You’re a new REALTOR®, congratulations.
The Bad News: NAR Success Statistics
Let’s get the bad news out of the way fast. NAR statistics for first-year REALTOR® success are abysmal. According to the National Association of REALTORS®, the likelihood of a newly licensed Realtor still being in the business one or two years later hovers around the 10% mark. The simple math tells us that one out of every ten newly licensed agents will actually make it.
So how do we get you, Mr. New Realtor, in to that successful 10%? Here are FOUR things to consider.
ONE: Raising the Bar
You intend to be in the successful 10%, right? If so, you must work smarter and harder than the 90%.
The real estate community wants you to be better. The real estate community wants you to have game. The real estate community is not fond of Realtors who have no traction.
Traction in real estate equals current clients, a pipeline of clients, and ultimately, a consistently higher number of free referrals from past clients.
Simple. You work on clients and traction, your broker works with you on contracts and process. If you have no traction, the real estate community is just waiting for you to fall out and return to your previous profession. Say yes to working really hard at your newly chosen profession. Say yes to being a NAR success statistic. Say yes to raising the bar on your new profession.
TWO: Finding Business
Real estate school taught you the legalities. Contract, ethics, finance, legal etc. They taught you how to DEAL with business. School does not teach you how to FIND business. Focus on FINDING business.
A note on getting started: we want you gaining TRACTION before you really know what you’re doing. There is a life lesson is this somewhere but in real estate, if you wait to get started with your first client, if you wait until everything is perfect and you feel super prepared and your knowledge base super ramped up, you’ll be too late. We call this the getting-ready-to-get-ready-syndrome.
You must get started fast. Your broker will / should help you with your first few clients (if not, you’re either not plugging in or you’re with the wrong broker). Your job is to go get clients quickly.
You have to want to be here. Nothing more of a buzz kill than someone at the party who doesn’t really want to be at the party. If you fail the I-really-want-to-be-here test, then you will serve yourself, your clients (if you have them), your bank account, your family and the real estate community best by getting out now. The faster you succeed or the faster you get on with your life, the better.
So get all in or get out. Either way, you win.
So “choosing” means you’re in, you’re all in, you’re in it to win it, you’re saying yes to this new and amazing chapter of your life and going back to what you were doing is not really an option. Choose. Choose today.
Buzz kill … hobby REALTORS®. Ugh. I do not train hobby Realtors. Hobby Realtors are transactional Realtors and the broker can help with that.
I train full-time Realtors to be good business professionals, to run businesses. I train Realtors to represent the realtor community at a high level. I train Realtors to help them change their lives. I train Realtors to help them win raving fans. I train Realtors to increase the professional collective standards of what it means to be part of this community. As we have an obligation to our fellow professionals to uphold our industry, we have a substantially larger obligation to the public and the public trust to be consummate professionals. Anyone who is taking this lightly should hand in their license.
Anyone who takes this lightly is forgetting the Realtor Code of Ethics. For most people, a real estate transaction represents the largest financial transaction of their lives. I have often thought it should be harder to get a real estate license. The enormity of what we do with a buyer or seller, the amount of money involved, the legality of that contract and that deed and that title, the estate, the investment, the financial plan, the life event be it a marriage, a divorce, a new child, an estate, a move-up, a size-down … it’s hugely significant.