My professional purpose is to help you, the broker, optimize your productivity and help you become the best version of yourself. Why? Because happy brokers sell more real estate. I do that by helping you handle challenges and opportunities that you face every day. If you can effectively manage certain situations that arise on a daily basis, you'll be more productive, live an optimized life and, in turn, live a life that is the best version of you.
Today, I'd like to set some expectations for all of those brokers that are new or newer to the business while challenging those that have a mature business to take a deep look at your business during this ‘no-fly zone,’ hit your quarterly goal and start thinking about q4 (q1 in the real estate year).
I started my career in 1997 with a small brokerage that supported primarily a large developer of small and mid-size developments. This brokerage's focus was definitely not about developing new agents. It was all about selling new construction projects. My first entry into brokerage was very transactional. You sold a property and moved on. I went full time in 2001, stayed transactional in my mindset until I was 100% exposed in 2007. After watching 1.5M+ in commissions evaporate that fall, I experienced my real estate heart attack in February of 2008 as a result. After a lunch meeting with a successful agent, lots of hours with my best friend Google, I realized I needed to make a shift or change careers. The latter was not an option. The only option was to reinvent myself. I did shift but it was a shift in mindset.
Since that February, I've built a private client business that doubled 4 times in 5 years, helped grow JSIR's brokerage presence in the city by 5x with the same # of agents and created a side hustle all using the same strategies. The largest personal reward for me is to see individual agents grow and prosper. A huge part of success in this business is having a clear path and focusing on the right things. You save time by not wasting time. That is the key. You have to create that "Hell yes" filter early in your career and keep it finely tuned until it's time to sunset. So today, I want to set some expectations for those of you that are newer to the business and, for those of you that have been in the business for a while, I will remind you of some of the basics today.
Okay, here are 15 things they do not teach you in real estate licensing school about building a career in real estate:
- Success in this business is not about selling houses, it's about developing your skills and building a database of 100 people that "know you, like you and trust you" as their real estate broker. Your goal should be to build your Top 100 by the end of your 5th year. Start this database early and obsess over it.
- I learn something new every day and I've been doing this almost 25 years. Don't let perfection get in the way of progress.
- Your past experience in another industry does not fully translate into success in real estate brokerage. It helps but knowing the market and creating a database of adoring clients is what matters the most. Those that succeed persevere through the difficult times maintaining a belief in themselves.
- Brands matter, especially your personal brand. You've got to show "evidence of success" to build a reputation of competency and legitimacy.
- Just because you got your license doesn't mean your family and friends will hire you. In fact, I can guarantee you that your heart will be broken when you find out that someone you know well used a different broker to buy and sell.
- On average, it takes 3-5 years to build a real estate business that starts to produce real revenue. I've seen a few agents break that mold but it's a small percentage. You have to think about the process as going back and getting your MBA. You have to go into it prepared financially to build it right. If I had to start over and you dropped me into a different city, it would take 2 years to create any kind of business.
- It's extremely difficult to be "half way in" when starting a real estate business. You have to commit to the early months of hard work and limited pay. The payoff will start in years 3+. Trust me, if you can commit to that consistent effort and focus on your skills, you will find the investment in time well worth it.
- It's a lifestyle business, not a 9 to 5. You are on the clock all day every day and your clients will want to get a hold of you faster than they can get a hold of their doctor. You work on vacations.
- Play on offense, not defense. You have to win your mornings.
- Identify your niche early and be synonymous for providing world class service within that niche.
- Your first clients should be top producing brokers in your firm. You have what a top producer does not have and that's TIME.
- You must be able to pivot based on market conditions.
- Take every class you can take. Take part in every accountability meeting that we offer. Note: "Jameson University" will be launched in October.
- You will earn at the level of your self-development. The quicker you learn, the quicker you will be compensated for your efforts.
- There are 5 books every agent should read at some point especially if you are new:
- "Atomic Habits" by James Clear
- "The Compound Effect" by Darren Hardy
- "Sell It Like Serhant" by Ryan Serhant
- "Ninja Selling" by Larry Kendall
- "The 12 Week Year". by Brian Moran
My youngest daughter Lizzy is a thinker. Her mind is always thinking big which I absolutely love. She asked me the other day which industries/jobs paid the best. I told her she could be doctor, attorney, get into finance as 3 examples but I went on to say that the highest paid people are the salespeople that are the top in their industry. I said "If you can sell, you can make a lot of money and live a good life". If she ever got into our industry, I would tell her exactly what I told you today. She is starting high school next week and I've spent a lot of the summer setting expectations for her freshman year.
If you are newer in the business, consider this your freshman year. You have to do the work, experience the challenges of defeat and the excitement of the wins. You can't just skip to your senior year. Most of you listening today are sophomores, juniors and seniors. Are there some areas you need to clean up in your business? Are you fully maximizing your potential? Success is what you define it to be. Are you living up to the standards you set for yourself?
Over the next couple of weeks, you will notice a pivot in the weather from summer to fall. You will also notice a pivot in the market. We are moving into a more normalized environment. Fall is a time to review and improve. When I come back with MMPTs in 3 weeks, be ready for this to be the theme.
Until then stay happy and productive.
