Seriously. I'm in the business 20 years and I have never even heard of one. I am a fun guy, so that can only mean one thing - no one ever retires from real estate. Is it because we love it so much, or that we can't?
There is a major flaw in our business model, in that each real estate agent is an independent entrepreneur, but even after 25 years, there is no value built that can be sold. Entrepreneurs retire when they sell their businesses. Without shareholder value, a business isn't really a business - it's a job.
Then there's the treadmill effect. Two things happen at every closing; you get a commission check and you lose a customer for 10 years. You have to get right back on the treadmill.
The good news is that you won an award for a fantastic performance in 2011. The bad news is that it's 2012 now! Get back on that treadmill.
I know hundreds of real estate agents who have created enormous wealth over their careers, but most of it went to their clients. We don't get wealthy in this business if we just generate commissions for selling real estate.
In other words, if you are a 20 year veteran in this business, you have sold a financial product that has performed exceptionally well and made people rich. The questions is, have you acquired enough yourself?
Buying one cash-flowing single family home at market price in the next year is a life changing event. You just have to wait 15 years to realize the benefit. (An extra $200,000 in cash is a life changer for most people, and that's what you would likely end up with for each investment property you buy.)
You need to do this. It is a crime to be in this business and allow artificially depressed values, artificially depressed mortgage rates and skyrocketing rental rates pass you by. Stop making everyone else rich and build shareholder value in your business by acquiring assets along the way.
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