Wednesday, Sept. 14, 2005

 

Eleven keys to real estate success

Approximately 70 percent of the people who get their real estate license are out of the business within 3 years. After 27 years of real estate, I have seen a lot of real estate agents come and go. Why is this? I looked back at what has made me successful over the years and I looked at other top real estate agents to see what made them successful.

Here are the 11 character traits of successful real estate agents:

• Mentally tough. To stay in this business any length of time you must be mentally tough. There is a lot of rejection and problems every day. If you’re not mentally strong, the public and other agents will chew you up and spit you out. If you’re wimpy, don’t get in the business. Your feelings will get hurt too much.

• Persistant and consistant. You have to beat the bushes every day. This is easy to say but hard to do. You have to stay at it and don’t give up — which leads to ...

• Determination and commitment. This goes right along with being persistant. You have to make the decision that you will be successful in this business. You will make it and there’s no going back. You can’t leave an opening and say, “Well, if this doesn’t work out I can always go back to my old job or do this or that.” You don’t just “try it for a while” and see if it works out. You have to be determined and make a commitment to be successful in this business. Without it, every time there’s a little bump in the road, you’ll want to quit!

• Take full responsibility. Successful agents take action and make it happen. They take charge. They don’t blame their broker or the economy or anything else. They don’t whine, moan and groan, and complain all the time. It’s up to the agent to be successful, not anybody else to make them successful. When an agent complains about not making enough money, here’s what I tell my agents: “Go look at the boss in the bathroom mirror, and your raise will become effective when you do.”

• Dedication to education. Successful agents keep learning and growing. They make a lifetime commitment to learning. You must learn to earn. Leaders are readers. Top agents are the best in their field. Here’s one of my favorite sayings: “The opposite of a commitment to excellence in your field is an acceptance of mediocrity.” So many agents want to be million-dollar producers, but they don’t want to pay the price to learn how to be a million-dollar agent. An analogy of that would be like standing in front of a fireplace without first putting wood in and asking for heat. It’s not going to happen. That’s the same thing as an agent wanting to be a successful million-dollar agent but they don’t want to learn how to do it first. Try to look at education as an investment, not an expense. Education is not nearly as expensive as the school of hard knocks!

• Working on their business, not just in their business. Being “in” your business means being busy out in the field all the time working. You’re out working all the time. You’re a busy bee. Successful agents take time to step back and work “on” their business. They are always trying to figure out how can they do it faster, better, more efficient? How can they get more done in less time? They take time to work “on” their business.

• Understanding it’s a business within a business. Even though the agent hangs their license with a broker, they are basically in business for themselves. It’s a business within a business. And you have to treat it as such. Therefore, they are organized, they have systems and have a business plan which leads into ...

• Goals. They have clear written goals to strive for. They have clarity and they are focused. How can you get there if you don’t know where your going? Too many agents “wing it” with no goals.

• Marketing. Top agents are masters at marketing. They know that without leads, they are dead in the water. You can be the most smart, competent agent in the world but without leads, you won’t make it. In marketing, perception is realty. In the beginning I had to use the approach “fake it ‘til I make it.” I wasn’t the number 1 agent or a mega agent at first, but with proper marketing, the public thought I was. And eventually I was! Top agents are not afraid to promote themselves and invest in marketing.

• Strong work ethic. If you’re not willing to work hard and put in the hours, don’t get in the business. In the beginning, especially, you almost have to be a “workaholic.” If hard work scares you, don’t get into real estate.

• Integrity and honesty We would be remiss if we didn’t mention this. Without integrity and honesty, all the others don’t matter. An agent may be able to get away with some shady dealings for a while, but eventually it will bring them down. In business, reputation is your calling card. Reputation is built slowly and crumbles quickly. Guard your integrity and reputation.

Notice that I didn’t mention being a people person. So many new agents say, “I love working with people,” thinking they would be good at real estate because of this trait. Then I talk to them a year later and they say, “People are crazy; I hate working with all these crazy people out there.” Now, don’t get me wrong, being a “people person” is helpful. I just didn’t put it at the top of my list. Being a real estate agent is not a walk in the park, a stroll on the beach, or all rosy and wonderful. However, it can be very rewarding and fulfilling.

If you’re thinking about getting into real estate or if you are a real estate agent now, see if you measure up. For the public, if you’re thinking about hiring a real estate agent or have one now, see if they have these traits.

— Gary Marshall
Broker, Assist 2 Sell