Are you ready for real estate?
Are you ready to start a business?
Getting your real estate license is more than a job. There is no hourly pay and it takes time to build a pipeline. If you have what it takes and you follow a proven business model it is possible to cut time down drastically so you start seeing an income sooner. Below are some questions to think about before you start:
1. Are You Committed?
The path to entrepreneurial success can be a long one. According to the National Association of Realtors, 87% of real estate agents fail within the first 5 years of their career. It's important to be committed to the success and longevity of your business. There may be pitfalls and problems along the way, but if you're dedicated to staying the course, your odds for success will greatly increase.
2. Are You Bold?
When you're in business for yourself, you have to sell yourself. There's no room for meekness when you're a real estate sales agent. If you don't think you can talk up your service, asking for business repetitively and prove to your potential clients that you are willing to earn their business through a service-based aggressive approach, don't bother going into business for yourself in real estate.
3. Are You Disciplined?
The National Association of Realtors shared that 93% of agents don't sell at least 6 homes. We believe the reason for this is a lack of discipline. You may have performed great at your last job, with a supervisor cracking a whip and establishing clear expectations. But will you be able to garner the same results when working independently?
Assess your level of self-discipline and organization before undertaking a career in real estate. If you're not sure, take on some consulting or freelance work to see how you perform.
4. Are You Financially Secure?
Many businesses (real estate included) aren't immediately profitable. If you lack funding, a nest egg, financial support from a partner or spouse, or another way of generating an income, this may not be the best time to become a real estate agent.
Joining BMP Network removes the majority of the out of pocket risk to run a real estate business, allowing you to have the tools, systems, support, leverage, & proven business model to succeed. However, you may need to save up or suck it up and get a part-time job to supplement your income while you grow your business beyond its early days.
5. Are You Experienced?
Lack of experience and knowledge about the real estate business are just two reasons new real estate agents fail soon after being licensed. Make sure you find a proven business model that you can fully "buy" into and believe in. If you do not fully believe in the business model you choose and you try to recreate the wheel and make it more "you" there is a high chance that you will find many new failures that could have been avoided.
6. Do you have a mentor or coach?
The National Association of Realtors shared that 54% of licensed Real Estate Agents NEVER close a deal. We believe this is because most new agents surround themselves with the wrong people. Typically new agents surround themselves with other new agents rather than getting a coach, mentor, or following a proven business model.
The Perception of Real Estate
Being a real estate agent sounds fun, looks pretty, and seems to be easy. This is due to the television shows, open houses, and the successful agents who have taken the spotlight. We have all seen the local real estate agent driving around in the luxury car and nice clothes. Just turn on HGTV and you will see real estate agents selling expensive homes and living a good life.
The truth behind this career is that it takes a lot of drive, passion, hard work, care for others and a lot of time. In fact, you must develop an obsession for the process behind the scenes while being obsessed with your goals at the same time.
What It Takes
This is what we call the "dirty work" or the reality of real estate. "Real estate agent" or "Realtor" are titles that we get and unfortunately many get an entitlement feeling from them. The truth is we don't get to be "real estate agents" until we have mastered being "appointment setters", "salespeople", "telemarketers", "negotiators", "risk takers", "problem solvers", and "marketers" before we get to do what the public perceives as "Real Estate" (showing homes, working with buyers & sellers, collecting commission checks and smiling at the office).
Common Mistakes To Start a Real Estate Career
Mistake #1 "I am good with people"
One of the most common mistakes is starting a career in real estate because you are "good with people". Being good with people is not near enough leverage for someone to do what it takes to have a successful career in real estate. In addition, the talent of "good with people" does not offer enough value to become a successful real estate agent. There are hundreds or even thousands of real estate agents in every city/town and your value proposition to the public must be stronger than "good with people".
Mistake #2 "I like to look at homes"
The next most common mistake is starting a career in real estate because you "like to look at homes". This does not offer value in any sort of way and does not serve others.
How to have massive success
It takes a lot of work, a lot of communication and a large investment of time and money into your business to succeed. Below are some of the items we believe it takes to succeed in real estate.
Ask for business from people you know and people you don't know
Follow up with leads immediately and consistently
Follow up with contacts immediately and consistently
Put yourself in front of the public as a professional to obtain massive amounts of attention as a real estate agent
Using social media to post, send DM's create ads, etc.
Emailing people consistently
Setting long term & short term reminders and staying organized
Calling 50-100 people per day, leaving voicemails and having 10-25 conversations on the phone
Texting all contacts consistently
Driving traffic to a website with listings
Work 8+ hours daily and being available and "on call" after hours and weekends
Practicing scripts and using them on the phone, in text, and in writing
Follow a proven business model that works and adapting to it without reason
Tracking numbers & activities for long term and using the metrics to grow your business
Using technology and understanding it fully
Calling leads back even after being hung up on
Calling leads multiple times when there is no answer
Removing all excuses & limiting beliefs
Staying calm in stressful situations
Having high energy