Secrets to Real Estate Success Increase Your Efficiency and Profits in 90 Days or Less Author: Jerry Pujals Publisher: Cameo Publications Date of Publication: 2005 ISBN: 09974414999 About the Author Number of Pages: 216 pages Jerry Pujals The Big Idea If you are like most people, you probably think that real estate is a Jerry Pujals is a renowned real lucrative and yet easy business. You see real estate professionals estate trainer and speaker. Jerry in their nice cars and think that they receive fat checks every month helps agents nationwide by merely showing people nice houses increase their production, efficiency and sales. His practical tools and techniques Nothing could be further from the truth. Believe it or not, real estate have consistently placed him in is a tough business. Money is short and the hours are long. In fact, the top 1% of real estate agents 70% of all new agents are out of business within 18 months! across the U.S. If you are thinking of venturing into real estate, this book is for you. More than a speaker, Jerry has Author Jerry Pujals shares insider information that can help you years of experience in real estate and is a member of the defy the odds and become a success. National Association of Realtors. His book, Secrets to Real Estate Success, offers insights and strategies to help others achieve their real estate goals. Jerry is an expert on sales, training and motivation. For more information, visit http://www.isellnapavalley.com /. Published by BusinessSummaries, Building 3005 Unit 258, 4440 NW 73rd Ave, Miami, Florida 33166 ©2006 BusinessSummaries All rights reserved. No part of this summary may be reproduced or transmitted in any form or by any means, electronic, photocopying, or otherwise, without prior notice of BusinessSummaries.com Secrets to Real Estate Success By Jerry Pujals Chapter One: What is Holding You Back? Everyone has bad habits - real estate salesmen included. Aside from not realizing how many bad habits are present within us, we sometimes mistake bad habits for good ones. Look at the types below and see if any of the traits sound familiar. 1. Struggler - Overwhelmed by the amount of work to do, the struggler usually gives up. Keeping lackadaisal hours is the basic bad habit. 2. Average - This is where the majority resides. Average people work hard (sometimes even a bit too much) but the results don't equal the effort. It's one step forward, two steps back. 3. Diamond in the Rough - As the name implies, there is potential present. There is drive and energy present, and what remains is the need for proper direction and focus on the task at hand. Unfortunately, good and bad habits cancel each other out. 4. Rising Star - Almost there at the top 3%, the Rising Star has success within reach. It's a matter of eliminating the few remaining bad habits. Chapter Two: The Accountability Factor Accountability is defined in this book as the commitment in reaching the goal of being among the Top 3%. This commitment entails having a system that will hold you to “do what you would do, even when you don't feel like doing it.” Independent or Not, Here We Come The myth of flexibility and independence is one of the main reasons why people flock to real estate. Unfortunately, only 3% of real estate professionals know how to manage their freedom. The challenge is creating a 40-hour week schedule and sticking to it. While there are some who claim 60-hour work weeks, if you analyze their schedules and activities, you may find that these same people actually work less than 20 hours a week. The remainder is spent on non-income producing activities or what is called “busy-ness.” The real estate paradox lies in the fact that people want flexibility and incredible success at the same time. If you are a real estate rookie, it is best to realize as soon as possible that following your own come-and-go schedule won't make you a superstar. Forget the Razzle Dazzle Real estate is an image-driven business. This is why people get fooled into thinking this is a get-rich quick scheme. The same people you see wearing expensive clothes and driving fast cars are probably sweating monthly installments and credit card bills. The bottom line is that real estate is not the quick road to riches. Ignore the trappings of glitz. A successful real estate professional must show a willingness to pay his or her dues by having an initial fanatical dedication. To be a success in this field, you should be equally ready to do unpopular or uneasy feats just to put in the time and learn.  Secrets to Real Estate Success By Jerry Pujals What Does this High Level of Accountability Mean? Most agents don't know, much less have, a business plan. While starting out, the author showed his broker his business model -- to sell 80 houses in 12 months. Regardless of audience reaction, the author held himself accountable to that goal. By disclosing this goal, he took the first step to success. Most agents see themselves as having a job with an independent contractor title. They don't see themselves as a legitimate business with targets. It becomes easier to be accountable if you see yourself as a business. Only then will efficiency increase. Remember, efficiency can only be gained when there is accountability. Positive Routines Yield Positive Outcomes The goal of accountability is to help establish routines that lead you closer to being in the top 3%. In business, 90 days is needed to establish a good habit, so to be able to make the suggested activities second nature, a window of three months is needed. When a good habit is developed, efficiency sets in. When one is efficient, there is less time needed to be successful just the same. Chapter Three: What Drives You? Why do you want to work in real estate? You must have a clear picture of what you want out of the job and the factors that will drive you to persevere. Your passion should give you directions and remove distractions. To help identify your own passion, think of a goal (no matter how lofty) that sends a sense of excitement into your body. Without it, you have nothing to motivate you to reach your ambitions. Repetition, Repetition, Repetition Think of your passion every day. The more often you visualize your goal, the clearer the picture becomes. In the end, achieving the passionate goal is half the fun. The journey towards it should also be appreciated. Also, make sure your passion is something that can evolve over time, so you can keep upgrading goals as soon as you achieve them. Action Item: Visualize Your Ultimate Life Immediately after waking up, do the following: 1. Lie down on your bed and sit comfortably. 2. Close your eyes. 3. For five minutes, give thanks to what you already have in life. Think about all your accomplishments in full detail. 4. Afterwards, spend another five minutes visualizing where you want to go in life - set no boundaries and put it in vivid detail. Think of: · What you want. · Who you want to know. · What you want to be doing. · What you want to have. · What kind of person you want to be.  Secrets to Real Estate Success By Jerry Pujals The highest aspirations are usually your passions. Write them down, and reread them every day so you won't lose sight of your vision. Chapter Four: Define Your Goals Passion comes with a price. While money may seem like an evil thing to a lot of people, it is what you will need to send kids to a good school, or to take the whole family to a much needed vacation. The foremost is to identify your income goal. Using this, you can backtrack and identify how many houses you need to sell and how many hours you should work. To help determine your income goal: 1. Calculate your annual debt or how much you need to survive. 2. Determine how much you want to earn above that amount. Now that you have your income goal, consider some other facts you need to know: 1. Average home sales price in your area. 2. Average market commission. 3. Franchise fee to broker. 4. Commission split. 5. Any miscellaneous spending. Determine each true income for every sale made (remove all deductions). Multiple that true income by the number of units needed to reach your income goal. Divide the total by 12 to come up with your monthly target. Using this figure, you can plan your work week and determine the number of hours you need. By breaking down your goal on paper, you can see the feasibility of achieving one's set goal. It gives you concrete accountability to your dreams, as well as a concrete way to achieve them. All Work and No Play Consider your lifestyle goals. List down some essentials like: 1. The number of days you work per week. 2. The number of hours you work per day. 3. The number of vacations you take per year. 4. The number of hours you spend in prayer and meditation. 5. The kind of car you want to buy. 6. The house you want to move into. 7. The amount of money you want to donate to charity. 8. The number of hours per week you want to donate to the community. In addition, you can add weight and other health goals. The key is balancing your work and personal time so you don't burn yourself out. All in all, there is a need to clearly define goals so you have something to strive for. All the top performers create goals, update them annually, and review them periodically.  Secrets to Real Estate Success By Jerry Pujals Chapter Five: Are Your Working the Business or Working the “Busy-Ness”? You must learn the difference between high-impact and low-impact activities. From highest to lowest, here is the list of activities you can refer to: 1. Prospecting 11. Hosting Open Houses 2. Lead follow-up 12. Returning phone calls 3. Scheduling client appointments 13. Working floor desks 4. Going on listing appointments 14. Checking voicemail and e-mails 5. Showing homes 15. Managing files 6. Negotiating Contracts 16. Attending MLS meetings 7. Attending seminars, workshops, 17. Attending networking events and learning opportunities 8. Past client follow-up 18. Touring properties 9. Database follow-up 19. Creating monthly mailers 10. Increasing your database 20. Creating marketing materials Chapter Six: The #1 Activity All Agents Must Do - Prospecting The Joys of Prospecting Prospecting can help build business in as little as two years, compared to the 25 years it takes for a passive referral style. Once prospecting is set, you can also afford the luxury of choosing who to deal with. Who to Prospect: 1. Past Clients - This can generate new leads as well as erase any negative impressions that agents disappear as soon as money exchanges hands. 2. Current Clients - Try to get a referral while present clients are still happy with you. 3. SOI (Sphere of Influence) - These are the people you refer business to who should be doing the same thing. If they don't, consider getting someone else who will. 4. FSBO (For Sale by Owner) - 87% of all FSBOs will eventually be listed to an agent. 5. Expired Listings - Keep in touch with those who didn't buy before but might be ready this time around or those who are currently working with a different agent. 6. Just Listed/Just Sold - Check on the neighbors of a property you sold to see if they're interested in selling as well. 7. Cold Calls - this is mainly meant to increase your database. It's mostly a numbers game, but it could pay off big anytime. Chapter Seven: Five More High-Impact Activities Apart from prospecting, here are activities that require attention: 1. Lead follow-up - Follow up on people who may not be ready when you called but may be ready the next time you do.  Secrets to Real Estate Success By Jerry Pujals 2. Scheduling client appointments - Try not to ramble on the phone but instead focus on getting the finite appointment. 3. Going on listing appointments - Always be ready to get listings, but qualify them so as not to waste your time on people who just want appraisals for their property. You can do so by examining how serious they are about listing and how soon. 4. Showing homes - Until you reach top status, you must learn how to show people homes. Qualify those who you take into homes and make sure you weed those with no intention of buying. 5. Negotiating contracts - Try not to be too attached to the deals you're working on, so that you can be able to handle objections better. Commit to your Future 80% of your time should be focused on performing these high-impact activities. While other activities may be fun, they are not profitable. Chapter Eight: The Mid-Range High-Impact Activities Take 10% out of your remaining 20% time and devote it to the following four mid- range activities. 1. Attending seminars - If you're not learning anything new, you're not growing. It doesn't have to mean additional licensing credits, but rather the ones where skills and knowledge for daily use are gained. 2. Following up with past clients - Maintaining relationships with past clients assures them that your concern is for them and not just for the check. This also makes it easier for them to refer you to new businesses. 3. Following up with people in your database - All leads and referrals should have been entered into your own database. You must be working on your database continually by updating and calling people. 4. Increasing your database - If you don't have at least 1,000 names in your database, you should start working on that number. Setting a goal (five referrals from each client) can help you establish a formidable database. The Other Ten The remaining ten percent of your time should be devoted to the bottom ten: · Hosting Open Houses. · Returning phone calls. · Working floor desks. · Checking voicemail and emails. · Managing files. · Attending MLS meetings. · Attending networking events. · Touring properties · Creating monthly mailers. · Creating marketing materials.  Secrets to Real Estate Success By Jerry Pujals Unless you're happy earning $8-$10 an hour, do the low impact activities as little as possible. It would even be better if you can delegate the tasks above to an assistant. Mid-Range Activities Can Yield High Profits While 80% of your time is devoted to high impact, the four mid-range activities, when done consistently, can yield great results over time because it builds momentum. Commit the appropriate time for each set of activities. Chapter Nine: Create an Action Plan Creating an action plan enables you to put these different items together in pursuit of your goals. Listing your plans (concrete action plus number of times a day) helps you organize your time and efforts better. Only the main items should be listed in your calendar. Always review your action plan for the day. For example, if you have 9:00 am to 12:00 noon for prospecting, decide for the day which area of prospecting you need (not want) to do. Some of the important items in your daily calendar may include the following: 1. Workout - Develop a balance between a healthy mind and healthy body. 2. Chanting - Like everything else, you should practice your presentations and scripts. 3. Office - Being at a set time in the office is a good way to discipline yourself. 4. Prospecting. 5. Breaks - Downtime is a must to become effective. 6. Lunch - Try to have lunch with people who can refer business, not with friends at the office. 7. Follow-up. 8. Open for Appointments - Have enough time to meet clients. 9. Home - A happy home life is a great way to sustain your drive so make sure you spend time at home as well. 10. Sleep - getting enough rest helps you face the next day ahead in better shape. Chapter Ten: Maintain a Work/Life Balance Working constantly 24/7 will actually do you more harm than good. It is impossible to produce at high levels without a fulfilling personal life. If you do, you may get rich, but something will fall apart at one point. This could mean your marriage, your health, or other things important. No career is worth that price. Making yourself available 24/7, rain or shine, in sickness and health is not a way to run a business. Remember, this is a question of efficiency and not work hours. The office will not fall apart just because you took a day off  Secrets to Real Estate Success By Jerry Pujals Chapter Eleven: Set Your Own Standards Set standards and let people know the standards you set. Here is a list of the minimum standards for real estate work: · Hours you'll work in a week. · Type of listing appointment you'll go on. · Type of buyer you'll work with. · Commissions. · Days off each week. · Your response time to voicemail and email. Whatever standards you set, they must be realistic and should match the goals you made. Remember that although we are in the business to make people happy with our products and services, we should not sacrifice our goals in the process. By the way, when you negotiate your commission, you are in effect showing that you are not worth the fee you are asking for. Chapter Twelve: Track Yourself Merely intending to do good (or in this case, to be the best) is nothing when no action is taken. This is why tracking your numbers and tracking your schedule is critical to your success. You need to track the following: · Contacts made. · Leads made. · Listing presentations. · Buyer appointments. · Sales. · Closings. · Hours of follow-up. · Time practicing scripts. · How well you followed your schedule. The goal of tracking to create a business whose activities can be duplicated. Systems and processes that have become efficient can now be transferred. This is called business by design (As opposed to business by default). Tracking not only helps pinpoint where you are falling behind, but also helps you see where you do well so you can double efforts in the same areas to get even better results. Chapter Thirteen: Implementation With the foundations in place, the thing you need to do is to implement. Yet many people freeze in this part. The author calls it Analysis Paralysis, the state of rethinking and re-planning your objectives to the point where nothing is actually done. This is why most agents let the day plan for them and not the other way around.  100 Ways to Motivate Others By Steve Chandler and Scott Richardson Chapter Fourteen: Accountability Partners and Groups By getting accountability partners, you have people to help you hold on to your word - no excuses accepted. Your accountability partners can make you pay a penalty of your own choosing. It could help if you set a meeting among your group and have them talk about areas they need improvement on. Afterwards, those with same or related interests can eventually pair up to keep each other accountable. Chapter Fifteen: Accountability Games that Keep You on Track Fun and games are ok, and a little element of competition (for positive goals) can liven up accountability partnerships. People work hard for two reasons: 1. To avoid pain. 2. To gain pleasure. Either one of these reasons can be used as incentive. Here are some suggestions: 1. Issuing penalties for every infraction. 2. Charity contribution. 3. Donating time. 4. Personal assistant for a day. 5. Weekend off. 6. Day trip. 7. Special gift. Chapter Sixteen: The Fears that Hold You Back There are four real estate fears: 1. Phone - It's not the cold call that makes people upset but the fact that it came at the wrong time (family quarrel, relaxation time, etc). Once you realize this, you shouldn't take reaction negatively. If you compute the costs of cold calling versus the commission (a $20,000 commission requires an average of 50 calls). Each “no” (worth $400) actually gets you nearer to your commission. 2. What others will think - At one point in your career, you will have to make a choice. You can stay where you are and keep doing the same things or you can take positive action and change your situation. 3. Success - Some people are actually afraid of status changes when they start earning big money. They are afraid of going up a tax level, or losing friends, or embracing a new lifestyle. 4. Change - If you want different results, you should apply a different approach. The more you're willing to change and listen to other people, the more success you'll have.  Secrets to Real Estate Success By Jerry Pujals Chapter Seventeen: Limiting Beliefs There are ingrained beliefs that effectively hinder a person's success. The following beliefs must be addressed: 1. I can only earn a certain income - If you are accustomed to a certain lifestyle, you might carry over that limiting belief. Affirmation: “I earn (your projected income) per year.” 2. I don't have to work hard to succeed in real estate - When things are good, you might have buyers coming to you. But when the market quiets down (it certainly will), what do you do? Affirmation: “I prospect for four hours each day and generate enough leads to support my business.” 3. I can't use a script because I'm a natural born salesperson - Despite natural abilities, doing your homework will always be a better option. You can apply measures so that what you do will not be a waste of time. Affirmation: “I practice role-playing daily and I get great results and help others get what they want.” Chapter Eighteen: Confidence and Attitude Confidence is what sells you to a client. Price, experience, and company name come in secondary. Save the small talk after the negotiations, not before. It also helps to adopt a positive attitude instead or remaining cynical. Confidence plus attitude equals success. So try to develop yours. Chapter Nineteen: Ethics, Integrity and Honesty It is always difficult to decide between letting the client hear what they want to hear against showing them the reality of the marketplace. On one hand, you get a client quick and easy. On the other, you actually perform in your duty to help, with the possibility of gain in limbo. The best way to resolve this is to always detach from the outcome. Stop thinking about what you can get from the deal and focus on addressing the client's needs. When you help others get what they want, you'll naturally get what you want. Chapter Twenty: Are You an Advisor or an Order-Taker? If you are a smart and successful agent, you should view yourself as an advisor and not an order-taker. Affirmation: “I am an expert real estate advisor. I advise my clients on the best real estate decisions to make.” Be adaptable to the different personalities you will encounter every day, and adjust accordingly. Of course, you can only be a real expert if you take the time to learn about the market and the business. [ 10 ] Secrets to Real Estate Success By Jerry Pujals Chapter Twenty-One: Overcoming Objections Objections are welcome in this business. Don't take it as rejection. It is merely a signal that the client wants more information. Sometimes, people will offer fake objections simply because they don't like you. If that happens, move on. No one gets 100% of the business anyway. You should practice various objection scenarios and how to handle them. You can also ask feedback from clients so that you can learn from your mistakes. Chapter Twenty-Two: Be a Professional, Not a Friend Remember that people do not come to you because they lack friends, but because they have a business you can help with. Let go of the guilt that comes with a big amount commission. Being a friend does not add value to that. While image helps, it does not follow that you should spend much. Keeping a neat and tidy appearance in clothes and a good, solid vehicle should be enough. Chapter Twenty-Three: The Realities of a Sales Business Accept the fact that you are not a consultant. You are an owner of a sales business. By acknowledging that, you are more prepared to make better business decisions. This includes the hiring of assistants, advertising, and marketing. Stop thinking that you are just an agent. The business is by all means yours. Chapter Twenty-Four: The Final Secret to Overwhelming Success “You must give clients more than they expect at all times.” If you don't, they won't appreciate the fact that you've done all the hard work. In addition, set your standards, be accountable, and commit to your responsibilities and goals. Remember, the top 3% aren't smarter, luckier or better than you. They simply put into play the strategies that work. [ 11 ] ABOUT BUSINESSSUMMARIES BusinessSummaries.com is a business book summaries service. Every week, it sends out to subscribers a 9- to 12-page summary of a best-selling business book chosen from among the hundreds of books printed out in the United States every week. For more information, please go to http://www.bizsum.com.
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