know the value you bring to potential customers.  And, just as important, you must be able to communicate that value in a compelling and concise way.

Agents who don’t know or can’t communicate their value find themselves losing listings and buyers to other agents.

CORNERSTONE #4: STANDARDS

Have you ever agreed to work with a customer even though you knew it wasn’t the right fit?  If so, you know it’s a frustrating and draining experience.  Even worse, it distracts you from finding and working with the right customers.

That’s why setting standards is a cornerstone of success in real estate.  Setting standards means choosing who you will and won’t work with.  It means setting the minimum commission you’ll charge and selecting the areas you’ll serve.

Ultimately, it’s about drawing a line in the sand for your business and then refusing to cross it.
 
 
P.S. – How do you feel about the cornerstones?  It’s ok if you don’t have them all in place.  Most agents don’t.

The keys are recognizing the ones you need to install and then taking the action necessary to install them.

Palm Desert

44200 Town Center Way,
Palm Desert, CA 92260
(760) 346 - 0500

La Quinta

47170 Washington Blvd,
La Quinta, CA 92253
(760) 771 - 5544

Palm Springs

333 N. Palm Canyon Dr. #102,
Palm Springs, CA 92262
(760) 864 - 6400