Real estate pros need to generate new business every day. Calculate your hourly rate (a $500k goal means $250/hour) and stop doing tasks worth less. Run daily lead generation, manage leads aggressively, and ask your network for referrals constantly.
I think we covered this one in the last, sort of the critical activities in the last section before. But you have to generate new business literally every single day. This will correlate directly with your ability to build a sustainable business. So you need to be, you know, producing yourself while you're scaling and building out systems. If you've already got a team, your team, you need to have that culture of new business generation every day. Focusing on that combination of lead generation, lead management, lead conversion. You know, every part of that is critical. Probably the most important piece is lead management. You know, there's probably 75% of leads that come in aren't ready to transact right away. They have to run like clockwork. Has to be part of your culture. Thinking new business all the time. We have fun contests that we run. Go for no referral, go for no contest for our agents. You know, the person that could bring in the most amount of referrals in, in a month. I think we have like a $300 thing. I put them in here. I think it's in. Yeah, this was. We did a hundred dollar shopping spree. We just did a $400 one. But you've got the word document for this as well. So that this is if you have a team already making a fun, making it fun to bring in new business, you know, so, okay, time to get out of your comfort zone and start asking for referrals. Nothing to do to enter. Just keep asking everyone, you know the simple question, hey, you don't know anyone looking to buy or sell a home, do you? Rules are simple, you know, you get one point, blah, blah, blah. So just fun things that we do on our team to, to motivate our agents to, to really bring something to the table. 86% this year, the business, even my business, 86% is generated by the team versus by, by the agents. Part of it on my team is that we keep them so darn busy that they really don't have a whole lot of time to go out and talk to their friends anyway, so outsourcing, lead conversion. There's. I mentioned the whole push for outsourcing ISAs right now. It really is tricky. I've been working on it for some time. If you do this, it shouldn't replace internal efforts by your agents or by a local isa. My humble opinion, the process is you are your own isa. If you're solo agent, you're killing it as your outside sales agent and your inside sales agent. You bring on a buyer agent, you know, admin first, but then A buyer agent. That buyer agent is now their own ISA and osa. Then probably bring on two or three more. You know, once you have four or five productive buyer agents, that's when you're bringing on an isa. So anyway, so just really focus on bringing on new business and ask yourself. I've gone through an exercise here. I did this early in my real estate career. The fifth mindset thing that we focus on is is this the best use of my time right now? So bear with me on this math exercise. But if your goal is to net 500,000, you're working 2,000 hours per year. Let's ignore the fact that probably half of those hours are not productive, but let's just do the 500,000 divided by 2,000 hours that $250 per hour worked. So at 250 per hour, you really need to shed everything off of your plate except for a few off the charts dollar productive activities like listing appointments, marketing I believe is 250 plus hour activity. Listing appointments that sometimes aren't, but people development. Absolutely. If you can bring three or four buyer agents onto your team and teach them how to sell 40 or 50 homes and get great at every piece of the selling process, that's a very high dpa. You need to know what your time is worth. So whatever your number is divided by 2000 hours. If you want to be really honest with yourself and know that there's a thousand productive hours in a year, probably at best. But if you're at $250,000, is your goal 2000 hours, $125 an hour. Once you know this number, your whole world will change because you'll view everything in your world, like why am I doing laundry? Why do I do my own yard work? You know, I don't do any work around my house. It's not because I can't. I've actually done everything you can think about to a house I've done myself. I've done flips where I've done every trade inside the house on my own. I just figured it out. It's not like I was, you know, sort of trained to do it. But I'm at a point now that my time is so valuable and precious that there's no way you can find me doing anything that I can farm out to someone for less than 50 bucks an hour or a hundred bucks an hour. I value my time at a thousand dollars an hour. So I'm not going to spend any time doing, you know, painting, trim or sometimes it drives my wife crazy when we have to get a painter in to paint a room or something, but it's just not dollar productive if you know this number. So that's a valuable, valuable exercise.
