The Life of a Realtor

This is the final episode in Season 1.  It is a way of putting the skills discussed in previous episodes in motion.

We begin with "A year in the life of a Realtor." Which reveals establishing a plan that details goals, focus and strategies around the key elements of success.

Then there is a dive into the month, week and finally the day in the life of a Realtor.  This episode outlines how to put action steps in place.

Did you like this episode? Is there something else you would like to learn about? Let us know here!

Episode Transcript

Microphone (2- Samson Q (00:01):
Welcome to real estate.
Common sense.
I'm your host, Lisa Spencer.
I grew up in a real estatefamily was a top producing agent
and a managing broker for over adecade.
Eventually leading an office ofover 400 agents.
What I've discovered is commonsense is not that common,
especially when it comes tolaunching building or expanding

(00:23):
a real estate business.
I have interviewed thousands ofagents and helped hundreds
launch, successful careers.
Today is the last episode of ourfirst season and the last
episode where you'll have toendure the lecture style of this
podcast.
Our season two episodes will bededicated to interviews with top
professionals that help usprovide the best service to our

(00:45):
buyers and sellers.
Did you know that there arepotentially over 30
professionals that can beinvolved in completing a
successful sale while tune in toseason two, for all the details
on that.
So in wrapping up the firstseason of real estate, common
sense.
I want to invite you to exploreyour reasons for becoming a
realtor.
Your vision for the future ofyour business and how you'll

(01:07):
sustain the momentum you create.
If somehow you thought a careerin real estate was a path to
easy money.
It is our hope that our previousepisodes dispelled that myth.
Being a realtor, a good one is atough job.
It's the toughest job you'llever love.

Microphone (2- Samson Q2U Mi (01:24):
It is more than loving to look at
houses.
It is loving people and helpingthem navigate a watershed
moment.
That is one of the first stepsin building generational wealth.
We are a part of this importantjourney.
And if we do it right, we willearn the referrals and future
business from the people weserve.
If you've been tuning in sinceepisode one, you should have a

(01:46):
solid base for finding business.
And you're committed toexpanding your sphere of
influence.
According to Buffini group, atop real estate coaching and
consulting group, 82% of allreal estate transactions are the
result of contacts from previousclients, referrals, friends,
family, and personal contactshighlighting the substantial

(02:07):
role that the sphere ofinfluence plays in the real
estate marketing and leadgeneration business.
We also dedicated four episodeson how to help sellers and
ourselves by determining sellermotivation, reviewing market
data, building a competitivemarket analysis and finally, how
to market listings to a maximumbuyer pool.

(02:28):
We didn't leave our buyercustomers out as episode three
revealed the five steps inproviding value in a buyer
consultation.
And, episode nine.
That applied to both buyers andsellers with helpful suggestions
on how to present a negotiateoffers.
So, what have we missed?
What essential skill have weforgotten to cover in season

(02:48):
one?
It is how to put all of theseskills to use and build a
business.
LEt's call this episode, thelife of a realtor.
We'll start with a year in thelife, then move to a month in
the life.
Then a week in the life, andfinally, a day in the life of a
realtor.
Rather than present the idealday that you can find those on

(03:09):
HGTV.
We'll do our best to keep itreal.
A year in the life of a realtorbegins about 90 days before
January 1st.
Somewhere between September andOctober of this year, you should
lay out a plan for next year.
There is generally a 90 day lagor more between the actions we

(03:29):
take today and the results theywill produce.
You can find references to the10 minute business plan on our
real estate website, real estatecommon sense.com.
And this is one of our mostpopular 90 minute workshops for
this conversation.
We'll simplify the process.
Into three things you mustdetermine.

(03:50):
The first is, what is your goalfor next year?
Don't hide behind the thingsthat are difficult to quantify.
How many transactions do youintend to do next year?
Do you want to move your pricepoint upward?
Or are you going to have to justwing it?
The worst strategy is a plan tosurvive.
Because if that's your plan,you'll get survival or less.

(04:14):
After nearly 30 years, I havealso learned that you should
never budget off your best year.
Take a serious look at themarket conditions.
Election years have always beensoft for us.
So if one of those is ahead, askyourself, am I willing to work
harder?
Or can I accept the same amountof effort may produce diminished

(04:34):
results when the market pullsback.
The choice in selecting a goalis yours.
You may want to set these goalswith a partner or even your
family as everyone needs toadjust their expectations in
order for you to hit yournumbers.
Now, the second thing you mustdecide is how you'll get to your
goal.
Where will you focus yourefforts?

(04:56):
What are your businesspriorities?
The first one is easy and prettymuch universal you'll need
leads.
The second is also the focus oftop agents listings.
Those agents with experienceknow that if we spend our
business time building biz,Listings then the buyers will
come.
The third area of focus is yoursphere of influence, which is

(05:19):
another place where we can findbuyers.
We have our goal X transactionsfor Y volume.
And we also have our three areasof focus, leads, listings, and
sphere of influence.
Now we need three activities foreach area of focus.
Here are my quick suggestions.

(05:39):
LEADS:.
I like the easy prospectingplan, which is to call everyone
that is waiting to hear fromyou.
Yes.
Agents miss so manyopportunities to cultivate leads
because they forget to callpeople back.
Oh, they never forget the personthat's ready to list their
million dollar home back, butit's the casual.

(05:59):
I wonder what those whole newhomes are selling for.
And what do you think I couldrent my house for?
And my brother is looking for arental.
Those are the calls that fallinto oblivion.
What so many agents fail torealize is that each unanswered
question leaves doubt in theeyes of the consumer about our
commitment to our profession.

(06:20):
And more importantly, about ourcommitment to them.

OPEN HOUSES (06:23):
open houses have always been a great source of
leads for our team.
If you feel they are outdated ornot worth your time, then maybe
you're not doing them right.
Can you up your game or wouldyou rather choose another
activity to generate leads?
We also use social media.
Now, this can be dangerousbecause there's a black hole of

(06:45):
mindless posting, or we don'twant to fall in the trap, being
obnoxious and in your face andtrying to grab your dollar,
that's the kind of social mediawe want to avoid.
If you're going to make socialmedia, a planned activity
regarding leads, then you needto run some AB testing around
your boosting on Facebookposting shorts to YouTube and

(07:07):
reels, or even Tik TOK canexpand your influence, but you
have to be strategic if you planfor it to produce leads.
Are you prepared to create aplan and a strategy, or would
you be better picking anotheractivity to focus on such as
paid advertising or referrals?
The choice is yours, but ourrecommendation is to only pick

(07:28):
three activities.
Under each focus.
If you don't know what to focuson.
Then refer back to episode two,finding new business and adopt
one of those strategies as afavorite or choose one of your
own.
Next we have our activitiesaround listings.
My personal favorite is a knockyour socks off with the

(07:50):
marketing of your currentlistings.
It is crazy to me.
How hard agents work to securelisting only to fall flat on
marketing the property.
People who are thinking ofselling their home are out there
looking at who is doing a goodjob.
We love this strategy because italso makes the seller happy with
the efforts we are making tosell their home.

(08:13):
A second activity that alsohelps procure listings is
providing market reports or fortarget areas or specific groups.
These can be delivered by mailor email, or even through social
media.
The idea is to gain traction byshowing that you are
knowledgeable and professionaland able to represent sellers

(08:34):
and helping them get the bestprice possible in the least
amount of time, with the leastinconvenience to them.
A third activity that works forfinding listings is to be a
zealous advocate for yourcurrent buyers.
If the home they are looking foris not in the MLS.
Then searching for a home forthem could yield listings for

(08:55):
you.
And our last area of focus isour sphere of influence.
Although this should have reallybeen listed first.
A database is not a sphere ofinfluence.
It is more than names andcontact information.
It is valuable relationshipsthat will build your business.
What three activities do youfeel will best support these key

(09:17):
relationships in your business?

Here are my favorites (09:19):
A once a month postcard with your real
estate activities or stellarreview regarding your service is
an option.
This is an effective way ofreminding your people, that
you're a realtor so that therest of your activities can
focus on them.
My second suggestion isface-to-face meetings for lunch

(09:41):
or coffee or other in-personsocial gatherings.
Can you host a party or invitethem to a community event?
Supporting their business andcharities is the last activity
that I really focus on.
When we support other people'sbusinesses charities or
interests with our time or moneyor referrals, it really goes a

(10:04):
long way.
These are just my favorites, butyou get the idea.
A year in the life of a realtorhas to start with a plan.
A written plan.
That will provide direction andfocus once the whirlwind of
transactional activities.
Begin to swallow up your day.
In order to have the best yearin the life of a realtor, we

(10:25):
need to plan ahead.
Hopefully 90 days before youryear begins, you'll have number
one.
Come up with a goal that you are100% committed to.
Not the goal of your broker orthe goal of a coach or even your
family members.
We need a goal that's personaland measurable.
After you establish your goal,then you will decide on three

(10:47):
areas that support that goal.
We discussed three areas offocus.
Leads listings and sphere ofinfluence.
You can take some time topersonalize your areas of focus
or adopt these.
Committing to three areas offocus will prevent you from
running around from good idea togood idea.
Without spending enough time inone area to achieve results.

(11:10):
And speaking of results, theyonly come from action.
The last thing that is requiredfor a successful year is daily
activities.
We listed three activities ineach area of focus, you can use
hours or commit to somethingthat feels more doable for you.
You can pause this podcast for afew moments to take notes,

(11:31):
restart, or keep listening, butknow that this framework needs
to be set up before you can havea successful month in the life
of a realtor.
The month should begin with areview of your goals and where
your business is in relationshipto those goals.
Then look at your calendar.
Do you have enough time toexecute your key activities?

(11:52):
If not, do you need help inclearing other things from your
calendar in order for you tofocus on your key activities?
A month in the life of a realtorwill depend heavily on the
framework of goals, focus, andactivities.
If you have an effectivestructure of where to spend your
time.
Then setting up the month, it'seasier.

(12:13):
The first three months of theyear will have a stronger lead
generation focus.
And if you succeed, your effortscombined with the lift of the
spring market should find you ina state of a momentum.
The key is to acknowledge therhythm of the real estate
seasons.
And build your key activitiesinto even the busiest of times.

(12:35):
So that you don't experience thereal estate rollercoaster.
This is a great visual metaphorfor the reality of most
realtors.
The habit of lead generation iswell, not a habit.
Many agents only seek newbusiness when their pipeline is
empty.
And once they have buyers andsellers to work with, they
abandoned their lead generationstrategies and activities.

(12:59):
If you want to get off the realestate rollercoaster.
Then here is my outline for aweek in the life of a realtor.
This is only my suggestion, butI hope it serves as a reminder
that our body loves routine.
Regardless of whether you adoptthese suggestions, try to create
as many routines around yourbuilding, your business as

(13:19):
possible.

Here we go (13:20):
Mindset Monday
home and worked at keeping avery busy household running.
I found that taking time towatch a video.
Listen to a podcast.
Of course, for me, it was VHStapes and audio cassettes).
But you get the idea.
Set yourself up for success inthe week ahead by reviewing and

(13:44):
refining your schedule andfortifying your mind and
preparing to stretch yourlimits.
Taco Tuesday is next.
And although who doesn't love agood taco, this is an acronym
for take a client out.
If you create a routine aroundyour face-to-face meetings with
your previous customers orsphere of influence, it is much

(14:05):
more likely to happen.
One meeting a week with twoweeks off in the year, we'll
give you 50 one-on-one meetings.
If your budget is tight, grabcoffee.
Work out Wednesday.
Doesn't necessarily refer to thegym, although it could, it means
that the middle of the week is agreat time to break a sweat.

(14:26):
Write Thank you notes until yourhand cramps and make all those
calls you've been putting off.
Don't take the day off to playgolf.
Unless golf is one of your leadgeneration sources.
One of my agents built a prettyhealthy business around being a
random fourth every Wednesday.
Make Wednesday the day you dothe bulk of your lead generation

(14:47):
work for the week.
Think it through Thursday.
Is there an opportunity to lookfor creative solutions for the
business in your currentpipeline?
Do you need to stretch thesearch parameters in order to
help a buyer find the perfecthome?
As a transaction stalled overinspection negotiations.
Seek advice from moreexperienced agents or your

(15:09):
broker, and make sure youhaven't overlooked any potential
solution.
Oftentimes if we take time tothink about the current
transactions that are.
Causing us struggle.
There's a place to push themthrough to a close transaction.
Then follow up Friday.
This is a favorite becauseeveryone is in a better mood on

(15:29):
Fridays.
Hold yourself accountable toreturning phone calls.
Even the ones for feedback onyour recent showings, clear your
email and more importantly, yourtext messages so that you head
into the weekend clear.
That,"when you have a chance"request is someone that is now
making, selling their home apriority, but you won't know it.

(15:51):
If you didn't follow up.
I know there's a fantasy worldwhere realtors don't work on
weekends.
That is why our next day is suckit up Saturday.
Whether it is a buyer who isavailable only on weekends, or
you're going to work on Saturdaybecause you didn't work out as
hard as you could have aWednesday.
Saturday is often a Workday forrealtors, especially if we have

(16:14):
a buyer based business.
Our last day of the week isservice and self care Sunday.
That is much better enjoyed ifwe participated full on, on the
previous days.
One of the worst traps realtorsfall into is the idea that we
work 24/ 7.
It is usually the realtors whocatch and respond that have to

(16:35):
work 24/ 7.
Those that take a proactiveapproach in finding and serving
buyers and sellers have muchhealthier boundaries.
You may like my rhythm, or youmay want to come up with a
structure of your own.
Regardless of how you frame yourweek.
It's important to leave space toactually do the work.

(16:56):
Which leads us to a day in thelife of a realtor.
In a life I have imagined andactually pulled off a couple of
times, the day begins with anearly morning workout,
meditation or yoga, and thencoffee and the MLS.
Do you have a hot sheet set upfor your area of specialization
or for your current buyers?

(17:18):
What has happened sinceyesterday that may impact a
seller or create an opportunityfor a buyer.
Is there a pattern developingthat is indicating a shift in
the market.
Spending time exploring what theMLS is revealing.
Can set the tone for the rest ofyour day.
After a good look at the MLS.

(17:38):
It's time to check out some newsin the real estate industry.
Is there something that happenedthat is social media worthy.
Was there a significant changein interest rates?
Has your local communityannounced a home buyer
assistance program?
Is there a new corporationmoving in or out of town that
will bring jobs or increaseavailable inventory?

(17:59):
Now you've done that.
You've looked at the MLS, you'veposted anything significant to
your social media page.
And now it's time to shower andeat and take care of the animals
and the kids and leave the houseby eight in order to get to a
home inspection by 9:00 AM.
The buyer doesn't need you tofollow them around the house.
Let them have time with theirinspector, but most sellers

(18:21):
expect a licensed agent toaccompany buyers and inspectors.
You can jot off a few quick,thank you notes at the kitchen
table before a recap ofinspection findings.
Today, this agent has a schedulehas to schedule three afternoon
showings for a buyer intemporary housing.
Some buyers may ask you tofollow along, especially if this

(18:43):
is their first home.
A modest size home shouldrequire about two hours for an
inspection.
But be careful about schedulingthings too tight.
Putting in a lead generationblock from 11 to two would fit
nicely in this day.
Maybe even make the one to 2:00PM portion of at lunch with the
previous customer.

(19:03):
Lunch dates with otherprofessionals work well because
they too have time constraints.
And it puts some limitations onlingering on our lunch
appointments.
At 3:00 PM.
It's time to show those threenew listings to the couple in
temporary housing.
Hopefully one of them will bethe one.
It is hard on this couple, notto have their things.

(19:24):
And the temporary housing budgetis running out soon.
Success.
They want to write an offer.
You send them off to dinnerwhile you gather disclosures and
other information from thelisting agent.
It's pizza for dinner tonightbecause you have to confer with
your buyers and reviewdisclosure information to
formulate their offer.

(19:44):
At 7:00 PM.
You send the offer over to thelisting agent and hope they'll
get back to you tonight.
The buyers are so anxious.
But you have to temper theirexpectations and let them know.
You may not know anything untiltomorrow.
I could go on...
this may not sound like atypical day when you're first
starting out, but it doesoutline how easy it is to lose

(20:07):
track of our focus.
Buyers and sellers deserve ourfull attention.
And we still have to make timeto cultivate future business.
That is why starting with a planfor the year, the month and the
week.
Will help us structure our days.
If we get off track.
If we get off track, we have away to adjust our plan.

(20:30):
But if we're just responding tothe needs of each day, there's
no way to predict the outcome.
Our success in real estate isdetermined on how we spend our
days, regardless of theframework we established with
our yearly goals and thescheduling we did with our
monthly and weekly calendars.
It is the productivity of eachday that creates momentum.

(20:52):
We hope you enjoyed this firstseason of real estate common
sense and our details of thelife of a realtor.
Season two will launch nextmonth, which will include a
series of interviews withprofessionals that help us get
our jobs done.
It is wonderful to work withtrue professionals that help us
serve at a high level.

(21:12):
Subscribe to our podcast.
So you don't miss anything.
As we share," real estate commonsense" support for agents
launching, building, orexpanding their real estate
business.
I'm your host, Lisa Spencer,sending love and wishing you
success.