Hey guys, if you’re an agent and you’re out there selling real estate, here’s one question that you need to answer.

What is the lifetime value of one client that you close the transaction with?

So you have an escrow, it closes, and you receive a commission. And a lot of agents get in this mindset of, "well, I earned my $10,000."

Is that the lifetime value of this client? Is it $10,000, or is it a lot more than that?

Here’s the way we look at this in our coaching program. In our coaching program, we look at each client having a value, a lifetime value of $161,000. You might say, how do you get to that number? Well, we get to that number with a combination of things.

First of all, ideally, this one client isn’t going to just do one bit of business with you. They often, in a lifetime, are going to do two, three, four, or five pieces of business with you, whether it’s investment properties, whether it’s buying their second home or third home, or relocating and you referring them out s...

Question:

Who is your target audience?

When you are spending dollars, you need to target a specific audience. The big mistake most agents make is targeting everyone. They say, "Anybody thinking about buying or selling real estate, please contact me." This shotgun approach is very ineffective and can waste a lot of energy, effort, time, and most importantly, your budget and money.

You need to refine your message to target the specific audience you want to attract. This means you have to define who you're going after. Big businesses create what's called a persona—the exact person you're trying to get to respond to your message.

Maybe it's first-time home buyers, investors, or second home buyers. You might get even more specific, like targeting someone aged 45 to 55, who has owned their home for over 15 years, has a low mortgage, and wants to move closer to family and friends.

By the way, this is the #1 seller in today's market in 2024.

If I'm targeting this kind of seller, my messa...