WHO to Speak to – Business Blueprint Part 4/5

Unlocking Success in Cleveland Real Estate: A Comprehensive Guide for Realtors

As we step into 2024, it’s crucial for Cleveland real estate agents to have a solid plan in place for a successful year ahead. In a recent training session by Mike Ferrante, a seasoned Cleveland Realtor from Century 21 HomeStar and the 21 Mike Team, the importance of having a written business plan was emphasized. In this comprehensive guide, we will break down the key points discussed by Mike and provide actionable insights for Realtors looking to thrive in the Cleveland real estate market.

The Foundation: Business Planning

Mike highlighted the significance of breaking down the business plan into manageable components. He stressed the importance of setting a target for the number of conversations agents should have each day, week, month, and year. According to Mike, these conversations serve as the foundation, leading to appointments and ultimately resulting in successful transactions.

Mike and Tony Geraci, broker-owner of HomeStar, emphasized the critical role of evaluating one’s business at the end of the year. Reflecting on sales, income, and most importantly, time invested in the business, agents can gain valuable insights into their performance. This evaluation sets the stage for planning and improvement in the upcoming year.

Sources of Business: Building Your Sphere of Influence

1. Past and Current Clients: Start with the people you already know. Organize and maintain a comprehensive list of past and current clients, even those who didn’t transact. This serves as a valuable resource for potential referrals and repeat business.
2. Friends and Family: Leverage your personal network. Don’t hesitate to reach out to friends and family members. Often, they are willing to support and refer business if they are aware of your services.
3. Business Contacts: Expand your network to include people you do business with, such as loan officers, insurance agents, and title escrow officers. These connections can lead to reciprocal referrals and a steady stream of clients.
4. Networking: Actively participate in networking events, whether through formal groups like BNI or chambers of commerce. Establish relationships with professionals like loan officers, title escrow officers, and insurance agents who can become valuable sources of business.
5. Builders and Developers: Develop relationships with builders and developers, especially in a booming market. Having your sign in front of new construction or on land ready for development can significantly boost your visibility.
6. Bank Managers: Cultivate relationships with bank managers. While you may refer clients to them, they might have clients in need of real estate services. It’s a mutually beneficial partnership.
7. Investors: Consider working with real estate investors. They can provide a consistent source of business, especially if they are looking to buy or sell multiple properties.
8. Attorneys: Focus on attorneys who handle real estate, divorces, and estates. Regularly visit their offices, offering information and building relationships that can lead to referrals.
9. Networking with Other Agents: While avoiding excessive interaction with other agents is recommended, developing key relationships with agents outside your area can lead to valuable referrals.

Building a Geographic Farm

To expand your business, identify and target a specific geographic area as your farm. This area could be your neighborhood or a region where you see potential opportunities.

1. Zillow and For Sale By Owner Sites: Monitor Zillow and other for sale by owner sites for potential leads. Expired listings are an excellent opportunity to reach out and offer your services.
2. Distressed Owners: Target distressed owners, including those dealing with probate, foreclosures, or property in disrepair. These owners may be motivated to sell, providing an opportunity for a successful transaction.
3. Absentee Owners: Reach out to absentee owners, especially those with rental properties or second homes. They might be looking to liquidate these properties.
4. Relocation Services: Establish connections with relocation services. Many companies offer relocation assistance to employees, presenting an opportunity for real estate transactions.

Conclusion

As a Realtor, success lies in strategic planning, effective networking, and leveraging various sources of business. By incorporating these insights from Mike Ferrante’s training, you can create a roadmap for a thriving real estate career in 2024. Stay tuned for the next part of our series, where we will delve into effective marketing channels to reach your identified sources of business.