Many of you know my story… I’m an immigrant from Italy that came to America barely speaking any English and now, the leader of the 88th largest real estate broker in America. In the last 6 years, we’ve grown from the trunk of my car to #3 in the DFW marketplace and #88 in the nation. When I created JP & Associates REALTORS I wanted to provide a solution for top producing agents and teams, I wanted to create a culture of productivity and service, I wanted to help others overcome the 7 things I wish my broker had told me along the way:
What do you need to know as an Agent?
First, the conclusion… instant success is very rare. I’ve learned there are simply no shortcuts on the road to success in real estate. It takes hard work dedication and what I call the “7 S’s” of success. (More on the 7 S’s in a later blog post). Yet I’ve also learned there are no speed limits either, you can move as fast as you can, and no one is going to stop you. Success is never owned it’s only rented. And in real estate sales, the rent is DUE every day!
Second, don’t confuse being an independent contractor with being the CEO of your own business. It’s true you are an independent contractor; however, that does not mean you’re free to do whatever you please. I wish my broker had told me, being the CEO of your own business… that happens when you unite your talent with your leadership skills. Understanding where you are now; creating an action plan to eliminate gaps; developing systems, structure, and process for your business and having the mental disciplines to win is what separates the rich from the rest.
Third, the job of ALL marketing and social campaigns is to generate appointments that lead to signed contracts, period. When I was selling full time, my sole objective was to participate in activities and marketing that led to signed contracts. Everything else was secondary. That means assertive networking, self-promotion and relationship building.
Fourth, generalist struggle while specialists thrive. Meaning create a niche for yourself. I see so many of you trying to be all things to all people. “I’ll go anywhere!” Really? Why? Because you are so afraid of where the next deal comes from. Develop your brand so you are known for something… “the condo queen,” the “luxury home specialist,” the “relocating executive expert,” the “investment hub for doctors, lawyers and other professionals.” Be known for something, not everything. Stay in your lane… if you get a commercial deal refer that to a specialist; you get a short sale lead refer that to an expert; you have lead for farm and ranch refer that to the folks that know “the dirt.” Going outside your expertise is the fastest way to disaster in your business.
Fifth, I quickly learned that when I help people achieve their goals it’s easier for me to achieve mine. I never approached a potential customer with how much commission I could make. I always served my potential customer with what they needed. Once I understood the importance of allowing people to make their own choices in finding a place to live my business changed. I learned to become the HUB, the local area expert and my brand stood out as the go-to guy.
Sixth, I wish my broker has told me that my colleagues could be both good friends and tough competitors. No one owns the business – not them and not you. It’s the only job you wake up each day unemployed.
Seventh, I wish I’d known the fact that everything in real estate stays the same, yet everything changes. Typically, in 90-day cycles. Every day you will be presented with challenges and opportunities to stay ahead of technology and the industry. Without a well-defined business plan, a strategy and a process to evaluate that strategy you will be whipped around by the forces to be vs. building a business by design.
What to do next?
At the end of the day, decide what you want; create a compelling reason why you want it; find an accountability partner; stay committed vs just interested; execute your plan with passion; remain flexible yet focused and finally celebrate the small wins along the way. I’d leave you with the exercise, with this action plan for today:
Think about what the next 5 years, the next 10 years look like for you. When you stand there and look back at today, who do YOU NEED TO BE to make that happen? Go BE that person today! At JP & Associates Realtors, we are here to encourage, support and celebrate your journey.