Jeff Bonham Real Estate Coach

One of the most profitable ways, yet often underutilized sources of business, is your Sphere of Influence. What do I mean by that? I mean anyone who would know your name or know your face, and whose information you can track down, should be considered a part of your Sphere of Influence (or SOI). In the back of my upcoming book I am including a handy little memory jogger to help you think of people you may not pull off the top of your head. Try it...you'll be amazed! I know the first time I applied it, I was awe struck at some of the names I had over looked of good acquaintances of mine. I remember seeing one line, for example, that simply said "bald," and it made me remember two or three guys whose hair was starting to thin out that I would most likely have never considered until I may have run into them sometime down the road.

I also used to think that I was pretty good at keeping in touch with my SOI until one day I read a book, "The Millionaire Real Estate Agent," that suggested I contact my Sphere multiple times a month! I was contacting them every 3 or 4 months with a phone call or letter, birthday card, etc. and that was way more than a lot of agents I know, so I felt pretty confident I was doing plenty. Once I read the book I realized maybe I hadn't done as much as I could do, and I began doubting my effectiveness. I went through and began calling people and low and behold, I missed upwards of 30 or 40 deals in the last 18 months alone! I was sick! Even if the average sales price may have only been $100,000, that equated to over $100,000 in commission income to me. Ouch!

I have heard many reasons for people not utilizing their SOI as a lead generation source. One is "I don't want my friends to feel like I'm pestering them for business. I'm afraid they'll not want to hang out with me any more." Another I've heard is that they just don't know what to say to them, or that they have call reluctance. Here's the thing, people tend to do business with people they like and people they trust. If this doesn't sound like your friends, then it may be time to look for new friends. Seriously though, this is your best, most predictable source of future business. If you communicate effectively to them, and get their support in your career, they will send a steady stream of qualified leads your direction for a fraction of the cost it takes to generate business from other sources. The main challenge you will face is getting them to make a paradigm shift of your role in their life.

Out of those deals I missed, I realized the main reason I missed so many wonderful business opportunities is because I had not effectively done my job of educating my sphere on what I do for a living and how my services could fulfill their needs in real estate, their friends and family's needs, their co-worker's needs, etc. I had dropped the ball. I took for granted that since we were friends or good acquaintances that when they thought of real estate, surely, I mean Surely, they thought of me! But you know what? When I asked those people why they didn't use me for their home purchase or sale, they said things such as "we didn't know you were still in real estate;" "we didn't know how to get hold of you;" "aww, sorry, Jeff, we didn't even think about it! You're the guy I play golf with (or have happy hour with, or go to church with...you get the idea)." They did not see me as their Real Estate Consultant!!! I was so upset at the first one or two people that didn't use me, and I took it personally.

After I continued hearing the same response with slight variations, I realized the only person I could find to ultimately blame was the one staring back at me in the mirror. It was disgusting that I lost out on so much money. The beautiful thing is, that no matter how much you may have dropped the ball on this in the past, you have another chance. You have the chance to change the way you do business and approach your Sphere starting today. I like to call your Sphere your ATM machine. They are your "Automatic Transaction Machine." If you begin to nurture those relationships with a business purpose, you will see your numbers soar. It will change your life. It is like having a little army of prospectors beating the street on your behalf!

Always Remember, There Are No Limits!

Jeff Bonham

One thing you will soon discover about me, if you haven't already, is that I love listening to and reading other coach's and top agent's books about what success in real estate takes. I was browsing Amazon yesterday when I came across a title that sounded interesting and, as always, I then began reading the reviews of the book from consumers.

For the majority I saw great reviews other than one that popped off the page at me because it spoke of the merit, or lack thereof, of real estate coaches. It talked about coaches in our industry being not much more than a mother hen pecking at you to keep you accountable when, in this reviewers opinion, accountability was up to the individual.

In my life I have met a few people who are truly able to hold themselves on track with very specific goals, deadlines, tasks, growth and personal development but that is not the norm. If you look at any top performer in their field, all of them will credit a mentor, coach, or teacher that helped them make a breakthrough at some point on their path. Top athletes around the world have a coach. Do you believe that Michael Jordan's coach could play better than Michael or that Tiger Woods' coach can beat him in Match play? No. Coaching is not always about learning from someone better than you are, sometimes the most valuable thing you get out of coaching is perspective, knowledge, technique, and yes, accountability.

I have always performed better when I have someone consulting me on a weekly basis about how I am doing with my goals. Am I doing the right things to get me where I want to go? The scary thing about our business is also the beautiful thing about our business which is the freedom and flexibility it allows. That is scary because one week can turn into two weeks, one month into two, and then the years continue to go by and we have not grown as an individual or a businessperson. We are still doing the same old thing and getting the same old results. This is where coaching has such immense value to help you avoid the pitfalls of freedom and flexibility. To help you keep your eye on the prize so that you not only enjoy the freedom and flexibility, but also the wealth that can come through real estate sales.

If you decide to work with a coach you should see multiple times in earnings what it costs to be associated with them. It may not be for everyone, but it is an investment that for most of us pays off in a big way.

I have had a coach since the 3rd year I was in real estate and have never looked back. As a matter of fact, I wish I would have hired one sooner.

Always Remember, There Are No Limits!

Jeff

A few days ago I was looking through an information packet I use when agents transition to join my company.  In it is written our Mission, Vision, Values, Beliefs and Perspectives statement.  The one that jumped out at me today was our Value system of God-Family-Business.  Too often we are criticized for having faith in our company, or we are judged as being a Cult or a bunch of Born Again, Over Zealous Fanaticals.  I've honestly never understood this response from others looking in.  I often wonder what it is in their past that has led them down a path where spirituality can not co-exist with successful business practice.  The truth is that we value all faiths and quite simply believe we are spiritual beings at the core and we need to nurture that side of our life, whether it be Christian, Muslim, Sikh, etc.  I think the reason it jumped out at me more than usual, however, is not due to the faith statement but is because I will be expecting my first child in early April.

In the past, as well as current I suppose, I have been a very goal oriented, driven individual looking to take on new challenges that will develop me higher both professionally as well as personally.  But to be quite honest, in the past it was primarily about individual goals and I always knew that regardless of amount of risk involved, I would be the only one having to face the end results, be they good or bad.

It is amazing how much my perspective has changed in such little time.  These last few months have made me focus on answering the question, "how will this provide my family more ability to live a quality life."  I also have began asking my coaching students more about this and focusing not only on driving results, but doing it in a way that is in tune with their life mission.  We are spending more time on the front end discussing their life mission and what Heaven on Earth would look like to them.  We then work our way backwards from their perfect, future self to today and create the proper business plan that will help them get to what they define as success.

I already placed my personal faith at the forefront and would never consider sacrificing that for success, but I was always willing in the past to sacrifice my time...which is something I will no longer do.  I remember growing up with a workaholic father and it took until a few years ago when he beat cancer for us to connect on a deeper level and I will not allow that to happen with my children.  I am making this promise today to my future child that my future goals will always be based on God, Family, then business.

Always Remember, There Are No Limits!

Jeff