You’re a new REALTOR®, congratulations. It’s a race.
What if the success quotient, the key to who stays and who doesn’t, was speed? What if speed was the number one indicator of a first year agent’s success? What if the key was simply who found clients quickly? And then more clients quickly? This is my argument … that the key to your success is gaining clients and a pipeline quickly. It’s a race.
Race #1: Your Psyche
It’s a race because of your psyche. I have trained hundreds and hundreds of first year agents. Gaining a few clients quickly will do more for your psyche than the best self-help book out there.
How long did it take you to get your license? How long had you been thinking about it before you even took your license classes? How long did it take you to really decide to take this step toward a new profession? And how much money have you spent in that process?
Your brain is ready. Your brain has been working towards this for a long time. Your brain NEEDS a client quickly. It’s your reticular activating system, your RAS … it’s when your brain is actively searching for the information or experience to fill the gap. It’s the same thing as researching that blue Mini Cooper that you so desire and all of a sudden seeing them everywhere around town. Your RAS was looking for them. Your RAS needs a client quickly or it will start creating some noise between your ears.
It’s a race.
Race #2: 60-90 Days
It’s a race because everything in this business is 60-90 days out. And that is a fast client.
The majority of leads that show up will be much further down the road. Your cousin’s friend who is probably moving to town next summer. The neighbor whose elderly mother is declining. The investor who intends to purchase two properties sometime this year. Your friends with two kids and one on the way and they’re still in their starter home. The family about to put two kids through the local university. Your PhD-candidate friends who will most likely be moving next year. This is what a pipeline looks like.
So how is your financial cushion? If you’re one of the lucky ones where this is not an issue, see race #1 and #4. If you’re like the majority of folks where having a paycheck in 60-90 days not only makes sense, it makes how-am-I-paying-my-bills-and-not-tapping-too-far-in-to-my-savings sense, then it’s really a race.
It’s a race.
Race #3: Your Bank Account
It’s a race because of your bank account.
You can certainly get varying opinions on this topic. 4-month cushion. 6-month cushion. 9-month cushion. I lean toward the 6-month cushion and here’s why. Two months reserve can be gone in a nanosecond … let’s just agree that time flies and that you can get sucked in to the learning & ramp-up portion of this business (avoid the getting-ready-to-get-ready syndrome).
Whatever your cushion, just subtract 2 months to make room for error. So if you have a 6-month cushion, treat it like it’s a 4-month cushion and 2 months can get away easily and it’s 60-90 days out for any given client … I think you get the picture.
Assume that time will fly faster than you think.
It’s a race.
Race #4: Confidence
It’s a race because you’ll gain skills and confidence by doing. I have seen this time and time and time again, you will gain infinitely more confidence faster by doing than you will in the classroom. Gary Keller, founder of Keller Williams Realty, says this quite succinctly when he says “fail faster.” Get out of your head and into action.
It’s a race.
Race #5: Nothing
You may be fabulous with people, a great listener, an exceptional advocate, a 20-year marketing professional, super smart, super detailed, organized, a market expert, maybe you’ve been a mortgage professional or designer or builder for 10 years … you’re awesome, you’ve got game, you’ve got skills. And without a client or 3 or 5 and a pipeline of potential clients, you have nothing. Nothing.
Can we agree that you intend to have a paycheck, earn commission, be profitable? Right. This is really simple … CLIENTS QUICKLY.
It’s a race. Treat it like a race, get there faster than everyone else.