3 Best Resources For New Real Estate Business Owners

Are you new to real estate and you want to minimize the chances that you experience the pain and suffering that I had to experience in the years where I really grew my real estate business. Stay tuned for this video. I want to really dive into three things, three resources that you could use to scale your business without losing your life in the process. You know, 80% of real estate agents don't even make it to their second license renewal. The failure rate is monumental in real estate. And 16 year veterans are only making $72,000 in real estate. You know, two year agents are making $9,000. The average agent makes $42,000. So the chances to be successful in our industry, the odds are stacked against you. The question is, why is that and why is real estate so hard to succeed? Make sure you stick around to the end of the video. I want to share a special report, a blueprint, the roadmap to these six stages of growth that we see. It's called the Real Estate Business Growth Navigator. If you like the video, give me the thumbs up. Subscribe to the channel and make sure you turn notifications on so you're the first to know when a new video drops. Here are three great resources or mindsets or systems that you have to employ as a new agent to be successful and beat the odds of staying alive and thriving in this business. The first one is new business development every day, first part of the day. This is the frog you must eat before any other frog in the day. If you ever, ever read the book by Brian Tracy, eat that frog. They talk about like, what's the frog in your business? What's the one thing that you don't want to do in. And it's the one thing that gives you the success you desire in real estate. It is new business development. Here's what I mean by new business development. It is starting the day with this mindset of I have no clients. Like, just think like even if you have four buyers that are signed with you and you have seven active listings and you've had four closings this month and things are feeling good every day, it's this mindset that it's new business development. I'm starting the day at zero. And, and with that mindset, you take that first part of the day. On our team, we are on the, we do a huddle at 7am, we script at 7:30 and we're doing new business development from 8 to 11. Now yours could look a little different for your situation. Three hours is probably a minimum. And really when I say three hours, it's 50 minutes laser focused new business development and then 10 minute break, 50 minutes on 10 minute break, 50 minutes on ten minute break. So in three hours there's two and a half hours of actual laser focused, you know, time where you're calling on the leads that you've generated. So that is first and foremost it's this system around new business development. But also a mindset around the day has to start with new business development. The second thing I would say for new agents is that you have to track your numbers, you know, if you ever want to have a chance at scaling your business and growing this business beyond yourself. It's this concept of I do it, we do it and they do it. So in real estate B school we have six stages of growth. The first two basically getting from 0 to 500,000 are I do it. It's on your shoulders to make it happen. 500k GCI to 1.5 million GCI is we do it. That's when you're bringing an administrator on this. When you're hiring buyer or showing agents, right, 1.5 million to 3 million plus is they do it. That's the shift from being in the grind of business, in production, managing agents to business ownership, exiting production, going down to two, three days a week if that's what you desire. So if you're not willing to track your numbers, you don't have that foundational system in place to be able to make the progression through those six stages. And so tracking is not difficult. Like there's a one page weekly tracker that we use to track meaningful contacts. Appointments you've set, met and signed with buyers, appointments you've set, met and signed with listings. New contacts added to the database nurtures that you've added to the database. It's not really that complicated if you don't know how many contacts you need to make to set an appointment with a buyer or to set an appointment with a seller and how many of those buyers or sellers those appointments happen versus not happening. And when you do have a consultation with a buyer or seller, how many you know, end up signing with you versus don't sign with you. And then if they sign, how many successfully get to get to the closing table and you actually earn a commission check and you're able to sort of feed that person back into your clients for life program. So tracking my friends is crucial. Even if you're like, like I said, new to the business, starting these disciplines early on will really help you. The third thing I want you to implement and really think about in your business as you go from new agent to just making it through the first couple years and surviving the odds of not being in the business is a business planning system. You know, before the end of my second full year, I built a business plan that set the trajectory for me for the next 10 years. You know, it was late 2009, I created my first business plan. It included a three year vision, a five year stretch even I looked out 10 years. But how I wanted my business and life to look, I then broke it down into an annual plan and into quarterly. You know, today our business planning system allows for breaking it down even further into weekly commitments and the things you need to work on your business, we call them rocks. The big projects, the systems you need to build out so that you don't have to be the do, you don't have to be the one doing the thing you're doing now all the time. The truth is, most jobs that a real estate agent does, they don't pay a whole lot of money. So if you don't have a specific plan in place to leverage yourself out of parts of the business, you'll always be doing or spending most of your time on activities that don't pay more than $20 an hour. If you only want to make $20 an hour, that's totally cool. There's no judgment on my part. If you want to make $100 an hour, $250 an hour, $500 an hour, or $1,000 or more an hour, the planning process you use is the only way to go about it. And it's pretty simple. It's a three year vision, a one year plan, 90 days at a time, weekly commitments and your daily cadence. The top three things you're going to do every day, to crush your weekly commitments, to crush your quarter, to achieve your one year plan, and to realize your three year vision. When I think about a new real estate agent that had massive success, actually that first failed with traditional methods and then I was able to come alongside Dave Friedman. He did 35 transactions. The year before I met Dave, the year I met Dave, he did 64, 65 transactions. Problem is he was working 70, 80 plus hours a week. He was super focused on growth. This guy is just one of the most driven guys that I know. He was going down a path that would not have led to achieving in the areas of life that matter more to him at the time. You know, his wife Hailey, they're still together at the time, though their marriage was strained. He said that publicly. When I did a case study with Dave, it was just a challenging time because he was giving more attention to the business and, and less attention to his wife. And we all have been there. I've been there in the early days when we made this shift and we used the planning system or, you know, tracking at a high level and some of the systems I just shared and those things that you need to do. As a new agent, he went from 65 transactions to or, well, 35 as a solo agent to over 350 just five years later. I remember he messaged me the evening before our fall 2018 intensive workshop. It's a two day gathering of our members to just put our heads down and work on our businesses so we can achieve the things we want in our lives. He messaged me, he said, hey, listen, I'm in the process of moving right now. I came across a workbook from the fall 2014 intensive. This was four years earlier. He had just started with real estate B school, he said, and my takeaway from that event was hire a buyer's agent. He circled that as the one thing he was going to do when he realized that like buyers were the thing that was keeping him away from, you know, working too many hours. And so just an awesome success story, you know, 10x the business in five or six years, more than 10x. His income went from 70, 80 hours a week to hit. He has multiple businesses now. He doesn't go into the office at all. He works less than 30 hours a week. He just took 30 days traveling, no attachment to his business, not answering a single email, responding to a single vox or text in the Galapagos Islands with his wife. I think it was two weeks with Hailey and then two weeks he was deep sea fishing with a couple buddies of his. So freedom is attainable. You know, he went from no week's vacation to an average of 12 to 15 weeks of vacation for each of the last four years now. And the opportunities that he's providing folks in his business to raise up and run the business for him. He's got four amazing business leaders that he's cultivated from the ground up that are now taking on additional responsibility and living their life by design. So if you want a copy of the real estate Business Growth Navigator, just go to realestatebusinessgrowth.com or click on the link below. I will guide you through the six stages of growth that Dave went through in six years. Not even. He actually went through them quicker than I went through them. It took me about six years to achieve all those phases of growth to go from like in the trenches agent to completely free. One day a week, six stages. And I go through the questions you need to ask yourself, the systems you need to install, what the team structure looks like, the money you'll make per hour. You know, I'll break it all down in that report. So go to realestatebusinessgrowth.com if you like the video, give me the thumbs up. Subscribe to the channel. Make sure you turn notifications on so you're the first to know when we drop a new video. Until next time, be good. Much love and respect.