I talk a lot about what it takes to succeed in real estate. Yet I don’t want you to just trust my word. So recently I asked a diverse group of real estate agents and brokers for their opinions on why they thought some people made it in real estate and others didn’t. I was literally inundated with replies, that have run into the 1000’s. There was a real mixed bag on answers but a clear theme that formed through-out the thread.
So I decide to compile the most common/ repetitive one.
Commitment
Those who make it in real estate are dedicated to doing the activities they know will get them where they want to be. No matter how much they may not like them or may tire. It can take 3 months to see you’re hard work and prospecting pay off. If you’ve not committed you’ll have quit before the payout begins to happen.
Know your strengths and play to them
Whilst you don’t need to go out and recreate the wheel. Trying to do things you’re not good at will lead to frustration. Work out what your strengths are and then begin to use them to your advantage. People buy people. So trying to do something that makes your uncomfortable or awkward just because others are having success with it. Will only repel the clients you are working so hard to attract.
Have or be able to build a network or “Sphere of Influence”
Unless you want to and have the ability to sink a tonne of money into buying your leads. You need to have a good network you can reach out too. Starting without one doesn’t mean you’ll fail. However failing to focus on creating one will take you the long route around. Most new agents find their first buyer or vendor from their personal network.
Grit
Being able to pick yourself up and dust yourself off after a setback is essential in real estate. You will receive many “no’s” and encounter obstacles on what you initially thought would be a straight forward transaction. It’s directly related to your mindset and whether you fear failure due to being unable to change your personal traits or whether you have the power to change and grow as an individual.
Sheer Determination
Again linked with mindset and a growth attitude, sheer determination is what will give you the grit you need. The drive to keep going and the resilience. Building a real estate business can take time. There are a lot of hours and hard work that goes into the activities you need to do to get your business off the ground. At times is can be soul destroying and feel like your getting nowhere. Yet you need sheer determination, so hang on in there, as it can take 3 months before you begin to bear the fruits of your Labour.
Patience
It’s essential in this industry. Transactions don’t happen overnight they take time, often become complicated and there are many many moving parts and people. Being patient allows you to focus on what is happening in the moment, deal with the problems as they arise and will lead to better results in closing and stronger relationships with those you work with, which in turn can lead to more business.
Have a Plan
Creating a plan for your real estate business, will provide you with a roadmap to follow. Laying out the goals you want to achieve and the actions you need to take to get there. It’s one of the most powerful things you can do. For more on how to create your roadmap take a look at this post Here
People skills
Whilst you may facilitate the buying and selling of homes. You’re actually role is working with people. They are buying you, your knowledge, expertises and how you make them feel. Strong communication skills are paramount. You need to be able to covey the interests of your clients, and clearly discuss and clarify all matters relating the transaction from contract to closing.
Honesty and Integrity
Your clients are investing a lot of money in this transaction. Sometimes the most amount they will ever spend in their life. They need to know they can trust you, that you will be upfront with them, give them sound advice and have their best interests at heart. If they think you are only after the next sale, they will soon find someone else to work with, who doesn’t make them feel nervous.
Structure
Knowing how to your day is going to pan out is one of the most important things in real estate. Whilst appointments and viewings can create a sporadic schedule. Having a structure to your day ensures you remain focused on the most important tasks that will move you forward.
Accountability
You’ve got to hold yourself accountable, there isn’t anyone else who’s going to hold you to the commitments you make. There’s no boss leaning over your shoulder asking why you’ve not done something. If self accountability is something you struggle with ( and let’s face it we probably all do as some point) Find an accountability partner in the form of a peer, mentor or coach. They’ll keep you focused on your prioritises.The right brokerage / Mentor
Be Prepared to Fail Forward
Failure is most definitely an option. Quitting is not. From our mistakes come learning. Be prepared to fail 100 times before you get it right, but take those opportunities to adjust and move forwards instead as a justification as to why to stop.
Set Realistic Expectations
Real estate seems glamours, the beautiful houses, the commission cheques, but all these things take a lot of hard work, dedication and a long time to come to fruition. Take a look at you’re expectations and adjust them. It’s not what it looks like on HGTV!
Be Open to Learning
Getting your license will not equip you for getting started in this industry, and it will not teach you all you need to know. Even the most experienced of agents, still learn something new. Don’t shy away from taking additional classes, but open to new experiences and alway go into things with a learner mindset.
Be Adaptable
The market landscape is forever changing. Which means if you want to continue to do business you also need to adapt to the current climate, and the new ways of doing business. Whilst you should live in fear, you need to be open to formulating new business strategies that support the ebb and flow of the market.
Treat It as a Business
You’ve got to look at your real estate career the same way you would look as a new business. It’s not just a job, there are many moving parts and you have to handle them all.
Make it Personal, But Don’t Take it Personally
Whilst Real estate is fundamentally classified as a sales role, You are technical aren’t selling anything. The homeowner is the one selling. Focus on building relationships instead, get connected, get interested and be personally engaged. On the flip side don’t take things in this industry personally, a no isn’t always so clear cut, quite often it’s a not now. Property is passionate and all parties involved in the transaction will be too. So make a point of not taking it to heart.
Purpose, Vision and Goals
This can be a tough industry, knowing why you are doing what you’re doing will help keep you focused on taking the next step forward. Having goals will give you something to aim for and help you formulate your plan to get there. Whilst your visions will help you emotionally to keep centred on achieving those goals, as you embrace what it really feels like to to live out your life having achieved those goals.
Self motivation and being a self starter
Discipline
Generally speaking us real estate bunch, tend to be a fairly motivated . Our problems don’t lie in being the wanting to do it, the problem lies in the discipline of actually doing it, consistently. You have to be disciplined in creating your roadmap, following it, in your door knocking, circle of influence, in every activity that is needed to create a strong path in this industry. It’s generally the stuff many agents don’t like doing. Even the top producers, the difference it, they do it regardless and they are disciplined about it. Look at any saes training and they will all tell you do dedicate every morning to a power hour, or your calls. Doing it is where the discipline comes in.
Fortitude
I have probably now said this numerous times over the course of this article, but it’s a tough industry . It’s not all about rolling up to beautiful houses, opening the door and them selling themselves. Often you will have to step outside your comfort zone, which takes courage. There are highs and lows, times when there many be no money in the bank and when everything you are involved in goes wrong. It’s being able to continue moving forward even in these most challenging times that will decide if you have what it takes to make it in real estate.
So if you’re looking to make it in real estate and build along a successful career perhaps these are the areas that you need to focus on in your first few years. Some of these look easy, some of them don’t and some will require more than you’ve got. So if you feel you need support in sticking to these key areas. That’s when a coach or mentor is the perfect option to ensure you stay on take and make it in real estate.
