The thing about a real estate career is that it can involve some pretty varied roles.
There’s the networking element, the marketing element, the negotiation, building a brand, creating residual income and the actual act of listing and selling property.
In amongst that there can also be a whole host of distractions that may or may not be related to real estate but can see you struggling to focus on the activities that matter.
That’s why every agent and real estate professional needs to know exactly what a dollar-productive activity is and what it is not, along with how much time they should devote to those dollar-productive tasks each week in order to meet their personal goals and business targets.
So, let’s delve a little deeper…
What are dollar-productive activities?
If you are a sales agent, your job can be broken down into four dollar-productive activities that generate listings and secure sales each week.
- Appraisals and listing presentations
- Buyer appointments and open for inspections
- Call sessions and door knocks (prospecting)
- Vendor meetings
It’s that simple. These are the four tasks that get a sales agent listings and sales.
How much dollar-productivity each week?
At AREC 2022, successful Canberra sales agent Mario Sanfrancesco offered a great insight into exactly how much dollar-productive activity an agent should undertake to achieve set goals.
- 10 dollar-productive hours per week will roughly convert to $500,000 gross commission income per annum.
- 20 dollar-productive hours per week will roughly convert to $1 million gross commission income per annum.
- 30 dollar-productive hours per week will roughly convert to $2 million gross commission income per annum.
It’s not just sales
Of course, dollar-productive activities aren’t just restricted to the sales side of a real estate business. They can also be applied to pretty much any facet of the real estate arena and beyond.
In property management, dollar-productive activities include liaising with prospective landlords and conducting rental reviews that secure new tenancies or retain existing ones.
In the graphic design arena, it’s the creative work that results in fresh branding or new prospecting materials.
In the marketing area of a real estate business, it’s the articles, ads or posts that raise a brand’s profile and reach a wider array of prospects.
But it begs the question, what does your dollar-productive activity look like each week?
What does your dollar-productive activity look like?
As I’ve said before, real estate is simple but not necessarily easy. And the key to achieving success is knowing exactly what activities are dollar-productive, and then honing in on them.
As Mario Sanfrancesco’s data indicates, the more dollar-productive activity you do, the more likely you are to enjoy success.
Identifying exactly how much dollar-productive you need to do each week, and then tracking how much you actually undertake, can also help you reverse engineer your success.
And in an ever-changing working environment, this simple key performance indicator allows you to evaluate what you should be doing and what you shouldn’t.
The more ‘dollar-productive hours’ you can generate, the more valuable you become.
Furthermore, you can use it to ‘dial it up’ and be laser-focused to achieve your yearly goals.
For all inquiries and more information on how the Agents’Agency can help you take your career to the next level, please visit https://www.agentsagency.com.au/ or email firstname.lastname@example.org