Real Estate ranks among the most rewarding, and potentially lucrative, professions. Yet, according to the National Association of Realtors, the median gross income (before expenses and taxes) was a paltry $49,700 in 2019.
So what it is that sets the bottom 10% of real estate agents that make less than $23,000 per year from the top 10% that makes $110,000 and up?
If you have your sights set on becoming a Top Producing Real Estate Agent, this guide is the perfect starting point. Any agent serious about taking their business to the next level needs to first start with a solid foundation to build on.
Read on to learn more about the top ten commitments that EVERY real estate agent should make in 2021 and beyond…
1. Frequently Revisit Your Business Plan
Don’t have a business plan? Get one!
Those who fail to plan, plan to fail. Business plans bring everything about your mission, vision, values, beliefs, and goals together under one roof. They lay the foundational plan you will execute to achieve long and short-term milestones, acting as the ‘game plan’ and guide to help you from where you are now, to where you want to be.
But just like a living creature, your business plan will need to evolve and adapt over time. Fluctuating market conditions, the evolving competitor landscape and more will all need to be accounted for.
Use this plan as a roadmap, and to hold yourself accountable.
2. Be Willing to Invest in Yourself AND your Business
Be willing to invest in what you believe in. We’re not just talking about monetary investment here. You need to commit, investing time, energy, resources, dedication and passion into your career. Only then can you truly reach your potential.
Beyond that, investing in education, coaching and consulting are all critical components of a thriving real estate business, and ensure you and your business remain agile and competitive no matter if the market goes up, down or sideways.
3. Your Health IS your Wealth
There’s one thing that even money and success can’t buy you; your health. In today’s fast-paced world of “go go go”, we often don’t take time to care for our own mental, physical and spiritual well-being. Working hard is ok. Working yourself to death is not.
Neglecting your health might not catch up to you today, but eventually it will. At best you’ll lose productivity and focus while incurring some serious medical bills and restrictions. At worst, you’ll end up dead. Do yourself a favor and put yourself first so that you can be 100% for your business and clients for decades to come.
Find it hard to balance work and health? You’re not alone. Consider working on ONE single aspect at a time. Be it diet, getting more sleep, one medication session per day, or exercise. Rome wasn’t built in a day, and neither was that gut from all the fast food you’ve been eating on the go. Take it one step at a time.
4. Keep Your Chin Up: why having a positive attitude matters
Having a positive attitude is one of the best assets there is. Best of all, its something that you can control. You have the power to act or react to situations with a ‘negative Nancy’ attitude, or a ‘take charge and get it done with a smile on your face’ attitude. The choice is yours.
But having a positive attitude goes well beyond just how you see the world and how others see YOU.
According to the world-renowned Mayo Clinic, research has consistently shown that those with a positive attitude:
- Live longer healthier lives
- Make and have better connections with people
- Have lower rates of depression and reduced anxiety
- Have reduced risk of cardiovascular disease and death
- Exhibit better coping skills in stressful situations
5. Make a Schedule and Stick to It
Time is one of the few resources we can’t make more of. Ensure you’re getting the most out of every workday by creating a well-thought-out schedule and stick to it.
Take time to prioritize business activities, and optimize your schedule around the times of day you perform best for that given role.
For example, do you feel more energized in the afternoons? Schedule your prospecting, sales calls and new client meetings during those times.
6. Always Keep it Professional
There is a time for business and a time for pleasure. Rarely do the two mix well. Like oil and water, your personal life and your professional life should have some well-established boundaries.
This doesn’t mean that you can’t or shouldn’t have fun and build incredible business relationships with your clients and others in the industry. What it does mean is that your professional and personal life should be balanced, with each given it’s own time individually.
Those who fail to apply this rule often find clients calling them during family time, working at the dinner table, or that clients or other professionals take advantage of a ‘friendship’.
7. Stay Level Headed no Matter How Rocky the Boat
The world of real estate can be grueling, competitive, and even downright cutthroat in some markets. Whether dealing with another agent, home inspector, bank or client, keep your emotions in check. A clear head will help you keep your eye on the prize, and to come up with sound solutions based on logic, not kneejerk reactions that can dig you into an even deeper hole.
8. Become a Sales Savant
Sales makes the world go round and the money machines printing. Every aspect of your life probably involves some type of sales or negotiation. From asking a significant other out on a first date, to the deal table with a client, sales is your best friend.
Becoming a top-selling real estate agent requires a mastery of sales that takes time, focus and practice. Dedicate yourself to this craft, and reap the rewards for a lifetime.
9. Stop Ignoring Your Coach
Every pro athlete has a coach. So do the best real estate agents. If you don’t have one, get one. If you have one, start taking notes and putting their advice into action.
The right coach is there to provide an outside perspective, alternative thought processes, innovative solutions, and more. But all of that is useless if you don’t actually LISTEN to what they say, and more importantly, actually implement it.
At the end of the day, no one can do it for you. Like the old saying goes, “you can lead a horse to water, but you can’t make it drink.”
10. Put In the Hours
The road to success is lined with thousands who gave up or thought they could fine a shortcut. Turns out, there is something to be said about rolling up your sleeves and simply putting in the hours. You might not have the most money, best looks, fanciest car, or a brilliant mind (although you could have all of those things), but what you do have is work ethic.
Like Will Smith said (we’re paraphrasing), “If you put me on a treadmill next to the competition, I’ll either die of a heart attack, or win. But I’m not getting off of that treadmill. You won’t outwork me.”
BUT MOST IMPORTANT OF ALL
Always. Always, do right by your clients no matter what
No matter what, always put your clients first. Every aspect of your business should be based on how you can better serve your clients and other partners. When you do right by other people, they do right by you.