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Many people have reached out to me over the last few months, asking for the best way to get into real estate. Some are looking to invest, while some are looking to get out of their jobs, so they need to be able to replace that income right away.
They maybe don’t want to jump cold turkey into entrepreneurship because everybody has different tolerance levels. Similarly, everybody has a different situation from which they come and who they’re providing now.
I tell people all the time: there’s nothing wrong with being a real estate agent. In fact, I love it because it allows me to help other people turn dreams into reality.
I often ask people if they’ve ever dreamed of owning a home or if they own one. Some people will say, “Well, I don’t, but you know, I’m working on my credit,” or “I’m working on my down payment.” These responses express to me that they have a dream.
So I say, “Well, that’s exactly what I do, I help people come up with a step-by-step plan of how they can get pre-approved for a loan, and then eventually they can buy their own home.”
It could be a single-family home, a multi-family home, or even an apartment building. The bottom line is I help people turn their dreams into reality through real estate. That’s what I want to talk to you all about today.
If you’re thinking about getting your real estate license—maybe you already have your license but don’t know how to start.
According to the National Association of Realtors, 77% of all people who get their license within the first five years no longer have them.
I listened to a podcast where they said real estate is the easiest business to get into but the hardest to succeed. This fact is 100% true.
When they first get their license, most people have gone through the classes. They’re proud and excited, which you shouldn’t be because those classes don’t teach you how to market.
They don’t teach you how to build relationships or close deals; what they do is teach you how to not go in front of the state Real Estate Commission and avoid getting your license revoked. So there’s a whole other level they’re unfamiliar with.
I’m talking about:
- training support systems
- how to create a business plan
- how to be a better leader
- how to communicate effectively
All of these things are very, very important to be able to grow your real estate business. Ask any agent who’s been in the industry for more than six months.
They’ll tell you, especially if they’re newer, that it’s not easy to learn from these people in the industry.
Why? First, if you’re not on their team, they’re moving very fast, and you feel like you don’t want to be a burden to them.
So you don’t feel like you could ask them all the questions. Besides, they don’t have any financial interest in you to help you.
Many people are selfless, but at the end of the day, most real estate agents are very transactional. They don’t understand how to build relationships.
That’s why you will find some agents in offices who have been in the business for eight to ten years, but they’re still calling expired and canceled listings.
They didn’t build relationships with their clients, or at least even if they did; there are only so many clients or referrals that they can give you.
There are different tactics and techniques that you can use to get even more referrals. Still, that well eventually dries up. So what do you need to do?
I want to give you three things I learned early on that helped me scale my business and do 46 deals and $8 million in volume in my first year.
These tips are geared towards an agent who’s reinventing their brand in their business, a brand new agent, or someone just thinking about getting in.
It’s all about your philosophy and mindset.
So, without further ado, here are the three real estate agent tips for success in 2022 you shouldn’t take for granted.
What do I mean by that? You have to be honest with yourself. Many new real estate agents are shy when they first get into the business.
I never had a clear, concise explanation for my intentions because I had no goals. I’ve interviewed six, seven, and even eight-figure earners.
One common thing I noticed was that they were solving a problem when they started. However, they realized that they needed to have clear intentions and goals on what they were trying to accomplish.
They say that 97% of people want to be wealthy. Money doesn’t buy happiness, but at the same time, we all can agree poverty won’t buy you anything. Money is a tool you use to create happiness for other people, whether your spouse or your kids.
It also gives you security against unforeseen expenses such as medical bills. In this way, money has been able to buy some happiness. At the end of it all, you have to be clear and concise again on what you are trying to accomplish.
My point is you need to figure out what your goal is. You don’t have to love the journey or the process, but you have to be married to the destination.
If we know that our goal is $100,000, whatever happens, we’re going to keep pulling ourselves back up whenever we get knocked down.
A successful real estate agent puts his intentions first; you have to be intentional and have clear, concise goals.
Be Obsessed With Your Goal
The second one on my list of real estate agent tips is you have to be obsessive. You can’t be half committed when you first get in. So many new real estate agents become unsuccessful because they do things half-heartedly.
When I first got into my real estate career, I thought I would do a double dutch, having one foot in and the other out the door. I was still working my W-2 job and would do real estate part-time.
So after that, I was going to go back and get a job, but my wife was like, “Nah, you got this real estate license. You’re going to make something shake; otherwise, you’re always going to wonder what else. “
So I ended up jumping into real estate full time. I was doing open houses every week, three to five coffee and lunches each week. I joined the Urban League, a community where people in business meet and network.
I was very, very excited. I was obsessed with it. When I was online, I was talking about real estate. When I was offline, I was still talking about real estate. I saw a quote from Ed Mylett, who I hope to feature on my podcast soon.
‘Your obsessions will become your possessions.’
How much do you think about your job? If we’re realistic, it’s probably somewhere around 90 to 95%: the night before you go to work, in the morning too.
What’s the first thing you think when you wake up in the morning? “Oh, my God, how long do I get before getting the job? I got to take my kids to school.
Will they give me enough time to get to my job? How long do I have to be here? How much time do I have before I have to get to the job.”
Are You Interested Or Committed?
What you have to do now is flip that mentality; I’m not telling you not to think about your job because that’s what you’re doing on a day-to-day basis. Instead, reinvent your philosophy, and start thinking about your goals. That’s what you should make your new obsession.
One of my favorite books is “Be Obsessed or Be Average” by Grant Cardone. I encourage you to read it if you’re a new real estate agent. You have to be obsessed, and you can’t be half-hearted. Otherwise, you’re going to get half-hearted results.
If your goal is to make $100,000, you need to make a certain number of contacts every day. That means that you need to make this many phone calls every single day.
All of those things you become obsessed with will allow you to succeed in real estate. This way, your obsessions will ultimately become your possessions.
Relationships are essential in a successful real estate business, and I cannot stress this enough. I understood that since I didn’t already have the knowledge, the only way that I could genuinely get people to do business with me was to show them that I was willing to serve.
I had to show them that nobody was going to outwork me. Many people get into real estate, thinking it’s the easiest field to get into. On the contrary, it’s among the hardest. There’s no support when you first get in.
Nobody teaches you how to build relationships with buyers, sellers, investors, and other people in the industry, who can potentially bring you more business. Nobody teaches you about lead generation and wooing potential clients or even follow-up.
So if you are new to the real estate industry and don’t understand how to serve potential home buyers or communicate with them, you won’t have any success.
Foster Your Relationships With Other Real Estate Agents
A quick way for a new real estate agent to build a rapport and subsequently a good reputation is by asking prospective clients what they are passionate about.
What experienced agents do is ask them what they do and not what their job is – since the reality of it is, most people don’t like to talk about their jobs.
That will open up more conversation, and they’ll eventually get into what their dreams and long-term goals are. So that’s one of the ways that you can build relationships and rapport quickly.
I was one of those kids that always had big dreams. I always knew that I was going to be something big. At the same time, some naysayers tried to talk down, so I had to learn how to develop a thick skin in the process.
At this time, I was really starting to develop my own mindset. I was beginning to understand that this life was going to pass by if I didn’t step up and go after my goals and dreams. I started to look into who I was, but more importantly, what skill could I develop?
‘How can I turn that into wealth and monetary gains for my family and me, eventually, to start to not only build a foundation but leave a legacy?’
Shout out to one of my mentors, Mr. Jay Morrison, a mogul in the real estate market. I came across a video by Jay talking about being the Lord of your land.
It made me realize that I needed to figure out how to own real estate and be the Lord of my land. I looked at exactly what his trajectory was since I didn’t know anything about building wealth through real estate.
Develop Your Branding, Your Mission, and Your Marketing Plan
My skill is a gift for gab; I got that from my mom. So what better way for me to learn how to own real estate than to get my real estate license, build relationships and serve other people?
What does that mean for you as a new real estate agent?
As a new real estate agent, my advice is to look at someone you want to aspire to be. A real estate professional you admire and who you can look at their trajectory.
Do you already have that skill? Or is that a skill that you can develop?
Most real estate agents don’t understand how to build relationships with their clients. That’s why you will find some agents in offices that have been in the business for eight to 10 years, but they’re still calling canceled or expired listings.
Another helpful pointer to new real estate agents is prioritizing relationships. Relationships are essential in a successful real estate business. If you don’t understand how to serve potential home buyers or communicate with them, you won’t succeed.
You can’t be half committed when you first get into real estate. To be a real estate professional, you have to reinvent your philosophy and prioritize your goals. Hopefully, you all got some value out of those real estate agent tips for success in 2022.
Remember, in the dream, we trust, but you have to take action.