Every day I speak to realtors who want to take their business to the next level and double, if not triple, their real estate businesses.
In most cases, they are looking to add more or new lead generation methods (more on effective lead generationhere). While a great idea, that is not the place to start.
Success is not in addition but in elimination. That’s where you need to start.
Step # 1:Analyze all of your closings for the past twelve months. Make a note of the exact lead sources that led to those closings.
Step # 2:Make a list of everything you are currently doing that has not resulted in a closing.
Step # 3:Eliminate all lead generation activities that have not resulted in a closing in the past twelve months.
IMPORTANT NOTE:For lead generation sources you have been using for less than six months, you may not have closings yet, as it can take a full six months to test a new strategy. For such sources, you may not be able use closings as your metric, so instead use appointments set (more on setting appointmentshere). In most cases, five appointments set = one closing.
Step # 4:By eliminating activities that are not getting results, you may now free up time inside your schedule to double or triple down on the activities that have produced results.
The above steps are the true key to increasing revenue by eliminating what is not working and doing more of what has been proven to work. But keep in mind that if you do not track your results, you can never truly know what is working and what isn’t (more on trackinghere).
Honestly, the only time I will add a new lead source is when I know that I can’t do any more of what is already proven to work, which is very rarely the case. I can almost always find ways to squeeze more out of the sources that have already proven themselves.
So spend some time over the next week breaking down all your closings and their sources, eliminating anything not getting results, and focusing on what has been proven.