Lars Hedenborg breaks down real estate into five repeatable steps: generate leads in your market, engage prospects, get them to sign agreements, list or show properties, and close deals with satisfied clients.
If you were to practice real estate, let's just say in a hundred markets across the country, how would you think about your business differently? In each of those markets, you have to generate leads. You would have conversations with buyer prospects and seller prospects. You'd have to compel them to take action and come meet with you in your office, presumably, or go to their house, maybe for a listing appointment. You'd have to compel them or convince them to do business with you, sign a buyer loyalty agreement or sign a listing agreement at a price where it will sell at a commission rate that you choose, with fees that you know you deserve. And then how do you get them on the market, or searching for homes if they're a buyer? And then how do you get them under contract into closing successfully, where they're actually more happy with you at closing than they were when they agreed to do business with you.
