According to the National Association of Realtors®, the median earnings of agents is less than $50,000 and the average number of homes they sell per year is fewer than 10! What’s up with that?!? There is BIG money to be made in real estate, and you can get rich in real estate with the right mindset. I know this for a fact because, not only do I know several 6 and 7 figure agents, I also have my own multi-million-dollar real estate business.
With so much money to be made, why the heck aren’t more agents making it?
Looking at agents I now coach, I noticed a few things that make the difference between massive success and just getting by for them. It has nothing to do with market conditions or the area they’re in or even how much experience they have. It boils down to a few factors:
Treat your business as a business; not a hobby
I got into real estate because I wanted to spend more time with my daughters. I left my full-time job as a teacher, thinking I’d “do” a little real estate while being more available for them. Ha! As soon as I made the switch, I’d ended up going through a nasty divorce and found myself having to support the three of us! I buckled down and took my business seriously, selling 69 homes in my first year! (And for the rest of my 20+ year career, I sold over 100 every year.)
You only get out of this business what you put into it. Do not expect a six- or seven-figure income from a 10-hour work week!
Be a real estate professional; not just an agent
You can be an agent or a real estate professional. Both have licenses but only a pro really knows what they’re doing in this industry. A pro keeps on top of market trends and cutting-edge practices. A pro gives such excellent service that their clients are eager to recommend them. A pro isn’t satisfied with taking required continuing ed course but constantly seeks out seminars and trainings and coaches to enhance their skills and what they can offer their clients.
After 20+ years in real estate, I still do several courses every year. I have mentors and coaches for different aspects of my business. And now that my focus is coaching others, I’m even more determined to keep my knowledge fresh and up to date.
Join the 21st Century
I see many Realtors® working really hard but not getting the results they want. Why? Because they’re not working smart. You can’t still do the same things agents did 10 or 20 years ago and expect to succeed. The world has gone digital and your business needs to as well. The National Association of Realtors® says that 51% of all home buyers find their new homes on the internet. Yet I’ve seen very few agents who are marketing effectively on the web.
Digital marketing is more than throwing your listing on the company website or putting it up on Zillow. There are specific strategies you need to learn and implement if you want your business to be highly successful.
Service, Not Sales
The hugely successful agents I know have one thing in common: They put customer service before commission. They don’t do the “least” they can get by with. They go above and beyond, providing service that the client didn’t even know they needed. They keep the client’s best interest at the forefront. They are totally honest, even if it means not getting a listing or making a sale.
I’ve always said, “People first and the money will follow.” And it does!
A Success Mindset
I’d say 90% of my success happened because I maintain a positive mindset that is focused on success. (The other 10% was from working my buns off!) I know that my mindset is my most precious asset and I don’t take it lightly. I do practices of visioning my future and connecting to my purpose daily. Whenever I sense my mindset slipping or getting stinky, I do certain exercises to get back on track.
Massive success in real estate is possible for anyone—but it’s not a given. If you aren’t getting the results you want, take an honest look at yourself and where you rate on the factors above. Improvement in even one area will bring you closer to your goal. Improve in all 5 and you’ll be thrilled with how your business can grow!