Today I want to talk about having rules in your business and why it’s so important to stick to them in this market.

I was talking with a client a few weeks ago, and they were very frustrated. This client was working with a buyer that started in one area and viewed all the listed homes and didn’t like any of them. The buyer then considered moving to another area. My client did the work, showed them all the homes, and still the buyer didn’t find anything they wanted to purchase. So then the buyer starts thinking about a 3^rd area outside my agent’s expertise.

The challenge before my client, and many other buyers’ agents, is how to determine when enough is enough. It starts with bringing up questions like, “how far will you go?” It’s important to understand that it’s also not in your buyers’ best interest for you to work farther and farther outside your area of expertise.

It reminds me of the scenario where a person will go into a casino, put money in a slot machine, and not win. So they put in more money, and more money …and more money. You know they’re never going to win, but that doesn’t stop them from wasting time and money trying to get lucky. It’s the same of mentality I see in some buyers in this market.

Time is money. If you’re wasting time and energy, it might be a good strategy to settle for a referral. Offer your client help by referring them to a local broker who can better serve them in their new area and collect a referral fee.

It’s important to remember that we’re not talking about volume of sales—we’re talking about your quality of life! You have to manage your time and protect your time. You cannot do that without rules.

I strongly believe in rules in your business. Rules about pricing. Rules about your time off. Rules about where you will and won’t work. Rules about price reductions. Rules about time-on-market. These give you guidelines about what is in your clients’ best interest and your best interest.

Take the time to making rules. Think about how far you’ll go before you say “enough is enough.” Think about how far a wild goose chase has taken you in the past—would you do the same thing over again or do you wish you had stopped at a certain point and referred out? Rules are there to protect your quality of life. Make the effort and write them down.

You can even present your rules to your clients in a positive light. Many times in my career as an agent, when I couldn’t go to a certain area for a buyer, I would say, “I want you to be best served. I’m not an expert in that area, but I’m going to get you an expert in that area. They’ll have information and experience that I don’t have because I don’t work in that area. It’s in your best interest to work with a local expert.”

Bottom line, your rules are there to protect your quality of life. Make the effort and write them down.

If you need help getting started, I have a worksheet in Club Zebra that will get you thinking about where you draw the line. Check it out, and I’ll see you next week.

Do you find yourself saying yes to appease your clients? Are you traveling out of your area for buyers and to take listings because you have already invested a lot of time in your client relationship? Do you find yourself arguing with sellers about price? If so, you may need to establish rules in your business! Rules will provide you with freedom – freedom to say no or refer business out.

Denise is such a big believer in rules that we are giving you this document for free until 3/31/2021. Enjoy!