Every Action in Real Estate Should Have DUAL PURPOSE

In this article, I want to challenge you to walk into every situation knowing that either way it goes, huge production in the growth of your business is taking place…

Let me ask you…

When you complete a prospecting task, why are you doing it? To find a buyer or a seller, right? Or, to put it another way, to find a new client. Now, what kind of tasks are these that produce clients. Well, postcards, letters, emails, phone calls, door knocking, open houses, creating an ad, passing out business cards, going to a social event, etc. There are many ways to meet new people and create connections that lead to business. The biggest problem is that most agents shy away from these types of activities because they are scared to talk to new people…but that is a another blog subject.

Ask Yourself WHY

What is the reason for you actions? For example, when you are circle prospecting, what is your purpose? To find a potential seller, right? Right. But, what happens if you spend all that time calling property owners, and you don’t find a single seller that is ready to sell at that time? Well, you feel like you wasted lots of time with nothing to show for it. This is how most agents feel about the tasks that they complete. Lots of effort with very little results. Then, they feel like the tasks they are doing are not working as much as they think they should, so they stop doing them. Does this sound like you??

Change Your Mindset to Have DUAL PURPOSE

In order to become the most efficient, productive real estate agent that is lying inside of you, you must adopt the mindset of having dual purpose in everything you do. Dual purpose is having more than one reason for doing something. You will have your primary purpose, but then you have one or more backup purposes incase the primary purpose doesn’t work out. This way, regardless of the outcome, you have accomplished something significant in every situation and you feel like you have produced at a high level. Having dual purpose with everything you do gives you a sense of confidence that you are not afraid of wasting your time on any task because you know that regardless of the results, you WIN. When you go into every situation with this mindset, you can fully commit with zero hesitation.

Lets go back to the circle prospecting example. The reason I circle prospect is to look for a seller OR a buyer. You see, I have dual purpose. I am not just looking for a seller, I am also looking for a possible buyer. Dual purpose. Now, lets take it a step further. What if they don’t want to buy or sell right now? Oh no! Our dual purpose idea just got shot out of the water, right? Wrong. Now, its time to go to my backup plan which is to secure the relationship for the future business that the property owner I am talking to WILL do at some point. Following the ZDT real estate scripts, I prequalify them as not already having a relationship in place with another agent, and methodically acquire their email address so that I can stay in touch with them forever. So, as I make my circle prospecting phone calls, I have many reasons for making the calls: to find a seller, to find a buyer, to create a relationship for the future. This way at the end of my calling session, I may not end up with a motivated buyer or seller who wants to do a deal with me today, but I have secured a number of new relationships with these property owners. This is how you build a huge business. Everything you should do should have dual purpose. If you call FSBO’s or Expireds, do it with dual purpose. When you sit at an open house, do it to show the seller you are a worker, do it to show the other owners in the subdivision you are the real deal, and make calls while you are waiting on buyers to come through. When you are circle prospecting around a new listing you just got, call to advertise and try to sell your listing, as well as create new relationships with other property owners.

When you enter every situation with dual purpose, it will naturally give you a different tone when talking to people and allow you to spot different opportunities you wouldn’t have noticed before. IT IS VERY POWERFUL!

Dual Purpose When Losing a Deal  

One of the most important areas to practice dual purpose mindset is when you lose a deal. Maybe a buyer backed out of a deal for no reason. Or, maybe a seller interviewed several agents and did not pick you for the job to list their property. Whatever the case might be, if you have dual purpose, you can’t lose. Here is what I mean. If you pursue a deal, and you get the deal done, GREAT! Good job. You did it. However, when most agents lose a deal, it gets them down mentally. They dwell on the loss and it takes over their mind. Negativity creeps in and all they can think or even talk about is the deal that got away. But, if you realize that  without failure, there is no success, and that there is much more to gain from it than you lost, by far. Here’s what you gain: Knowledge and Time. When you lose a deal, there is always a lesson to learn. Also, when you lose a deal, you get all the future time back that you would have spent on that deal. In other words, the time you would have spent on that deal meeting with the clients, doing the paperwork, etc., you get back. Now you can take all of that new knowledge and future time and go find five more deals in the same amount of time. It’s called work! Go do it and quit dwelling on the one that got away. Business is unlimited. You can find as much as you want. You just have to be willing to put the work in to find it. There are plenty of fish!

So, when you look at each deal as either you will make a commission or you will gain knowledge and future time, you win either way and can fully commit to every situation without worry of wasting time. There is not time wasted in this business if you have the correct mindset.

The more time you waste on people, the more money you make.

Moving forward in your life and business, have dual purpose and watch your efficiency and production shoot through the roof

Ricky Carruth, RE/MAX of Orange Beach, AL 

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