Daily Real Estate News  |  November 9, 2008  |   Gary Keller: Get Real When Times Get Tough
If you’re serious about making money in real estate, don’t sit back and complain about difficult market conditions. “You have to get real. Shift with it,” says Gary Keller, cofounder of Keller Williams Realty, told a packed ballroom of REALTORSŪ on Saturday morning.

Lead generation is the single most important thing you can do to survive in a shifting market, Keller said. “You say you are in real estate. I say you are in lead generation,” he said.

With the exception of top agents, very few practitioners put enough emphasis on finding new prospects and making initial appointments, he said. That may be because prospecting isn’t the most enjoyable part of real estate; it requires discipline and hard work. Nonetheless, it’s a skill that you must master.

Keller advised attendees to block out three to four hours a day for prospecting. In fact, he mandates that practice at his company. The ultimate goal of any lead generation activity is to set an appointment; if you can do that, business will follow.

He referenced NAR’s Profile of Home Buyers and Sellers, which shows that most consumers only interview one practitioner before making their hiring decision. “The battle is getting there,” Keller said.

Keller exhort that REALTORSŪ must keep a close watch on how they’re spending money. Look for efficiencies wherever possible so that your cash inflow exceeds your outflow.

“You must lower your costs now!” he said.

If you focus on finding leads, setting appointments, and keeping your costs in line, it’s quite possible to enjoy quite a successful ride even in tough times.

—Kevin Fritz