Summer Success Tip: Run a Real Estate Business, Not a Hobby

A couple of times a year, I like to remind agents of the characteristics of those who are winning in this business (apart from production level). I like to contrast those winning traits with the characteristics of agents who might need a tune up or a reminder that they need to shift direction a tad.

This is a good time of year to do an audit on where you are tracking in some essential categories. Pay attention to your inner voice as you go through the list and take note of your authentic self-reflections. Use this exercise to identify the areas you need to work on over the coming months. When you’ve generated an honest list, don’t hide from it. Start tackling the challenges of self-improvement.

I am lucky enough to have a front row seat to more than 250 businesses at any one time. It is absolutely undeniable that there are consistent reasons for the success of those who do well and for the struggle of those who don’t.

So, grab a note pad or your use computer and do a quick audit on yourself. Bookmark this post or revisit the recording on my Audio page whenever you need a thorough self-assessment to boost your motivation.

Characteristics of person who is Committed to Running A Business:

  • Has defined goals and reviews them daily.
  • Values relationships, especially as it relates to the long-term health of their business.
  • Tracks their production and their expenses.
  • Has developed a gift program.
  • Understands the value of their time and makes decisions based on it.
  • Commits to learning and self-development. Voracious learner.
  • Visualizes and meditates regularly.
  • Operates off of a business plan and a life plan.
  • Has a database and maintains it regularly.
  • Understands branding, has developed a niche, and promotes business consistent with their values.
  • Has a Morning Ritual and/or a Nighttime Ritual to prepare for success.
  • Takes time off and vacation time to recharge.
  • Looks at marketing as an investment.
  • Has fallen in love with the process.
  • Believes seriously in the power of momentum and stays consistent.

Characteristics of a person who is Interested in a Real Estate Hobby:

  • Afraid to write down goals or never gets around to documenting goals.
  • Values transactions. Thinks only 1 to 3 months out.
  • Doesn’t realize what they make until they get their 1099 or what they spent until tax preparation.
  • Forgets to remember and acknowledge birthdays and anniversaries.
  • Is exhausted at the end of each day without feeling accomplished.
  • Purchases books and audio programs and never finishes them.
  • Never fully embraces the spiritual side of success.
  • Is inconsistent in planning or never gets around to it.
  • Never committed to a database.
  • Has never fully committed to creating and building a brand or niche.
  • Hits the snooze button. Wings it.
  • Takes time off and vacation time to escape.
  • Looks at marketing as an expense.
  • Looks for quick fixes. Has a lottery mindset.
  • Struggles with being consistent. Has repeated and significant peaks and valleys in their business.