Do you Have These 3 Critical Systems in Place?

How would you like to do twice as many deals without working any extra
hours? That might seem far-fetched, but it isn’t when you have the right
systems in place.



If the number of deals individual agents or teams are able to close has
ever amazed you, you’ve seen the power of systems in action.  Here are
three critical systems you’ll want to install to make more money without
needing more time.



System #1: Transaction Management



A transaction management system is the most important system you can
install.  Real estate transactions are becoming more complicated and the
paperwork necessary to close them is increasing.



The basis of a good transaction management system is a paperwork
checklist.  This will help ensure you have all the addenda, disclosures,
initials, and signatures in order.



The next item you’ll need is a calendar or spreadsheet containing all
the important deadlines and dates for your open transactions.  Set
alerts or reminders so you’re notified of any upcoming deadlines.



Finally, you’ll want the names and contact information for all parties
to the transaction stored in a file you can access anywhere.  Depending
on if you represent the buyer or seller, don’t forget to include the
title rep, lender, inspector, insurance person, and surveyor.



System #2: Lead Generation



Most agents struggle to survive in real estate because they don’t have a
systematic way to generate leads.  “Lead generation system” has become a
loaded phrase implying a platform for internet leads, but that doesn’t
have to be the case.



The simplest example of a system to generate leads involves calling your database.  Every Sunday night or Monday
morning, make a list of the people you will call that week (if you have
a CRM this will be easy).  Then, set aside time on your calendar to
make the calls.



You can also systematize your marketing (one form of lead generation).
 As an example, every time you take a new listing you might
automatically order a sign, schedule an open house, send 100 just listed
cards, and door knock the nearest 20 neighbors.



System #3: Listing Management



Listing a property involves a predictable flow of events.  You go on the
presentation, do the listing paperwork, prepare and market the
property, manage showings, and make any necessary adjustments.  A
complete listing management system addresses each stage of that process.



Checklists are often all you need to systematize everything from the
presentation through the initial marketing of the property.  Once the
property is on the market, you’ll want a predictable way for handling
showings, getting feedback from agents, and providing that feedback to
the sellers.



Finally, and this is what almost all agents lack, you want a system for
making price adjustments (if they become necessary).  At a minimum, that
means running a new CMA every 30 days.

 

P.S. -  Once you have the three critical systems up and running, then
you’ll want to create a buyer management system.  This would include
everything from the initial interview through writing an offer.

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