Parkinson's Law: The Most Important Reason to Give Up Prospects
Dear Friend & Colleague,
When you generate 100, 200 or even 300 or more buyer or seller leads a month (like clients who use our Provantage system) there's a critical attitude you must take to keep yourself from wasting leads and burning out while you strive to create as many transactions as you can from these opportunities. This short article will show you how to turn real estate prospecting into a productive and effortless game. This is common wisdom turned on it's head. Let me show you how.
In 1955 British historian C. Northcote Parkinson published an article in the Economist magazine were he wrote the words,"Work expands to fill the time available for its completion."
This has become known as the Parkinson’s Law and is one of the most fundamental laws of bureaucracy.
How does it apply to real estate, though? To prospecting? More importantly, why is it the most important reason to let go of prospects? (I mean, come on, more clients means more money!)
I think you'll agree: most professional real estate agents are afraid to give up prospects. But if you apply Parkinson's law and rate the level of service you can give to each prospect, then you'll see the advantage in letting go of certain prospects.
For instance, as your prospect base rises, you will see a diminished level of quality. But as your prospect base lowers, you'll see a rise in the level of service you can provide. And you will also see more transactions as a result.
Imagine if you were working with 50 prospects this month. If that's the case, then you'll fill up your days helping those 50 prospects. Each one of those 50 prospect gets a very small sliver of your time.
Now, if you were working with 25, you would fill up your time helping them. Now, each prospect would get twice as much attention from you, which naturally means better service.
The end result: you'll be able to develop a closer, more trusting relationship with each prospect. And the likelihood is high that those who you gave up were high-maintenance and demanding, a dangerous combination when time is scarce.
The lesson?
Focus on your highest quality prospects and devote 90% of your time serving them. Then force yourself to let the time-wasting prospects go.
The Art of Disqualifying Prospects as Rapidly as Possible
See, some leads don’t have the appropriate DNA (desire, need, ability); if that's the case, then you just need to move on. A few of them are just kicking tires. Move on. Others are looking for a house for their Aunt Mimmie who’s moving here in thirty years. Move on.
While prospecting, you need to politely identify if a lead has the right DNA. In essence, your challenge is to disqualify them as rapidly as possible. Next week I'll demonstrate exactly how to do that.
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