The 80/20 Rule for Growing Your Business

I'm not sure that there is another industry out there that has as many companies looking to profit off of it like the real estate industry. Every time you turn around there is this new product, that new technology, or some other offering trying to get a piece of the pie. It is very easy to become overwhelmed and confused about which one might actually help your business grow.

I submit to you that I think you can double your business every year without spending much at all. How, you ask? And, if so, why isn't everyone doing it? Because, like everything else, it takes planning, discipline, and commitment to be successful.

How much of our business comes from your sphere of influence and past clients? There have been several studies done and most put the number somewhere between 75-80%, for the average agent. So, it begs the question, if 80% of our business comes from our spheres and our past clients, why do we spend so much time and money concentrating on the 20% that may or may not come from that new piece of technology we bought and spent a ton of time implementing?

Want to know the secret piece of magical technology? You might be reading this on it. It's your phone! If we use it for its intended purpose (which, for the record, is not to look at Facebook), we might be amazed at the results.

The trick is that you have to make it a system and stick to it. No excuses. So, try this for 90 days. It will take you less than an hour or so a day.

Make a list of the people in your spheres of influence and your past clients. Next, pick the number of days you want to make referral calls each week (I recommend four a week). Now, simply divide by 90 and you get the number of calls you need to make each of those days. Whether you use a CRM or a calendar in Outlook, schedule your calls and who you will be calling.

The call should have three-five minutes of catching-up and small talk followed by the following statement:

"It is my goal to help XX families buy, sell, or invest in real estate in 2014. Who do you know that could use my services in the next 30-45 days?" (The XX is your goal for the year.)

Then, shut up. Let them answer.

Thank them, hang up, and follow it up with a handwritten note with a couple of your business cards. Thank them for the time, drop in something personal from the conversation and reiterate the point about your goal.

That's it. Super simple, easy to implement, and, best of all, nearly free. Rinse and repeat every 90 days. Make sure that you have a way to add people into the program as you meet them and get new clients. Your goal should be 1.5-2 referrals per person on that list every year.

That's one way you can double your business in less than an hour a day.