Welcome to Reliberation Sign in | Help
in
Latest Most Popular Active Watch List Amigos  
Ed Barrett

Fifty Points A Day!

By: Ed Barrett
Tuesday, April 22, 2008 10:19 AM

Prior to entering real estate a very long time ago, I had a short career as an insurance agent.  My boss was a Certified LIfe Underwriter (CLU) and a very good marketing manager.  One of his programs that stuck with me, and which I used during my early days as a real estate agent, required each agent to keep track of each cold call he/she made, each letter to a prospect that was written, any conversation with a prospect that dealt with purchasing insurance, etc.  Points were assigned to each task, and at the end of the month, the agent would divide his income by the number of points accumulated.  For example, $2,000 per month income divided by 500 points = 4.  Thus the value of each point earned was considered to be worth $4.  It followed from this that your income was directly dependent on the number of points you earned.

I implemented this system into the office I was managing at the time, and as you might expect, many of the agents didn't believe it would work. But, I did have one agent who used the system each and every day.  He knew it would work, and it did.  Over the years he became one of the top producers in San Antonio, Tx, and is now the owner of one of the most successful Realty Executive offices in the city.

So...if you are one of the newer agents in the business who doesn't have a plan, give it a try.  It does work!

 

<< Read More at Reliberation.com

Comments

Realtor Genevieve "Gigi " Bonquin (Philippines)
Member Since '04

Realtor Genevieve "Gigi " Bonquin (Philippines) said:

Hi, Ed;

While its a good strategy it will boil down to the marketing style of the agent or the broker. Insurance is a different market than real estate. In real estate, no matter how good and diligent you are, you sale will depend on many factors. Will your client likes the houses you showed, the location, the rooms, the style of the house, etc, etc... with insurance its more of the statistics, that is why points like that  is a good indication of success. While its a good tool to discipline ourselves as sales people need to be motivated all the time, still our own marketing style will be the bottom line.

Insurance is kind of exact market. All you need is his age, his salary bracket, his occupation and you can already offer what is best insurance for him. But for homes that he want? Its so hard to guess what they will buy.

Our P2Agent prospect list  used to assign a dollar value for every client who emailed us and register to our website. They stopped the practice. In my own case, I have a hard time quantifying what percentage of my prospects and visitors are real clients, because I have buyers who never registered but called directly and bought. All I know is that 95% of my sale came from my website at Point2homes. I never had to look for prospects, just listings and try my best to answer every email. I even have a hard time attending to all of them, much less make follow-ups.

In real estate, its our listings that counts.

April 23, 2008 4:26 AM
Phil Anderson
Member Since '04

Phil Anderson said:

That's a great concept, Ed!   I'm glad that it works for you and I'm sure for others.  There's no ONE perfect way to measure success, and any "new" way to look at it is helpful.

And I never realized insurance was such a simple business!  All you need is "age, salary and occupation" info!   And here I thought there was MUCH more to it and many variations of types and combinations of policies!  

Maybe insurance is different in the Philippines, but regarding real estate in Portland, Oregon; it's our SALES that count!

Phil

Phil Anderson

Portland Metro Real Estate

www.NewPortlandHome.com

April 26, 2008 5:27 PM
Chantal Gakwaya
Member Since '06

Chantal Gakwaya said:

I really like this concept Ed. This is fantastic.

Genevieve, the point is not to implement an exact measurement procedure on each call or activity, but to motivate yourself into doing these profitable activities. Everyone hates to cold call, but if you have no business or your phone is not ringing - then you gotta go and find the business.

Cold calling is a high rejection business and knowing that you'll make $4 a call or so, makes it much easier to handle the rejection and can motivate an agent to make 100 calls a day or $400 a day.

Great concept Ed, I think I'll introduce that into my own marketing and goal setting.

April 29, 2008 8:55 AM

Add a comment

To post a comment you can sign in using a Point2 ID. Sign in.
Don't have a Point2 ID? Join Point2 NLS or post as a guest.

My Blog

Ed Barrett
Ed Barrett Realtors

Ed Barrett
Member Since '07

recent comments

Recent Posts

Topics

No topics have been used yet.

Archives