I am not a top Realtor in my market, nor am I seasoned veteran. However, I am finally at a point where I understand the business of real estate and its complex, ever challenging nature. Real estate is not a career for people with limited resources.
Starting a real estate career is no different than starting a new business. The main reason that small business start ups fail is lack of proper funding and resources.
I have looked at the careers of several highly successful agents and have found some common threads.
Many of them were rooky of the year when they started.
Most of them had “sponsorship” from someone who was in a position to help them build their success. By sponsorship I mean that there was a person of influence who could essentially feed them a continuous pool of clients. It might be a family member who worked at a corporation that was moving employees to the area, a broker in charge who was giving them relocation clients, a parent or family member who brought them in under their real estate team, a large center of influence that was singing their praises, a builder who gave them an on-site agent position….enough said.
Real estate is no different than corporate America in this regard. The people at the top get there by using their network and advantages to climb the ladder. Don’t think that people with sponsorship are any more talented or capable than you are.
Longevity is key and success is built over time.
So, am I writing this to discourage those who do not have ‘sponsorship”? …No. I want to encourage you to be realistic and smart about growing your real estate business.
Here are the top 12 things that I have learned about building a real estate career:
- Slow and steady may be the only way to win the race.
- It is more likely going to be like any other small business; 5 years until real profitability.
- Those with sponsorship will get the breaks. If you have it; use it, if you don’t; expect a slower path to success.
- You must invest wisely in yourself and your business.
- You must distinguish yourself among the competition.
- You need the total package: talent, skill, knowledge, drive, resources (develop all).
- You must listen and respond to changes in the industry.
- You must be on the cutting edge.
- Work at a brokerage that treats you with respect and is equally invested in you.
- Associate yourself with a winning team.
- Set attainable goals realizing that most successful agents are usually the ones who have been at it the longest.
- Have your own unique measure of achievement and find enjoyment in every bit of it.
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