SecretstoRealEstateSuccess_BIZ by AbhimanyuSukhwal


									                                         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

For more information, visit

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                                                        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

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.                                                                                [2]
                                                        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
    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
    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
    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
    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

  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

  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.                                                                        [8]
                                        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

    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.

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