Mr McGrath, chief executive of McGrath Estate Agents, said agents can be very successful working just 50 hours per week as long as they prioritise key activities like prospecting.
“That’s really the only stuff that counts – the rest of it is just hanging out, waiting for dollar-productive activity,” he said.
“[What] you’ve got to do is get more appointments in your diary that are with people that can give business to you.”
Mr McGrath was speaking at the Better Business Summit, a mortgage broking event run by REB’s sister title, The Adviser.
He said he learned the idea of dollar-productive activity about 15 years ago from a leading US agent called Bob Bohlen, who wrote US$4.3 million in GCI despite working in a tiny, semi-rural market.
“I said to him, ‘Mr Bohlen, what is your secret to success?’ He said, ‘John, every single day of my working life, I’m face to face with five qualified customers and I ask them for the opportunity to do business with them.’”
Mr McGrath said agents could work 50 hours per week and realistically expect to double their sales as long as they could get in front of 25 qualified customers per week.
Agents who want to book that many appointments need to overcome their fear of rejection, pick up the phone and start prospecting, he added.
Mr McGrath said many agents work 60 hours per week but generate only modest results because they don’t focus on dollar-productive activities during those hours.
Watch John McGrath now – click here to view this limited-time presentation, available only to REB+ subscribers until August 23.