Do you want to make more money?
For most real estate agents the answer is a resounding “YES!” Unfortunately, at many companies if an agent approaches management and asks the question “How do I make more money?” the only real answer that management has is “You should work harder and longer hours and then you will make more money.” That is unacceptable to me and after thousands of meetings with agents of all levels I developed a very simple diagnostic model that has incredible value for any agent regardless of experience. I call it “More, Better & Bigger”.
To make more money the first question you should ask yourself is “Can I work with MORE people?” Every agent needs to reach the level of “More” that they can consistently maintain without burning out. The most common reason for agents not reaching their income goals is that they don’t have enough appointments. If I sit down and speak to 1,000 different rental agents at least half of them will be very similar to the agent “Mary” I am consulting with in this “Dialogue”. The first way to make more money is to work with more people.
What can you do better?
The second question to ask is “Am I doing everything I can to do it BETTER?” Improving your “closing ratio”, doing it better or more effectively, is something every agent at every level of activity should be aware of and always trying to improve. Is it better to close one out of every four people you work with or is it better to close one out of two? The answer is obvious and in this blog series I have given you many different methods to measurably improve your closing ratio. Until you are applying all these things you will not live up to your potential.
The third way to make more money is to get BIGGER commissions on the transactions that you do. One way to get bigger fees is to raise your average rental price point. The fees on $4,000 rentals are twice as big as a $2,000 average price point. The higher the rents are the higher your commissions will be. Once you master “lead generation” and are able to attract as many people as you need, the next logical step is to raise your average price point. The principles of successful lead generation are the same at higher price points. You just need to apply them.
I hope you found this article helpful to your business. If you would like to know more about my “More, Better & Bigger” diagnostic model please click here to watch a complimentary seminar that I stream from my web site titled “Do You Want to Make More Money?” I believe that you deserve it!
About Greg Young
Greg Young is the owner and President of Broker Heaven NY, a real estate training and consulting firm located in Manhattan devoted to helping agents and companies reach their full potential. Greg has trained thousands of agents over his 30 year career and has created numerous rental and sales training programs.