You know the old saying: “Time is money.” That’s especially true when it comes to determining how to value your time as a real estate professional on a per-hour basis. At a “normal” job, you trade your time for a paycheck based on a set hourly rate. Though you’re now paid on commission, it is possible to determine your hourly rate by dividing your total income by the number of hours worked.
It’s no secret that you’ll make more money selling more expensive homes, but even some daily business tasks are worth more per hour than others. Getting a sense for which tasks can be tied directly to additional sales allows you to allocate your time better and focus on money-generating activities such as prospecting, following up, and meeting with clients. By knowing you’re worth on an hourly basis now, you can make goals for what you’d like your time to be worth in the future. Then you can make your current income (or more) while working less. Here are some worthwhile lessons to take to heart as you assess your per-hour value.
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Once again, RE/MAX agents dominated the annual America’s Best Real Estate Agents list from REAL Trends.
How do you define the best?
- RE/MAX agents qualifying in the Transaction Sides category averaged 71 transaction sides last year. Teams qualifying in this category averaged 139.
- Agents qualifying for Sales Volume averaged $30.7 million in volume last year. Qualifying teams averaged $53.5 million.
In total, 2,506 RE/MAX agents and teams made the list, compared to 2,248 Keller Williams agents and 2,040 Coldwell Banker agents. No other brand came close.
RE/MAX Agents on Average Outsold Competing Agents by More than 2:1
RE/MAX, the #1 name in real estate, announced its agents outperformed agents with other real estate brands in the 2017 REAL Trends 500 survey. Associates affiliated with the RE/MAX network regularly average double the number of transaction sides per agent when compared with competitors in the annual survey of large brokerages.
“RE/MAX and members of the RE/MAX network continue to surpass competitors in annual industry surveys and studies,” said Dave Liniger, CEO, Chairman of the Board and Co-Founder of RE/MAX, LLC. “The 2017 REAL Trends 500 survey confirms that our agents, on average, assist more buyers and sellers with some of the most important transactions of their lifetimes. On behalf of everyone at RE/MAX, I congratulate all of our brokerages that were included in this prestigious survey.”
Read more in RE/MAX’s newsroom…
Referrals can be a big source of a real estate agent’s business and can be key to keeping your business flowing year-round.
About 40 percent of the real estate agents recently surveyed by the ReferralExchange and the Council of Residential Specialists say they receive about one to five referrals per year. Another 20 percent say they receive six to 10.
Inbound referrals tend to result in a closed transaction the most. The highest rate of success in closing a transaction is when a referral came from the agent’s own sphere of clients, according to the real estate professionals surveyed. The next best referrals came from referral sources like their brokerages and corporate referral sites.
More than 40 percent of survey respondents reported that more half the referrals they send out result in a closed sale. Another 20 percent estimated that they see a quarter to half of their outbound referrals close.
The main factors that determine whether a referral will close include the seriousness of the client about buying and selling; their connection to the person who referred them; and whether they trust the person or system who referred them.
“The greater the connection to the source, the more likely the referral is serious and will lead to a closed sale,” the study notes.
The majority of the inbound referrals real estate professionals say they receive come from their sphere (40 percent) and from other real estate professionals (37 percent). Nearly 90 percent of the referrals that come from a real estate professional’s sphere come from current and past clients; another 10 percent come from friends and family. An additional 22 percent of referrals come from various sources, such as corporate referral sites and the agent’s own brokerage.
“This data reiterates the value of vetting,” the study notes. “Whether referrals are qualified by the agent’s personal sphere or another trusted source — yes, even one on the internet — true referrals have legs. Relationships and human connections matter, certainly more than the slot machine that is Internet lead generation.”
Source: REALTOR® Magazine
It’s out! RE/MAX agents again claim the title of most productive among the national real estate brands. An analysis of the data contained in the 29th annual 2016 REAL Trends 500 survey shows that RE/MAX agents are more than twice as productive as the average of all other agents in the report. Productive agents, an unmatched global presence and the premier real estate brand. It all adds up to another banner year for RE/MAX agents and their clients!
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Are you undermining your success with unconscious behaviors that are actually hurting your attention and simultaneously diminishing the gray matter in your brain? If you’re ready to shift to peak performance mode, a few simple tweaks may be all you need.
Agents are always searching for the next magic bullet that will improve their businesses. While training, seminars and new technologies can definitely improve your business, few agents actually understand how the physical choices they make about their self-care influence their real estate success.
What are some simple steps you can take to make sure that your body is supporting you to achieve peak performance? Surprisingly, many of them are easier than you may think.
While there’s a lot of talk about “work-life-balance” in the real estate industry, Nobu Hata, NAR’s director of digital engagement, says market realities today mean that agents are working longer hours showing listings, handling multiple-offer situations, and spending time with their clients.
To make sure your time is being spent in the most productive and efficient way possible, read these tips…