Are You a Champion of Revenue?

Written by Posted On Monday, 25 February 2008 16:00

Robert Taylor, a Mortgage Broker friend of mine here in Atlanta, made a great point that I think can help your business.

We were at lunch one day, when he told me that the reason why he felt so many people failed in the industry was because they lost track of what it was they were truly trying to accomplish.

"People are so busy answering email, going to workshops, getting to the next Open House," Robert said, "that they've lost track of what their business is all about: Generating revenue and making a living." Robert called this concept being a true "Champion of Revenue" and I couldn't agree with him more.

As Realtors® in general, and New Agents in particular, there are a ton of things competing for your time. You've got workshops, meetings, email…that when you finally look up, it's very possible to get through your day (several in fact), without having really done anything to grow your business.

Sure you returned a few phone calls, and I'm not suggesting for one minute you weren't busy throughout the day. I'm just saying that sometimes we can be so busy being busy, that we lose sight of the things we need to do to get more clients.

That's why I'm such a proponent of a "revenue centric" goal system. These goals are designed to help you succeed by focusing on the process of generating more business -- not just the new business itself.

So as an example, one of the goals I think every New Agent should have is "number of contacts made." This is something that Blanche Evans mentioned in an article several months ago, and is an area I agree with 100 percent.

We're talking about phone calls, emails or face-to-face visits that all fall under the category of "contacts made." Personally, I make 8-10 contacts each day, which gives me about 200 a month. I've found that to be a great figure since every time I do it, I notice an up-tick in my business over the next few months.

If you want to try something in the 6-8 range, that's fine too, just make sure you're calling, meeting or doing something that brings you into contact with new folks (or existing contacts you already know) each day.

Another good "revenue centric" goal is the number of "prospect interviews." These can be in the form of a listing presentation or having a good discussion with a legitimate "buy side" prospect. Now the trick to this one is in the language itself: Legitimate discussions.

So this is not someone who casually mentions that they might be interested in buying or selling their home. We're talking about people who either came into your office, or you had a serious conversation with them on the phone about real estate. I'll defer to your best judgment on what constitutes a "serious" discussion, since, similar to good art, it's tough to describe, yet everyone knows it when they see it.

I'd recommend starting off with 1-2 a month as a solid goal, and ratcheting that up as some of your other marketing efforts start bearing fruit.

And as a final goal, I'd recommend "# of networking events attended." We're talking about professional networking events like the Chamber of Commerce, your local business association or even a referral-generating group like BNI. Either way, as a New Agent it is absolutely imperative that people know you and what you do.

Networking is a great way to get out in the community and "press the flesh" if you will, and start creating a word of mouth marketing campaign. In terms of a number, I think a minimum of 3 events each month is what you should start with.

Now if you haven't networked before, or don't know exactly what that looks like, then I'd recommend checking out some of the previous articles I've written on that very subject to get yourself ready to go.

The bottom line: It is sooooo easy to become distracted by all the things going on our business, to the point where we actually lose track of the very activities that will make us successful.

However, by becoming a Champion of Revenue and putting down a few "revenue centric" goals, you'll be sure to keep your head above the fray and stay focused on building your new business.

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