Surviving the Business of Real Estate
By Jay Camp
There is something to be said for the security of a consistent paycheck that the corporate world provides. It isn’t something you really think about until you put yourself in a position where the next check isn’t a guarantee. It is a feeling that is exciting, liberating, and scary at the same time. Exciting and liberating that there is no cap to what can be earned, and you truly are your own boss, scary that you don’t have that security blanket of a consistent paycheck.
We live in a society that is built around the system of a bi- weekly or monthly paychecks. Bills are always due every 30 days regardless if a check is around the corner. The life of a real estate agent doesn’t fit the mold and goes against the grain of our financial system. In real estate you need to invest in yourself and your business. When I entered this industry I had to spend most of my savings and all of my time making it work. Everyone in this business has gone through it, and it really makes you understand why 73% of all agents leave after the first two years.
There are many questions to ask yourself if you plan to join the real estate market. It’s an incredible industry that is fun and full of opportunity. But why do so many people fail and what are they doing wrong? How can the people entering this industry be successful when the business is much less friendly to new comers than years past? What bad habits exist that worked in a hot market, but will kill you today? And is this a good time to enter this industry?
From my experience the best advice I can give may sound simple but it’s hard to do . “Do the things other people aren’t willing to do, and do them better than anyone else……..period”.
With that said, the first thing to understand are the things a lot of real estate agents fail to do that are crucial to being successful in this business:
- Pick up the phone and cold/warm call prospective clients
- Ask for referrals and train your network to get their contact information to YOU
- Write up a detailed business plan that includes a one, three, and five year plan
- Proactively get referrals from your network of A people
- Create a online presence for your self and your business
- Diversify what you specialize in to balance the cycle of the market
- Work Hard everyday and define what a successful day means to you
- Track your activity and measure your results, making adjustments when needed
- Have Annual customer appreciate events exclusively for your clients
- Send out monthly new letters to your A network
- Drop off items of “value” to 20-25 people in your network 4 times a year
- Be organized and manage your time well
- Have fun and be passionate about what your doing
It is difficult at times to stay on track with the above activities. A great question to ask yourself everyday; “Is what I am doing right now going to directly impact my sales this year”. If the answer isn’t clear, you may want to rethink you daily routine or do a better job of prioritizing what’s important. At this point I am far from my goals in this business, but focusing on doing what other won’t, and staying focused on driving my sales have helped enjoy this business a lot more than being afraid of it..
Cheers to all that decide to follow a dream and at times go against the grain.
