Here’s the One Main Commercial Real Estate Activity to Make Sure You’re Getting Done in 2020
Hopefully you’ve already set your goals for 2020 and have designed the game plan you’ll follow to achieve your success, but if I were to suggest one activity to accomplish that will greatly help to ensure your success, it would be to always get your prospecting done.
Over the years I’ve been told that the standard for Marcus & Millichap brokers is to make 250 prospecting calls every single week, and if many more brokers within our industry would do the same, they’d be constantly swimming in a ton of solid new activity. Heck, for many brokers, making 100 prospecting calls a week would produce great results for them, yet so many brokers still fall short of making even this number of calls per week.
So when you look at your income goal for 2020, how many prospecting calls do you need to be making every week in order to achieve your goal? If you’re someone who tracks your metrics on this, like how many calls it takes you to get an appointment, how many appointments it takes you to get a listing, what percentage of your listings end up selling, and what the average commission is that you’ll earn per transaction, it will then be easier for you to determine how many prospecting calls you need to be making in order to achieve your income goal. But if you don’t track these numbers, you may need to then go with your gut-level feeling, or you can begin by taking the amount of money that you earned last year, and divide it by the approximate number of prospecting calls that you made, and then utilize this amount of commission earned per prospecting call as your starting point.
Then from here determine how many prospecting calls you need to be making per week to achieve your income goal for the year, and then make sure that you’re making your calls every single week!
If, for example, you determine that you need to be making 100 calls every week in 2020 to achieve your income goal, and as the year progresses you then realize on the average that you’ve been making only 40 calls per week, should you then be really surprised to recognize that you’ve fallen way behind on achieving your income goal for the year?
When you make getting your prospecting calls done your #1 priority, and you consistently get your calls done, your biggest problem will then be how to follow-up on all of the tremendous activity that you’ve developed for yourself, and that can be a wonderful problem to be experiencing!