This has been a brutal winter in Toronto. Not only did we get hit with an ice storm and then successive snow storms that left the sidewalks covered and dangerous all season long, we had extraordinary low temperatures. As a running addict, this is not good news for me. Sure, the stationary bike is ok in a pinch, but to really feel the burn of a good down to earth workout, please… just let me lace up my runners and hit the street. Two years ago I clocked over 1000kms. Last year in excess of 1300km. This year I basically suck. While I have found a couple of opportunities to get outside it’s only now that I can get out and really “get some miles on”.
Last year I also wrote a ton of blog posts on how running and prospecting required the same amount of effort and determination and, quite frankly, I thought I had run out of comparisons…until today. Having been relatively dormant for the last three months has been hard, but today I managed my longest run of the year and I can only assume it is because I haven’t forgotten the principles of running.
It should come as no surprise that prospecting is meant to achieve real estate success and longevity by adding qualified people to your database, then connecting with them and staying top of mind. Imagine filling up a huge bucket with potential and past clients. At some point you just can’t jam anymore names in the bucket. But that’s okay. If the bucket is big enough you may never have to add to it again. But here’s the good news…when business slows down you have the skills, experience and wherewithal to start filling it again. Easy peasy. The habits that you develop early on in your career will allow you to turn it on and off seamlessly.
mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office and Director at Large for the Toronto Real Estate Board.
If you have been an agent in Toronto for any length of time you recognize that the real estate market tends to slow down a bit in the summer months. We’ve all been working pretty hard so a quieter pace is always welcome. We cut back our weekly meetings and take a collective breath as we recharge our batteries, catch up on work, plan for the fall or simply enjoy the summer heat . Well, as they say, there’s no rest for the weary as we find ourselves as busy as ever. We are on our way to recording one of the best Julys in years.
Considering the great weather, we had a great turnout. I thought at this morning’s meeting we would take a few moments to take stock of what’s going on in the market.
The good news is that everyone is busy but the biggest complaint out there is that there is not enough product. I like conducting a quick poll to best guage what is going on. It was clear that the agents are working with way more Buyers than Sellers. At the end of the day this is not a terrible problem to have. But no product out there? This got me thinking. I’m in a room full of real estate agents who are hired by buyers to find them a home. Waiting for properties to show up on MLS is NOT finding a home! If someone has contracted me to find them a property where I could potentially make $20,000, I’m going to do everything in my power to do my job ….including spending a little money and throwing in a little elbow grease.
So where does one start? When I got my license in 1988 my manager told me to go out and door knock, cold call, drop flyers and cover other agent’s open houses. She told me that for one simple reason…..because it worked. Today, you can add contacting people by email, twitter, LinkedIn, Facebook or a host of other means. There is one difference though. When you were first starting in the business you were told to bang on doors to find listings.
Knock knock, “Hi, my name is Joe Smith from ABC Realty, I am your neighbourhood realtor. Do you want to sell your home?” Repeat.
Today your job is different. You are trying to find a home for your buyer.
Knock knock, ” Hi, my name is Joe Smith from ABC Realty. I have a fully qualified buyer looking to move into this neighbourhood. They recently missed out on a home similar to yours. Since they are currently renting they a pretty flexible on when they need to move. Are you considering a move in the next few months or do you know someone in the vicinity that is thinking about selling?”
Can you spot the difference? It’s HUGE. While the first example is about introducing yourself with the hope of getting a listing, the second is clearly a call to action. You HAVE an active and ready buyer. What could be easier? There is nothing scary about knocking on someone’s door when you have a real purpose.
I am reminded by the words of an old Realtor I know. “If the business doesn’t come to you…you go and find the business”. Looking for a house for your client? Do your job and find one the old-fashioned way.
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You know those days when you are just feeling amazing from the moment you get up in the morning? Honestly, I don’t think they happen very often but when they do, it’s time to capitalize on them. One of the things you should plan to do every day is to call ten people and as I have mentioned in a previous video post, there are days when you just aren’t up to it. That is a reality of life. My suggestion was to break up those calls over the course of the day. Take lots of breaks. Conversely, you should capitalize on those days when you have made your ten contacts, you’ve had great response and even nailed a few leads. You are on a roll….now keep going. It’s kind of like saving money for a rainy day. If you have been in the business for any length of time you would agree with me when I say that the best days in real estate are when we are crazy busy and the worst days are when there is absolutely nothing going on.
And so ends the lesson for today. If you haven’t had a chance to see the other videos in this series please click on the links below. Have a great day.