I recently went to Vegas for a business workshop, and I wanted to share some of my takeaways.
For those who don’t know, I go to a ton of conferences, workshops, and masterminds to make sure I’m always growing. I will say that this was the best money I’ve ever spent. By far.
I took 15 pages of notes in two days, and I narrowed that down to 15 takeaways. I want to share the takeaways that I had that relate to our business, selling real estate.
Here is some context so you know what I went there for… If you’re not familiar with Alex Hormozi (go to his Youtube), he is a brilliant businessman. He invests in and buys businesses. His portfolio does over $200m per year in revenue, so it’s safe to say he and his team know what they’re talking about.
Most real estate agents (salespeople & business owners) fall into one of two buckets.
- Not doing the basics. Not doing them as well as you can. Not doing them consistently.
- Not doing enough work.
Here is the framework for increasing sales.
More. Better. New.
To increase sales, ask yourself these questions, in this order.
- More = Can I do more of what I’m already doing that is working? (90% of agents)
- If yes, do it, and you’ll sell more
- If you can’t do more, move onto better (but be honest, you can definitely do more)
- Better = If you’re maxed out on the volume of work you can do, do it better. (9% of agents)
- Role play like you mean it > Perfect practice makes perfect.
- Follow the scripts (CLOSER Framework) and the proven sales process (Onyx Sales Process) every time.
- New = If you’re maxed out on work and doing it perfectly every time. Then add something new. (1% of agents)
- BTW – I personally have only met a handful of agents that actually need to add something new.
Side-note: In a Q&A session, a guy asked a question about starting a second business. Alex asked how much his current business was making, he answered roughly $1m per year. Alex asked a simple question. “What would happen if you just did 10x more of what you’re already doing? Would you like that version of your business better?” The answer was obvious. “Then just do that.”
It is so easy to get bored or distracted in sales.
“Entrepreneurs like new and fun. Business likes boring.” – Alex Hormozi
Another note that is relevant for what we’re going through in the industry right now…
“Not nearly enough business increase their prices enough. Price your prices often.”
Agents will soon be making a decision on pricing. Here is some context to help with your decision.
There was a huge presentation on the pain that lowering your prices can cause to your business. “There is no strategic benefit to being the second cheapest in the marketplace, but there is for being the most expensive.” – Dan Kennedy
Being more expensive will attract better customers, and you’ll be able to offer them more. You’ll also be able to spend more on marketing to get those customers. Yes, this is a compounding effect. More money in marketing to attract better customers and being able to offer more all lead to more sales.
I’ll have a lot more on this topic coming soon, so stay tuned for that.
Hope you found some value in this, I know I did.