WARNING- This is not a get rich quick money making scheme.
Regardless of your market you should be able to earn over $100,000 or more per year if you do the following. Remember according to a recent report from the NAR, only 16% of Realtors earned more than $100,000, and only 8% earning more than $150,000. Other than the fact that 55% of these high producers have been in the industry for more than 16 years, there are other reasons for their success.
These are my Top 32 items that you Should incorporate into your business to achieve an income over $100,000 per year.
1) You Must Work. There is no secret here. You must pay more of a mental price than a financial price everyday in order to meet your goals. You need to have a good work ethic.
2) You Must Understand that this is your Business. So many agents do not understand that you are the President and CEO of your own company. This is not a Job! It is your business and it is up to you, if you fail or succeed.
3) You Must Understand Your Market. You should know all of your immediate markets inventory and the market stats. You should understand which homes are selling and which homes are not based on different areas and price ranges. You should know the average days on market, absorption rates, and average list to sale ratios. Know your Stats!
4) You Must Educate Yourself Everyday. There are always others agents that know more than you. Read blogs, books, and listen to real estate related CD's in your car... Subscribe to webinars, pod casts, and online real estate classes. Always be learning!
5) You Must Have a Plan. You should have a written business plan by the beginning of each year. I have my plan finished by September. You need use this plan to guide you through the year to stay on track. Remember the quote "If you fail to plan you plan to fail"
6) You Should Have Goals. You need to set goals for yourself and hold yourself accountable for those goals. Make a goal board in your office. Have both short term and long term goals. Goals are a good thing regardless of what they are!
7) You Should have a Record Keeping System. You need to track your sales, expenses, and your lead generation. You should track which marketing is working and what is not. You should be able to track and record all of your leads.
8) You Should Have Systems. You should automate your business. You need systems for working with buyers, sellers, FSBO's, Expired's, and for your staff if you have a team. However, pick one system and make it your own. Do not worry if it is perfect at the beginning, just implement , and make corrections along the way.
9) You Must Have the Right Mindset. It all starts with the right mindset and managing your fears. This is one of the most important elements.
10) You Must Prospect for New Business. Prospecting comes in different forms. Some agents like to make cold calls, knock on doors, sending out mailings... it does not matter which form you adopt, but you must fit this into your daily schedule. Get it done!
11) You Must Have a Daily Schedule- You need to have a daily schedule that you set for your "money making activities." You need to follow that schedule!
12) You Must Be Different- Did you ever notice that all real estate agents walk and talk the same? When you are different, buyers and sellers will take notice.
13) You Must Think "Outside the Box"- You need to be different and have a USP (unique selling proposition) for yourself. What makes you unique? It is more than being ethical, professional, or trustworthy. What is different about your marketing or the services you provide?
14) You Should be a Marketer first and a Real Estate Agent Second- You must always be marketing yourself, your business, and your listings to ensure future business. One of our major jobs is marketing for a seller. However, just because you are great at marketing does not always make you a great real estate agent, you still need to know how to negotiate, communicate, and educate.
15) You Must Have a Website that Generates Leads- Most agents websites are glorified business cards or even worst, an extension of their brokers website. According to the NAR study, 75% of the top 16% that earn over $100,000 per year have a website. According to most studies, Internet agents make 4X as much income as traditional agents. You need a website that offers information to the consumer, but the sole purpose should be to capture leads. Content is not always king! Remember, be a marketing agent!
16) You Should Subscribe to Internet Lead Generation- Yes, I said it, you should pay for leads! Some agents will say that they never will pay for leads. I do not care how you get your leads, you pay for them! From relocation to ads in the newspaper, you pay for leads. However, with Internet leads there is a way to minimize the costs once you develop a lead generating website and learn how to market your website to consumers. You can build your own campaigns on sites such as Craigslist and drive prospects back to your website.
17) You Should be Socially Connected- This is the social revolution. You should have both a fan page and personal page on Facebook. You should keep your business and personal life separate, but use your personal page to connect with your clients using soft real estate messages. Pick one or two social media platforms and incorporate them into your business. However, do not let social networking run your life or business. I have recently have seen many agents become addicted to social media sites, and many forget about actually generating business. Social media can be a black hole if you are not careful!
18) You Should Use Video. Video should be used for your listings, client testimonials, or to educate your target audience about your services and real estate.
19) You Must Work Your COI or SOI- You can work your COI in many ways, but the best way is to pick up the phone and call them! Then communicate through email, newsletters, mailings, and other niche marketing such as Lowe's Realtor Benefits. Referrals are very important to growing your business.
20) You Should Hire an Assistant- Hire an assistant that truly understands what you are looking for. Assistants should help you grow your business. Assistants should free up your time so you can attend to money making activities.
21) You Must Learn How to Handle Objections-You need to handle objections from both buyers and sellers. You need to learn scripts but make them your own. Clients do not like to be "Sold", so do not sound scripted. If you know how to handle objections your conversion rates will increase.
22) You Must Be Consistent in All of Your Approaches- Consistency is key. So many agents start something but give up after a short time. All systems take time to develop. Be patient, persistent, and consistent.
23) You Must Have a Set Listing Presentation That You Follow- You need to have a road map that you follow each time. A lot of a agents take Pajama listings. def- You will get the listing even if you show up in your pajamas. Best friend, referral, etc... However, real estate is not always easy, and you need to be a master in your market and have a set listing presentation that keeps the seller on tract from the beginning to the end. Stay in control!
24) You Must Have a Pre-Listing Package for Sellers- A pre-listing package shows that you are organized. It also separates you from other agents. Most agents do not have a pre-listing package that they email or mail before the listing presentation. This will also cut down on the amount of time you spend on the listing presentation so you can focus on the client and not on your services.
25) You Must Have Great Follow-up- If you are working with Internet leads, you need to follow up immediately or within 30 minutes to be truly successful. You must follow up with all other leads within the hour.
26) You Must Answer Your Phone- Sounds simple, Right? I leave so many messages for real estate agents. The majority of agents do not answer the phone, and most are not busy selling real estate. Answer your phone!
27) You Should Have a PDA or Smart phone- You need to be able to check your emails and have the ability to have access to the MLS.
28) You should Have a Coach- According to most studies, those agents that employ coaches in their business usually achieve a higher income. Coaches keep you on track and can hold you accountable.
29) You Must not Reduce Your Commissions- I feel that if you truly run your business as a professional and a market leader, your clients will see tremendous value in what you offer. Therefore, you will get paid for what you are worth. When you reduce your commissions, it can become a habit and it can effect your bottom line. Stay Strong!
30) You Should Blog- You should have a blogging presence on the Internet. You do not have to have 10 different blogs. Have an Active Rain blog platform and maybe one other one. A blog shows the consumer that you are active in real estate. It shows your knowledge of real estate and your local market.
31) You should Partner with the Right Brokerage- If you are working under a franchise or independent, you need to make sure that you are able to GROW your business. Are you able to grow your brand which will grow your business in the long term? Are their too many restrictions with your current brokerage? There are so many questions to ask... Remember, this is your business!
32) You Must Not Make Excuses- I saved this for last for a reason. All I hear from real estate agents in EXCUSES. Example: "I do not have to make a lot of money because my husband has a great job!" or "I did not do well this year because the market is bad" or "The reason that I did not do well is because I switched companies" You get the point. Do not make excuses!
One thing I want to make clear, if you do not want to make over $100,000 in your business, that is OK. Maybe your goal is to make $50,000? Also, depending on what part of the country you practice in, it may be easier to achieve an income of $100,000 or more without doing all these steps. This is simply a working list that has helped me achieve my goals and I hope it helps you also!
Have you ever heard the phrase "Buyers Are Liars?" I am here to tell you that they are not liars! Buyers need us to discover their needs and wants. Most buyers also need our professional help, our guidance, and look to us to educate them.
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