Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, we talked with Lance Loken, CEO of The Loken Group with Keller Williams Signature in Katy, TX who talks about his proven methods for reaching top producer status.
6. Keeping it Simple: There is an old saying, “Keep It Simple, Silly.” Becoming a top producing real estate agent is just that – SIMPLE. However, don’t confuse “simple” with “easy”. Reaching the top producer status requires a great amount of determination, focus, and hard work!
5. Setting Goals: The most important first steps in becoming a dominant agent in your market is to begin by setting your goals and identifying your mission, vision, and values. Without having a very clear focus on these core items, agents will struggle to focus on the rest of the key pieces of their business. An agent wishing to grow their business should write their short and long term goals, mapping out their plan. If you begin with the end in mind and put systems in place now that will withstand the growth and long term goals you wish to achieve, your growth will be much more manageable and ultimately, successful.
4. Staying in Contact: Systems are another key in keeping company with top agents in the industry. So many third party companies offer business solutions for the mandatory pieces of your business, like contact management systems, website development software, communication systems, and bookkeeping. As a top producer, you MUST stay in constant contact with your sphere, make it easy for potential clients to find you, and keep track of it all.
3. Tracking Your Numbers: One thing that ALL top producers know are their numbers. They track the data on who they talk to, how many appointments they have, how many of those appointments convert to clients, the sources by which the leads come to them, etc. All of the key factors in their businesses are tracked. Top producers continually know their numbers and evaluate them to know what is working and how they can improve the efficiency of their business practices and systems.
2. Staying Focused: Compared to tracking numbers, acquiring systems, and building resources, FOCUS is probably the biggest challenge for most agents. When we are really determined to get in shape or lose weight, we hire a trainer or nutritionist. In most areas of our lives, when we want to get really focused on something, we hire a trainer or coach. Real estate is not different. As an independent consultant, it can be very tempting for the great majority of agents to get sidetracked in other things or lose sight of their goals on a hard day. Employing the skills and accountability coaching of a business coach will help you establish good habits and help you maintain focus as you grow to new levels.
1. Remember, You’re Not Just an Agent: Realtors are not just “agents,” they are business owners. Top producers realize this fact and grow their businesses accordingly. If you are looking to rise to the top of the industry, look at each step of your business as any other business or corporation would. There are departments, systems, and a clear mission in place. Know your numbers, and never forget – the client comes first!
Lance Loken is the CEO of The Loken Group, one of the top producing teams in the greater Houston area. Lance and his wife, Karina, founded The Loken Group in 2011. Before entering real estate, Lance worked in the business world, serving as a C-Level executive for companies like The Wood Group and Francesca’s, experience that helped him build a successful real estate team. He attributes The Loken Group’s success to the outstanding members of his team – hard workers and experts in their respective fields.