Pay Now, Pay Later Real Estate.

How to hit the half a million dollar mark

Tom Panos, from the Real Estate Gym, shares his top tips to reach new levels of success.

Most agents dream of the day they can hit the half a million-dollar GCI mark. It takes a lot of hard work and dedication, but with the right tools in place – any agent can reach $500,000 in GCI.

No. 1

Create opportunities with the right prospecting model

One of the key skills that will help get you to the $500K GCI mark is your default prospecting model. Your default prospecting model should be producing multiple opportunities for your every week – for most agents, I recommend having 6-8 different methods to get listings.

Lets say there are two fishermen, one uses 30 rods, compared to the other who only uses one! Who ends up with more bites? One of the most effective methods is a ‘dear neighbour’ letter from your vendor after you have sold. We know that a good recommendation can produce solid prospects.

Until you become an agent with a magnetic force that attracts all prospective sellers, you can’t rely on the vendors coming to you. Once you start doing three sales a month – consistently – the game has changed, and you’re no longer a solo person. You need a team.

Real estate is all about the pipeline, end of story. Agents hitting the $500,000 GCI mark already know who their next 20 listings are

Tom Panos

No. 2

The bigger the dream, the bigger the team.

As you grow your business and start listing more properties, you’ll quickly realise that trying to juggle sales with admin tasks just doesn’t work.

If you want to hit that $500K GCI mark, you’ll need to hire either an assistant, or admin support. This second addition to the team will help you focus on sales and prospecting, so there is always something in the pipeline.

Growing your team will mean you have someone to help you process business while you prospect business.

No. 2

Winning words to start using

Learning the right language to use with prospective clients will help you better understand more about their needs and expectations. It’s not uncommon for vendors to feel a bit confused by the sales process, unsure of what to do next, and sometimes overwhelmed.  

Most vendors face something that I call paralysis by overanalyses – and as their agent, it’s important that you can navigate this uncertainty with the right language and clear instructions.

Ending conversations with winnings words like “if I… will you?”, and “why is that?” will help your vendors understand what you’re saying, and what you need from them. Make things easy for your vendors by sending them a document with short and sharp instructions, so they understand the next steps.

Reaching the $500K GCI mark

Mastering your prospecting model will help guarantee you have another sale in the pipeline, growing your team will allows you to focus on sales, and learning the right language will help you reach new levels of success.

Hitting the half a million-dollar mark in GCI might seem ambitious, but with the right tools in place, it’s very much achievable.

People often ask me why I give away my tips for free, and I tell them, the nature of being a giver will come back and reward you tenfold

Tom Panos Real Estate Gym

To see more from Tom Panos, visit tompanos.com.au