Throwback Thursday: Get Out Of Your Rocking Chair

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Education & Training with U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business.


"Do not mistake activity for progress. You can keep busy in a rocking chair, but you won't get anywhere."
-Earl Nightingale 

Yesterday I published a post about the word BUSY.  Today, I am bringing forth an old blog from June 2016 which goes along with that message.  Since I can't reblog my own posts, I'm doing a Throwback copy-and-paste. 


* * * * *
I often hear new and struggling agents tell me how busy they are and, yet, they are frustrated because they aren't actually finding clients and closing deals. 

There are several primary reasons for this:

1)  Lack of a Business Plan:  Being a real estate agent is making a commitment to run a small business.  It is a real business.   YOUR business.  You may be working within an agency, but it is still your business and must be set up and operated as such. Have a sit down with your principal broker and work out a comprehensive business plan together.   

2) Lack of capitalization:
The problem with many (dare I say MOST) real estate agents is they go into business underfunded.   There is a total misconception about the cost of running your independent real estate business.

Here is a partial list of start-up and on-going expenses:
* Real Estate School to study for a license
* Cost of taking the test
* License fee once you've passed the test

* Local, State, & National Board fees (these are annual dues)
* Local monthly MLS fees (to access data)

* Business cards, name tag
* Technology needed to serve clients
      (computer, scanner, printer, copier, smart phone, camera)

* Internet and email service
* Cell phone expenses
* Cost of building and maintaining a website and blog

* Car expenses:  You're going to be doing a lot of running around looking at inventory and showing properties.  You need a reliable automobile and it's going to take a lot of gas.

* Required Continuing Education classes
* Extra classes to improve your knowledge and skills

* Marketing and advertising costs.  This adds up big time.   Successful agents say they spend from 20%-30% of their income in this category.  This is a difficult pill to swallow when you are first getting started if you are underfunded.   And, by-the-way...  there is a difference between marketing and advertising.  The words are not synonymous nor interchangeable. 

* Broker fees.  Yes, they take part of your commission... sometimes as much as 50%, depending on what you have negotiated.  

* Taxes.   If you make money, you have to pay taxes.  You need to pay estimated quarterly taxes, or you're going to get into trouble come tax time. 

There are other expenses such as business clothes, business lunches, signs, riders, and the list goes on and on.    Whatever you do, don't make the mistake of underestimating the cost of getting started... and keep going.   Six months of savings (for living expenses) is a realistic goal before you get started. 

3) Being disorganized:  If you're spending your time jumping from this to that and never getting anything done, then you need to get organized.   Learn some Time Management and focus skills.  

Trying new stuff all the time:  A marketing plan takes time to work.  You can't throw out marketing pieces and expect immediate results.  Studies show that it takes six touches for people to remember or take notice of you.  You need to come up with a planned marketing strategy and stick with it.  If it isn't working after a few months, then maybe you need to try something else.  

That's not to say you should put all your eggs in one basket and do just one thing at a time.  You need to have several marketing avenues and work them all consistently.  Make a schedule and stick with it.   Adjust as necessary but be patient.

So, get out of your rocking chair.  Make a plan, be sure you're properly funded, get organized and shoot for the stars.  

Wishing you great success,

Posted by


"The best way to predict the future is to create it!" -Peter Drucker


Carol Williams: 
The New Real Estate Agent's Survival Guide.  

Customized coaching, goal setting and marketing

Ask for a FREE consultation with Carol
TopTeamCarol@gmail.com

 

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Topic:
Real Estate Best Practices
Groups:
The Art Of Marketing You
Addicted to Active Rain
Bananatude
Old Farts Club

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Rainmaker
1,010,310
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Carol Williams - I like the throwback to this blog! I think it is a gold star but what do I know!  In fact I am going to bookmark it for future reference for others. 

Part of the marketing expense should also include a website/blog that is responsive on all platforms with an IDX solution. This costs time and money to keep up to date. 

Aug 09, 2018 09:19 AM #19
Rainmaker
1,150,243
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Dorie Dillard ,

Thanks.  The business is a bit more complex than many newbies realize, isn't it? 

Aug 09, 2018 09:23 AM #20
Rainmaker
1,150,243
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

So true, Susan Haughton . I don't know where people get the impression they can get into real estate without adequate funding. 

Aug 09, 2018 09:25 AM #21
Rainmaker
1,150,243
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Gabe Sanders ,
We think of this kind of information as being for newbies, don't we?  But there are some more experienced agents that haven't figured it out yet. 

Aug 09, 2018 09:26 AM #22
Rainmaker
1,150,243
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Gwen Fowler-CRS- 864-638-3599 SC Mountains & Lakes-- 
It blows my mind that people don't realize they need to go into the real estate business with the same preparation and funding as any business.

Aug 09, 2018 09:27 AM #23
Rainmaker
1,150,243
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Myrl Jeffcoat ,
Some information and advice never changes, does it?  And, you're right, our audience is constantly changing.

Thanks so much for the Feature in the Old Farts Group.  I always love that!

Aug 09, 2018 09:29 AM #24
Rainmaker
1,150,243
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Sheila Anderson ,
Thanks.  I'm glad you like it.  Some advice is evergreen, isn't it? 

Aug 09, 2018 09:30 AM #25
Rainmaker
1,150,243
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Brian England ,
Glad you found my old post interesting.  Some advice never goes out of style, does it?  Thanks for reading.

Aug 09, 2018 09:32 AM #26
Rainmaker
1,150,243
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Sheri Sperry - MCNE® 
Good point about the website and blog.  How did I miss that???

Aug 09, 2018 09:33 AM #27
Rainmaker
486,445
Donald Hester
NCW Home Inspections, LLC - Wenatchee, WA
NCW Home Inspections, LLC

Many underestimate getting started, but many would not jump in if they actually knew.

 

Aug 09, 2018 09:37 AM #28
Rainmaker
1,150,243
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Donald Hester ,
And that would be a good thing, wouldn't it?

Aug 09, 2018 09:45 AM #29
Ambassador
1,688,402
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

You are wise to breathe new life into this great post, Carol. I too hope to see a gold star attached. I'll check out the other post that inspired this one too. D

Aug 09, 2018 11:14 AM #30
Rainmaker
513,908
marti garaughty
garaughty.com - Montreal, QC
a highly caffeinated creative type...

 

marti garaughty, abstract art, ambient music, soundscapes

 

Aug 09, 2018 03:14 PM #31
Rainmaker
1,014,799
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Congratulations on being featured in Bananatude!

Aug 09, 2018 05:26 PM #32
Rainmaker
1,150,243
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Debb Janes EcoBroker and Bernie Stea JD ,
No Gold Star but it did get Featured in several Groups, so that's a big plus. 

Aug 10, 2018 07:04 AM #33
Rainmaker
1,150,243
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Thanks so much marti garaughty .  Always an honor to be Featured in your group!!!

Aug 10, 2018 07:04 AM #34
Rainmaker
1,150,243
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Thanks so much Susan Haughton .  I always love seeing that big yellow Banana in the comments section of my posts. 

Aug 10, 2018 07:05 AM #35
Ambassador
1,812,993
Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Carol Williams  it is tough when you start in this business it is tough when you have a couple bad months or have a family problem and can not keep your mind on business . Then there is a matter of ill health . Lots of things can go wrong

Aug 10, 2018 08:18 AM #36
Rainmaker
1,150,243
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi sista Hannah Williams ,
That so true and why it is so important to go in with a realistic understanding of the business and a plan!

Aug 10, 2018 08:37 AM #37
Ambassador
3,584,931
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Carol- a lot of busy work is just that 'busy", but being productive and working smart are what's important. 

Aug 11, 2018 06:44 AM #38
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