can significantly increase your income by increasing your efficiency and the

Can significantly increase your income by increasing

This preview shows page 43 - 45 out of 89 pages.

can significantly increase your income by increasing your efficiency and the number of transactions you can close in a year, you can’t afford not to get a personal assistant. Earn REALTOR® Designations . Many practitioners feel that they aren’t making enough money to allocate funds for education. This is backwards thinking. You take classes to acquire the skills to increase your sales and earn more. The skills you learn and the referral relationships you develop with other students you meet will dramatically affect your bottom line and your potential for success. Purchase Equipment as a Business Entity. Many real estate professionals purchase their laptops, digital cameras, or PDAs as consumers. This is a big mistake. If the technology breaks or you need help with the device, you will be sent to consumer purgatory, also known customer support. This purgatory is completely avoidable and unnecessary. The next time you purchase equipment, buy it as a business entity. You can do this by stating that you are a business when
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you purchase the equipment in-store, choosing the business-ordering option online, or using the vendor’s business-ordering phone number. When you need help, you can call a support line that is reserved for business accounts. That means that you only spend about five minutes on the phone with one person, and the needed part or parts are sent overnight. In some cases, you can even get a technician dispatched to your home or office to fix the problem. Target Your Marketing to Your Prospects’ Concerns. If you don’t already own a copy, you need to run out and immediately get The 2003 NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers and Sellers . This survey gives you insights into what really matters to the typical buyer and seller. The almost universal mantra used by salespeople trying to get a listing is, “I am honest, hardworking, and have sold millions of dollars in real estate.” According to the 2003 survey, the average homebuyer or seller doesn’t care about your accomplishments. What they do care about is finding the right house, negotiating skills, and obtaining help with the paperwork. Your marketing should target their concerns. Obtain a copy by calling the NAR at 1-800-874-6500 or order it online . Have an Income Buffer or Passive Income. What often kills new real estate practitioners is the concept of lag time. When you sell a house, you typically don’t get paid when the contract is accepted. The average contract is written for 45 days. In a perfect world, you would get your commission check 45 days from the date it was accepted. In the real world, you don’t always get paid on time. What could go wrong? Maybe someone forgets to order the title, water certification, village inspection, pay-off letter, survey, termite inspection, or income verification. If you are in a hot market, the title company could be backed up for two weeks or longer. The closing date could be pushed back days or even weeks.
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