Think Production for Real Estate Success

Regardless of how long you’ve been in the real estate business, you’ve probably heard the term “production” thrown around.

Real estate production is all about the time, energy, and focus you put toward your business goals. Production-focused real estate agents do not wait for business to come to them. Instead, they are proactive, using an actionable and measurable plan.

Another way to frame production concerning real estate is that it is any activity that can be defined as a “money-making” activity. Because at the end of the day, you’re in this business to be successful and to make money.

If you want to shift your mentality to one that is production-based, here are the areas you need to focus on and the attitudes you need to adopt to succeed:

• Lead generation has to be your number one priority: the top-earning real estate professionals tend to all be listing agents. They know that working with sellers takes less time and reaps higher rewards than time spent with buyers.
• Top producers embrace the reality that real estate is a “contact sport.” They know their job is to keep calling to “offer their services” as often as possible daily. Note the purposeful use of words in the previous sentence. Great sellers view the world from a consultative or “service” perspective, which can help with motivation when prospecting. Above all, top agents know that they need to go after business and never wait for it to come to them.
• The money is in the follow-up: Most listings (and, therefore, most of an agent’s gross income) come during the lead generation follow-up phase. You must be persistent and not let a lead hang on the vine. Many agents cross a lead off their list after that first “no.” But the top performers know persistence pays off and will keep at it.
• Discipline and routine are at the heart of a production mindset: With few exceptions, a production mindset starts with a commitment to phone prospecting every morning. Without fail. They believe honoring their daily prospecting schedule is the best, most proven way to keep their pipeline full. And they’re typically fresher in the morning and ready to get in the game. Oh, one more thing: Your Espresso Agent expired, and FSBO leads are in your CRM waiting to be called every morning.
• Pre-qualifying your leads minimizes wasted time: Check out our earlier post on pre-qualifying leads. Taking the time to determine if the prospect is motivated greatly maximizes your production time.
• Top producers keep a tight lid on distractions. It is very easy these days to allow distractions to take over any well-intended schedule. The key to managing distractions is to practice discipline in everything you do. Turn off your phone. Don’t check emails until you have to. And get away from your Facebook feed.
• Work with production-focused partners. Most top-producing agents have partners to help keep them accountable: coaches, role-players, and mastermind groups. Whatever the mix, top-performing real estate agents know that accountability often translates to continued success.

If you’re frustrated because you aren’t making the money you’d like, you may need to look at your “operating philosophy.”

If you’re mired in administrative (especially transactional) detail, maybe you need to hire a part-time admin to handle those details, freeing you up to earn the money you were meant to earn.

Production-focused agents know that business will always flow when they are in a lead-generating mindset. They seem to be genetically programmed to keep their new business pipeline full to overflowing. Top performers spend anywhere from 70-80% of their time each year (day, week, month) on the aforementioned production activities.

Are you spending 70-80% of your time on production (money)-focused activities? If not, why?

THINK PRODUCTION, and the money will come!