Last weeks post: What’s Your Pivot Word sparked some great conversations. There are some pretty creative pivot words out there.
The post focused on applying contrast to people and relationships. This week, let’s apply it to your business.
There is the business you have, and the business you want. Chances are, the two create some level of contrast.
In every other industry, the first thing an owner does is determine their ideal client and how they want to serve them. It shapes all of their decisions going forward. Everything from where they market, the wording and images they use, to how they spend their time is determined by the information received in this exercise. Done correctly, it can be incredibly powerful.
However, it’s something that Real Estate agents resist. More often than not, agents are fear based. You take what you can get. After all, beggars can’t be choosers and you never know when your next client will show up. If you focus on just one group, doesn’t it mean that you run the risk of missing out on something else?
As a result, agents usually ping around from one price point or location to another without any direction feeling frazzled.
I get it. In the beginning of my career I went EVERYWHERE. Have license will travel was my motto. But, remember, success includes a life well lived. There came a point that all of that driving was hurting my business. There wasn’t enough time to get it all done. I also started to feel that I wasn’t truly serving my clients. The reality is that there are some areas that I am truly the expert and others where I’m not.
I was stepping over dollars to chase pennies.
Again, this is not about excluding clients or turning them down. (At least not yet.) So don’t panic, but what if you could be a little bit more intentional about the business you create? My guess is that there is a specific type of client and type of real estate that you do best with. Or perhaps aspire to.
What if you could have more of that?
Would you have more time if your clients were all in a specific area and you were not driving all over the state? Would you make more money if you could increase your price point?
Yes, you may take things as they come, but you can also direct your business with the areas you preview, the people you network with and where you market.
It’s time to narrow the field.
So let’s get clear on what you want:
- Location: Where do you ideally want to sell real estate? Maybe it’s a neighborhood or maybe it’s a style of house (think mid-century modern or 1920’s craftsman. I suppose you could also specialize in 1970’s splits, but that just doesn’t sound as sexy).
- Price point: What is your sweet spot for price point? Remember, every $35,000 increase in sales price means another $1,000 in commission. If you can bump your price point up, even a little bit, it can have a huge impact in your bottom line.
- Buyers vs Sellers: Do you have a preference? If so, get clear about which one and why.
- Where do your clients hang out: Networking is vital to our business. To be effective it takes time and consistency, yet most people go with the shot-gun / speed dating approach. Take a step back and figure out who your ideal client is, where then hang out and then go there.
This week, use the principle of contrast to start describing your ideal client, home sale and business. Then look for ways to leverage what you are already doing to create more of that. After all, what you focus on expands.
The shift may seem gradual at first, but it will happen. If you are persistent and work at it each day you will look back 6 months from now and be amazed at the difference in your business.