As any realtor with experience has learned, real estate is a cyclical business. It has a 90 – 12o day rhythm to it, and the wise realtor is forever cognizant of that fact. This cycle is not only indicative of the average market time in many areas throughout the country, but also in respect to the amount of time that it often takes to cultivate prospects. Are you currently very busy? Then you must have been dogmatic with your prospecting late this past fall and during the winter months. Is your business less plentiful than you would like it to be? Chances are your prospecting wasn’t as robust as it could have been during the holiday season.
Simplify and Manage
We are well into the spring market, and for those of you who want to get into the action, there is little time to waste. Concern yourself no further with what you could have done, and quickly begin to execute a plan. It’s time to “manage your time” and simplify your prospecting.
Narrow the Battlefield
Realtors everywhere have the same dilemma. They try to be all things to too many categories of people. First time buyers, empty nesters, low end, high end, this town at one end of the county, that town at the other end and everywhere in between. It’s time consuming, physically and mentally exhausting, and counter-productive. Choose a demographic or location and focus all of your energies there. Both from a time consumption perspective and in regards to the quality of service that you provide, this will provide you with a number of advantages:
- There is less inventory with which you need to familiarize yourself.
- You will be better versed with the inventory that you are responsible for knowing.
- Your business in general will be more streamlined.
- You will have a more intimate understanding of the marketplace.
- You will come to learn the needs of your clientele in a more in-depth and personal way.
- You will be recognized as a leader in your area of expertise.
- As a result, not only will your direct leads increase, so too will your referral business.
All of this will result in a more consistent, organized and productive business campaign. In business, you need to make a sacrifice in one component of your plan in order to gain an advantage in another. If you’ve determined that the gain is worth the sacrifice, then it’s best to move forward now. Remember, real estate works in 90 day cycles, and all it takes to meet with success is to simplify and focus.
What other advantages can you think of from extreme focus on market segmentation?
What impedes you from implementing such a strategy?
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