The hard truth about real estate

So many people are lured into the world of real estate by the promise of easy money. We’ve all seen the stories in the media about houses literally selling themselves – particularly when markets like Sydney and Melbourne were running hot. Heck, PurpleBricks even convinced sellers they didn’t really need a proper agent and could do it themselves – we all saw how well that worked.

The truth is it’s not easy. You enter the industry fired with enthusiasm and filled with hope but then reality hits. The sales registration course you did didn’t prepare you for the reality. It didn’t show you how to prospect, negotiate, hold a home open. Nor did it tell you that you can expect to be working for free for the first sixth to 12 months before you see a return on your investment.

No one said that when you join an agency you are often left to your own devices, to learn how to sink or swim, that there is no regular training or guidance. It’s make or break. It’s no wonder most new agents drop out after their first year.

So what can you do to ensure you are not one of them?

The first step is education.

Knowledge is power. You need to get yourself some regular training. Not an occasional seminar, but regular training that gives you systems and processes, training that will guide you step-by-step through all aspects of real estate.

As a real estate agent and now as a coach, I am constantly looking to educate myself on how to build a real estate business, how to win business, how to create a funnel, how to create a multi-layered prospecting system, how to handle sellers, how to handle buyers, how to close, how to present different strategies, how to vendor manage, and how to create customers for life. Learning never stops.

Be consistent

One of the biggest contributors to failure is lack of consistency. Whether it’s door knocking, cold-calling or sending out a regular newsletter your efforts will pay off, it just takes time. So many new agents give up too soon, jumping from strategy to strategy looking for the magic bullet to success. It

A prime example of this is when a TV station launches a new show – if it’s not an immediate ratings success it get cancelled pretty quickly or pulled from prime-time, put on late at night on a secondary channel until it fades into obscurity. We live in a world of instant gratification and overnight success, perseverance has gone by the wayside.

Look for coaching

A coach can take you to the next level and save you time, energy, money and stress. The great thing about having a coach is that you’re not only learning from them and their years’ worth of skill, knowledge, experience, and success, but you’re learning from all their coaching and training that they’ve had.

Remember, successful athletes don’t get to the top by themselves, they have coaches, nutritionists, personal trainers to guide them.

Finally build the right sphere of influence

These are the people that you hang around with, the people that you benchmark yourself on, the people that you spend most of your business and personal time with. These people have a huge influence on your success. They say that if you want to figure out what you earn, take the five people you spend the majority of your time with, take their incomes, add them all up and divide them by five, that’s really what your income should represent.

If that is a rule of thumb, then it’s very easy to just start hanging around with and associating with people who have very high incomes, which should directly translate to you earning more money.

Your sphere of influence also affects your mindset. If you spend time with people who tell you the market is down, you’ll never get a client and it’s all too hard, then that’s what you’ll start to think. Surround yourself with people that will support your success.

If you’ve just started in the industry or have been here for a while and feel you have hit a bit of a roadblock, come along to my upcoming FREE half-day Real Estate Brilliance webinar and see how training and coaching can help you grow your business.

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