www.theredx.com

$$7 Simple StepsTo Double Your Income Fast

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7 Simple Steps To Double Your Income FastMaybe the leads aren’t flowing the way you thought they would. Or maybe you spent

too much time generating leads, but not enough time following up on them. Whatever

the reason, if you aren’t making the money you want, you’re not alone.

The difference between Realtors® who make $70,000 a year (or less) and prospectors

who earn $250,000 a year (or more) is not the number of leads they generate, it’s

where they focus their time.

By spending your time doing what makes money, you will see dramatic results in

your productivity and bottom line. Here at REDX, we interviewed dozens of the top

prospectors in the nation to understand what they do different from everybody else.

WHAT WE DISCOVERED ABOUT THE HABITS OF PROSPECTORS EARNING $250,000 A YEAR OR MORE:

1. They understand the ROI of prospecting

2. They increase their accountability

3. They stick to a consistent prospecting schedule

4. They use scripts when prospecting leads

5. They prospect multiple lead types

6. They implement multiple prospecting methods

7. They leverage technology

The rest of this guide is dedicated to showing you how to get the tools and habits big

commission earning prospectors have, so you can double your income fast!

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Understand The ROI Of ProspectingAs a real estate agent, you’re a business owner. As a business owner you have

confidence, intelligence, and ambition. But at the end of the day, the difference

between a highly successful business owner and a typical entrepreneur, comes down

to one thing.

Knowing your numbers. Entrepreneur Magazine says the highest levels of success are

reached when you have “a complete understanding of the numbers that drive your

business.” While the big numbers on commission checks are important, the numbers

that measure what you did to earn them are even more important.

We asked prospectors who earned $250K a year or more in commissions what

numbers they track and we found two common answers.

1. $250K PROSPECTORS TRACK MORE THAN COMMISSIONS, THEY TRACK THEIR CONTACT-TO-LISTING CONTRACT RATIO

$250K prospectors know outstanding success comes from outstanding lead sources,

but they also know which lead sources are the most profitable for them. They know this

because they track the numbers that drive their results.

78% of the highest earning Realtor® in America track their numbers—compared to

only 42% of Realtor® earning $70K or under.

We discovered ultra successful prospectors track five things:

• How many calls they need to make before a contact with a

homeowner is made

• How many contacts they need before an appointment is set

• How many appointments they need before a listing contract is signed

• The average percent of homes they list that sell

• The average commission they earn on each sale

• GCI/Commission

• Sell Ratio (listings to sold/sales/closings)

Bottom line: $250K prospectors track more than their sales and commissions.

They track the work they do that drives sales!

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2. $250K PROSPECTORS KNOW WHICH LEAD TYPES ARE MOST PROFITABLE FOR THEM

Not only do these ultra successful Realtors® track their numbers, but they understand

them in ways that shapes their daily prospecting routine. In many interviews we

conducted, we found the highest earning prospectors asked themselves two questions

at the end of each closing:

• What lead type did this commission check come from?

• How hard did I have to work to get the commission?

Both questions help you connect your results to your actions, so you can shape your

daily prospecting routine to produce higher income for less stress or effort.

CASE STUDY

One prospector we interviewed illustrated this point perfectly. After a handful of

closings she sits down and examines her commissions by lead type. In one such review,

she determined each call she made to Expired leads was worth $8. But each call she

made to FSBOs was worth $13. Once she saw this, she reshaped her prospecting routine

to focus more on FSBO leads.

Bottom line: $250K prospectors continually seek to understand the value of each lead

types they work and reshape their routines to invest more time and money into the

easiest most profitable ones.

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Increase Your AccountabilityWhat is another major difference between a Realtor® who makes $70K per year and a

prospector who pulls in $250K or more? Accountability. Increasing accountability is one

of the most powerful ways to increase income.

Two Ways To Increase Your Accountability

1. THE POWER OF COACHING

In our survey to hundreds of prospectors, those making $250K or more reported

the number one way they increase accountability was through coaching. In fact, of

the prospectors surveyed making $250K or more, 73% have at least one full year of

coaching, while 68% have over three years of coaching.

By contrast, in the $70K group, 78% have less than a year of coaching. Why does

coaching make such a significant difference? It’s the accountability factor.

The six things that makes coaching a powerful tool:

1. Getting your vision and purpose clear

2. Defining your business plan

3. Helping you get goals written down

4. Providing proven ways to approach challenges

5. Letting you see where you need to refine your skills

6. Increasing your accountability to achieving it all

The overwhelming majority of the highest earning prospectors we interviewed said “it

was coaching” that drove their commission to reach or exceed $250K a year. They also

said they “didn’t wait” until they could afford it. They made it a part of how they would

achieve their goals.

All coaching is, is taking a player where he can’t take himself.

BILL MCCARTNEY

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68% have over 3 years of coaching

73% have at least one year of coaching

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2. THE POWER OF WRITING DOWN YOUR GOALS AND CREATING REWARDS FOR SUCCEEDING

From the hundreds of agents we surveyed, 100 percent of prospectors making $250K

per year or more had written goals and a plan to reach them. Whether you have a coach

or not, you can define your goals and make a plan.

Written goals and plans are powerful because they force you to think about the future

and imagine ways to make it a reality. When you get it “on paper” you’ve given yourself

something to hold yourself accountable, as well as show others to get accountability.

CASE STUDY

One prospector we interviewed wrote out their goals and created rewards for reaching

them. He set a weekly listing appointment goal and told his children every time he

reached it, he would take them out to dinner. He also set a monthly sales goal and

would reward himself and his family by taking them out to dinner and a movie for

achieving it. He knew every day when he picked up his kids from school, they would ask

when they were going to go out for dinner and a movie.

Writing down your goals and rewards is powerful. Doing it doesn’t require any

additional skills or have to cost you any money. But the results of not doing it is

costly. Prospectors earning $250K or more a year understand this and now you do too.

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Stick To A Consistent Prospecting ScheduleAs a Realtor®, how do you organize your day? Do you have a consistent schedule or do

you just see what comes your way and then wing it? Here’s a little secret: prospectors

who make $250K or more per year develop a consistent schedule. Here’s what they do:

1. DEVELOP DISCIPLINE

Believe it or not, prospectors who exercise regularly make more money than those

who don’t. In fact, 74% of high earning prospectors go to the gym at least 3 times

a week. What does this have to do with your real estate business?

In his bestselling book, The Power of Habit, Charles Duhigg explains the way one small

but important habit can change everything.

Typically, people who exercise start eating better and become

more productive at work. They smoke less and show more

patience with colleagues and family. They use their credit

cards less frequently and say they feel less stressed. Exercise is

a keystone habit that triggers widespread change.

By developing discipline in one area of their lives, high earning prospectors apply it to

other areas. A commitment to small amount of discipline builds a habit you can apply to

other areas of your life, like regularly prospecting your leads.

2. INCREASE HOW MUCH TIME YOU PROSPECT

Leads are the lifeblood of prospecting. In order to turn leads into listings and

commissions, you have to dedicate time to calling and following up with them. There’s

a relationship between how often and how long an agent prospects and the amount of

money they make. Our research shows prospectors who make the most money, spend

more time prospecting.

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Here’s what we found: Those earning $250K or more a year prospect 4.6 days per

week (on average), while agents earning $70K only spend around 3.5 days a

week prospecting.

Additionally, the highest earning prospectors spend 90 minutes or more in each

prospecting session, while agents earning less only spend 45 minutes per session.

This means prospectors who make $250K or more a year, spend a little more than twice

as much time prospecting per week, but earn three times as much per year.

Adding 30 to 45 minutes more per day to a prospecting session, generates

tremendously more income potential.

3. ONCE ISN’T ENOUGH

In addition to prospecting more often and for longer, prospectors earning $250K or

more a year called their leads more than once. They didn’t give up when their leads

didn’t answer the phone, return voicemails, or answer the door. Nearly one hundred

percent of these prospectors make afternoon or evening calls to uncontacted leads.

Some even set up an occasional weekend prospecting session to reach those who

didn’t answer at all during the week.

Average Days Prospecting

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According to the National Sales Executive Association, 2% of sales are made on the first

contact, 3% are made on the second contact, ten percent are made on the fourth, and

80% are made on the fifth through twelfth.

The number of times you call your leads is directly proportional to the number of

contacts and appointments you set. If you are not getting the results you want,

increase the number of times you call your leads.

Source: National Sales Executive Association

25%

12%

10%

2%

3%

5%

10%

80%

48% of sales people never follow up with a prospect.

of sales people make a second contact and stop.

of sales people only make 3 contacts and stop.

of sales people make more than three contacts.

of sales are made on the first contact.

of sales are made on the second contact.

of sales are made on the third contact.

of sales are made on the fourth contact.

of sales are made on the fifth to twelfth contact.

ONLY

Sales Statistics

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What’s Their Schedule?

ZACH ZALESKISpecializes in For-Rent-By-Owner (FRBO) leads. Generated eighteen million in volume in 2017.

school)

JOHN SULLIVANSpecializes in Expireds and GeoLeads. Sold 44 homes his first year.

JASON MORRISSpecializes in FSBOs. Sold 2,000 homes over his career.

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Use ScriptsIf you believe scripts don’t work or aren’t right for you, prospectors who earn $250K

or more a year think differently. What they understand about scripts is another

characteristic they share and unanimously agree upon.

In fact, 81% of prospectors who earn $250K a year or more use a script every

time they prospect.

Scripting is nothing more than preparing. This preparation is proven to improve

confidence and increase overall productivity.

6 THINGS SCRIPTS DO FOR YOU

1. Help you to sound more knowledgeable

2. Create a sense of urgency in buyers so they will act now

3. Overcome objections that end conversations

4. Convince stubborn sellers to price their homes competitively

5. Improve the quality and quantity of the appointments you set

6. Separate the non-qualified sellers from those who will list now

How To Write And Execute A Stellar Script

SCRIPTING DO’S

• Create a Roadmap

Before writing a phone script, make a list of the things you need to

accomplish during your call. What information needs to be communicated?

What questions need to be asked? Determining the goals for the call will

help ensure that nothing gets forgotten.

• Prepare for Objections

One way to get completely thrown off during a call is expecting it to go one

specific way. Make sure you can overcome the most common objections.

The good news here is there’s only a handful of common objections for

each lead type you call. Master these objections and watch the number of

listing appointments you set skyrocket.

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SCRIPTING DON’TS:

• Don’t Marry the Script

While it’s critical to be fluent in your scripts, it’s also important to be fluid

with them. For example, if your client is in a hurry, you should adapt your

script to skip through to the crucial points. Conversely, don’t be afraid to go

longer, ask deeper questions, and build rapport with more talkative leads.

• Don’t Turn Into a Robot

It’s easy to sound canned when using a phone script. The best way to

beat this is by practicing your script over and over again. How does an actor

reading scripts sound natural and organic? Practice. With practice, your

scripts will sound as natural and conversational as a chat with a

good friend.

Closing Ratios

Agents Who Use Scripts

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Go After Multiple Lead TypesLead types are like languages. The more of them you know, the more conversations

you can have to position you as a “native expert”, rather than a tourist. Prospectors

who earn $250K or more a year know this and work, on average, 4.5 lead types. Agents

earning $70K or less a year work, on average, 3 lead types. The research is conclusive,

the more lead types you are fluent in, the more money you will make. Like languages,

there’s a wide variety of types of leads you can talk to.

The Five Most Common Lead Types $250K Earners Talk To• Referral and Repeat

This is your sphere of past clients,family, friends, and acquaintances.

Whether you consider the calls, emails, postcards, or pop-by’s to these

people as prospecting or not, you speak to these people differently than

you would other lead types. Your conversations can be more casual, but

should always offer value, and position you for an opportunity to solve a

real estate sales related problem. REDX makes it easy to manage and follow

up on these relationships. Just upload your sphere of influence into Vortex

and always know who to call next and when.

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• Expired Listings

These homeowners tried selling, but their listing expired unsold and now

they’re likely to relist with another agent. The big question is, with who?

REDX makes it easy to reach these homeowners. You get homeowner cell

phone numbers and email addresses, so you can be the agent that relists

and sells their property. All you have to do is call them. REDX does all the

work of looking up the numbers, scrubbing them for the DNC list, and

checking to see if the property has already been relisted.

• For Sale by Owners

According to the National Association of Realtors, the average owner-

sold property sells for $174,000 while the average agent-assisted

transaction is $215,000. It’s no surprise that 88% of FSBOs eventually

hire an agent to sell their home. And who do they typically hire? The first

agent to contact them. REDX makes it easy to be the first agent. You get

FSBO contact information 24 hours before any other service. REDX does all

the work searching classifieds, websites, newspapers, and magazines for

homes listed as for sale by owner and finding missing contact information,

then giving you an easy list of ready to call FSBO leads.

• GeoLeadsTM

People do business with people they know, like, and/or trust. Area based

prospecting methods such as Just Listed /Just Sold, door knocking,

and neighborhood mailings are proven ways to build trust and get new

listings quick. REDX makes it easy to generate a targeted list of leads based

on any area you want. Just enter an address or draw on the map the area

you want to prospect and then download hundreds or even thousands of

homeowners ready to call.

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• Pre-Foreclosure Leads

Every market has homeowners facing foreclosure. If you work short sales,

you know how rewarding they can be. If you don’t work short sales,

you want to know which leads not to call. Either way you want the right

information ahead of time, so you can invest your time most effectively.

REDX makes it easy to see which leads in your stack of Expireds, FSBOs, and

GeoLeadsTM are short sales, so you can quickly include or exclude them from

your list. REDX does all the work of searching court records, finding hard to

get contact information, and putting it all in one place.

In addition to the five well known lead types above, prospectors making $250K a year

or more are also working a new lead type called “for rent by owners” FRBOs (fur-bos).

• For Rent By Owners

Hidden in plain sight are hundreds of landlords and investors who are just

one frustratingly bad tenant away from selling, one nervous month of

vacancy away from calling an agent to list, or happily ready to liquidate a

portfolio of properties. What makes these leads even more attractive is

that no one is calling them! REDX makes it easy to call them by searching

dozens of databases for vacant properties and for rent by owner sites, and

putting all the hard-to-find contact information in one place.

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Implement Multiple Prospecting MethodsWe found 74% of prospectors earning $250K a year or more implement at least

two different prospecting methods in addition to picking up the phone. As already

mentioned, increasing the number of times you call your leads drastically increases the

number of listing appointments you get. But also, having more than one method you

use to contact leads measurably impacts your results too. If you’re not already using

some of these methods, you should start integrating them into your approach:

1. PHONE CALLING

Prospecting by phone is by far the most common method used by both agents earning

$250K a year or more and those earning $70K a year or less.

You will die on the line without prospecting—you have to

prospect in order to get new business because you’ll run out

of business with your center of influence. The quickest and

fastest business is prospecting on the phone—it is the lifeblood

of my business. REDX makes that a lot simpler by allowing me

to hit more people and get more contacts - the more contacts

I reach the more likely I am to get a listing appointment. I

prospect a minimum of three hours a day and if I don’t hit my

goal of 40 or 50 contacts I’ll prospect again in the afternoon.

REDX allows me to get to that a lot quicker.

DALE SCHRIEBERCentury 21 Masters

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2. MAILERS

The next most common method of prospecting after phone calls is direct mail. Direct

mail is widely used, but often is not effectively implemented. Of the prospectors

making $250K a year or more who said they regularly send direct mail (and was effective

for them), they incorporated three common principles into every direct mailing.

3 Principles $250K Agents Incorporate Into Effective Direct Mailing

1. They target mailings at specific lead types and/or areas

2. They mail lead types or areas multiple times

3. They provide valuable tips/ideas that help property owners sell

Almost every agents we interviewed earning $250K or more a year succeeds primarily

by telephone prospecting. However, some succeed primarily using direct mail. For more

information on how to add value to your direct mail (or any marketing), read YouTility

for Real Estate Professionals by Jay Bear.

3. DOOR KNOCKING

Door knocking ranked as the third most common prospecting method after direct

mailing. However, it ranked the second most popular method among prospectors

earning $250K a year or more.

Research showed 58% of prospectors earning $250K a year or more knock doors! In

fact, this group commonly mentioned they’d door-knock more if they had more time.

Another interesting discovery revealed by these interviews was agents earning $70K

or less a year commonly felt door knocking was “unsophisticated” and “below them”.

This negative attitude towards door knocking is likely a major factor that constrains this

group’s income.

The positive attitude towards door knocking by prospectors earning $250K a year or

more was commonly attributed to the impact meeting people face to face had upon

establishing trust and rapport.

To start doubling your income, shift any negative attitudes you have around door

knocking and get out there and meet your leads face to face.

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Leverage TechnologyTechnologies are tools that help get a job done faster and better. Across the board the

most common tools applied to prospectors earning $250K a year more include:

SOCIAL MEDIA

• In 2017, according to Statista.com, 81% of adult Americans used social media

regularly. From Facebook to Instagram, the people and prospects you want

to work with are on these platforms. The most successful prospectors use

social media for more than simply posting listings. They use it to message

with their sphere of influence and to target their sphere with ads containing

information about their home and market.

What they are NOT doing is bombarding friends with listings and untimed

attempts at getting referrals.

MAIL FULFILLMENT

• Prospectors earning $250K a year or more say their biggest obstacle to

growth is having enough time to invest in newer and larger opportunities.

That’s why they run direct mail campaigns, but they don’t waste valuable

time printing, licking stamps, and mailing. They pay mail fulfillment

services to save time in order to invest in higher dollar productive activities.

LEAD SERVICES

• While many lead types such as Expireds and FSBOs can be found for

free, prospectors earning $250K a year or more understand the value of

their time and pay lead service providers. They can call more leads, more

often, when they don’t have to spend time searching multiple sources

for homeowner contact information, digging to find hard-to-get email

addresses, and scrubbing them all against the Do-Not-Call registry.

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DIALERS

• Talking to more qualified sellers per hour is the goal of almost every listing

agent. However, prospectors earning $250K a year or more know they

will never hit their goals dialing by hand. They use software based phone

dialers, with at least one line to dial and connect with homeowners. Dialers,

such as REDX Storm®, commonly allow prospectors to talk to 4x more

homeowners per hour, while automatically leaving voice messages and

skipping bad numbers.

LEAD MANAGEMENT SOFTWARE

• Knowing who to call and when to call them is a challenge prospectors

earning $250K a year or more have solved using lead management

software. Similar to, but different than a CRM (Customer Relationship

Managers), lead management software is designed for outbound

prospectors. Vortex, a free lead management software by REDX, allows

prospectors to easily start prospecting sessions, while keeping it clear

who to call next.

2 Principles Every Successful Prospector Who Earns $250K A Year Or More Understands About Technology

1. Money is a renewable resource and time is not

2. Trade money for anytime technology buys you more time.

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Summary of the 7 Steps To Double Your Income FastNow you know what prospectors who earn $250K a year or more know and do

differently so you can double your income fast:

3. They track the numbers that drives their business and increase their ROI

4. They increase the amount of accountability in their business and personal life

5. They stick to a consistent prospecting routine and call leads multiple times

6. They use scripts to overcome objections to set more listing appointments

7. They prospect multiple lead types (on average 4.5 types)

8. They implement multiple prospecting methods, beyond phone dialing

9. They understand the value of their time and invest in technology to save it

WHERE TO GO FROM HERE

Remember, the name of this guide is the 7 Steps to Doubling Your Income, not the

7 leaps. To take your first steps toward doubling your income, just pick one step

to implement.

If you are unsure where to start, you can get unstuck by calling (800) 731-7339 and ask

to talk to a prospecting specialist.

You can also email success@theredx.com and a success manager will reply back

to set up a time.

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www.theredx.com @The_REDX facebook.com/theredx 800.731.7339

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