C.R.M.S Are the Key To Your Success in 2024

Statistically over 80% of real estate agents fail within their first few years of the business. If it wasn’t hard enough already, combine that with a tough real estate market and overall economy right now in 2024. After working with tens of thousands of real estate professionals, we have a unique perspective on what top producing agents are doing that others are not. 

In a market with a lot of uncertainty, pressures to produce, and challenging headwinds it can be easy to overcomplicate what it takes to run a sustainable business. It requires you to pivot and find the opportunities that exist in today’s market. Running a successful real estate business also demands you to be principled and not overly creative. In fact, it is an opportunity to double down on the fundamentals that are time tested through other market shifts. 

We believe your success can fundamentally be traced to C.R.M.S.  I am not talking about your database management system, but rather using C.R.M.S as an acronym of where you should be focusing your efforts right now. 

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C = Consistency

What is easy to do is also easy not to do. When you speak with high achievers, a common characteristic they all have is consistency. Their daily actions are not subject to the ebb and flow of how they are feeling for the day. Their daily actions are rooted in the principle of time on task over time. They understand momentum is real and the compound effect can work for you or against you. There are laws that govern business and one of those laws includes, what you do (or don’t do) today will show up in 90 days. Rather than riding the real estate rollercoaster, stay focused on the daily disciplines that when repeated over time, compound into massive results. Think back to childhood, the doctor did not say to eat 7 apples on a Sunday. The doctor said an apple per day is what will keep the doctor away. Consider the game we play on friends by asking if we would rather have $1M cash right now or $.01 that doubles every day for 30 consecutive days. Most want instant gratification and would select the $1M cash guarantee. Yet with a little patience and time, the $.01 that doubles each day for 30 consecutive days would yield over $5.3M on day 30. How does this apply? You must be consistent. Right now, you have to have faith over fear and trust that as long as you are doing the right thing for an extended period of time, then everything else will fall into place. The problem is many real estate agents get overly creative and do not accept that “success” can be boring, mundane, and repetitious. Stay consistent, do the right thing for an extended period of time, and let the laws of business create unstoppable momentum. 

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R = Relationships

Now more than ever before in a post-covid era, authentic relationships matter. Many agents convince themselves that lead generation instantly equates to slimy and salesy tactics that bother our friends. If you do not want to be slimy and salesy or bother people, then don’t!  Yet when we can recondition the way we view things, it can put a lot into perspective. I believe real estate is a relationship-based business. As they say, people do business with those who they know, like, and trust. A way to shift your mindset to keep relationships at the center of what we do is to stop saying “lead generation” and begin seeing it as “need generation”. A Locker Room coach shared this unique perspective, and it has caused a ripple effect ever since. People are not leads. People have real needs, goals, and interests that we can serve as a catalyst to help them accomplish. When reaching out to your database, stop leading with what they can do for you or who they know looking to buy, sell, or invest in real estate. Start by asking what their current needs are and position yourself as someone that can help. You may be able to make a recommendation if they have an upcoming landscaping need. You may be able to make a connection to someone else in the community that they are seeking input from. Begin asking questions and “need generate” so you win the mind-share of those you serve. When the time is right, they will think of you for any real estate needs but in the meantime, get back to being a person of service that helps others achieve what they want to achieve and stop making it about yourself. If you do this, there is no artificial intelligence or software that will get between you and the transaction because you own the relationship. I will take emotional intelligence over artificial intelligence any day of the week. 

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M = Market Knowledge

No more are the days when a real estate agent can simply put someone on a property search and be a professional door opener. Real estate professionals must focus on being the local economist of choice especially when it relates to all things home ownership. Your ability to interpret the market and stay current with patterns, trends, and data is what will keep you relevant when speaking to clients. Do you know the sale price to list price ratio in your local market? Do you know the turnover rate in that neighborhood up the street? Do you know the average days on market for various price points that are broken down?  Next time someone asks you, “How’s real estate?”, your response to that question will either give them confidence and make you memorable or they will say you are like the average agent and they don’t need you because they can get more information through a Google search.  You can either give a lame generic answer or you can use it as an opportunity to showcase your professionalism and intimate knowledge of the market.  Those who are going to thrive in 2024 and beyond will make it a priority to study the market and continue to interpret the data and opportunities for others. 

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S = Skill Set Development

The agents who prioritize personal and professional development will win the future relationships and business over those who do not. Your ability to be a world class presenter directly impacts the amount of business you do. Aside from script practice and roleplay, when was the last time you practiced presenting? Have you listened to audio books, read books, or attended training that is about being an effective presenter? We are not a performer, this is not a circus, but our ability to clearly articulate value, work through negotiations, or how to present an offer directly impacts the results we get.  It can be easy to go through the motions and react to whatever the day brings us. Yet, those who make it a priority to refine their skills stand to gain an advantage over those who are unwilling to practice, receive feedback, and constantly pursue being better. Take an NFL game for example. What are both teams doing leading up to the game? What does a Quarterback do when he runs off the field and sits down? In either case, they are studying the game film. Teams spend hours in the war room studying game film. Quarterbacks swipe a tablet to see frame by frame plays when they come off the field. When was the last time you studied your own game film? Are you willing to learn what went right and what you can do better next time? All of this plays into the importance of skill set development so every opportunity is a little bit better. We have so much to learn but without practice and refining our skills, things can get watered down and we lose sight of how easy it is to go through the motions. 

I truly believe the agents who embrace C.R.M.S are positioned to thrive in 2024 and beyond to build a sustainable and profitable real estate business. What is easy to do is also easy not to do. Sometimes we have to accept the boredom that is associated with mastery!