Working in real estate is real life. Everything is on the line. You’ve cut ties to your past life. No job, no benefits, no fancy expense budget. You’re on your own. Now what?
Unlimited income and flexible schedule are promises made but the lack of a ceiling on income means no floor either. Flexible schedule is true but for many it becomes a 24/7 nightmare. If you want limits on your time and availability, you have to set them and enforce them.
The truth is you’re not on your own. You get to choose who you’re in business with and who your clients will be. You have the opportunity to choose your company, who you hire to help you (you’re hiring your broker, not the other way around) and who you work with.
One of the reasons I write here is to offer help if you want it. At this point it’s free and some ask me why I do it. The short answer is to give back. I’ve been blessed with great clients, great mentors and great people in my career and I want to be that for some of you.
Our productivity coach (he’s part of our staff in the office) and I have a conversation sometimes about new agents. He says it’s coming down to a rule of ‘thirds’. His observation is about a third get in business and succeed at a high level. A third play around in the business and a third are ghosts (we never see them).
I also know from statistics, about 85% will be out of business in the first 3 years. I think there are good reasons for it but it makes me wonder what happens to them. Where do they go when they leave real estate? I think our office numbers are better than that but it’s still a high percentage that fail. Maybe it’s the 2/3 that fool around or are ghosts. I’m not sure.
I think one of the differences between success and failure are the mentors we engage. There are lots of ways to do this business. You can cold call, door knock, buy ads and billboards and the long term of all that is getting referrals from your past clients and sphere of influence as you build your business.
Most top producers seem to find their business comes from the sphere of influence and database but they’re not intentional about cultivating the most they can from it. There are lots of distractions (promises) of easier ways to do business but I’ve found most are empty. Some settle for the 10% or so that comes from stuff like 33 touch and 12 direct (check out the Millionaire Real Estate Agent for more info on that stuff.)
You can also focus on those referrals from day one. From what I can see, about 10% of the agents who stay in business seek out the intentional, referral path. It’s not for everyone but it was the path I found and I love it.
Using the systems and tools I’ve been taught I see between 20-30 deals every year from a database of 100 people. Many will say that’s not possible but I’m here to tell you it is and I’m not the only one that does it.
If you’re curious then sign up below and stay tuned. I will be posting frequently, giving away tools and tips on how to do it better. I’ve been on this path since 2003 and would love to share what I know that works. Sign up and we’ll get on with it.
Thanks for listening,
PS – if this was helpful to you, please share it with your friends and agents you know that would benefit from being a part of this gang. We’d love to connect with more folks. If you sign up below you will get a checklist to start your referral-based real estate business. We’ll stay in touch with more tips, courses, and info. It’s free and you can unsubscribe anytime. Give it a try and see if we can help.
- No debt between friends
- Learn to ask “¿Cómo se dice?”