Want To Double Your Real Estate Salary? Push One Of These 4 Buttons

Want to know the secret for doubling your real estate agent salary?

Here it is:

L x C x P x f = Sales

Let’s define that:

• L = Leads
• C = Conversion Rate
• P = Percentage Of Commission
• f = frequency of sale

 

 

At it’s core, this is your business…

Leads X Conversion To Client X Percentage Of Commission X Frequency Of Sale = Your Business

Want to double your real estate salary? All you have to do is to double one of those numbers.

And you aren’t limited to working on just one of those numbers! You can improve the number of leads you get, the percentage of leads that become clients, your average commission from your leads, and the average frequency at which your clients purchase.

The thing is:

All of these numbers can be impacted by how you market your business. And your growth can be exponential if you raise the performance of more than one of those metrics.

You have 4 buttons to push if you’re looking to grow. Let’s get into how to impact those numbers:

 

How To Double Your Leads:

 

[bctt tweet=”Tracking performance is the first step to doubling your real estate leads”]

 

The first step to doubling the number of real estate leads you get is defining how many you already are getting per month.

I suggest using a CRM that lets you see the number of leads added per month. If you’re not using a CRM yet, you can track this information in a spreadsheet. But it’s much harder.

—–Take 1 Minute Right Now And Figure Out What Your Lead Count Is—–

Ok, do you have the number?

The next part of this is choosing three more methods to get more leads. You probably are getting the leads you have right now from 1-3 different sources. Now, you want to pick 3 more marketing ideas that could potentially produce more leads for you. And execute on them.

 

Here’s something we do with LeadSites to help agents get more leads:

We use smart popups to drive clicks to high converting landing pages. This means you get more leads per visitor to your content.

 

Another good tactic for getting leads online is using testimonials

Here’s an example of how you can use your testimonials online to generate more leads. We link up a testimonial landing page to a scheduling tool. This lets leads go directly from your testimonial page to a scheduling page.

 

And these are just two options!

The key here is picking 3 activities and executing on them with 100% dedication. You’ll soon start to see that one of the three marketing tactics you picked works a lot better than the others. Double down on that activity.

Here are several options:

• PPC: You can use adspend on Google or Facebook to drive qualified leads.
• SEO: You can focus on building up community pages. These pages are very useful to home buyers who might not be familiar with an area. They also tend to rank highly on Google if you set them up correctly.If you need an example of this, look at Bill Gassett’s Norfolk County, MA Real Estate community page.
• Cold Calling: This is a timeless tactic that is still generating business for plenty of agents. If you aren’t already cold calling prospects, this could be an easy way to double your business.
• PostCard Canvasing: Services like EveryDoor Direct Mail and VistaPrint have made mailing postcards super simple. You can now send more mailers for less cost than ever before.
• Farming Tactics: You should focus your efforts on a small region instead of a large city. This multiplies the effectiveness of your marketing efforts.
• Expired Prospecting: Expired listings are a low-hanging fruit target for agents looking to up their lead count.
• …and many more

Then repeat this process each month or quarter until you have several pipelines that bring in a stream of leads each month.

The key to doubling your lead count is to be specific.

For example, let’s say you want to start marketing on Pinterest.

You’d want to do something like this:

1. Determine where the traffic you get from Pinterest is going to go
2. Determine the percentage of that traffic that will convert into leads
   1. You can expect 5-10% of website traffic to turn into email leads. And 1-3% to turn into sales leads
3. Set a number of pins that you’re going to create per day
4. Determine the amount of content you’re going to produce on your website that the pins will link to

See:

You’ll really have numbers that help you achieve the goals you set. You’re not just saying, “I am going to use Pinterest to get leads.”

The second option is ‘day-dreamer’ marketing. The first option is data driven and should motivate you to follow through on your intentions.

 

What lead gen activities are you going to use to double your real estate agent salary?

 

How To Double Your Conversion Rate:

 

[bctt tweet=”Want to earn more? Focus on converting the leads you already have.”]

A lot of people, myself included, like to focus on the number of leads we get. It’s just so attractive and fun to work on new marketing ideas.

But at the end of the day, the easiest way to increase your earnings now is to convert more of the leads you already have.

The statistics say that the majority of inbound leads simply aren’t followed up with. They aren’t given a call within the first hour of them signing up. And they aren’t followed up with 1 month after they haven’t replied.

What’s this mean:

Your biggest opportunity is setting up structured systems that ensure all leads are treated equally.

 

—-Let’s break that down—-

There are 4 basic components to converting more of your leads to clients.

 

1) Structured Followup

The first step towards converting more leads is having a followup system written down that you actually follow.

That sounds simple. But the majority of agents simply don’t have a protocol they follow for new leads.

Below are some stats that’ll help you shape your followup plan…I recommend a minimum of 5 calls to every lead and 10 emails.

 

2) Autoresponder 

After you have written down a followup system that you’ll follow, it’s time to start some simple automation.

One of the first tips I recommend is sending new leads a schedule link so that they can schedule an appointment.

You can use a service like Schedule Once or SetMore.

These services hookup to your calendar and let leads book a time with you. Because this can be automated and solves the leads problem, you typically see a high conversion on these types of appointments.

 

The second type of automation I recommend is long-term drip sequences. Americans are moving every 10 years now. That means you need to stay in touch with your contacts for 10 years in order to keep their business.

You can use automation through email to make this simple. I recommend using your CRM’s automation software for all past clients and leads converting more than 1 year from you. Be sure you touch them once a month at minimum. And try varying the method of communication.

 

3) Copy Writing / Breakup email

The third phase of increasing your conversions involves copywriting.

Now that you’re consistently following up with leads and sending emails. It’s time to increase the effectiveness of those messages. This requires attention to your copywriting.

If that word is new to you, basically all it means is that you try to write your emails and messages to increase the conversion of them. A good example of a copy-perfected email is our breakup email templates

 

Here’s an example:

 

When leads don’t respond to your initial string of contacts, it’s time to send this email. You can typically shake a few of them loose through sending this.

Eventually, you want to re-write all the emails you send your leads through a copywriting lens.

Here are a copy formulas to follow: 

• AIDA: This is an old, but quality formula for producing emails that appeal to the desired outcome of your leads. You start with an attention getter; then perk their interest by mentioning something they’d like to have happen; next you appeal to their desired outcome; finally, you inspire them to take action.
  • Attention: Capture their attention
  • Interest: Pique their interest
  • Desire: Appeal to their desired outcome
  • Action: Inspire them to take action
• What’s In It For Me: This is a basic copywriting formula.
  •  Does your email clearly define what the benefit is for them?
• FBVH: This is a slightly different formula that can inspire a higher response because of the human factor.
  • Feature: Mention something highly personal and specific to them.
  • Benefit: Appeal to the benefit of them reading/doing business with you.
  • Value: Give them value through free additional information or perks.
  • Human Factor: Reveal some human emotion or quality that breaks the ‘coldness’ of email.

4) Use A CRM

Finally, this goes without saying, but you cannot effectively manage leads without a CRM.

A CRM will become your biggest asset in real estate.

Think about it:

Agent’s don’t have fancy technology and it can be hard to come up with an unique selling proposition. But a CRM that is twice as large as your competitors is a huge competitive advantage.

Invest in it early and always be building up the content in it.

 

Percentage Of Commission

 

When it comes to doubling or raising your commission percentage, it can be a lot harder to impact this number over the other 3 numbers.

But don’t forget about working to increase your average commission. 

Because even if you only grow this by 10-25%, you can experience an exponential increase in your end real estate agent salary if you also grow the other 3 numbers.

 

Here are 4 ways to grow the amount of commission you make per sale:

1. Change Companies: What’s your current commission split structure? Is there a more beneficial one out there? If you’ve followed the first two methods for doubling your salary, you should have leads and a system that you own to convert those leads.This can give you the flexibility to explore other brokerage options.Keep in mind that simply earning even 5% more here can add up if you’re doing consistent transactions every month.
2. Stop Discounting: Discounting your commission is never a good solution. If you’re forced to consistently discount your commission, seriously think about how you can provide more value to your clients. There are several ways to do this. Here’s a short list:
   1. Try blogging: Blogs provide free content that can improve your relationship with cold prospects
   2. Define Your Listing Marketing: Often times people that ask for discounts don’t understand what goes into professionally marketing a listing. Be sure your presentation clearly defines everything they are getting with your service
3. Work Both Ends Of The Deal: This is a controversial one. But it’s a simple way to double your commission.
4. Increase your average home price: What’s the average sale price of the homes you’ve sold? If you can increase the average price of the homes you sell, you’ll see a significant increase in your real estate salary.
   1. Farm higher-end neighborhoods in addition to the ones you currently service

Like I said, these four tactics aren’t as easy to execute on as getting more leads and converting more leads. And thus, it’s not the easiest way to double your real estate agent salary.

But, you should set a goal for increasing this sector of your business by even 10%.

 

Let’s say you sell mostly $200,000 homes currently…

…A good goal for Q4 or next year would be to boost your average sale price to $250,000.

 

If you’re a 25 house per year agent, that increase would be worth roughly 25% more to you!

 

Frequency Of Sale

 

Finally, the fourth option for doubling your real estate salary is to focus on doubling the frequency of when your clients buy or sell.

This may seem impossible at first glance, right?

You might be saying:

“Tyler, the average american moves every 10 years. How can I double that?”

There are actually 3 answers that I can think of…and probably more if you get creative!

1. Start Investor Program: How many agents have a real estate investor tips section on their blog near you? Probably not that many. What about advertising an investor concierge program on your website? Not many do that either. These type of marketing activities can get you clients that purchase homes every 6 months or more.Look at what that does to your average frequency rate if 1/10th of your client base is investors that buy once a year:Frequency: (10 years X 9 clients) + 1 year =  9.1 years on averageThat means you’ve improved your business by roughly 10% simply by targeting a better type of client.
2. Target Frequent Movers Like Divorcees: It’s never an easy topic. But events like divorce and deaths cause real estate transactions to happen when they otherwise wouldn’t have. With tools like Facebook Ads, blog articles, and social media, you can directly market to these people and boost the number of clients you have that need your services now.
3. Relocation targeting: Finally, are there big companies that are hiring or firing located close to you? Build relationships with them! These people are outside of the 10 year average mold already. And by targeting them you can build a client base that moves more frequently.For example, this blog post by Kyle Hiscock effectively targets relocation buyers and sellers in his market.

 

What do you think?

Did I miss a method of increasing the amount you earn at the end of the year? Let me know in the comments below.

Also, if you need help ‘doubling’ any one of the four aspects above, be sure to reach out to us in the comment section below.