6 Months without a sale. Tough ugh?
Back in 2012, my first year as a real estate entrepreneur was stressing.
-I will let all the people I know I am in real estate, all of them will start investing with me.
What a naive idea!
I was wrong.
My first transactions were not with friends or family.
Were with others who trusted me while I was learning.
It is not funny, it is not what I’ve planned.
And when in this situation your mind is weak.
You start paying attention to all the gurus that promise to save you.
– Mail this and sellers will start begging to sell their property!
– Call Confidence Seminar
– Ugly yellow signs
– Join our brokerage, pay for our training, get leads.
– Be a millionaire flipping houses
And I could continue the list forever.
Clarity came to me when I did myself this question:
If they know how to make that much money with real estate, why are they selling seminars?
All the gurus will tell you: I had a calling to help fellow agents.
God himself came down and told me in a loud firm voice…
“Help this poor souls… take their money and teach them how to cold call…. Let them be human spammers….”
But reality if far from a calling from God.
They identified real estate agents as a huge money making opportunity.
Thousands and thousands of confused persons in need of that magic bullet that will save them.
After spending thousands of dollars on self-proclaimed gurus I knew, I had to do something different.
If I do the same all the other agents do, there is no benefit for a client to work with me.
If my company is the same as other brokerages, why would agent to join mine?
My journey got into reading, learning about human connection, talking to clients, other independent brokers and business owners.
Collecting all their experience and mine to make the best of it.
Result: I applied my project management experience to real estate. Each transaction in the office is a project. We have a project manager, to-dos, communication touch points, negotiation stages, due dates, etc.
Working like this produced consistent favorable results.
Clients coming back and sending their friends and family.
Agents taking advantage of my previous experience getting same results without going through the pain.
Today, 94% of my business is referrals with multiple transactions per month.
But don’t get me wrong, real estate is cyclical.
You have to be prepared for the ups and downs. Summer, Fall, Holiday Season.
Don’t be naive like I was.
If your goal is to get into real estate full time, plan ahead.
Separate at least a year of living expenses and be willing to eat them.
Once you start producing, continue to top this year or more of savings and keep it there.
Or just keep doing it part-time. Just make sure you have a system to work it out and serve your client well.
For instance, one of my part-time agents, closed 5 transactions in 2017 and 4 so far this year using our transaction engine program. Clients keep calling him for more.
Worrying about when your next commission check is coming is a stinky way to live.
Prepare for your transition to real estate.
It may take a few years to save the money to start or may be just do it part-time