What worked last year? What didn’t?

It's a new year. Full of promise and potential. Shiny, clean, not yet marred by the blemishes and scars that surely will mark this new year at it's inevitable end twelve months hence. Looking back to the previous year can be instructive. What worked last year? What didn't? Experience is painful, but an excellent teacher. Success leaves tracks. It can be replicated, refined, and most importantly prolonged. But, if there was a magic bullet guaranteeing success in real estate, we'd all be counting our millions while sunning on a Caribbean beach.

The practice of real estate requires constant innovation while focusing on some very basic principles. Those principles include; daily prospecting, follow-up, market knowledge, and the ability to gain the trust and respect of your clients. Prospecting, no matter the form, is most effectively accomplished when set to a daily schedule. Dedicate time for prospecting, be it telephone calls, direct mail, email, geographic farming (try door hangers, they work!), or social contacts. Turn off your cell phone and concentrate on this activity. Every contact warrants a follow-up. Get a name and an email address. It's simple and it works well for follow-up and relationship building going forward. Know your market...really know the market. Become a virtual encyclopedia of data and statistical trends in your market. Be smarter than the competition. Use your knowledge to differentiate yourself in the market. Would you do business with a banker or stock broker that didn't appear knowledgeable about their trade? All the foregoing principles will not earn you a living unless you possess and are able to project the fact that you are a trustworthy individual deserving of your client's trust. This is a quality that is developed over a lifetime. Are you a person of honest and integrity?

Have a wonderful 2009. Practice what works and keep your eye on the basic principles. Mike