Mortgage and real estate sales professionals’ business plans often lack clarity, aren’t easy to implement, and don’t really fit with the lives of the professionals themselves.
That’s according to Ron Vaimberg, a former real estate professional who became a top producing originator, and now works with some of the nation's highest paid mortgage and real estate professionals on implementing high performance sales strategies.
“Wishing for great sales without consistent focused action, measurement, adjustment, and skill development will ultimately create mediocrity," said Vaimberg. “If you want to take complete control over your sales and financial future, then you must be willing to do what the average or poor sales people will never do.”
He added that success is not driven by the economy but by the desire to excel in sales.
7 keys to success
Vaimberg teaches seven essential ingredients of a successful real estate and mortgage sales professional:
- Commitment to Your Income Goal. Don’t simply pick a ‘dream number’ but one that you are absolutely committed to achieving in a set timescale.
- Clarity on your "Why." What’s the force that pushes you forward every day. Your "why" must be clear, inspire you to act, and have longevity so you don't stray from your chosen path.
- Know Your Numbers. The more you know your numbers, the more predictable your business growth will be. To succeed in sales you must know exactly: how many hours you prospect daily, the number of leads you generate, your conversion of leads to an active transaction, and your percentage of transactions that result in a final sale or closing. Understanding your numbers will also show you which skills you need to improve.
- Strategy for Growth. Most sales professionals generalize their growth strategy. For example, they might say "I need to make more sales calls." Having a clearly defined strategy is critical. You must define who you are targeting, where you plan to prospect, and where your business growth will come from.
- Defined Tactics of Execution. Once you have a strategy, you MUST clearly define the specific actions you will take. For example, if your strategy is to network at industry events, then you must clearly define your tactics to maximize your results.
- Skills Necessary for Plan Execution. To ensure you get the most out of every action you take, you must make an honest self-evaluation. You must reflect on which skills you need to improve upon to ensure the most effective execution. Then create your plan for education and mastery of these areas. It is a process of growth, so don't expect to master all the areas at once. The good news is that as long as you work to improve, you will immediately see positive results.
- Scheduling and Time Alignment. This final step determines whether your plan stands a chance. You must calculate the time needed and compare it to the number of hours you are willing to put towards working your plan.
Vaimberg says that the 7 steps will help with clarity of a business plan but deliberate action must follow.