|Getting 15% Yield from Your Book of Business|
We got a real nice testimonial that I thought I’d share -
“You have taught me how to look at my business as a business and build it to be profitable, predictable, stable and most importantly consumer centric. I just got back from a 6 week trip – without my phone – and my business is still growing and thriving! I would have never even concieved it as possable before we met; much less translated it into reality.”
- Gary H., RE/MAX Broker Associacte
Your Sphere of Influence (SOI) is any veteran agent’s greatest asset. Over the years, we have done some research and tracking as to what yield (the amount of return) agents are able to expect to receive from a healthy, vibrant and active SOI. We then took those that had the highest averages and distilled down what they are doing and systematized their ideas. We then gave them the turn key marketing system and their yields increased even further.
Do you want to know our secrets?
Let’s start at the markers we measure.
First, if I asked how much of your business comes from your SOI, you’d probably tell me that it is 70-90%. Although that is true, it is very hard to use that in a meaningful way when we are trying to grow our net income. With our coaching, we use the yield number. You would work through your individual yield during your initial coaching session and re-visit it annually during your yearly check up so you can stay on track. But as a reminder, your yield is how many transactions out of every 100 SOI relationships you generate a year.
When we launched our PCG (Private Client Group) program we saw first year yields average around 15%, during the second year they increased to an average of 25% and as agents continued to use the Private Client Group program, some agents were experiencing yields that were topping 48%. That’s 48 closed transactions per 100 relationships in your SOI!
We work a lot as an industry on the marketing needed to build your SOI and spend very little time talking about how to market to those that are already in our list of “Friends.” Loyalty from past transactions and a job well done are great things and we have them on our side with these people, but it doesn’t give us the license to ignore them.
|PS. Have you seen our individual agent and team program that combines coaching, advanced marketing strategies with hundreds of pieces of personalized print ready marketing collateral, specialized training, and all the tools you need to get into the top 1% of agents nationwide? Check out YourRECoach.com for more the details.|
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