Our real estate development firm, HyperFast Development, is wrapping up a six-unit project that will end up being a better deal than our initial pro forma, which was already great. We’re pleased with how this deal turned out for everyone involved!
But now we face the question that every real estate professional faces after a deal closes: “What next?”
Here’s what I think you should always do after closing a big deal or sale – and to give you an example, here’s what I’m lining up next as this six-unit project leaves our pipeline.
One simple rule to grow your business year-over-year
Whatever business you are in, you need to make sure you always put more into the top of your funnel than you are currently closing.
So, for example: six units are leaving our pipeline.
We’ve already closed on one 20-unit deal. Within two months we will close on two additional deals, which will bring us up to a total of 70 more units.
That is over 10 times the number of units at the top of our funnel than the number of units we’re closing.
You’re never too busy to grow your business
I see a lot of real estate agents make this mistake: They work hard to get some new clients, then they work hard to close those deals. That’s all well and good, but…
While closing those deals, they neglect to generate leads or bring in new clients. When the business that’s in their pipelines closes, they suddenly find themselves with no new business coming in.
This leads to very stressful feast-or-famine cycles and unpredictable cash flow. Salespeople, entrepreneurs, and even many real estate developers get caught in this cycle: the flurry of deals, then the scramble to find new business.
So how do you break free?
The key is to always put more deals back into your pipeline than are coming out. At a minimum, generate more new leads than pending deals. Ideally, though? Aim to double, triple, or even 10x it.
I know that’s easier to say than it is to do, so here’s how to actually put it into practice and get it done.
5 ways to grow your business every day
- Commit to a minimum amount of time per day you will spend on lead generation and marketing, no matter how busy you get with other parts of the business. Never go below the minimum, but you can go above if you want HyperFast growth.
- Dedicate a minimum amount of time you will invest in personal and business development. Learn from people at the top of your industry and other industries. Go to conferences, masterminds and networking groups. You will get inspired and stay more motivated. You will learn new marketing, lead generation and sales tactics. These kinds of learning and growth investments have always paid off 10x or more for me.
- As your business grows, continue to invest in more marketing. Deals come and go, but you’re never done building your brand. Continue to make people aware of you and bring in more leads.
- If you are too busy to do the above, hire people to help service your existing business. If you do not have the time to continue lead generation activities every day, you have waited too long to hire. If you are at this much capacity it is time to get the help you need to grow your business by creating more value for more clients.
- Commit to working the new leads. You can’t just get new leads. You have to follow up and book the initial appointments. If you are too busy for this, look at number four again. Make this process a must.
Make lead generation, personal development, and business improvement a non-negotiable part of your business and your day.
If you’re too busy to grow your business, it’s time to hire. Bringing in new business should be a non-negotiable part of your day.
Truly commit to putting more leads back in your pipeline than the number of deals coming out of it, and you will escape the stressful feast-or-famine cycle that so many entrepreneurs and real estate professionals find themselves trapped in… and your business will consistently grow.
Dan Lesniak has sold billions of dollars’ worth of real estate, developed over 500 homes, and written multiple best-selling books. He is a speaker, real estate coach, six-time Ironman, father of four, and husband to Keri Shull.
📱Text Dan your toughest questions about real estate, business, and investing at (703) 215-1684 or click here: https://my.community.com/danlesniak
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