Stuck on where to send your marketing money to make the most impact?
As a new real estate agent, it can be tough to know where to start when it comes to focusing on marketing your services. One of the most effective methods is the 80/20 rule. This rule proposes that 80% of your clients come from 20% of your marketing efforts. It’s essential to focus on promoting your services to the right people to build a strong network of clients. Here are some tips on how to apply the 80 20 rule effectively.
What Is the 80/20 rule?
The 80/20 rule, also known as the Pareto Principle, is a standard in business that states that 80% of your results come from just 20% of your efforts. The approach frees up more time and energy to focus on other aspects of your business or life. This means that if you focus on improving your performance in just a few key areas, you’ll be more than able to succeed.
How Realtors Use the Pareto Principle
Successful realtors know about the 80/20 rule and how to apply it to streamline their focus. To start, they typically work on identifying and cultivating their best leads. However, not everyone is the same. You might have had opportunities that others have not. Membership with specialized support gives new realtors a leg up on the competition — becoming a member of the Meleah Jones Network puts you ahead in the starting line-up.
Identifying & Building
Part of developing as a realtor is learning to focus your time and energy on the right leads. You can do several things to ensure you’re targeting the right people, including doing your research and using technology to your advantage.
- Start by creating a list of your ideal clients
- Use databases or social media platforms to identify those who fit that profile
- Once you have a target list, focus on building relationships
- Work to provide them with valuable information and resources
Serving & Retaining
When it comes to real estate, the success of your business relies heavily on the relationships you build with your clients. Remember that developing beneficial relationships with clients takes time, so be patient and keep putting in the effort — the relationship can’t end at the closing. After closing a sale, you must make the most of your time with them by providing exceptional after-sale service. Maintaining a positive relationship with your clients could lead to future business opportunities.
- Staying in touch. Keep in regular contact with your clients, even if they don’t have any immediate needs.
- Sending them updates. A newsletter on local market updates and trends could impact their decision-making.
- Staying responsive. If your clients do reach out, respond as quickly as possible.
- Building rapport. Send a birthday card or a holiday card to keep relationships active.
How Realtors Impact Their 80%
Generating leads is THE key to a successful real estate business. Realtors who can develop a steady stream of leads can maintain a high level of success. In contrast, those who struggle to find new tips may eventually fall behind. There are several ways to generate leads, but the most effective methods vary depending on your market. Some of the most common techniques include:
- Advertising
- Networking
- Cold calling
- Emailing
Reaching Expert 80/20 Status
The 80/20 rule is an excellent way to organize all the areas of your life, including your real estate career. When you know that 80% of the results come from 20% of the effort, you have a better shot at addressing specific needs and balancing your priorities.
Don’t ever underestimate the power of just a few clients to impact your bottom line, which is why relationship maintenance is also essential. It is important to focus on attracting and retaining the best clients.
Regardless of your favorite lead generation method, stay consistent and persistent. Don’t give up if you don’t see results immediately; building up a steady flow of leads can take time. But if you keep working at it, you’ll be on your way to a successful real estate career.
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