When I lurk the facebook groups, active rain posts and the internet in general I see this one mistake with all real estate agents. Now to be honest, not every real estate agent is currently making this mistake but I'd venture to guess that over 90% of agents are making this mistake. That mistake? Not understanding that real estate sales is a business.
Before you leave, this isn't your typical "treat it like a business" post or "you should work full time" post. Those things are true in my opinion but it's this mindset shift that I think you need to make to really get the most out of your career and frankly this post.
You Can Learn From Other Businesses
Once you realize that this is a business, you find out that it operates like other businesses. Meaning you can learn from other businesses! I see this mistake most often. Inevitably there will be a great business book (like the Advantage from Patrick Lencioni) that comes out and the real estates agents dismiss it because it doesn't say real estate.
In other scenarios, they'll dismiss brilliant speakers on Business because they think their business is different.
Isn't that the same line your home selling clients give you?
Businesses are for the most part the same, the difference lies in the vocabularly and a few of the processes. The overall strategies are often nearly identical.
You Can Apply Known Business Practices
That being said, that means you can apply business practices to your real estate business. Simple things like having a CRM (Client Relationship Manager) is a big deal. A CRM, a true CRM is a your client list (aka user list) and it's the main source of "value" for your business.
(It's my opinion that these lead companies are not CRMs. You can use them like a CRM but I think you'll lose in the long run).
If you're following along this post then you'll be able to sell your business in the future. You don't hear that alot in real estate not because real estate businesses aren't in demand, they are. Real Estate franchises often do sell.
Real Estate businesses don't sell because most agents aren't running it like a business. Do you have a profit and loss? Do you know your metrics? Check out my podcast episode on the 5 Business Metrics That Every Business Owner Should Know - I do in fact, cover real estate on the episode.
Leadership Is The Skill Of Choice
Once you have the realization that your hobby is in fact a full fledged business, a business worthy of being pitched on shark tank, you will want to do whatever you can to succeed. Most agents miss this point as well. A business really isn't a business (in my opinion) if it's just you. Real businesses involve people.
Leadership then is the most essential skill. Sure sales skills and other tactics are helpful, but leadership skill is the one skill that can help you personally AND professionally. It's the one skill that will help you conquer the most challenging task, managing and leading your people.
In the beginning you're the janitor, the assistant, the listing and buyer specialist. If you don't want to grow that large, there is nothing wrong with that. My advice is to still get into position to get help, at the very least you'll be able to take a day off without stress.
Leadership will then become the cornerstone of your success. As you implement learnable leadershiop principles coulpled with savvy business practices you can succeed at the same level as these so called "mega" agents and super brokerages.
We cover leadership in next week's podcast on the 4rd Marketing podcast, however you can get a daily 10 minute leadership lesson from LeaderTribe.com's podcast for free.