Takeaways:
- Commission isn’t predictable. If we prospect now, we don’t always get a check in 30-45 days.
- On average, a buyer is actively looking for a home for between three and six months; if we got a new client tomorrow, we could be working with them until January 2016.
- Successful prospecting all comes down to two key things: time management and discipline.
Focusing on client prospecting is one of the things we have been focusing on in recent weeks on our team. The decisions and actions we are taking now are the ones that will affect us in the following months.
What many agents fail to stop and think about is that our income stream is not predictable in the sense that if we prospect now and find a new buyer or seller client, we will get a check in 30-45 days.
On average, a buyer is actively looking for a home for between three and six months, which means that if we got a new client tomorrow, we could be working with them until January 2016. You cannot count on a commission check coming in the door in a particular time frame.
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As agents, we need to be focusing on prospecting year-round. Many agents, especially those who are newer to the business, find themselves busier during the summer months when the market picks up.
They spent most of the spring months prospecting, and the buyers and sellers that they procured from this work are now writing offers. The income stream also increases, and we get a false sense of financial security.
But we also need to think about the ebbs and flows of the market, when buyers and sellers are less likely to pursue the possibility of moving.
To prevent the dip in commission checks, make sure that you are devoting the appropriate amount of time each day or week to prospecting.
Everyone has a different way that they like to prospect for clients — be it following up with past clients for referrals, cold calling leads, etc. — but whatever way you prefer to prospect, make sure it continues throughout the year, not just when business tapers off.
Successful prospecting all comes down to two key things: time management and discipline. I know that it’s tough.
I’ve been there, and I see co-workers go through it each year. Even though it can be difficult, I promise that if you spend the time and energy now, it will pay off in the long run.
Jay Luebke is a residential sales specialist and the visual coordinator with The ART of Real Estate in Columbia, South Carolina. You can follow The ART of Real Estate on Twitter @TheARTeam.