Lessons from million-dollar real estate agents
There’s a funny thing about oft-repeated truisms: many of them aren’t actually true.
Take this one for instance: “10% of all real estate agents perform 90% of all transactions.”
No-one is ever given credit for this statistic; no study has been published proving it to be true. Yet, it’s repeated over and over.
Sure, it’s true that some agents make tons more money than others. RealTrends annual rankings of agents and teams, “The Thousand,” prove that. Sort of.
Take a look at the top 10% of these agents and you’ll notice that they all sling luxury property. Naturally, the more expensive an agent’s inventory is, the more money she’ll earn.
This status may have nothing at all to do with talent, expertise or any other quality than to have made a wise decision early on in a career.
The first lesson is simple: if you truly want a sales volume of $761,653,743 a year, sell luxury property.
In reality, to make the big bucks requires patience, tenacity, self-discipline and the understanding that it takes money to make money. Stop taking the cheapest route. Demand quality for you and for your clients.
Related: Learn from the Master of real estate success, Floyd Wickman. Watch his latest guest appearance on our podcast (below).
There are few overnight successes
Tony Robbins, über-successful personal development coach, often tells the story of how, at age 19, he lived in a studio apartment, cooked on a hotplate, and washed dishes in his bathtub.
He considers this period his “rock-bottom” and tells audiences how it compelled him to begin to create goals. “The timeline I gave myself for achieving these goals was any time from tomorrow to the next twenty years,” Robbins says in “Awaken the Giant Within.”
Robbins claims that he hit his first goal, to make one million dollars, five years later.
We’ve all read or heard similar stories, those rags-to-riches tales that inspire us to do likewise. The one thing that so many of us miss, however, is that there is no magic formula. No cute little fairy will land on our shoulders and “poof” us into success.
These people struggled, often for years, to reach their goals. They worked long and hard, they enlisted help and they never stopped learning and trying new things.
Just as you know that nurturing leads and prospects takes time and persistence, so does nurturing your business.
Check your attitude
“A positive attitude makes success easy; a negative one makes success pointless,” according to Geoffrey James, author and contributing editor for Inc.com.
Sure, it’s challenging to feel positive during a worldwide pandemic, when the way you do business has been turned upside-down.
James suggests that you can change your attitude in a number of ways. One of these is to surround yourself with positive people and “… and shun those who are excessively negative.”
Find the rest of his tips on how to improve your attitude at Inc.com.
Mimic the successful agent
If you’re new to the real estate industry or ready to take your game to the next level, it’s well worth your time to find a mentor. At the very least, approach one of the most successful agents in your office and request a shadowing opportunity.
A week or two following this agent around, observing his or her attitude, habits and approach is time you will never regret spending.
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PLUS: When you have time…here are some helpful resources we’ve made available to support your success.
1. The Free 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here
2. The Free Interactive Real Estate Business Plan
The Free Interactive Real Estate Business Plan allows you to enter your business goals for this year and get a breakdown of how many prospects, listings, closing, and so on are needed to reach your goals. – Click Here
3. Become a Neighborhood Brand
Become branded in a specific neighborhood with a 12X15 marketing piece sent automatically each month to an exclusive carrier route. Watch this video to learn more or Click Here.
4. The Free Real Estate Mailing List Guide
The Real Estate Mailing List Guide outlines the top tools for generating targeted prospecting lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here
5. Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Free Online ROI Calculator
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! –Click Here
7. The Free Real Estate Marketing Guide “CRUSH IT”
The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here
