Updated: Jul 7, 2021
ACKNOWLEDGE THE FALSE BOTTOM, ADJUST YOUR FOCUS AND GROW YOUR BUSINESS
Let us talk about a certain reality for a moment. It may seem very negative, but in fact, it is the reality of the career path we chose. What I am about to say and talk about is intended to open your eyes a little bit and get you tuned in so that you fully understand this real estate thing we do.
Those who have been around for a while have seen the effects of it and can, most likely, agree that the failure rate in our industry is alarming. The estimated failure rate is around 80-87%. This is super scary if you stop to think about it—100 people start, and only 12-20 make it.
While I was training agents and still selling, I was also growing More GCI. During this time, I interviewed agents from around the country about this very issue. Almost everyone agreed that many people coming into the industry have no business management experience. And seeing that you just started a business, you need to have some level of business knowledge.
HOW (NOT) TO BEGIN
We have to deal with goals, finances, taxes, marketing, growth and a slew of other things. It is not as simple as getting licensed and the phone rings. In fact, friends and family will often use another agent in order to not mix their personal and professional lives. You need to build an action plan from day one so you know what you need to do every single day.
Going out there blindly will cause burnout and frustration. To avoid this, it is imperative to understand that this needs to be approached as a business and that when you get a $10,000 commission, for instance, it is not all yours. You understand that there will be weeks, maybe months without a check. You know you need to have funds in reserve to fund your business as you are trying to get sales.
Yes, it is tough. But to come from a business owner’s perspective and know what you need to do every single day—in order to reach your goals, to make contact, to build your business—is not only important, it is vital.
I am human as well. I’ve made a ton of money. I’ve lost a ton of money. I have enjoyed a fat bank account and I also had to scramble to buy milk. And what I can say is, I like the full bank account more. It always seemed when things were bad and at the bottom of the barrel, there was another bottom and the bottom I just experienced was a false bottom.
HOW TO MEET THE CHALLENGE
But I continued to push forward, learning about my business and the required actions to get to my goal. I became literate in business finances. I continued to learn about running a business. I stopped worrying about today’s sale and started to look at this only as a focused business. It was all about the numbers—are we on track or not? I stopped caring about awards, titles, volume, letters or any of the other distractions. Your clients don’t give a crap if you got an award! It is an ego thing. I removed ego, I removed any and all distractions, and yes, some people, too. And I developed extreme discipline. As a result of replacing all the BS of the world with knowledge, focus and discipline, I grew and grew. I was reaching my goals.
It then dawned on me: for every false bottom, there is an infinite top as well. So by positioning my thoughts and energy to be a good business manager, I increased our production while reducing hours. Efficiency is profit, and I continually found ways to stay in High Yield Mode. When you are in High Yield Mode, you are making sales. When you are in Low Yield Mode, you are doing ads, making flyers, organizing data.
ADJUST YOUR FOCUS
I unplugged my TV. I replaced TV time with Low Yield activity time. I also was able to spend more time with my kids and watch their sporting events. This was done just by adjusting my focus, but the sad thing is most people don’t want to sacrifice their comforts or their bad habits.
If you want a life by design, then you are going to have to sacrifice something. You are going to have to grow as a person, as a manager, as a business owner.
Never stop learning. Be engaged in the group. Watch for a while—you will find a few people who are your favorites and then follow them. I can tell you this: everyone I follow shares so much powerful information that any new agent should be able to pick up on stuff weekly. And if you engage, are aware, and implement what they talk about, you will grow like crazy.
Stay Engaged. Learn. Grow.
Till next time,
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