Are You FAT Enough?
Yes, you read that correctly. We must be FAT if we expect any chance at all in succeeding in this industry. This applies to all of us, but especially to “newbie” agents. Do you think you have the FAT that it takes?
While I may have a bit of built-in “fat”, it’s not the type of FAT needed. I’m referring to 3 key characteristics required if we expect to make a decent living and to succeed with longevity in this lucrative business. This very simple self-analysis will help you determine whether you can make it, or not. Are you FAT enough?
F – Are you FLEXIBLE?
Flexibility in your overall ideals, but also flexible about how many hours you plan to allocate to working on your business. You may need a reality check once you learn the truth about this business. Starting out and succeeding in real estate is not a quick or easy task. It takes a solid 6-9 months of income stashed away, and hard work on a CONSISTENT AND DAILY basis. Making contacts with your sphere, past clients, and future “leads” will require daily CALLS at least 5 days a week. That’s EVERY WEEK…FOREVER. The biggest reason for failure in this business is not saving enough cash to launch your business full-time, and not consistently completing the tasks required every day that will generate your income in 3-6 months. I’ve seen it happen time and time again. New agents are excited at first, they wrangle up a few clients and get showing and listing a property, and then they stop making the calls and new contacts thinking life is grand with potential commissions coming in. If you learn one thing from this article, please take away the fact that you can never stop calling and making contacts unless you want your future in this business to be very short lived.
Flexibility in your mindset! Real estate is a cyclical business. We have 3 playing fields; a seller’s market, buyer’s market, and an even market. We have been enjoying a sellers marketing for the past several years, and many markets are currently now seeing a slight shift with prices still relatively high, but property sitting on the market a bit longer. National real estate and financial experts anticipate that we could see a slow transition into a buyers market nationwide by 2020. This is a GOOD thing. The sky is not falling! The market needs to shift and plateau to keep it healthy. I was a newbie agent at the beginning of the big market crash. In my first year as an agent, I was showing primarily foreclosed homes. This transitioned into short sales and more foreclosures and many agents jumped ship and found “normal” jobs. Instead, I jumped IN, seeking knowledge and education about foreclosures and the short sale process. Selling short sales and foreclosures became my primary business and every year that we sank deeper into the “crash”, the more business I closed year after year. Flex with the market by adjusting your mindset and education for optimum success.
A- Are you ACCESSIBLE?
Accessible to accommodate potential and current client needs. We hear the big producers telling us to only work 8-5, 5 days a week. This model only works once you have a solid book of business and you’re rarely working with buyers. As a listing agent, this model is much easier to enforce. However, most of us start in the business working with BUYERS. I’ve been in this business for 14 years and I can count on 3 fingers the number of clients I’ve had that could accommodate appointments between 8-5, M-F. Plan to Flex your schedule and be realistic. We are self- employed. We must put in the work if we want to deposit those paychecks. There’s a reason most agents push to obtain lots of listings. We can take on 4+ sellers to every 1 buyer, simply based on the hours needed in any 24-hour period. Buyers require LOTS more time. However, many buyers are sellers too! Never forget our motto and do all you can to strive for it… You have to List to Last!
Accessible to your own intimate personality make up. What makes you who you are? Why do you have certain thoughts? Why do some people rub you the wrong way and with others you feel an immediate connection? What experience from your past is holding you back? Do you even realize you have deep-seated limited beliefs? To be a successful entrepreneur, we have to dig deep…deeper than you ever thought possible and work on erasing negative broken record(s) in your mind, and then recording new positive and limitless affirmations. Digging this deep might be painful, but the rewards for eradicating that negativity will affect every aspect of your life (personal and professional), and it will allow you to launch your path to true unlimited success!
We really can achieve greatness in anything if we believe we can!
T- Are you TEACHABLE?
Teachable in your ability to remain open to learning best practices, implementing those on a consistent basis, and never stop seeking to learn more. Attending training classes, conferences, and hiring a coach will be time and money wasted if you fail to take action and implement what you’ve learned. Sitting in classes, obtaining CE’s, and certifications are 100% meaningless if you don’t act on the new knowledge and use it in your daily business. The knowledge has to be used and shared to keep the skill sharpened.
Teachable in seeking knowledge and education constantly in this business and embrace change… this is an ever-changing business and you need to seek resources and knowledge necessary to stay in the game. Get ready to step out of your comfort zone. Observe what successful agents are doing around you. Seek a broker who enjoys teaching and is available for consultation, ask questions, take notes, pay attention, be humble and request to be mentored. The Lab Coat Agent Group is one of the most valuable resources you will find anywhere. (I can say that after 14 years of seeking knowledge “everywhere”.) Engage in the live videos or at min. watch the replays… again take notes, post your questions, attend the live events if at all possible. Not only will you gain knowledge that will help you hit your career out of the park, but also you will meet invaluable friends and colleagues. Finally, share, share, and share what you’ve learned along the way. This is how we lift up our profession and hold ourselves to higher levels.
This is a fantastic, fun, rewarding, and challenging business! Enjoy the adventure and get out there and become FAT!
THE LCA BLOG
Weekly articles that cover every aspect of the real estate industry, growing your business, personal development & so much more.
92% of consumers trust a referral from someone they know. In 2021, 68% of home sellers noted their real estate agent was a direct referral from family or friends. This is good news for agents as referred customers have a nearly 30% higher conversion rate than typical lead gen sources which historically return a mere […]
Why is a routine so important? As a real estate agent, you’re a business owner. You are in control of what happens to your business. Which is why establishing a consistent routine is crucial to making sure you do the right activities at the right time. Having a routine helps create positive daily habits that […]
A CRM is more than just a list of contacts. The data gathered from your transactions will assist you in running a more efficient and lucrative business. If you aren’t using a CRM to its fullest potential, here are 5 rules that will help you develop your business in a goldmine: Create a solid database. […]