Markets may change, but principles stay the same throughout time. In today’s episode of The Real Estate Podcast, Jimmy goes over 7 different principles you can apply to your real estate business to see EXPLOSIVE growth.
The Rule of 5
- If there’s a tree growing in your backyard and you want it gone, take an ax and hit the tree with it 5 times. Eventually, that tree WILL fall. The rule of 5 is pretty simple: It says that if you do 5 actions CONSISTENTLY, sooner or later you WILL find success in them. It may take a long time, or be quick, but doing it consistently will make it happen.
- Instead of chopping down a tree, think of 5 things YOU can do for your real estate business to see growth. The things that Jimmy personally recommends for any agent to focus on consistently are: Maintaining a consistent flow of leads, maintaining a follow-up system for past clients, ensuring a constant flow of new listings, having daily real estate conversations, and finally working with the hottest potential leads. Whether or not you focus on THESE, do 5 things consistently to see success in your business.
The Power of One More
- The power of one more is another pretty simple, but POWERFUL principle. It states that doing ONE more thing, whether that be finding one more lead or adding value to one more client, it’ll generate compound interest. Compound interest is VITAL to growing your business.
- Just like the rule of 5, find something you can put just a LITTLE BIT more effort into each day. It may be finding new listings or following up with clients, but just do one more additional thing and you’ll generate compound interest for your business. A famous saying says “Compound interest is the 8th wonder of the world”, so take advantage of that world wonder!
“If you can help just enough people get what they want, you can get whatever you want.”
- Instead of focusing on what’s in it for YOU, focus on what your clients are getting out of your deals. A common motif in the sales world is to focus on being an ADVISOR to your buyers, not a salesperson. This builds trust with your client and helps close deals. Focus on answering questions your buyer may have and offer guidance through the entire deal. If they’re first-time homeowners, give them PLENTY of information. If they’re renting, let them know if they can buy, if they’re selling then let them know the value of their property. Offer tidbits of information like that.
- With real estate, if you focus on giving your clients what THEY want, instead of what you want, you’ll start to build a relationship with them. From this relationship, you can get leads and expand your sphere of influence. This ALL translates to growth for your business.
The Compound Effect
- The compound effect is basically a combination of the power of one more and the rule of 5. What does it say? The compound effect says that the more effort we put into something, and the more consistent we are with it, the more success we’ll see. You HAVE to do something consistently that will bring you success.
- They say practice makes perfect. So practice! Make SURE you’re being consistent in your efforts. It could be ensuring you make calls often, follow up with clients, or generate new leads. Regardless of what it is, do it often and do it consistently. Your success will compound over time, meaning INSANE growth for you and your business.
Your Past Doesn’t Define You, It Prepares You
- Markets change, as do careers. This is ESPECIALLY true in the real estate world. Think about the 2008 recession and how it changed the market. Think about how 2020 changed the market. What worked in the past won’t NECESSARILY work in the future.
- As a real estate agent, you have to remember that everything in your past has PREPARED you for your present, and future. Take whatever lessons you’ve learned in your past experiences and utilize them. However, be willing to learn new things as well. Constantly learn from your experiences to maintain business growth. You will face setbacks, but view them as a learning opportunity.
“The harder I work, the luckier I seem to get.”
- No one becomes a successful real estate agent by being lazy and not working. All of the growth and success that Jimmy has seen during his real estate career came from times that he was working HARD and CONSISTENTLY, as is the case with every other real estate agent.
- You HAVE to be willing to get your hands dirty and focus on building your real estate business. The harder you work and expand your sphere of influence, the MORE OPPORTUNITIES you will get. As the saying says, you’ll get luckier.
“The path to success is to take massive action.”
- This quote from Tony Robbins is just as POWERFUL as it is TRUE. If you want to see massive growth in your real estate business, you have to take massive action.
- If you take massive, bold actions and work hard and consistently, you’ll see the growth you’re wanting for your real estate business. Be willing to take big deals or find huge amounts of leads. Whatever action you take, make sure it’s a big action to see growth.
As the new year begins and we work through the volatile real estate market, keep these principles in mind. Times and markets change, but principles remain true throughout time. Use all of these and you will ABSOLUTELY see your real estate business grow.
Do you have a video or content idea perfect for your business? Share it with Jimmy! Connect with Jimmy Burgess on LinkedIn and Facebook, and his YouTube channel. If you like what you heard today, we’d love it if you’d share a rating or review and then subscribe to the podcast and tell others about it. You can find The Real Estate Sales Podcast on Apple Podcasts, Google Podcasts, Spotify, Audible, and our website, The Real Estate Sales Podcast.