The concept behind Dream Town Realty’s “20 / 10 Challenge” could not be simpler: Dream Town agents sign up for a 52-week training program with the brokerage; if, at the end of those 52 weeks, the agent’s business has not grown by at least 20 percent (and if they adhered to the terms of the program), Dream Town will write the agent a check for $10,000.
Peter Moulton, the president of agent services at Dream Town, says that the idea for the challenge stemmed from one of the central truths about lead generation in real estate.
“As an agent, you have to be constantly reminding people that you’re in the real estate business,” Moulton says. “You have to be developing, cultivating and nurturing relationships constantly; and if you take 60 to 90 minutes a day and put your energy into prospecting for new business, your business will grow exponentially.”
Exactly how agents conduct themselves in that prospecting, though – how they organize their marketing materials, apply them to their database of contacts and then generate leads and business – is where Dream Town’s systems come into play.
Using a custom marketing/lead generation system that incorporates elements of print and Web, Moulton says that agents apply the specific details of their business, such as where they work and the kinds of properties they sell, into the general framework of the brokerage’s system; the effect, he says, is a finely tuned, specific approach that is not only unique to each agent, but more importantly, relevant to their database and ripe for lead generation.
“Consumers love hearing about themselves,” Moulton says. “They don’t want generalized information. They want information that is specific to their situation.”
The message, though, is not the only component. In addition, agents have to work hard, Moulton stresses, and apply enormous amounts of effort into contacting their database, generating business, and, ultimately, growing that database further.
“The agents work very hard to improve the integrity of their databases,” he says. “We have a prescribed amount, so over the next 52 weeks, they will be personally touching every person within their database. We’ve also applied a measurement for how much they need to grow their database over the next 52 weeks, in order to grow their business as well. So if an agent comes to me with a database of 150, we’ll give them the goal of ‘X’ percentage that they need to grow that database, and further establish connections with those people, in order to ensure a business based more on referrals.”
And finally, Moulton leaves his agents with a nugget of wisdom that successful agents know all too well – by upending the typical expectations of a real estate practice, and by treating it as an organic, demanding business, agents will generate the leads and business necessary to be successful.
“Real estate has a relatively low barrier to entry,” he says. “You could have opened a fast food franchise, but the barrier to entry for those is much higher. The problem, then, is that people end up getting into real estate because they think that it’s easy, and it’s going to give them free time. Anybody who is a successful entrepreneur is well aware of the fact that real estate is a very time-consuming endeavor that requires integrity and, most of all, ownership of your success. You have to own it.”
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