This post was inspired by the fact that too many new real estate agents are coming into the real estate business thinking it's easy and they don't know what they are getting into. We find that they fail miserably 6 months later because they didn't know it would be this difficult. For all those thinking of getting into real estate, please read this first.
Are you thinking of getting into the residential real estate sales business? This article describes what it takes to have a successful career as a real estate salesperson. Do you want to know the truth about being in the real estate business? If so, read on…
First, let’s define a successful real estate agent. A successful real estate agent sells 15+ homes a year and makes over $100,000 in gross commissions. A successful agent is motivated to succeed, wants to make a lot of money, and will do whatever it takes to achieve his goals. This article only applies to individuals who want become a successful real estate salesperson. Do you want to be successful? Those who only want to make $30k-$50k can stop reading.
Who else can stop reading? If you are getting into real estate because you want to make your own hours, work from home, and not follow a specific work schedule, you can stop reading. This business is not for you.
If you are getting into real estate to be your own boss and not have anyone tell you want to do, this business is not for you.
If you are getting into business for yourself because you think it’s easy and you don’t have to work hard. This business is not for you.
If you plan on sitting around and wait for your company to hand you leads, this business is not for you.
So what does it take to be a great real estate agent and run a successful business? What are the best agents in the country doing to succeed? First and foremost, a successful agent sticks to a strict schedule. Here’s an example:
Morning(required)
Arrive at the office between 7am and 7:30am.
Practice and role-play scripts and presentations for 30 minutes to an hour.
Prospect/Lead Generate 2-4 hours each day talking to at least 15-20 people.
Afternoon
Follow-up with leads and clients.
Go on a buyer or seller appointment every day.
Preview homes to learn inventory.
Get contracts signed, negotiate, and close.
A successful agent goes after new business constantly. A successful agent faces rejection day in and day out and still pushes forward looking for that new business. And most importantly, a successful agent does not wait for business, he seeks business. Are you motivated and disciplined enough to go after business?
Lastly, great real estate agents strive daily to improve their skills and expand their knowledge through education. They have somebody to hold them accountable to their business and will hire a coach/mentor to help grow and develop their business and improve their sales skills. If you want to be successful, you must have a coach. Are you willing to take that step?
If you answered “yes” to all of the questions above, you have a strong enough mindset to be successful in this business. Now, is the most important question… what are the startup costs?
Board and MLS Fees: $1,000/year
Office expenses: $100/month = $1,200/year
Signs and Business Cards: $200/year
Coaching and Training: $12,000/year
Personal Reserves: 6 months of living expenses
These reserves and startup costs will help you comfortably adjust to your new career. The less reserve you have, the more pressure you will feel to succeed, which can actually be a great motivating factor to help you achieve your goals.
Now that you have a good overview of what is required to be successful in the real estate business, are you still interested in becoming a real estate agent? If so, let’s get you started.
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