How to Lose a $1 Million in Real Estate

Did that title grab your attention a little?

All too often we concerned with how to make a million in real estate that we need to investigate the polar opposite of the equation. Really, everything has 2 sides to it, the positive and negative. So on the positive side we have Making a million so the negative would be Losing a million.

Let me explain…

Over my 15 year career in real estate I can tell you that we have lost a ton of business due to improper follow up. Everyone on the team is/was guilty of it at some point, including myself. See, when we make a contact, rent a house or sell a house, we must follow up with every single one of them constantly. Failure to follow up with them will result in them giving their referrals else where or when they are ready to buy or sell, they call a different agent.

This is a true story….

One of my team members leased a home to the franchise owner of a large new burger place. He had 5 franchises in the state and he just wanted to be central to them all, get the newest one on the west part of the state up and running and then buy a house. I constantly told her to follow up over and over. Then one day I heard through the grapevine, and I verified it, that he bought a 1.2 million dollar home direct from the list agent. Now do the math…. That is a boat load of lost GCI.

Needless to say,

I continually said to stop by with listings, commercial listings for any new restaurants, follow up…. Since she did zero follow up, they purchased with another agent. I cannot help to think if she had followed up that we would have had a shot. Look at it like this, if I do not follow up then I have zero shot at the sale. If I follow up, I have a 50% chance at the sale. I would rather take the 50/50 any day of the week.

The Money Is In The Follow Up.

If I can’t ever teach anyone anything except this one thing I would be happy. The Money is truly in the follow up…

Follow up with every lead, every time and you will convert more leads.

To do this you must be organized and focused. More GCI will help you be more organized and focused so you can do more of what you love…. Sell More Houses!

 

Need a Boost in Your Real Estate Production? Choose Your Flavor…

      

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