I see too many real estate agents not making it. And the statistics say about 70-80% of new agents fail to go beyond two years in the industry. From my experience, this is why I say real estate is only for entrepreneurs. In other words, you have to be business minded to be a Realtor. Do you want to have a boss or do you want to be a boss is the question! Now, most real estate agents aren’t going to have their own employees. At least not until you become a broker. As an agent, you’ll simultaneously have a boss and be your own boss – weird, right? More on that later. I want to get across to you how to be a successful Realtor; a big part of that is responsibility.
You’ve heard me talk about working harder than you ever have before to be a good Realtor, yes. The biggest part of that hard work is taking responsibility for yourself. That nine to five mentality just doesn’t cut it as a Realtor. And so many new agents think they get to sign off at 5pm and still be successful. Buying a home is the biggest purchase of a person’s life. Do you think they’ll want to work with a Realtor that gives them radio silence from 5pm until 9am the next morning? Absolutely not and you would feel the same way. Sure, no one expects you to wake up at 3am to be there for them but, if you were… Just saying, you’d get brownie points!
As an employee and boss…
So this is a delicate balance of being a boss and being an employee. As a Real Estate Agent you will more than likely work for someone else as your Broker. This can be an individual, partnership, or a larger real estate company. This can work in different ways but you’ll probably still be paying for marketing and finding your own leads. And while you may get to make your own hours, you’re still beholden to a Broker. Your Broker doesn’t want someone with a poor reputation representing them. So you’ll likely have to be available when they want you available. This should all go to show you how to be better yourself. If you continue to develop a real estate entrepreneur mindset, maybe you’ll be the Broker one day.
Here’s the thing, if you don’t do well you won’t make any money and your Broker won’t want to keep you. If you work really hard you’re going to have Brokerages fighting for you. A lot of agents strive to be a top producer; meaning they make millions of dollars in the industry. That’s not just for themselves but for their Brokerage – they get a little of what you get.
How to do your Job
If you’re in a mindset of showing up to work and having someone tell you what to do… Stop. Remember, real estate is only for entrepreneurs because no one is going to tell you what to do. You’re going to market yourself, find leads, create buzz, open houses – all of it. Fellow employees may offer advice and it’s great if they do; listen to them! But the daily grind will be your responsibility. No one is there with a to-do list for you to accomplish. You know that “how to” be a successful Realtor depends on how hard you work… So plan on working your butt off.
Now, this is important: Being a great Realtor means opportunity. Your earning power is directly related to your work ethic. Most of the time when working for someone else, you’re not bringing in revenue. You’re doing a job to basically keep up with things in the business. But as a Realtor, you’re bringing in money and the more you make, the more opportunity you have. If you’re making a 2% commission and selling 10 houses a month… You’re Broker is not going to turn you down on making a higher commission. Sure, they’ll be giving you more but you’ll be making them more as well. When you do better, earn more, so does your Broker. This is why real estate agents are entrepreneurs. And that makes your Broker want to make you comfortable.
Another part of opportunity lies in how you can make money beyond homes sales. If you’re good enough you can run seminars, coach, and help other Realtors be successful. This is where your stellar work ethic makes you more than just a Realtor. Maybe this is when you get other agents to work for you. And you can branch off into other aspects of the industry and get a little more creative. Best yet, you can help others reach their own goals!
So, how do you get in the mindset of an entrepreneur? First off is wanting to help others. That is by far the most important aspect of being a Realtor. Secondly is having personal initiative. Being a self starter is evident – you can’t be lazy or make up excuses. Yes, you can build these qualities in yourself if you have the motivation to do so. Be prepared to hold yourself accountable. To never make excuses for something you could have prevented. Make sure you can and are prepared to take action at all times. If something needs to be done, you should basically already be doing it. Nothing should be left to chance – the power is yours to make great decisions.
There’s a certain amount of risk an entrepreneur takes on. You have to be okay with taking risks and know how to recover from them. If you aren’t able to deal with risk you’re not likely to be a successful business owner. You might do okay but remember, the bigger the risks, the bigger the rewards. The difference between the employer and the employee is that the employer is taking all the risk. That’s why they make the big bucks and it’s how you can make the big bucks too!
Will you persist?
We can’t pretend that we have to be at the top of our game every moment of every day. That’s not realistic is it? But the question is what you do about it when you’re not at the top of your game. Are you going to quit? Are you going to get upset or sad tear up your leads or make an emotional post online? Real estate is only for entrepreneurs because they give themselves a minute to feel what they’re feeling. And then they move on and keep working. They work through life’s ups and downs. What they don’t do is stop returning calls, deleted their business pages, and declare that life sucks. The beauty in real estate is that it’s never just about you. It’s about so many people’s lives. And if you work hard, you can actually make a difference. That’s worth the get up and go and the crazy hours.
NEXT ARTICLE –>> WHAT MAKES AN EFFECTIVE AGENT
REAL ESTATE AGENT GUIDE
- WHAT MAKES AN EFFECTIVE AGENT
- FIRST 30 DAYS AS A NEW REAL ESTATE AGENT
- FIRST STEPS FOR NEW REAL ESTATE AGENTS
- CONTROLLING YOUR ONLINE PRESENCE
- HOW NOT TO BRAND YOURSELF
- AVOID THE UPS AND DOWNS IN SELLING
- BREAK THROUGH WITH EXPIRED LISTINGS
- FIND CASH BUYERS – YOU NEED THEM
- HOW TO GET MORE LISTINGS – PREPARATION
- GET MORE REFERRALS
- HOW TO GET SELLERS TO PRICE IT RIGHT
- GET YOUR 1ST DEAL FAST AS A NEW AGENT
- JOIN A TEAM OR GO SOLO
- FAST WAY TO BUILD REAL ESTATE BUSINESS
- BUYING INTERNET LEADS DOESN`T WORK
- WHY MOST NEW REALTORS FAIL
- WHY REAL ESTATE IS FOR ENTREPRENEURS
Real Estate Agents: Are YOU Listed in the USDRE ?
The USDRE is a free search engine that home buyers and sellers use to find their ideal real estate agent. We have a custom search-algorithm called Agent Match that analyzes people’s values, beliefs, and outlook on life to match them with Agents that they will work well with on both a personal and professional level.