Succeeding In Real Estate and 6 Reasons Why You Are Not
1. You are probably not as good as you think you are.
Do you think you know everything there is to know about real estate but you can't put together more than a couple of deals per year? Are you advising the new people on how to do "one" deal a year instead of doing more business? Are your transactions getting harder to put together than they used to be? Is it harder to find "great" buyers and sellers?
Just because you have been in real estate for a number of years doesn't mean that you have been improving year after year. Too many agents who have been in the real estate for years are repeating each year as if it were their first. Think of it as being left behind in kindergarten for year after year and never getting into first grade. If your business is not improving 20% per year every year than you need to revaluate how good you really are and what you need to do about it!
2. You are not as structured with your time as you think you are.
Do you have a daily schedule? Do you follow your schedule religiously? Is following your schedule the most important thing you do? When you come in every day do you know what you are going to do or do you plan on just winging it? Are you working from a business plan? Do you even know what a business plan is?
You need to know what you are going to be doing every hour of every day of every week of every month of every year! You can not succeed in anything without a specific plan of action and actually implementing it. Your plan also needs constant course corrections with your ultimate goal always in front of you. Would you want your surgeon to just wing it?
3. You are not working on your skills as much as you think you are.
Are you doing more business year after year? Are you making more contacts? Are you setting more appointments? Are you converting more leads to appointments? Are you converting more appointments to listings/sales? Are you "too busy" to take a class and learn something new? Have you carefully evaluated the (your) skills needed to succeed in today's market?
Your skills need constant improvement. Once you think you think you know everything - that is the day to get out of the business. You can't chop down too many trees with a dull axe. Each and every day, you need to focus part of your day on improving your skills. Constantly try to improve your skills by going to seminars, reading books, practicing, role playing, listening to CDs, etc.
4. It is much more difficult to maintain a positive mindset than you thought.
Does one bad phone call destroy the rest of your day? Does a deal falling apart send you in a downward spiral? After a deal falls apart, do you get mad and run home to mommy or go kick the dog? Does a slump make you want to quit and go work for Home Depot? Are you too busy complaining about the market to actually do some work?
It's true - the business is difficult! If it was easy then everybody would be successful. That is why the 80/20 rule applies - 80% of the business is done by 20% of the people. The reason is: the 20% believe they can do it and they will do the things that the other 80% are not willing to do. The 20% do not spend their time complaining, they spend most of their time being positive and doing.
5. You don't change your mindset quick enough.
Does one bad day turn into a bad week or a bad month or a bad year? How quickly do you rebound from adversity? After something bad happens do you spend a week in bed crying or complaining about it to whomever will listen to your tale of woe?
If you are going down the wrong way - the sooner you stop, turn around and go the other way the faster you will be on the path to success. The longer you continue on the negative highway the harder it is to turn around. Once you have dug yourself into a hole - stop digging. Focus on what you need to do to get out of the hole you just dug for yourself and go do the things that matter.
6. You don't make decisions quick enough.
Ever hear of "analysis paralysis?" Does it take you forever to make a decision about what you should be doing? Do you spend more time thinking about doing business than actually doing business? Are you planning to get ready to get started to begin soon? Are you planning to use the latest technology once it becomes outdated? Do you spend most of your time trying to perfect something that will never have any positive impact on your career?
Even if you are on the right track - if you do not move quickly - you will get run over by the train. Make your decisions quickly and stick with them if they are working. If they are not then quickly change your direction. It is better to make 10 decisions that will finally lead you to success rather than spend all of your time trying to figure out what to do and finding out in the end that the race has already been run and you never made it out of the starting gate. Make informed decisions, but make them quickly.
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