You Can Become A Top Producer
It's simple.
Look at what top producers have in common, spend time with them to understand how they think, and then copy what they do. We call this the R&D, the rip-off and duplicate, approach. I have found that it is much easier and faster than trying to reinvent the wheel. There are people who have lived before us, and who have done the things we want to do. So let's give it a go.
After looking at the Top 500 agents in the Northeast Florida Association of Realtors, here's what I have personally observed that they have in common.
Momentum’s Top Producers in the Top 5% of Production.
This is my opinion based on the data I observed.
1) Longevity - the top producing agents on the Top 500 list have primarily been in business for more than 7 years. Thus, if you are an agent looking to have a big business, understand that for many, it takes time for the compounding effect to take place. There are a handful of agents who make the top list in less than that time frame, but that is not the norm.
In other words, if you don't want to become a Top 500 producer, think and act in very short-term time periods.
2) Applied Knowledge - when going through the top list it's clear that these agents are growth minded and interested in improving themselves and everyone else around them. Not only do they learn things, but they apply what they learn, and they adapt to the new market environment.
In other words, if you don't want to make more money, just keep doing the same thing and don't be interested in growing yourself.
3) Relational Agents - it's clear from these agents' online review profiles and social media that these agents are client obsessed. This means their level of service, and level of skill, is very high, which causes them to get repeat business. Ultimately, these agents are relational in nature.
In other words, if you want to keep grinding each day to get new business opportunities, do not care at all about your customers and be OK with bad service and having very few skills.
4) Higher Average Price Point - this likely loops in with the longevity piece but it's clear that top producing agents operate in higher average price points, usually above $500k. They are more focused on volume than on units. This makes sense as agents are generally paid their commissions on volume.
In other words, if you don't want to be a top agent, focus on lower price points. Note that everyone can run their business the way that they want, this is just commentary on top producers and what they are doing. Serve whomever best fits your business plan.
5) The Hustle/Online Leads Agents - there are a handful of agents in the Top 500 who are primarily buying online leads to fund the warp-speed building of their databases and then use buyer agents to service those leads. This is not the norm, but there is a growing list of this type of agent in the Top 500.
In other words, if you want to get there faster, invest money in your business.
6) Small Powerhouse Luxury Agents - there are a handful of luxury agents who sell fewer units, but their volume is very high as their price point is $1.5M+ on average. These agents tend to have been in the business for a longer period of time. These small, profitable, powerhouse teams are highly effective in taking market share and in providing a great customer experience.
In other words, if you want to go farther, build a small team together of specialists. We all have a natural ceiling of achievement by going out and doing everything ourselves.
Interestingly, many of these agents are not very active in social media. They're relational in nature, and social media is just one form of staying in front of your clientele. In-person relationships are much more important than the ones we think we make by hiding behind the computer.
What's next? Well... that's up to you really? What actions are you going to take? What mindset frame can you shift using this information that will cause you to produce new results? 2023 isn't waiting for anyone, let's go!
jon@movewithmomentum.com
