Dear Top Performer:
You have taken the risk to get into this business....
ARE YOU TAKING THE RISK OF BEING SUCCESSFUL IN THIS BUSINESS?
They are two very distinct risks.
Let's start with why you got into real estate in the first place. If you are like most agents the following three factors entered into your decision:
1. You wanted to make money.
2. You wanted to be your own boss.
3. You wanted to enjoy a sense of freedom in the work you do.
How are you doing with each of these 3 goals?
If I look at our local board of Realtors on the Westside of Los Angeles (Beverly Hills, Bel Air, Brentwood, Santa Monica, Pacific Palisades, Malibu, Hollywood, etc.)....
Year to date 1159 agents have closed one transaction. I am guessing there are probably at least 4000+ agents who are part of this association. Of the 1159 that have closed a deal there are only 546 that appear to be on track to make a six figure income in 2009. That would indicate only 25% or so of the agents are really meeting the goal of making money. When it comes to being your own boss, I wonder how many agents really benefit from not having a boss and not being accountable to anyone. And last, when it comes to enjoying a sense of freedom at work, most Realtors I know end up being "on call" 24/7 or something close to it. No one wants to miss a phone call because it could be "the one". As a whole it does not appear to me that most Realtors are actually achieving the 3 goals I listed above.
Do you agree with my analysis or not?
I have been coaching top producing real estate agents since 1993. Prior to coaching, in my first year in real estate 1991, I closed 53 transactions with a partner. In my second year I was on track to close 100 transactions before I shifted into the coaching business. My focus has always been on production. AND..... I always just assumed that most agents would place production as their number one priority in the business. Yet in a workshop this past weekend I had one of those lightning bolt moments. What I realized is the thing agents value most in their business is their independent contractor status and the illusion of being independent. Yes, as a real estate agent you ARE an "independent contractor". You can come and go as you please. And for the most part if you are ethical, no one is going to say anything to you whether you produce or not. In that sense you ARE independent. However, please do NOT confuse independence with freedom. And personally, I think FREEDOM is what people really want. Independence does not guarantee freedom, production does!!
Please think about this for a moment....
INDEPENDENCE IS NOT THE SAME AS FREEDOM!!
Yes, you may feel a real sense of independence as a real estate agent. Yet do you really feel FREE to do whatever you want, when you want, in the way you want? I think it would be safe to say that most people who are in real estate want a very nice lifestyle. They want a nice home. They want nice cars. They want nice clothes. They want to travel and entertain. They want to do good deeds. They want to take care of their family and important relationships. They want to live the American Dream. And this is a good thing.
This takes us back to the idea.....
ARE YOU TAKING THE RISK TO BE SUCCESSFUL IN THIS BUSINESS?
ARE YOU TAKING THE RISK TO LIVE, NOT JUST DREAM THE DREAM?
Being successful in any business requires...
2. A Plan
You may have some more things you want to add to this list.
Taking the risk of being successful in real estate includes:
1. Knowing why you are in this business and what you want to accomplish.
2. Developing a detailed plan of action that can turn your goals into reality.
3. Having the necessary capital to support your business even when you have a down month or a down cycle in your business. YOU MUST INVEST FINANCIALLY IN YOUR BUSINESS TO MAKE IT GROW!! The idea that real estate does not require capital is PURE MYTH!!
4. You need a support team around you including your office manager, office support staff, affiliates, and perhaps a personal assistant or team of assistants.
5. You must have an organized way to generate, process, and manage business. Winging it, sticky notes, and a great memory doesn't work!!
6. You must actually follow your plan. In essence a business plan can be broken down into a daily schedule. Stick to your schedule and you will be much more productive.
7. You must measure and evaluate your progress on a regular basis. Also having a business coach is very helpful to keep you on track.
You cannot escape this list if you want to both do well and be well in this business. It sounds like work and it is work!!
Most agents who take the risk of getting into real estate end up:
1. Winging it...
2. Working harder...
5. And Wishing for things to be different!!
The agents who actually take the risk of being successful focus on the 7 steps i listed above!!
Which risk are you taking in your real estate business???
The risk of just getting in OR.....
The risk of being successful!!
Click here to find out....
TODAY IS THE DAY™!!