Best tech tool for new agents to grow their business

Anne Ewasko Leave a comment

It’s no secret that the real estate market is flourishing, which is why so many people are getting in daily. Most successful real estate agents can offer far more returns than drawbacks of working in the industry. However, one aspect of the real estate industry that is barely discussed is the startling number of agents who do not succeed in this industry. The proportion of real estate agents who fail during the first five years varies depending on the source, but it is typically between 85 and 90%. Shockingly, roughly nine out of 10 new agents can fail. Nonetheless, this doesn’t mean you shouldn’t go for it. With great determination and having the right tech tools in hand, you will have a good chance of being among those remaining 10-15% agents who succeed.

What new real estate agents should know

The first year of your career is the most challenging. The good news is that you don’t have to do it alone — technology will simplify things for you. A good CRM/database is the most important thing to start with. It gives you a solid foundation to build upon your existing sphere of influence and prospect for new clients/businesses. Then, as you expand and grow, it is essential to have a good tech solution to help simplify your workload, keep your email communications organized, streamline your workflows and increase your productivity.

That is why I’m going to share with you a tool that will make you become more productive, help grow your real estate business and manage your clients effectively. The name of this tool is Folio.

Let’s get down to it.

Folio

Folio is an effective Google Chrome extension that allows you to handle leads and transactions directly from Gmail. This essentially saves you time and money by eliminating the need for frequent switching between your customer relationship management (CRM) system and Gmail.

As soon as you connect your inbox, it begins to arrange all of your emails and any associated documents, attachments and contacts. It takes away the burden of constantly searching for any document. Everything you want for your business is right on your doorstep. Folio is designed explicitly for professionals that oversee complex operations like real estate transactions.

Folio’s key features

• Sorts email into smart folders automatically based on the topic, sender or project

• The Folio Chrome extension enables the contextual sidebar in your email to display all related emails, calendar events, documents and contacts for every smart folder and sender

• Project goals that keep everyone on track

• DocuSign integration

• Google Drive integration

How Folio works

Simply link Folio to your Gmail or Office 365 account, and it will start searching for and organizing your vital emails.

If you use Gmail, with a Chrome-enabled sidebar, you can keep working without switching between programs by staying in your inbox. Folio will collect all of your emails, documents, and contacts and magically place them in one accessible area, appearing alongside your emails.

To keep everyone informed, create timelines to share essential activities and events. Additionally, your events and calendar will sync automatically. As a result, your contacts and emails are all in sync.

The importance of Folio

Automatically classify emails according to each project

Based on your specified keywords and contacts, Folio searches your inbox for project-related emails and sorts them into smart folders.

Keep track of your tasks and notes

You can create tasks and assignments to complete and manage the entire project timetable from within your email. Access your unfinished to-do list whenever necessary, and have project milestones updated immediately on your calendar.

Facilitate work

Folio enables you to share your project timeline with transaction coordinators, teammates and clients to keep them updated. Give some jobs to people within or outside of your organization with ease. Include important links and resources in the timeline to make sure that everyone knows the task at hand.

Folio is a new system built to assist busy professionals in saving time and getting more done. It is the first smart email assistant and is gaining a lot of attraction in the real estate industry. So, as a real estate agent, work like a pro with Folio effortlessly.

Most interestingly, Folio is a completely free tool with up to three smart folders to use at once. You get a free 14-day trial of Folio Pro, which offers limitless smart folders when you first sign up. After that, you won’t be charged and can continue using Folio for free with up to three Smart Folders if you don’t upgrade before the trial expires.

When using Folio’s free version, there is no need for a credit card and no commitment to keep using it. But to get access to all of Folio’s facilities, get a monthly subscription. It will cost you only $19 per month. Note that the pro version makes life a lot easier.

Bottom line

Technology has vital effects on almost all business operations. No matter if you’re a newbie or a veteran, using the right tech tools will put you ahead of the game. Having Folio in your arsenal will allow you to operate more efficiently, which not only saves time and money, but also helps you grow your business faster. And for the newcomers? It can help you survive the odds of failure and become one of those 10-15% who make it in this business!

Anne Ewasko is a veteran Realtor in the Chicago area and a longtime techie. Visit her at anne.luxhomechicago.com.

The simplest path to a 6-figure year

Special Contributor Leave a comment

By Jake Dixon

Odds are you got into real estate for freedom, flexibility and financial gain. And yet, if you are like most new agents, you have quickly realized this is a challenging business.

Roughly 87% of new licensees end up not renewing their license within the first two years. Combine that with the fact that more than 90% of agents sell 24 or fewer homes per year. Yet when asked, the majority claim they want to earn six figures per year.

So, what gives? Why is it so out of balance? What do the “successful” agents do to create a sustainable business compared to those who become a negative statistic?

Rookie agents often make things more complicated than they need to — then hide behind that manufactured complexity to justify failure. Agents end up finding evidence to support their beliefs, saying things like, “See, I told you so: This is hard.”

Other agents end up living in scarcity, thinking there is not enough opportunity available to achieve their own goals. They play the blame game, pointing the finger everywhere but themselves, eventually saying, “I’m going to go get a real job.” But they’re turning their back on an amazing opportunity.

Success is not easy, but it’s also not complicated. To build a sustainable, profitable, consistent business, you must get granular: Chunk things down into manageable pieces. It takes 90 days to create or lose momentum in business, so what we do today may show up three months later. A farmer doesn’t plant his crops and expect to see the fruits of his efforts tomorrow. It takes time. Cultivate the ground, plant the seeds, water them and then allow time to produce the fruits.

Similarly, for most agents, the question is not, “What are the 101 things I need to do?” Rather, the question becomes, “What are the simple things I need to do repeatedly to produce the fruits I am seeking?”

Success always happens by the slight edge. Errors in judgement, repeated over time, compound into failure and disappointment. But disciplines, repeated over time, can compound into massive results. Success can be boring, tedious and even mundane. Sometimes, though, we must accept that boredom is associated with success.

Consider this: Would you rather have $1 million cash upfront or a penny that doubles every day for a month? We know the temptation is to take the $1 million cash, but with time, patience and consistency, the penny will yield $5.3 million.

So, where am I going with all of this? Let’s do some math together.

After working with thousands of new agents over the years, I see a consistent conversion rate of 2% from contacts made to business opportunities. In other words, every 50 real estate conversations ultimately yield one new piece of business. Knowing this to be consistently true over time, there is a formula to building a sustainable, predictable real estate business that earns six figures per year.

What if you simply spoke to five people per day about real estate and you worked five days per week for 50 weeks out of the year? Five contacts x five days per week = 25 contacts per week. The compound effect totals 1,250 real estate conversations over the course of the year. If we take those 1,250 real estate conversations apply the 50:1 ratio, that gives you 25 sales. Simply put, five conversations per day for five days a week over 50 weeks of the year can yield you 25 sales: a six-figure income in real estate.

This is the true meaning of consistency. It’s having faith over fear, trusting that you are showing up every day doing the work. Although these results are not guaranteed for everyone, how many agents are really repeating this activity over time? As the statistics prove, not many.

In closing, what is easy to do is also easy not to do. This is deceptively simple. Many agents overcomplicate things because they are convinced it could not be this simple.

So, get out there! Have five conversations per day, five days a week, for a year — and report back to me in 12 months. Your future self is thanking you.

Jake Dixon is founder and CEO of The Locker Room Real Estate Coaching and Training.