The systems you establish will help you take advantage of this market.
As we near the end of summer, the market is going crazy. What’s happening? Why are we still seeing so many multiple-offer situations?
As an agent, the real question is this: How do you convert on this market? The answer boils down to the systems you have in your business to take control of this volume. I’ve carried 80 pendings throughout the summer, and there’s no way I’d be able to do this without having systems in place.
The youngest agent on my team, Stephanie, just closed a $1.8 million transaction and put another $1.4 million deal under contract. That’s $40,000 to $50,000 worth of commission on two transactions—a year’s salary for most agents. She’s also been talking to other agents who say things like, “Stephanie, I have 14 homes pending; I don’t have time to fill out the acknowledgment of offer.” Meanwhile, she has 15 homes pending.
How do you manage 15 pendings? Again, the answer boils down to systems. If you don’t have systems to follow up with your buyers, get their offers accepted, and work referrals after each closing, we need to talk. That’s what a business is about, as opposed to a job where you just go from transaction to transaction.
The bottom line is this: If you want to monetize your business, take a quantum leap, boost your pendings, and focus on putting the right systems in place.
If you need guidance on establishing the right systems in your business or would like to talk about anything real estate-related, pick up the phone and give me a call. If you’re not making $100,000 in this market, I would love to speak with you as well. I’m dedicated to helping my newest agents make that much in 2020, and I can do the same for you.