Brokers Need to Go Back to Basics, Says Sales Guru

Tom Hopkins sees great opportunities for brokers who work hard in the next few years. (Photo courtesy of Tom Hopkins' office)

Sales and real estate guru, Tom Hopkins, sold 366 homes in the fourth year he was an agent—he was 23 at the time. More than three decades, and a few financial cycles later, Hopkins takes a look at the industry and what brokers need to do to survive today.

“Brokers have to understand that they have to be able to convince sellers ... they have to be very realistic to the true market and not just get what they want,” Hopkins said.

Prior to the last year and a half, were seven of the best years in history for the real estate market, Hopkins said. “And the people who have been around realize that the appreciation was drastic, bigger than ever.”

The recession has cleaned out the glut of brokers in the real estate business, he said. “You know, everybody and their brother got a real estate license and there were too many realtors. Today, they’re leaving the business in droves—which is so good.

“The market is turning, and now is probably the best time for hard-working realtors to really make a lot of money.”

Following-up and keeping in touch with clients is what sets the good brokers apart, especially today, Hopkins said, going back to basics is key.

“Master the art of selling, don’t just be a salesperson,” Hopkins said. “Which means you invest in books, in CD’s—school is never out for a professional.”

The next six months will see the market pick up, said Hopkins. “The first quarter 2010 will be outstanding.”

“I think the next three years, for the people that work, stay focused, have their goals set, and really know what the heck they’re doing in the field of sales, are going to be a wonderful thing for them.”

Hopkins worked seven days a week in the first three years he was a broker, culminating in 366 sales in his fourth year. When the National Association of Realtors heard about this 23-year-old, they invited him to the national convention in Washington D.C.

“And that’s kind of the start of my speaking career,” Hopkins said. “There’s a tremendous satisfaction in teaching people to be better, to have a better life, to make more money.”

Hopkins undertook more than 100 speaking engagements a year for 15 to 20 years. Now, he has cut that back to about 50 a year.

“I’ll never retire. Retirement is a fancy name for an early death.”

Hopkins’s technique is simple. He talks about what he says to people that take a listing, what he says when he shows them a home, what he says to present a loan offer, and what he says to get a counter-offer accepted.

“The whole key to success is honesty and integrity. Treat people how they’d like to be treated.”

Of course, failure has to be factored into the equation. “I realized that rejection and failure are a part of sales and real estate,” Hopkins said.

“I never see failure as failure, but only as a learning experience.

“That’s what happens to most real estate agents—they start sitting in the office waiting for the phone to ring. And the whole key to success is to go out and talk to people. The old adage is, ‘If you talk to enough people you’ll make lots of sales’, which is definitely never going to change.”