The 5 Stages to Find & Expand Your Key Profit Drivers

Schedule a FREE Strategy Session

Transcript:

We talked about this in Module Six, and I want to go through something I learned in Business Mastery 2 in Fiji with Tony Robbins. This is what matters in real estate and this is the shift you’ll need to make when you truly become owner or even “rainmaker” of your business. You need to start to think about your business as a funnel.

Lead >> Appointment >> Client Taken >> Client Sold >> Referrals, on both sides.

You have access to this on your Google Drive and I did not create this; this is straight from Business Mastery 2. We went through an exercise and I gave you all the worksheets rather than re-create this and claim ownership. 

Tony forced us to look at our business as having different stages, so this is the funnel mentality that you need to start looking at your business.

He starts with Leads, so you can either increase the amount of leads or the quality of leads. Some of these are general business training so it doesn’t all apply to real estate, but increasing the number and quality of leads is always relevant.

Increase the Effectiveness of Your Sales Process is the second part of the funnel. You can use automated or a website. For the most part we answer the phone (seller leads) or answering a yard sign or phone call (buyer leads).

That goes through a four-step process and there are different conversions here and you’ll see what they mean in a second.

He had us pick one thing in our business and work on that, and I think I used internet leads with my Boomtown platform at the time. 

Increase your Sales Conversion: Get More Clients in terms of number of clients closed. This will lead to an increased referral rate.

Increase your Transaction Value: Get More Money so you can charge a higher price or charge transaction fees.

Ultimately Add More Value: follow up, give more, and get (receive) more. Deliver “Raving Fan” impeccable service to your client, and have systems to follow up for referrals and convert those referrals.

There’s not much we can do to increase frequency of purchase in real estate, but client retention and appreciation are increasingly important.

Then you have worksheets in terms of Optimizing. This has the current number of new leads for whatever you’re evaluating. You can evaluate a Buyer Internet Lead Gen platform per month, per week, and per day.

If you can increase these slightly, you can project what your optimized target would be. It would take me few hours to explain this worksheet in depth, but the whole point is that little increases in effectiveness in multiple areas give you a profound result.

If you’re able to increase five areas at five percent each, it’s not just a 5% increase, it’s a 27-28% increase. So it’s all about meaningful conversations and appointments.