February 24, 2010

Solds: To Show or Not To Show?

Filed under: Uncategorized — Sam Prochazka @ 3:43 pm

That is the question we get asked several times each day…

Well, here’s the answer (in Alberta at least):

Here’s a quote from the Real Estate Council of Alberta Advertising Guidelines:

“The advertising of sold properties is problematic. When an industry member advertises that they have sold, or participated in the sale of a property and the property is identified, the industry member requires the written consent of the property’s owner(s) at the time of the advertisement. If an industry member was representing a seller in the sale of a property, with the seller’s consent, the industry member may advertise the completed transaction until the seller ceases to be the owner of the property. For any industry member to advertise the completed transaction after that point, he or she would need the permission of the new owner (the buyer).

This means industry members may not include on their websites or in other advertisements, a list of properties (pictures and/or addresses) they have sold unless they, at all times, have the consent of the property’s current owner to do so.” (see page 26)

So, if you want to advertise solds on your website:

  • You can do so without limitation BEFORE the new owner takes possession
  • If you want to advertise AFTER possession, you MUST have the current owner’s permission to do so

What about BC?

Yeah… Well… It’s complicated…

I spoke to a representative at The Real Estate Council of BC today and she told me that there is currently no legislation dealing with the display of sold listings.

“Ok, so I can display any solds I want then?”

Not so fast. The big three real estate boards (Vancouver, Fraser Valley, Chilliwack) shut off third-party access (website providers) to sold data about 3 months ago, making it impossible for us to display sold listings automatically. RealPageMaker has setup an “off market” category for listings removed from the active data set that can be added to a sold portfolio by any listing agent with a RealPageMaker website.

“So what should I do?”

The big three boards are having a meeting within the next month or two to hash firm rules regarding access to sold data. Until then RealPageMaker is recommending that you contact ask your broker about the your office’s current rules.

Other service areas

Advertising past sales in other RealPageMaker service areas is generally much less ambiguous. To find out, just contact your board or association, or drop us a live chat.

Sniper Marketing in 5 Minutes: Step-by-Step

Filed under: Advertising — Sam Prochazka @ 12:46 pm

Ever wanted to setup a marketing campaign targeted at your city and to a specific set of people? Here’s how:

Step 1: Choose your sniper rifle

Here are the best two:

Google Adwords

Ever wondered how Google makes so much money? Adwords!

Pros:

  • Target by geography
  • Target by topic
  • Easy-to-control budgeting
  • Integrated with Google Analytics (Google Analytics can be integrated with your RealPageMaker website)
  • Consistent, solid results

Cons:

  • Takes some time to find the best, most cost-effective keywords for your campaign
  • More complicated to setup than Facebook

Facebook Advertising

Facebook, now the #2 website in the world, is a prime venue for sniper-targeted marketing:

Pros

  • EXTREMELY highly targeted - target by age, gender, geography, area(s) of interest, etc.
  • Easy-to-control budgeting

Cons

  • Exposure decays over time - big effect initially, but little staying-power
  • Not integrated with Google Analytics

Step 2: Choose your scope

With Google:

  1. Login to your Google account and go to Adwords
  2. In the Adwords area, click on “opportunities” at the top
  3. Now look down the menu on the left and click on the “keyword tool”
  4. Now’s where it gets interesting: Add potential keywords to the “word of phrase” box at the top left, and click search… if this is your first time using Adwords, the results will amaze you.
  5. Continue searching for the most cost effective keywords.
  6. Add these keywords to your search campaign and assign a budget

Important notes:

  • Make sure you’ve selected to display the “Estimated Avg. CPC” column in your keyword tool search results

With Facebook:

  1. Go to facebook and click on the “advertising” link at the bottom of the page
  2. Follow the steps indicated by facebook - you’ll be blown away by how targeted your ads can be

Important notes:

  • Facebook is busy signing up new advertisers and can be slow. Patience may be required.

Step 3: Monitor Results

Keep track of your conversions so you know the exact ROI. Make sure to keep the big picture in mind - paying $5.00 for a click might seem expensive, but even if you convert one deal from every 100 clicks it’s still over a 100-fold ROI!

February 19, 2010

Competition Bureau VS. CREA: How does it affect you?

Filed under: Market News — Sam Prochazka @ 6:56 pm

We all know it’s happening: the Canadian Competition Bureau has launched proceedings against CREA (Canadian Real Estate Association). The question no one has answered yet is: how does it affect you as a Realtor™?

Time Line

  • October 24, 2008 - the Canadian Competition Bureau releases its draft Information Bulletin on Trade Associations for public comment. (Click here to download PDF)
  • January 9, 2009 - CREA submits comments on the Information bulletin. (Click here to download PDF)
  • 2009 - 2010 - The Competition Bureau opens discussions with CREA regarding anti-competitive behavior.
  • Late 2009 - early 2010 - Discussions between the Competition Bureau and CREA break down and no resolutions are reached.
  • February 2, 2010 - The Competition Bureau files a Notice of Application for proceedings with the Competition Tribunal. (Click to download PDF)

The Proceedings

Here’s what the Competition Bureau is claiming (from Statement of Grounds and Material Facts in the Notice of Application):

  1. CREA, through its members (i.e. you) has too much control over the supply of residential real estate brokerage services in Canada.
  2. There are no existing adequate substitutes for the MLS system.
  3. CREA has used its control to exclude real estate brokers seeking to provide discount brokerage packages (or fee-for-service packages) and “MLS-Only” options (ie. no compensation to selling agent).
  4. When working with a broker using the MLS system, consumers are forced to buy a bundle of services, including some they may not want to receive or pay for.
  5. CREA controls boards/associations by imposing MLS restrictions (see below) on them, in exchange for them using the MLS™ (Multiple Listing Service) trademark.

Here’s exactly what they are asking for:

An Order prohibiting CREA from imposing MLS restrictions (see below) on boards/associations when licensing the MLS™ trademark to those boards/associations.

The “MLS Restrictions”

This is the important part - the Competition Bureau is pushing to remove the following restrictions. We’ll start with what CREA refers to as the “Three Pillars”:

Three Pillars

  1. Membership: Only REALTORS® may place a listing on a Board/Association’s MLS® System;
  2. Agency: A listing REALTOR® must act as agent for the seller to  sell the property and to assist the seller throughout the entire time of  the listing contract; and
  3. Compensation  to  Co-operating  Broker:  The listing REALTOR® agrees to pay to the co-operating (i.e.  selling) REALTOR® compensation for the co-operative selling of the property. An offer of compensation of zero is not acceptable.

With these in mind the Competition Bureau elaborates further on the CREA’s MLS Restrictions:

Further MLS Restrictions

  1. The listing REALTOR® shall receive and present all offers and counteroffers to the seller.
  2. The listing REALTOR® shall provide professional advice and counsel to the seller on all offers and counteroffers unless otherwise directed by the seller in writing.
  3. The mere posting of property information in an MLS® system is contrary to CREA’s Rules. A “mere posting” occurs when the listing agreement relieves the listing member of any obligations under the Rules, including the obligation that the listing REALTOR® remain the agent of the seller throughout the term of the listing contract.
  4. The listing REALTOR® is responsible and accountable for the accuracy of information submitted to a Board/Association for inclusion in the Board’s MLS® system, and the Board/Association is responsible for ensuring that the data submitted to it meets reasonable standards of quality.
  5. Only REALTORS® are permitted to display the MLS® trademarks in signage, advertising, etc.
  6. Only the listing REALTOR® name(s) and contact information may appear on REAL TOR.ca. The seller’s name or contact information shall not appear on REALTOR.ca or in the public remarks section of the MLS® system.
  7. In cases where a Board permits listings in which the seller has reserved the right to sell the property himself/herself, that fact shall be specified in the Board’s MLS® database.

“I thought you’d be sparing us from the legal mumbo-jumbo??!!”

Yes, so let me get to the point…

The Point

The Competition Bureau says that item 1 and 3 of the Three Pillars and item 6 of the Further MLS Restrictions

completely prohibit or severely impede the ability of alternatives to the full-service brokerage model to compete.

They have cited several examples of fee-for-services brokerages either leaving or not entering the market purely because of these restrictions, and that this represents anti-competitive behavior.

How it Affects You

Removing “restriction” 3 from the Three Pillars isn’t a big deal and, in fact, is already being done in many boards/associations across the country. The reality is that if there is no compensation offered to selling agents then properties won’t be shown.

Now’s where it gets interesting: removing “restriction” 3 from the Three Pillars and “restriction” 6 from the Further MLS Restrictions could create a flurry of  activity from Realtors™ undercutting one another to offer the cheapest “listing only” services to sellers. The truth, however, is that sellers would quickly realize that they’re doing hundreds of showings to nosy-neighbors rather than qualified buyers. The eventual outcome would still see most career Realtors continuing to sell homes on behalf of home-owners.

Removing “restriction” 1 from the Three Pillars would allow casual and unqualified entry of data which would destroy the integrity of the MLS System altogether. I’d be extremely surprised if the tribunal ruled in favor of this.

Ok, so guess what? The National Association of Realtors (CREA’s sister organization in the US) went through all of this 3 years ago and guess how it resolved?

  • Restriction 3 was removed

Yep, that’s it; and that’s what I think will happen in Canada.

I’m very interested in what you think: be sure to write a comment or two below.

February 18, 2010

What Are Top Producers Thinking?

Filed under: Marketing — Sam Prochazka @ 10:06 pm

Have you ever wondered what top producers are thinking? Me too; so I asked…

I speak to hundreds of Realtors™ every month and I’m privileged to know some of the top producing Realtors™ in North America. I’ve based the info in this article on top producers who:

  • carry at least 15 listings, even during slow times
  • close at least 1 deal per week averaged throughout the year
  • are talked about jealously by other Realtors™ in their offices
  • are on a first name basis with some board or association officials
  • have been in the industry for five or more years (usually 10 plus)

Straight to The Point

Here are three words I hear constantly from conversations with top producers:

  • Committed
  • Consistent
  • Investment

If you’re a top producer you’re probably nodding your head. These words define the foundation of EVERY successful Realtor™ and business person alike.

“Ok sure - committed, consistent, investment… what does that mean anyway?”

I’ve asked them the same question and here’s what they told me:

Committed:

Commitment is a state of mind. Being committed means:

  • knowing that you offer more value to your existing and prospective customers than any of your competitors
  • defining and focusing on what needs to get done everyday
  • being disciplined about work hours, punctuality, etc.
  • raising the standard of your business all the time

Consistent:

A business cannot be successful without being consistent. Being consistent means:

  • Meticulously, and realistically planning all marketing
  • Methodically implementing daily, weekly, monthly and yearly plans
  • Completing and following-through on all scheduled activities, without fail

Investment:

Top producers follow this rule: every moment and every dollar spent on business should generate a return. That means:

  • Not wasting time on low return mediums - in my experience most top producers don’t use Twitter and don’t spend their time creating facebook pages (sorry all you social networkers out there, but that’s the reality). They are out with customers, face-to-face, showing homes, meeting people at the members-only gym, and constantly collecting contact information.
  • Spending proper dollars where they count - believe it or not, many of the top producers I know still use mailbox flyers! Lots are also sniping with google adwords, and most have assistants who manage their contact databases.

The bottom line

It’s not superior sales skill or personality that separate top-producers from the pack, it’s a consistent, committed investment of time and money.

February 17, 2010

Who’s Managing Your Domain Name?

Filed under: Real Estate Websites, Technology — admin @ 11:26 am

Website gone down? Realtors™ managing their own domain names risk this happening up to once per year, and the worst part is that their websites could be down forever…

What’s a domain name?

Wikipedia defines a domain name as follows:

“A domain name is an identification label that defines a realm of administrative autonomy, authority, or control in the Internet, based on the Domain Name System (DNS).”

Put simply, a domain name is the address of a website; for example, www.RealPageMaker.com is a Domain Name. Domain names are sometimes referred to (sometimes incorrectly) as:

  • URLs
  • Website Names
  • Web addresses

How are domain names purchased?

Domain names are purchased through domain name registrars who are accredited by the Internet Corporation for Assigned Names and Numbers (ICANN). Here are some examples:

Registrars charge a variety of fees and typically offer a variety of different services including (but not limited to):

  • Website design
  • Website hosting
  • Email
  • Domain name parking
  • Domain name back-ordering

Who Owns a Domain Name?

This is a good question. Most people think that once they pay for a domain name they will own it indefinitely. The fact is that a person or company cannot “purchase” a domain name outright because they must continue paying registration renewal fees to keep control of that domain name.

In essence, domain names are like rented real estate - you can sign variable term leases (1-10 years), but the lease will inevitably expire and need to be renewed, or terminated.

What happens if I miss a payment on my domain name?

Missing a payment on a domain name can be EXTREMELY serious. Here’s what typically happens:

  1. The Domain Name Registrar will email the technical and administrative contacts associated with the domain notifying them that the domain name registration has expired and that the domain name has been suspended for 30 days.
  2. After two weeks, the domain name registrar will email the technical and administrative contacts notifying them that the domain name is entering a redemption period (prices go up here!!).
  3. After a month, the domain name registrar will send one last email notifying the registrant that the domain name is about to be lost.
  4. Within a few days the registrar will offer the domain name to any third parties that have placed back-orders on the domain name (though this practice has become less common recently some people are unlucky enough to lose their domain names to these “domain squatters“). The successful back-order will become the new owner of the domain name.

Recovering a domain name once it has expired or changes ownership can be an extremely expensive proposition. In many cases, unless the former owner is willing to pay hundreds, or even thousands of dollars, he/she will need to abandon the former domain name and start again. This means new business cards, email addresses, promotional material, advertising campaigns, search engine optimization, etc.

So, who should manage your domain name?

The following are criteria that qualify someone to manage a domain name:

  • They check their email AT LEAST once per day, including weekends
  • They will never change their email address
  • They are experienced in domain name registration processes
  • They use only the most stable registrars

Managing the domain name properly is crucial for the success of any website. Serious professionals will leave this up to the experts.

February 8, 2010

Does Newspaper Advertising Work?

Filed under: Advertising, Prospecting — Sam Prochazka @ 3:23 pm

Sales people are calling you to sell it, sellers are demanding it, and your association is telling you to use it, but is print advertising really worth all the time and money you’re putting into it?

Newspaper Advertising

Newspapers come in many forms:

  • neighborhood newspapers
  • city/state/national newspapers
  • trade newspapers
  • industry magazines

Advertising in each of these types of publications can be done in a variety of ways:

  • classifieds
  • small ads next to relevant, industry-specific content
  • mid-size ads - full-page ads
  • editorial sections

Is Strong Advertising Possible with Newspapers?

A strong advertisement incorporates all of the following:

  • A Strong Headline. It’s been known for years that the most important element of a good advertisement is the headline. It’s such an important “make-or-break” part of the advertisement that copywriters have been known to spend 90% of their time on the headline and 10% on the rest of the article.
  • Send out only material on which you are an EXPERT. Sending out too much information on too many subjects is a huge mistake many agents make. If you’re writing about strategic buying in a certain niche market, don’t include mortgage rates, home decorating tips, lifestyle ideas and health stories - these things all detract from the value of your expertise.
  • LOOK GOOD. Old and grainy photos, outdated colors, blocks of multicolored text, cluttered design… Wow - some real estate ads are terrible! Sending out ugly or amateur-looking ads will cost lots and actually do damage to a Realtor’s image. Ads should be professionally drafted and look good.
  • Include ALL contact information. If you’ve read my other articles you’ll see I’m becoming a broken record… Make sure you’re full name, brokerage, cell phone, office phone, fax, email and website URL are all on your ad.
  • Use a good photo. I’m always surprised by the number of old photos Realtors use. If the photo isn’t from the most recent decade, DON’T use it! Get a nice, high-quality, professional photo of yourself to use on all ads.

So - is strong advertising possible with print? Yes, but it’ll cost you. To include all of these things as part of an advertisement takes room, and you can bet that publications will charge for every square inch you use.

What’s Happening in Newspaper Advertising?

Since 2005, newspapers have been losing advertising revenue. In fact, 2009 saw the largest decline in advertising revenue in the history of the industry:

  • Employment classified advertising dropped 67.4% to $205.4 million.
  • Real estate classified advertising slumped 45.6% to $336.9 million.
  • Automotive classified advertising crashed 43.4% to $332.8 million.
  • National advertising slipped 25.9% to $1.1 billion.
  • Retail advertising stumbled 23.7% to $3.3 billion.
  • Other classified advertising slid 16.5% to $587.7 million

2005 - Newspaper industry’s all-time best year with overall advertising revenue $49.4 Billion.

2009 - Newspaper industry overall advertising revenue at $30 Billion (40% decline from 2005).

(source: Newspaper Association of America)

The fact is that newspaper advertising is in decline and that during this period, online advertising has increased by double-digit percentages every year.

Is Newspaper Advertising Competitive?

In short - no. Newspaper advertising was competitive years ago when it was the established medium of choice for information distribution, but since the mid-90s and the advent of the Internet, print advertising has all but completely lost it’s advertising value. Here are the reasons why:

  • Advertisers are seeing vastly higher rates of return from internet advertising
  • The majority of news and information once offered exclusively on newspapers is now available freely on the internet
  • Internet advertising can be highly targeted, whereas print advertising is broadly targeted at best
  • Internet advertising is paid on click-through rates, not impressions
  • Internet IDX/VOW searching have opened access for the public to almost all MLS systems in the nation - these services cannot be duplicated in print

There are exceptions, though:

  • Highly-targeted lifestyle magazines are good sources of business if they are read by people in the niche you’re targeting - this is used by some of our top customers and can be extremely effective.
  • Neighborhood newspapers are usually inexpensive and can create branding in your geographical niche.

So What’s the Lesson?

Here’s the surprising thing - in a survey of 30 Realtors we recently conducted, almost 80% reported using some form of newspaper advertising in the last 12 months. When asked if it was effective, 100% reported it was not. So, why are Realtors still using newspaper advertising?

BECAUSE SELLERS KEEP ASKING FOR IT!!!

So - the are really two points to be  taken from this:

  • Newspaper advertising is a waste of money unless done very carefully and in the right publications, and
  • Most Realtors will save thousands of dollars/year if they learn how to convince their sellers that newspaper advertising WON’T SELL THEIR HOMES FASTER!

February 2, 2010

3 Reasons Why Paging Services Kill Business

Filed under: Marketing, Technology — Sam Prochazka @ 12:52 pm

It’s a competitive market out there, and what your paging service isn’t (or is) doing might be costing you thousands in lost business. Here are the three biggest reasons why paging services are killing your business:

1. Paging Services are Out-Dated

Sure, paging services served their purpose by providing a real voice at the end of the line in an industry where it would otherwise be impossible, but times changed long ago with the advent of mobile phones.

These days customers perceive paging services as just another barrier between them and the information they need. The added step of calling a paging service, then waiting for a call back can be a frustrating and often futile experience. At least leaving a voice mail gets it to the doorstep of the right person - a page could end up just about anywhere.

2. Paging Services are Unreliable

It’s happened to all of us - we’ve sent text messages that haven’t gone through as expected. The same is true for paging services, and unless you’re willing to check the paging report thoroughly every month, be prepared to lose some business from incorrectly paged leads.

Not only that, but what if the paging receptionist (who’s making minimum wage) makes a typo in the phone number from that inbound lead? Goodbye commission cheque.

3. Paging Services are Unprofessional

Here’s one of the most irritating voice mail greetings a Realtor can have:

“Hi, you’ve reached the voice mail for Sam Prochazka, Realtor serving the Greater Calgary area. I’m currently serving other customers, but please leave a message and I’ll return your call at my earliest convenience. If your call is urgent, please page me through my office at 123-456-789…”

So - I can leave a message, or I can call another number, potentially hold for several minutes, have them send my Realtor a text message that may or may not get through, then have it end up at the exact place I’ve just called? I’ll go elsewhere, thanks.

What Top Producers Do

The bottom line is that top producers realize that every “service” between them and their customers is a barrier. They realize that EVERY phone call, from inquiry to motivated seller, is a potential commission and should be treated as professionally as a listing presentation.

Top Producers I’ve spoken to do the following:

  1. They make sure their office paging service gives out their cell-phone number (even the evening services)
  2. They work at a brokerage that has extended hours
  3. They advertise their cell phone numbers
  4. They present realistic callback times in their cell phone voice mail greetings

How Many Websites Should A Realtor Have?

Filed under: Marketing, Real Estate Websites — Sam Prochazka @ 10:48 am

Lots of Realtors® have more than one website, but is it really worth it?

The More the Better, Right?

Web designers looking to sell more product will say that multiple websites will:

  • give more places for leads to visit
  • create better niche targeting
  • allow different websites for different customers/property types/etc.
  • provide a wider net to catch business with

“Yes, but these are all good reasons to get multiple websites, right?”

No. The truth is that having more than one website will:

  • force a Realtor’s® to be spread his/her resources proportionally (and thinly) over all websites
  • confuse visitors looking for everything under one “roof”
  • weigh the Realtor® down with more technical issues such as complex interlinking, website maintenance, etc.
  • cost MUCH more

One website is best

The fact is that one well-designed website is best, period. Having one website allows:

  • the Realtor® to focus all his/her resources on promoting one domain name/brand
  • the Realtor® to be specific, focusing on perfecting one single website rather than several
  • the Realtor® to offer one focal point for ALL activities (MLS® searching, blogging, brand-building, etc.)

Conclusion

The bottom line: more money, more fun, and more time off are all better… but having more than one website isn’t.

January 4, 2010

Most Important New Year’s Resolution for Realtors

Filed under: Marketing — Sam Prochazka @ 10:48 am

Making more cold calls? Doing more advertising? Becoming more internet savvy? Though these are good resolutions, they are all dwarfed by the most important, and easiest resolution of all: confirming contact information.

Why is this so important?

Okay - this is obvious; the more important question is whether this is a good use of your time. We conducted a survey of 30 random Realtors® and discovered that over 80% had incorrect contact information somewhere in their advertising sphere (and yes, this included Top Producers)! We strongly recommend that ALL Realtors® perform an annual confirmation of their contact information.

Where should I confirm contact information?

Everywhere. It’s vital that anywhere you put personal contact information, it is correct. Here’s a quick checklist:

  • Realtor.com (US)
  • Realtor.org (US)
  • Realtor.ca (Canada)
  • Your personal website
  • Your business card
  • Your office website
  • Your office reception
  • Your office paging company
  • Your business partner
  • Your receptionist
  • Your MLS® and Realtor® Association
  • All advertising (flyers, billboards, bus benches, listing feature sheets, etc.)

What information to confirm

RealPageMaker suggests that Realtors® provide as much contact information as possible wherever they can (check this article for examples). As such, make sure to confirm the following (in order of importance):

  • Full name
  • Cell phone number
  • Website URL
  • Email address
  • Office phone number
  • Fax number
  • Postal address

December 31, 2009

3 Biggest Myths About Real Estate Leads

Filed under: Marketing, Prospecting — Sam Prochazka @ 11:02 am

Think you’re doing everything right with your leads? Think again. What you believe to be true might be costing you thousands every month, and 5 years of relaxed, rich retirement…

Myth 1: Most leads won’t convert

If I had a nickel for every time I’ve heard this one I would’ve retired years ago! The truth is that everyone in the world needs a place to live, and the vast majority of people you speak to will buy one or more homes during their lifetimes. Check out these statistics about home ownership in the developed world (number of households who own their home):

  • Ireland: 83%
  • Italy:     78%
  • Australia: 69%
  • United Kingdom: 69%
  • Canada: 67%
  • Finland: 67%
  • United States: 65%
  • Belgium: 65%
  • Japan: 60%
  • Sweden: 60%
  • France: 54%
  • Denmark: 53%
  • Netherlands: 49%
  • Germany: 43%

The only truth to this myth is that most leads won’t convert right away. Top Producers take advantage of this by collecting contact information and staying in touch with a huge number of people and closing multiple deals with them over a period of years and decades. Of course doing this properly isn’t necessarily common-sense, which leads us to myth 2…

Myth 2: Realtors® don’t need a CRM (Customer Relationship Manager)

“Huh? What’s a Customer Relationship Manager?”

A Customer Relationship Manager (CRM) is a type of software that ALL successful Realtors® (and businesses) use to keep track of their Spheres of Influence. A good CRM allows a Realtor® to keep track of (and keep in touch with) thousands of leads and past customers. A Realtor® without a CRM will always be living from deal-to-deal.

One of the most important aspects of a good CRM is often overlooked: retirement nest egg. Imagine the Top Producer in your office standing up at the next Monday-morning-meeting and announcing that he/she is retiring, and selling his/her book of business to the highest bidder… Guess what? He/She will be able to retire 5 years earlier!

Myth 3: Closing deals is an art, not a science

Sure, closing a deal involves a degree of artistic finesse, but improving conversion rates and decreasing conversion times requires strict application of the scientific process.

A quick review (from our junior high science fairs) of the scientific process (source):

  1. Define the question
  2. Gather information and resources (observe)
  3. Form hypothesis
  4. Perform experiment and collect data
  5. Analyze data
  6. Interpret data and draw conclusions that serve as a starting point for new hypothesis

Most Realtors® think they know how to close deals because they manage to do just that from time-to-time. The truth is that regimented trial and error with documentation and analysis is the only way to improve.

Conclusion

The most successful Realtors® I know understand that their professions operate according to the same rules as all other businesses. They take care to keep in touch with people, invest as much time in maintaining a customer base as they do building it, and they look at each process scientifically.

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