In an effort to increase your hourly rate of pay, you must make the commitment to focus on high payoff activities. If you find you are working with too many high-maintenance customers that generate little profit, then it's time to weed these types of people out of your book of business.
This is the approach that superstar Realtor®* Kathi McLean of REMAX® Olson & Associates, took when she realized she was spinning her wheels with too many customers who drained her of her time and energy, with little financial gain. Kathi concluded that her business could only improve by turning down people that fit this profile.
Kathi and her husband Bob McLean started to take a more selective approach. They began refusing to work with people who were disrespectful or had a negative attitude. By choosing to work with quality clientele, they saw a distinct difference in both their income and time management capability in just six months.
The McLeans compare their scenario to the business models of restaurants recognized for fine dining. For example, if you fail to make reservations at the exclusive Château d' Fancy in Beverly Hills, they certainly aren't going to set up a card table in the alley for you. As much as they want your business, they still insist that you comply with their business model: Make the reservation, and savor the dining experience.
On the other end of the spectrum there are fast food joints begging for your business! You can eat inside, outside, or even in your car. Your children can play on their playgrounds, and if you buy certain products you'll get a prize, a toy, or even a coupon for more food! They'll do just about anything to get you in the door. Which type of restaurant do you have more respect for? More importantly, where would you rather work with if given a choice?
Take the time to sit down and analyze where the majority of your time is spent. Which customers take the most time with the least amount of payoff? Conversely, who are the easiest people to work with, yet generate the greatest financial return? From there, define your business model and commit to working with people who make your production numbers soar!
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REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.