Jeff Bonham CEO

Time to Cowboy Up
Submitted by Jeff Bonham on March 15th, 2010
It's time to Cowboy Up!

Spring was here and almost gone, any excuses found over the winter are no longer valid. It is time to Cowboy Up! Pull up the boots, strap on the spurs, get to riding. I'm not talking about a light little gallop, this is full on sprint time. If you have bought into the "winter time is slow time" then you may still be paying for that while ramping things up. Take a look at your current market, what are your average Days On Market? What is your income goal? My recommendation is that you figure out your income goal and also how many listings you'd have to sell if you never came across another buyer. For example, if your income goal is $100,000 this year and your average commission is $5,000 per deal, you'd need to close at least 20 units. Then, figure out what your average days on market are and you will figure out your personal turnover ratio. This will let you know how many "Sellable" listings you need to carry at any given time. If it takes on average six months to sell your listings, you have a turnover ratio of 2. That means you need to carry 10 listings at all times if you expect to sell 20 listings this year. If you have any questions about figuring out your own listing goals, please contact me and we will explore your income goals and needs further.

Always Remember, There Are No Limits!
Jeff Bonham

www.theremi.com

Spring is here, any excuses found over the winter are no longer valid. It is time to Cowboy Up! Pull up the boots, strap on the spurs, get to riding. I'm not talking about a light little gallop, this is full on sprint time. If you have bought into the "winter time is slow time" then you may be paying for that for another 30-60 days while ramping things up. Take a look at your current market, what are your average Days On Market? What is your income goal? My recommendation is that you figure out your income goal and also how many listings you'd have to sell if you never came across another buyer. For example, if your income goal is $100,000 this year and your average commission is $5,000 per deal, you'd need to close at least 20 units. Then, figure out what your average days on market are and you will figure out your personal turnover ratio. This will let you know how many "Sellable" listings you need to carry at any given time. If it takes on average six months to sell your listings, you have a turnover ratio of 2. That means you need to carry 10 listings at all times if you expect to sell 20 listings this year. If you have any questions about figuring out your own listing goals, please contact me and we will explore your income goals and needs further.

That's right, 90 days. Your entire year may be based on the next 90 days.

Ihave participated in a great deal of discussion over the last few months about what happens if the tax credit disappears, if the feds stop buying down the mortgagerates, and if the banks release all of the inventory they are sitting on. I have listened to speculators with just about every view you can imagine regarding the what ifs. Well, my what if is this: What if all of the above really does happen. The dates range anywhere from April to July on the above issues. So I would rather plan on the worst and embrace the best should it happen.

I have often wondered what I would do with my life if my doctor told me I only had 3 months to live. I can only imaging the zeal with which I would consume everything I love, visit everywhere I've dreamed of seeing, and share as many moments as possible with those I love. I would dive head strong into living life at its fullest. No regrets, that's how I'd want to go out.

So let me ask you this, if your real estate career doctor told you there are only 90 days left for you to save it, what would you do differently?

Would you prospect like there is no tomorrow, call all of your past clients and met database, door knock, work FSBOs and Expireds, master your listing presentation and buyer conversion scripts? What would you do if you knew you would not be able to cash a single commission check after June 1 this year? How many deals would you need in the pipeline? How many listings would you need to carry??? Are you on that pace this year? Did you know the typical buyer is now taking 12 weeks to find a home? That's 3 months right there..so how many qualified buyers are your working with today? Is it enough?

It's now or never, you have 90 days, I'd hate for you to look back with regrets about how you spent them.

Lately the topic that seems to be coming up most with producing agents tends to be about how they utilize their time and how they set boundaries in their lives so they can accomplish everything they need to accomplish. If you are an agent who is steadily doing 3 or more deals a month then you know it can sometimes be painful to figure out how to generate new business, how to service existing business, how to make time for dinner with the family, attend the kids ballgames, go to church, give back to the community, mow your lawn, pay the bills, spend time with friends and possibly even take a vacation.

"Vacation! Are you kidding me? When do you expect me to take a vacation," you may ask. Well, some of you who think you did take a vacation, did you answer client or office calls on your cell phone while you were away? If so, you did not take a vacation. You simply worked from a remote location.

If you want to have life balance you must first embrace the philosophy that Stephen Covey so well demonstrates in his YouTube video" First Thing First - Easy Understanding through Clip! Rocks!" If you cut and paste that into the YouTUbe search you will see what I mean. We need to do better in our profession about getting in tune with our priorities, both business and personal. You need to place your big rocks in your calendar first. You need to block your family time, your spiritual time, and your rejuvenate time before you put any other pencil scratches on your calendar. If at the end of the day you worked 15 hours but you end up divorced and a weekend parent, was the sacrifice worth the money?

If you will take a look at Gary Keller's book, The Millionaire REal Estate Agent, and at least look at page 308, you will find a great outline for starting your day and time blocking. If you are disciplined enough to do what he suggests by 11 am, the rest of your business day will be taken care of. The next thing you need to be able to do is to take control of hwo you spend your time the rest of the day. For example, only agree to do evening appointments on Monday, Wednesday and Thursday nights if they can't meet during the day. Only do listing presentations, buyer presentations and home showings a couple of nights a week and only until 1pm on Saturday. Make sure you reserve at least 2 weeknights and the majority of the weekend for yourself and your family . After all, your family deserves it, they put up with you don't they?

One of the most simple tips I can give you is to change your voicemail and set specific call back times. For example, "Hi, you've reached Jeff Bonham with Keller Williams Realty, I will be returning my calls today between 11-12 and again between 4:30-5:30. If it is outside those hours I guarantee I will call you back at the very next scheduled time. Thanks for calling, and have a great day." If you try this technique for 2 weeks I promise you that you will get more done than ever because you will be able to focus on the task at hand. Whether that be prospecting, showing houses, business planning, reviewing your financials, whatever it is. You will not be distracted and in a responsive mode. Instead you will take charge of your time, be proactive, and take charge of your stress at the same time. I also found it allows me to formulate my thoughts before I call the individual back rather than be caught off guard and reactive. I always prefer to be the one making the call rather then receiving the call becuase I find it easier to control the flow of the conversation and take it down the path I want with well planned dialogue.

Always Remember, There Are No Limits!

So, the other day I was visiting with an associate who is basically frustrated with their career, with their income, with their life, and with the "same ol' ways of doing things."  Does any of this sound familiar?

I believe we all get burned out and frustrated at times.  The difference is how we choose to react to the situation.  In a conference I attended a few days ago down in Covington, LA I heard a beautiful statement about one of the top agents in our company at the National level who said(and I'm paraphrasing here), that she loves when she gets frustrated and completely dissatisfied because that usually happens right before a major breakthrough in her business.

Now, let me start off by saying she is a master at self-mastery, which has led her on this amazing path many of us admire from a distance.  But to be quite honest, most of us are equipped with the same tools and natural abilities as she has.  Many of us have sat in the same training room she has.  So, what makes the difference between those that achieve at an incredibly high level, closing 100+ units or more and making high six figure or seven-figure incomes and the rest of us?  The answer is usually about mastery.  They have made the decision to 100%, with no questions asked, thrown their full heart and soul into mastering the models of a successful person.  They have decided.  They have commited.  They are passionate about where they are going and why it is so important they reach their goals.

So, when the rest of us get frustrated, and we want something new to work on because we are tired of the methods or results we are currently getting, my question back is always whether or not you have mastered the most basic fundamentals first?  Are your scripts nailed??  Are you time blocking massive amounts of hours for lead generation?  Is your presentation so smooth that you can say it in your sleep and handle any objection without even having to calculate a response?  If not, go back to the drawing board.  Get an accountability partner and role play.  I'd rather you practice on your colleague than on your client.  Once you master those then we will talk about the additional building blocks to take you to the next level through leverage, technology, team building, etc.

I know that most of us don't wake up in the morning incredibly excited about picking up the phone for 3 hours and calling on FSBO, expireds, or even our Sphere.  But that is what the best of the best are doing in this market.  So, try this:  think about what makes you happiest in the world.  Is it sitting on the beach with your spouse and children?  Is it traveling to little off-the-beaten-path Bed and Breakfasts?  Is it shopping on Rodeo?  Whatever it is, get in tune with that.  Make an emotional attachment to what makes you happier than anything else in this world.  Then, attach that visual to your lead generation efforts.  Understand that the more you master lead generation, the more you can do the 1 thing that makes you happiest.  Put a visual up on your wall of your attachment next to your prospecting mirror so you can see it next to your smiling face as you prepare to make the dials.  Then make your calls, be excited knowing that every dial you make gets you closer to achieving the finances and the freedom you are craving.

Always Remember, There Are No Limits!

Jeff Bonham