After watching HGTV for years on end, I became fascinated with the world of real estate. And what person is more important to the world of Real Estate than a Real Estate Agent? “Sold” by David Greene is a behind-the-scenes look into the life of a superstar real estate agent. After reading this book, I have a newfound respect for what these agents go through on a daily basis.
I never knew how much of a business being a real estate agent was. Each real estate agent is essentially running their own business. They track contacts along a sales funnel. They even have their websites that attach to the MLS system to present technical information to their clients.
As I start my own business, I realize that social media is becoming crucial to almost all endeavors. As a real estate agent, you will have to contact leads in as many ways as possible. You will have to give clients presentations, create videos on homes, host open houses, and walk door-to-door. If you think that a real estate agent can hide behind a desk, you are sadly mistaken.
I have many friends who were Marine Corps Recruiters, and the world of real estate reminds me of this high-stress/high reward world. The author does an excellent job of giving us systems to help relieve stress by using performance metrics. If new agents can learn how to create and operate on their schedules, they will be successful. With that, let’s get into my takeaways.
1) Most people get into real estate to escape having a boss. In real estate, you give up one boss, but you gain many. Each client is your boss. However, by showing your confidence and knowledge, you will be able to “control” the situations more fluidly. If you let the client be entirely in control, you will always be behind the power curve.
2) Only deal with motivated clients. You will be doing a lot of work for your clients. Not all clients are ready to buy. You have to ask your clients directly how motivated they are to buy or sell. If their motivation does not match yours, then you can put them into a “low contact” program until they are ready to make a move.
3) Use your systems to continue contacting people. Once you make contact with someone, you will need to move them along your sales funnel. Using your techniques, you can write what you talked about the last time you spoke with a person. That way, you can start the next conversion off where you left off.
4) Moving contacts along your sale funnel is the most critical job of a real estate agent. The sales funnels are People–Leads–Clients–Contacts–Sales. Selling a house is the only way to get paid. The more people you convert into leads, the more opportunities you have to convert to clients. That way, real estate agents are always meeting new people and asking for referrals. Their whole job is to move people along the sales funnel.
5) Be careful of burnout. Burnout is possible for any occupation. However, it is especially prevalent among real estate agents. Real estate agents are always “turned on.” There is never a separation between work and home. Everyone you meet is a potential lead. When you start noticing yourself not wanting to take on new leads, you may be experiencing burnout.
Being a real estate agent comes down to overcoming your fear of people and rejection, extreme time management, and running a business. Most people have a fear of public speaking and rejection. That is the first obstacle to overcome as a real estate agent. You will be going door-to-door, hosting open houses, and attending large events to generate leads. There is no time for fear.
Time management is what gets most real estate agents in trouble. You should always focus on tasks that directly lead to generating leads, thus making you money. Like a standard earned income job, there are tasks to do that are just busywork. In real estate, doing those things is keeping you from making money.
Finally, being a real estate agent is running a business. You will need to hire people to conduct some of the more tedious tasks. Your main job is converting people into leads. Once they are in the sales funnel, your team can help you move them along the funnel. You are the star player, though, and will need to always be on the lookout for new people to turn into leads.
Real Estate agents live in a fascinating world that I never knew was so complicated. I have bought three homes and never knew how “crazy” this world was. On the one hand, it needs to be extremely disciplined to get things accomplished. On the other hand, it is free-flowing and random. It is a world that I would love to get involved in if I was twenty years younger.
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https://www.pinterest.com/kingmarine/military-family-investing/Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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