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Chalk Up Your Cue Stick And Shoot Straight

Jul 15, 2013

Posted by

Joe Klock, Sr.

Joe Klock, Sr., CRB, CRS, engaged in real estate sales, management and training since 1949, is the retired Dean of Coldwell Banker University. He presently produces educational material, bot Read more

My knowledge and skill regarding pool are only slightly more impressive than my expertise in the areas of molecular biology and teenage logic. That is to say, without fear of refutation, I am equally inept in all three worlds.

However, a limited exposure to billiard parlors in an earlier life drew my attention to the concept of “Money Ball,” a form of competition with more variations than there are formulae for chili con carne and world peace. In one of those pool hall pastimes, one or more of the multi-colored balls are designated as winners and the objective of the game is to avoid all the others and pocket only the ones that pay off. Sinking or striking any of those “others” is at best a waste of time and, under one set of rules, incurs a penalty.

This is not unlike the daily choices made by both managers and salespeople in the real estate business world, wherein the multi-colored balls are activities and/ or people which may be pursued, ignored or deliberately side-stepped, depending on one’s whims or priorities.

Some people, who are rarely to be seen in the winner’s circle, tend to invest their time in activities and on individuals as they are encountered, either randomly or at someone else’s behest. That someone else could be a superior, a colleague or just a person who has nothing to do, but who hates doing it alone.

WINNING GAME PLAN

In pursuit of success, it is highly preferable to identify and focus on the “money ball” opportunities. Your money balls, and/or those of your team members are, for the most part, prospective buyers and sellers. You should make contact with them — preferably nose-to-nose, toes-to-toes, and eyeball-to-eyeball — with as little delay as possible in order to win the game of selling real estate.

Many routine chores, interruptions and optional activities try to intrude on your selling time, but as you “play the game,” you must identify the “money ball” activities on the table and clear everything else out of the way, so you can concentrate on them.

Remember (as if you needed reminding), real estate is a contact sport! You’re really “in it” only when you are in contact with prospective buyers and sellers — and you are playing for pay only when you “sink a money ball.” The name of the game is listing and selling; nothing else shows on the final scoreboard, or results in immediately spendable cash! The objective, quite simply, is to devote a maximum number of minutes to people who can sign a listing or sales contract.

Here’s the winning game plan and the precise process:

STEP #1 : Set a goal!

Without a specific income goal, you can succeed only by accident. Know exactly what your goal is and exactly how far away it is at all times!

STEP #2: Formulate a plan!

An income goal without an activity plan is a pleasant — but worthless — pipe dream. So,

a) Convert your money goal into the number of listings and sales that will be needed to produce it.

b) Next, estimate the number of appointments probably necessary to get those results

c) Finally, based on your past track record, estimate the number of contacts that will probably be necessary to arrange those appointments. (It’s basic arithmetic and there’s no shortcut.)

STEP #3: Make a commitment!

The loftiest goal and the best-laid plan is useless unless you make a firm commitment to that critical number of contacts each working day. Never let a day go by without making that minimum, no matter how many other “things” you may have to push aside! If you miss the mark one day, make it up the next.

A final tip: Every prospect and “suspect” who takes even a minute of your time is worth a follow-up at some future date. After you’ve had a meaningful contact with a prospective buyer or seller, always select a specific future date for your next encounter with that potential “money ball.”

Having done so, make an entry, either manual, mechanical or electronic, in your time planner under a specific future date as a reminder to get in touch again. Every promising contact you make each day should be inserted somewhere in a future “game plan.”

Again, the winners among us recognize they are only earning money when they are in contact, preferably nose-to-nose, toes-to-toes and eyeballto- eyeball, with prospective buyers and sellers, pocketing a commitment or lining up a future shot. Rack ’em up, folks, there’s a new game starting every day!