One of the first steps toward success is to know what you want out of your real estate career, and "financial independence" is not a specific-enough answer.
I've been in real estate, either in direct sales or teaching, speaking, training, writing, or coaching people, for nearly 20 years. I've met tens of thousands of agents and nearly every one started selling real estate with the same goal of financial independence. Countless times I've asked the same question: "Tell me, how do you define financial independence?" What I usually hear in response is some variation of the answer, "So I don't have to worry about money anymore."
The key to eliminating money worries is to establish a financial goal - an actual number ¬¬- that you need to accumulate in order to achieve the quality of life you want to enjoy. Financial independence boils down to a number. Set that number in your mind and then launch your career with the intention to achieve your goal by a specific date.
With your financial goal in mind, you'll have a clarity that will see you through the valleys and hard work that lie ahead of you. When you have to endure the rejection, competition, disloyal customers, and challenges that are inevitable along the way, your knowledge about the wealth you're working to achieve will help you weather the storms of the business.
Pathways agents follow in search of success
Agents follow one of these four basic approaches in the quest to achieve real estate success:
1. Become a workaholic. More than 80% of agents who generate a reasonable income achieve their success by turning their careers into a seven-day-a-week, 24-hour-a-day job. They answer business phone calls day and night, they make themselves constantly available to prospects and clients, and they work on-demand with no restraints.
2. Buy clients. The second-most frequent pathway to success is to buy business through massive marketing campaigns. Some agents buy or "brand" their way to the top level of real estate by investing in billboards and bus benches, thousands of direct mailers, expensive ad schedules, and all kinds of promotions. Others buy their way to the top by discounting their commissions. By offering themselves at the lowest prices, these agents eliminate the need to emphasize their skills, abilities, and expertise.
3. Take the shady road. Another avenue to real estate financial success is to abandon ethics and just go for the deal and the resulting money. Unlike the vast majority of agents who advise and advocate for their clients, agents who take this route choose not to be bound by the ethics and code of conduct of the National Association of REALTORS. They put their own needs first and their clients' best interests in distant second place. Fortunately, these agents are few and far between.
4. Build a professional services business. The fourth and best pathway is to create a well-rounded, professional services business not unlike that of a doctor, dentist, attorney, or accountant. Fewer than 5% of all agents follow this route, yet the ones that do are the ones who earn the largest sums of money ¬- some exceeding $1 million annually while also having quality lives and time for friends and family. Plus, when they're ready to bow out of the industry, they have a business asset they can sell to another agent. This is the route I urge you to follow.
Dirk Zeller is an Agent, an Investor, and the President & CEO of Real Estate Champions. His company trains more than 250,000 Agents worldwide each year through live events, online training, self-study programs, and newsletters. He's the widely published author of Your First Year in Real Estate, Success as a Real Estate Agent for Dummies®, The Champion Real Estate Agent, The Champion Agent Team, Telephone Sales for Dummies®, and over 300 articles in print.
Real Estate Champions is a premier coaching company. Training covers a wide spectrum from new agents, to seasoned, as well as those interested in real estate marketing or real estate investing.
You can get more information at Real Estate Coaching, Free Resources for Realtors
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