The 4 Must Do's To Crush in This Shifting Market

Do you want to become a top producing agent in your market? Do you want to scale your business to 1000-002500-00500,000 or a million dollars a year in gross commission income? The shocking fact, and this is from NAR, most agents are making about $49,000 a year in real estate. And industry veterans with 17 or 16 years of experience are making about $79,000 of gross commission income. So this is not an easy thing to do, but I'm going to break it down in Today's video to 4 things you must do if you the mold of the traditional agent and the traditional methods that are not leading you to success. So stick around. These are going to surprise you. They're not what you think. Before I get into it, make sure you hit the subscribe button and like the video. It helps with the algorithm and to get this message out and share the video if you think it's helpful. There are lots of agents right now that are fearful. They are definitely doubting themselves and they're uncertain about their future in real estate. And so please share the video. All right, so let's get into it. Here are the four must dos if you want to scale your business in a very, very uncertain economic climate. It said that in the next 12 to 24 months, that 30%, and this is from NAR, National association of Realtors. 30% of agents, I think it's going to be more than that, are going to get out of the business. You know, when I grew up in the industry, it was the great recession years in my market. We went from 15,000 agents to 5,000 agents. That's a 67% reduction of agents in my market. I don't think it's going to be that bad this time. But there's just less income available because of whatever's going on. However you want to characterize it, there's just less income available for the agents that are out there running and gunning. And most agents were not around in the industry during the great recession years. And so the last couple years in real estate have been really easy. Deals just kind of fell in our laps and you didn't have to work as hard as you need to and you didn't really have to have a plan. So let's break this down. There are four things that you have to focus on if you want to be massively successful in a shifting, squirrely, sideways, whatever you want to call it market. The number one thing you need to do is begin with the end in mind. This simply deciding in advance where you want your business to be in the future. So we call this a vision, a three year vision. It sounds hocus pocus. It sounds like really you're going to tell me I need a vision. But I'm not talking like a out there airy fairy vision. I'm talking about an actual description of what your business is going to look like three years from now. So when I wrote my first business plan, and this was in 2009, so it was for 2010 was the one year plan. 2012 was three years. I didn't have my first team member on that year. I sold 58 homes and I was figuring some things out, but I didn't really have it all put together. I didn't know in 2012 I would do 248 sales and I was going to exit production in January of that year. But I decided it in advance and I actually had a written plan where I think I thought I was going to do 240 sides was my vision for 2012 back in 2009. And then I broke it down to the hours that I would work, team members that I would have in place, the number of vacations I would take, my net worth, how much was liquid versus other assets. I mean it really broke it down. And I wrote with detail not only my business, but how every other area of my life was going to look like three years from that time. So don't overthink this, but just spend some time looking at where your business is today and where do you want it to be in the future. And I like to say, like wave a realistic magic wand. So if you could wave a realistic magic wand, which there is no such thing, but if you're at 25 transactions now, you could sell 100 homes three years from now, 100%, I believe it. We just have to get the vision in place so that we can think about that vision when we're having to make decisions about how do we break down this year, how do we break down this quarter now, what has to happen, what system needs to be put in place this quarter, what do I need to do this week to make sure that I'm on track for the quarter? So I'm on track for the year, so I'm on track for the three year vision. It all fits together. So that's the first thing. Begin with the end in mind. The second must do is that you have to decide in advance how much money you want to make in real estate and how many hours you want to work. Let me break this down for you? This sounds a little bit like random. You know, most agents are just pushing as hard as they can and however much money they make, they make. They're capped at a certain point because they don't take a mindset of leverage and productivity and a business owner mindset. So this is what I did back in the early days. And this was, I think like in my first year in real estate, 2007, and that wasn't even my first full year. I decided that I wanted to make $500,000 take home. So this was before I paid taxes, but after all other expenses. And I wanted to work 2,000 hours or 40 hours a week. So I wanted to have two weeks vacation and there's 50, 50 weeks remaining. 40 hours a week. 40 hours times 50 weeks is 2,000 hours. And I wanted to take home $500,000. So I just did simple math. Today we call it the Business Freedom Index. But back then I didn't call it anything. I'm like, man, I'm not making that money now and I want to be making it. And the math worked out to 500,000 divided by 2000 was $250 per hour. So that should be every agent's number. I feel like this business is so stressful and we do sacrifice quite a bit. It's just a really hard business where if you're not making at least 250dol an hour, I don't think it's worth it, you know. So I want this for you. I want you to be able to make $250 an hour. I was able to get to that in a few short years and then to 500 a thousand. And ultimately I worked up to over $3,000 an hour in my real estate business. And it was only possible because I decided in advance how many dollars I wanted to take home and how many hours I wanted to work. So are you even looking at your business in terms of the hours you have to put into it and the money that you can get out? The cool thing about it is that there are ways systems you can build. You can build out things you can delegate in your business that it's possible to make 250, 500, $1,000 an hour in your real estate business. The third must do is that you have to focus as much of your time on the things that make you as much money as possible. Right. We just went through the simple exercise about your hourly worth. Well, what are the activities that make you a lot of money in real estate? Luckily, there's only five and it's a simple acronym. It's P L A N S. The P stands for prospecting. I like to call it new business development but it didn't out for the acronym. So prospecting. These are new conversations. First time conversations with would be buyer and sellers. Ton of lead sources you can use for this. We weren't cold callers so that wasn't our mo. I really wasn't great at that. I didn't love it. Most of my stuff was attraction based and we were just calling them back. But it's still a new conversation. So that's P L is lead follow up. So most prospects are not ready to transact like the first time you talk with them. You know, it could be eight to ten conversations, it could be three, six, 12 months from now, 24 months from now. And so you put them in your CRM CRM and you, you set a time to follow up with them. And every day you time block for lead follow up. A is appointments. These are buyer consultations and seller consultations. This is earning new business. This is not any other kind of appointment. This is not showing homes or attending an inspection or anything like that. This is just sitting down with a buyer that's not represented or a seller that's not represented in earning their business. That's a appointments. N is negotiations. So not appraisal negotiations, not inspection repair negotiations is getting a buyer under contract, getting a seller under contract for the first time, right? So you're working with a buyer, you get them under contract, you're working with a seller, you get them under contract. That is n negotiations, you're negotiating those deals. And S is systems. A business is a system of systems. That's all that it is. And your ability to grow your sales and scale your business depends on the systems you put in place. So everything you do more than once a month is a system. So your, your buyer consultation system, your buyer packets, listing packets, pre list packets, the way you do market evaluations on listings, the way you enter listings into mls, the way you do your marketing activities, your social media, everything you could think of in business is a system of systems. So S is systems. So P L, A N S and you will win the game. The fourth thing that you must do in order to crush your real estate sales goals and scale your business is you have to delegate the 80% of what an agent, tradition agent does. You have to delegate it or automate it or stop doing it, just delete it. This is where most agents fail to grow their income. And not increase their net worth and have little to show for their efforts in real estate because they're not really getting things off their plate. They think they have to do it all. They think the job of a real estate agent is to put up a sign in a yard, put a lockbox on a door, design a brochure, print the brochure, run it to the house, grab that, check at the attorney, enter the listing into mls, take photos of a property. Right. I can go on and on about all the marketing coordination, listing coordination, closing coordination, and really the business administrative activities that you do all day long. You have to delegate those. A series of delegations so you can elevate. It's delegate and elevate, delegate and elevate. And this is like building a muscle. It's not going to come all at once. The great thing as I'm recording this video is that we're in a very uncertain time in real estate. So many agents will get out of the business and there will be great licensed real estate agents that are better administrators. They're not going to survive this squirrel swirly market that we're in. And you can pick them up and they can do the things that aren't making you the kind of money that you want to make. Right. If you want to make 500 an hour, you can't do anything under 50 per hour. Right. So think of all the things that you can hire someone to do for under even $25 an hour in most metro markets. So hopefully this didn't shatter your mind to the point where you throw your arms up in the air. There is a way to go about this. I definitely didn't do all of this, this perfectly. You know, when I was sort of failing forward and I was growing my business and I was learning new things and making all the mistakes you can possibly make in terms of growing a business. I didn't come from a business building background. I had never marketed anything before. I had never done face to face sales before. But I was willing to bet on myself and I was determined to grow. And I know that we get paid a lot of money as real estate agents and we could provide a better service if we just break down the functions of a real estate agent into different roles and get someone better than you doing the things that really you shouldn't be doing if you want to make serious money in real estate. So if you're at the point in your journey where you know there's another level to your income, to your number of homes you sell, stop working evenings and weekends. Let's have a conversation. All I can offer you is a free business growth assessment. This is a conversation with our business growth specialist where you'll break down exactly where you are today, exactly where you envision. Right. Vision Begin with the end in mind. Vision about where you want to be in the future and what's holding you back. What have you tried? What are the obstacles you think are going to get in the way? Is it fear, uncertainty, or doubt? Are there things that you just think you can't do? And if we're going to work together, if we're a good fit, we'll have a conversation about it. If not, it's totally cool. So click on the description, the link in the description below, or go to rebsgrowthassessment.com we'll see you over there. And we'll see you on the next video.