When it comes to making your first million in real estate, there's no one right way to do it. However, some key concepts and strategies will help you get there quicker – if you're willing to think and act as a leader. In this post, we'll share tips on putting yourself in the best position for success and reaching your goals sooner rather than later.
Create the Mindset of a Leader
Real estate is a fascinating sector that allows you to make it big in many ways; you can be a superstar real estate CEO and Rainmaker, an investment guru, or a development visionary. And you have probably heard many rags-to-riches stories of people in real estate who have achieved great wealth. But if you're new to the industry, it can be easy to get caught up with the hype on social media success stories. If you want to be successful, stop focusing on others. Instead, take that focus and time to figure out your unique path.
Plan Like a Leader
So how should you figure out your success playbook? The first thing you should ask yourself is, what are your greatest talents? You should focus on your strengths and the things you're passionate about. For example, if you're great at analyzing data, you can be a successful real estate investor. If you're exceptional at persuasion, you can be a top-producing agent. Once you know your superpower, finding your place in the industry and making your dreams a reality will be easier.
Behind Every Great Athlete Is a Great Coach
If you are a sports fan, you know that talent and dedication are not the only things that make a great athlete. The best athletes in the world have coaches to help them train, plan, and execute their game plans. The same goes for any successful leader in any field; they seek counsel constantly. A great coach will help you stay focused and accountable to your goals, give you the tools you need to succeed and provide guidance when you need it most. Having someone who will always have your back can allow you to take more risks and re-examine your strategies without giving up on your dreams.
Great Leaders Have Clear Expectations
As the saying goes, "assume makes an ass of you and me." Before hiring anyone, take some time to make up a list of expectations for your team. For example, what qualities are most important to you if you're looking to hire an administrative assistant or listing specialist? What type of personality or skill sets do you want on your team? Once you have a clear idea, it will be much easier to find the right people and avoid costly communication problems.
Leverage to Maximize Your Money-Making Hours
"The 80:20 Rule is always at work, and Leads, Listings, and Leverage are the 20 percent of your focus that ultimately gives you 80 percent of your results."
― Gary Keller, The Millionaire Real Estate Agent
If you want to create success, you don't want to waste time on activities that take away 20% of your money-making focus. Instead, leverage your time by hiring administrative staff as soon as possible. Just like the financial tip on investing money earlier than later, hiring admin help can exponentially benefit your business by allowing you to focus on the money-making activities that only you can do.
Success Doesn't Make Itself
You've probably heard the saying, "success doesn't happen overnight." And it's true; success results from years of planning, hard work, dedication, and focus. But to achieve your first million-dollar goal, you must consistently put in the hard work. When you hit a bump on the road, don't give up – take a step back, assess the situation, and create a new plan. Remember, the only way to fail is to quit.
Create Your Dream Team
To reach your first million-dollar goal, you need to surround yourself with like-minded individuals who support you. When you have the financial stability to hire more supporting staff, such as listing specialists or marketing managers, don't look for subordinates but partners that shine in specific skills you lack. Simply put, if you have a team of quarterbacks, you'll most likely see the players struggle to achieve different tasks, but no one can truly excel. But if you have a team of specialists, each player can focus on what they do best – which will help your business succeed as a whole.
Work Smarter, Not Harder
We only have so many hours in a day to achieve our goals. Instead of working long hours on the same tasks, how can you simplify your workload? A simple solution is creating systems to make your business run faster. For example, if you're manually creating and sending out your monthly newsletters, consider using an email marketing service that will automate your process. And instead of walking around your office touching base with your team, invest in project management systems that allow everyone to track their progress and provide their inputs.
Learn to Change Pace to Win the Race
If you watch a marathon race, the best runners don't start at full speed – they pace themselves and stay hydrated to maintain their energy until the end. The same goes for your journey to become a millionaire. You need to learn how to change pace and focus on what's important at the moment. At the same time, you may want to slow down and ensure your business is running efficiently before picking up speed. By learning to change pace, you can avoid burnout and stay motivated on your journey to success.
The most important thing to remember is that there's no one-size-fits-all solution to becoming a millionaire. You need to find what works best for you and your business, and always keep in mind that success takes time, dedication, and focus. If you need some inspiration, try listening to ClarityNOW's Real Estate Superstar podcast series, featuring interviews with some of the industry's most successful real estate professionals. So don't give up – keep moving, keep learning, and keep growing.
Jenks, D., Papasan, J., & Keller, Gary. (2004). The Millionaire Real Estate Agent. McGraw-Hill Publishing.