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Recently we spoke about the four key models necessary for success in real estate. Now I’m going to look more in depth at the key areas you need to focus on to have a successful economic model in your real estate business.

1. What Numbers MUST You Achieve – Your Laser Light Focus

Knowing your numbers will take the guess work out of what’s needed to reach your  desired income level. The basic formula looks like this:

________ No of Listing Appraisals

X ______% Conversion rate

= _____ No. of Listings

X _____ Conversion rate

= _____ No. of Listings Sold

X _____ Average Sales Price

= _____ $ Value Sold

X _____ % Commission

= ____ Gross Income

2. Focus On Appointments

No appointments means no sales. This is one of the key focuses at the beginning of the process that determines the end. it’s crucial therefore to drive for appointments (listing appraisals)

3. Conversion Rates

This is a key ingredient as it effects your ultimate income.

Having a high conversion rate whether it be appriasals to listings and or listings to sales comes down to good presentations involving well rehearsed scripts and dialogues.

Therefore you must be highly skilled in your presentations if you are to have high conversion rates. Keep practicing!

The Economic Model For Your Real Estate Business