Dear Friend,

This week we’re going to talk about the fastest ways to generate new business right now.  And if I were coaching you one on one, if I were consulting with you and I were looking at your business situation right now one of the things that I would do first is take a look at the systems and the procedures that you have in place to get what I call bankable results, and there are five bankable results that you can achieve in your business.  And the success of your business is really dependent on your ability to consistently and predictably generate these five bankable results.  I’m going to share what the five are and then I’m going to talk about them in the order that I would look at them if I were coaching you one on one in your business to get results right now.

So the five bankable results that you can achieve in your business are:

Number 1 Bankable Result: Generating the leads.

How many people are you able to find who are looking to buy or sell or get a loan in the next six months to a year?  That would be the first bankable result.  If you can get a consistent quantity of leads then we need to look at what are your systems in place to get our second bankable result

Number 2 Bankable Result: Appointments.

Now there’s a lot of skill that goes into turning a lead into an appointment and a lot of that goes into connecting with the leads very quickly, identifying who are the five star prospects and then having a way to bond with them until they’re ready to set an appointment.

Number 3 Bankable Result: Contracts

and that’s about turning your appointments into engagements for business, meaning signed listing agreements or signed buyer agency agreements or signed loan applications.  An agreement between you and the person that you’re having the appointment with that you are going forward, going to work for them and work towards getting our bankable result number four which is a closing.

Number 4 Bankable Result: Closings

And that’s about selling a listing or finding your buyer a house or closing the loans, that’s the fourth bankable result.

Number 5 Bankable Result: Referrals

and a way for you to generate a consistent stream of referrals from the business that you’re currently doing right now.  So there’s our five bankable results, leads, appointments, contracts, closings and referrals.  Now if I were looking at your business right now the first thing that I would look at is what is the fastest way for us to generate new business right now.  And the fastest way is if you’ve already got contracts, you’ve already got listing agreements, you’ve already got buyers that you’re working with right now, you’ve already got loans in process.  The very fastest way for you to get money is to fulfil on that contract and to turn that into a closing.

So if I were looking at your listing inventory right now that might be the very first place that I would focus our attention to generate some right now business.  Now not all listing agreements, not all listings are going to actually be able to turn into closings and you need to really look at each of your listings and evaluate those situations and say ‘is this listing actually going to turn into a closing?  Am I working with a five star seller?  Am I working with somebody who’s really motivated to sell?  Are they willing to do what it takes to price the property in today’s market?  Are they willing to stage the property so that it shows its very best?  Are they willing to remove any marketing obstacles?  And are they willing to help sell the property?’

If they’re not willing to do those things you don’t have a five star seller and it would be very, very beneficial for you to look at all of your listings right now with a real evaluation and say ‘is this somebody who is actually serious about selling their house?  Is this going to turn into a closing?  Is this going to get a closed transaction for me?  Are these people actually going to work out?’  And it might be a situation where if I were coaching you one on one I would look at your inventory and say ‘is it time to have a serious conversation with some of these sellers?  Is it time to let some of them go?’

And assuming that you’ve got five star sellers what can we do to do everything we can to find our own buyer for that listing in the shortest possible amount of time so that we can get that transaction closed and start generating some money for ourselves.  And so I would look at all of the current situations that you’re in right now, the buyers that you’re working with.  Are they serious, are they people who are waiting and waiting and waiting?  Are they people who are never going to find the right house for them?  Are they people who are not in a hurry?  Or are they people who are moving here from out of town and they’re homeless right now and they need to find a house?  Or are they first time buyers who are so committed to buying they’ve already given up their lease on their apartment?  You want to really look and evaluate the people that you’re working with right now and see which of those people have the highest probability of turning into a closed transaction as quickly as possible.

And if you don’t have anybody in that situation then the very next thing that we need to do is we need to focus on getting you some contracts, we need to focus on finding people who are willing to let you help them sell their house or would like to have you work with them to find a house or to get a loan.  And most of the time what turns into contracts are appointments and when we’re looking at this if you are able to generate appointments with five star prospects, people who are serious about doing something in the next six to 12 months and your language skills are not so that you can consult people as to the best course of action in today’s marketplace, that’s something that we really need to work on.  That’s something that will really be valuable for you, if you’re able to be a consultant you’re able to let people know about what’s going on in the market right now, you’re able to guide them and counsel them on what their best course of action will be going forward.  That’s going to turn into contracts for you when you’re on those appointments.

When you’re… if you’ve got the dialogue skills to educate somebody about the market, educate them about why they need to price their house the right way, educate them about why they need to stage their house because staged houses sell for more money.  If you’re able to turn any of the obstacles or any of the things that get in the way of getting the top price for their house in the shortest period of time, and you’re able to consult with them and remove those obstacles that’s going to be a very good thing for you.

If you’ve got prospects right now to get appointments with that’s where I would focus our attention next.  How many people right now do you have that you know are going to buy a house in the next six months or sell their house in the next six months?  How many do you know that are going to do something in the next 60 or 90 days?  And what are you doing to turn those leads into appointments, those prospects that you’re working with?

I’ve talked about having a… this concept of having a hot 100, how many prospects do you have right now that are going to buy a house in the next six to 12 months?  If you don’t have people who are going to buy a house in the next six months or you don’t have people who are going to sell a house in the next six months or get a loan in the next six months we need to focus all of our attention on generating leads.  So you see how it works that I’m looking backwards, I’m looking from the epicentre which would be a bankable close transaction where we’re actually going to be able to take some money and put it into our bank account.  That’s the closest thing, if we don’t have contracts that we can turn into closings we need to get appointments that we can turn into contracts, and if we don’t have appointments we need to generate leads that we can turn into appointments.  So I’m focusing on the closest thing to generating money right now.

Now if you don’t have a hot 100, if you don’t have a hundred people, a pool of ready people who are going to buy in the next six months, people who are going to sell in the next six months and we’re not focussed a hundred percent on generating leads there’s a problem.  And that is where I would focus all of my attention for the next 30, 60, 90 days is on single mindedly filling my funnel of prospects so that I know that I’ve got a big enough pool that I can consistently drive appointments from.  And I would focus on doing things like our 30 lead blitz if you’re a buyer for a only member, I would focus on doing things like our getting listings program, doing things like finding buyers where you’re focussed completely on finding people who are going to buy or sell or get a loan in the next six months.  And until you fill that prospect funnel, until you fill it where you’ve got 100 people who are ready to buy, sell or borrow in the next six months, I would not focus on anything else.

Now the fifth bankable result and the one that we’re going to work on at all times is generating referrals.  The easiest, fastest, most pleasurable way to generate new business is to have somebody recommend you to a friend and have that friend call you and say ‘my friend Bob told me that you could help me sell my house’ or ‘my friend Bob told me I need to call you because I’m going to buy a house’ or ‘my friend Bob told me to call you because I need to get out of my adjustable rate mortgage and get into something better’.  Now those are fantastic phone calls to get and they’re the kind of calls that you can completely orchestrate from beginning to end.

So I would look at what are the orchestrated referral processes that you have in place.  Do you have a group of 150 people that you’re keeping in contact with, people who know you, like you, trust you, people who you have a relationship with, your sphere of influence.  The people who if you saw them at the grocery store you’d stop, you’d recognise them by name, you’d have a nice conversation with them.  What kind of communicating are you doing with that group?  Are they getting a newsletter from you every month?  Are they hearing from you frequently?  Do you nurture that relationship so that you can at some point ask them for referrals?  Show them how they can refer people to you, let them know the kind of people they can refer to you.  When you’re looking at your business and you’re looking at it as a wheel where would be the weakest spoke in that system?  Is it generating leads?  Is it generating appointments?  Is it generating contracts?  Is it generating closings?  Or is it generating referrals?  Which one of the bankable results do you need to focus the most attention on right now?

Take this week look at your business as it stand with those five bankable results, really get clear on where the biggest, weakest link in your business is and let’s see over the next several weeks here if we can focus some of our attention on all five of these bankable results and really get an incredible plan for you over the next 30 days to really sure up your business, start getting right now business and build a consistent, predictable machine for the future.

So that’s it for this week, tune in next time and let’s talk about ways to get more listings, find more buyers and convert more leads.  Have a great week and we’ll talk to you next time.