Have you ever wondered what it takes to make it in real estate sales? If so, you're not alone. The industry has tremendous potential for success and growth, but there's no one way to get there.
The real estate industry is a vast and dynamic field that offers numerous opportunities for success. The industry has many roles and career paths, from helping clients buy and sell properties to owning and managing your portfolio. With the right skills and mindset, it is possible to achieve significant financial success in real estate. However, it's important to remember that success in this industry does not come easily and requires hard work and dedication.
The good news is that with the proper guidance and support, anyone can make a name for themselves in this field—and create their path to success.
While there may be established paths to success, it is ultimately up to the individual to take charge of their career and chart their course to success in real estate. By taking control of their career and actively working to achieve their goals, individuals in the real estate industry can set themselves up for long-term, sustainable success.
You are the creator of your future; create success by design in your business.
One of the great aspects of being in real estate is that you can write your paycheck and design your journey to success. However, you must create a road map to help you achieve the desired results.
There is a reason why there is such a high failure rate in real estate sales. Over 87% of those agents who come into the business fail within the first five years. Of those remaining, the median income in 2021 was $54,330, according to NAR, not exactly what we would consider a ringing endorsement of financial achievement considering that the median US income as a whole is $58,300 according to the Bureau of Labor Statistics.
Why is it so hard to make a great living for many in an industry ripe with opportunity? The answer is simple: The failure rate is so high because most people do not understand how to create success by design. Instead, they go into it with unrealistic expectations and a plan that is not designed to succeed.
The first step in designing your future is creating a road map and setting goals for yourself; Then, you make sure they are written down and placed somewhere visible so that you can see them daily as a reminder of what you want for yourself!
The second step is setting a deadline for each goal and ensuring it's realistic yet outside your comfort zone. I know this can be difficult. But if you want something bad enough, you should be willing to do whatever it takes to get there.
Establish your "why." It's the fuel that will keep you going when things get tough.
It fuels your efforts daily when you are crystal clear on your reason for doing what you do. Why do you want what you want? Go five whys deep and ask yourself why you want each answer until there is no more motivation behind it - just pure emotion based on who you are.
When we're clear on our true motivations for success, it becomes easier to make decisions because we're not just following some arbitrary set of rules or goals set by someone else - we're following ourselves!
Knowing our own motivations gives us direction when making choices - it keeps us focused on our goals without distraction or doubt; it pushes us forward even when things get tough; most importantly: It fuels action! As Jim Rohn said: "Successful people maintain a positive focus with an unwavering sense of urgency."
Preparation is essential to getting things done efficiently.
Preparation is the process of ensuring you have everything you need to accomplish your goals. For example, if one of your goals is to make a sale, then preparation means that you have researched your client, their needs, and their budget so that when they walk into your office, you can provide them with home purchase options that meet all their requirements.
Are you trying to establish yourself in a specific geographic or demographic area to dominate that market? There are steps you need to take, such as turnover rates, average sales prices, days on the market, and where buyers come from or sellers go when they sell. To establish yourself as an agent in that market, you need to know what is happening in that area. Is it growing? If so, by how much? If not, why not? How many agents are there, and where do they reside? Do they work full-time or part-time? What are the top three things people want when buying or selling a home?
Preparing well ahead of time also helps increase efficiency by allowing us to anticipate problems before they arise. In real estate sales, this means being prepared for every meeting or conversation by knowing what information should be in place before entering into any negotiation or discussion with potential buyers or sellers.
Implementation is the key to success in every plan.
Implementation is the key to success in every plan. This means breaking down your plan into small steps, staying focused on your goal, and ensuring you have a framework to achieve your goals. When working on your master plan, it's easy to get lost in the details and lose sight of what you're trying to do. Make sure not to fall victim to "paralysis by analysis" or become the perpetual planner. You must be a doer!
The best way to ensure you implement your master plan is to create a simple, easy-to-follow road map. You can do this by creating a checklist of the major steps involved in achieving your goal.
The checklist should include the following:
-Detailed steps required for each activity (e.g., what tasks need to be done and by whom)
-Timeframes for completion
-Resources needed (people, materials, equipment, technology)
-Risks associated with each task
-Costs associated with completing each task
Failure to implement specific details and an accountability system can lead you astray from what matters: achieving success through hard work, determination, and execution.
You need a plan that helps keep you focused on the end goal so that you can stay motivated throughout the process—and reward yourself once you've reached it!
Define your goals
Define your long-term and short-term goals in real estate sales. Then, create a plan to achieve those goals, breaking them down into smaller, more easily achievable targets.
Set timelines for achieving each goal you set for yourself, ensuring that your timeline doesn't extend too far into the future and giving yourself enough time to achieve it!
Look at the big picture: how does this all fit into the bigger picture of your life and plan for success in your real estate business?
Are there other things you want to achieve? Is this goal achievable in a year or two, or will it take longer?
Build a strong foundation
Education and training in real estate sales are important steps you can take toward building your career. Consider taking classes that will help you develop essential skills such as communication, negotiation, and marketing. In addition, having a coach or mentor has proven to be extremely beneficial for many real estate professionals. A coach will help you stay on track, set goals and achieve them, and provide support and motivation when times get tough. Leverage technology. There are a lot of options out there, some are free, like ClarityNOW
Don't be afraid to say no to opportunities that don't fit your plan. For example, if you're planning to build your business in a certain area, don't accept any offers from people who want to sell their homes outside of your area of expertise. Similarly, don't spend time chasing buyers if you plan to work with sellers only.
Track your KPIs relentlessly; what gets measured gets improved!
KPI stands for Key Performance Indicator, a metric used to measure the performance of people and teams. KPIs help you to understand your progress towards achieving goals and provide a baseline to measure future performance.
Success in real estate revolves around some key activities that you must track, so you know you are on the road to success; these activities are:
- Showings or listing appointments
There are a number of different tools on the market that can help you track KPIs. From using a simple spreadsheet to using free tools like CarityNOW, you have a range of choices to meet your needs at every step of your real estate success journey.
Real Estate agents have a lot of options when it comes to finding success in real estate sales. However, the best way to succeed is by following the abovementioned steps. If you can keep these tips in mind as you navigate your way through the industry, then you'll be well on your way toward achieving long-term success on your terms.