Every day new agents join real estate in hopes of striking it rich, making a boatload of money, and enjoying vacations on a beach, living the life they always dreamed of. Inspired by the stories of real estate millionaires, the new agents dive in headfirst and prepare for the exam to get their real estate licence.
However, the truth is that it takes more than just a licence to guarantee your success in real estate. You might see the few agents who are successful, but what you don’t know is that there are thousands of agents who are washed out of the industry because they can’t make enough money.
What differentiates great agents from good ones is their knowledge, discipline and the attitude with which they approach the business. It’s all about how you approach things. As an agent, you don’t have to reinvent the wheel. Just take a look at what successful agents are doing and adopt those golden rules.
I have worked with many, many real estate agents over the years. I have seen some of them not just survive but thrive in markets which other agents said were terrible. There were also those who were working in great markets but were terrible. From my experience, I have identified 5 habits of successful real estate agents which play a huge role in their professional success:
1. They don’t play blame game
“Excuses are the nails used to build a house of failure.” – Don Wilder
There are two types of real estate agents. Those who complain and those who don’t. Unfortunately, the majority of agents love complaining about the how bad the market is, how terrible their clients are, how there is so much competition in their area, and so on. These are reactive people who love hiding their lack of success behind excuses, but the truth is that they are just lying to themselves. They focus on things which they have no control over. What they can do is find a solution to those challenges instead of dwelling on them.
Successful real estate agents don’t play the blame game. They don’t blame market, competition, clients, or governments. They aren’t reactive but proactive. They would rather focus their energies on what they can do to overcome the challenges rather than complain about problems. They make this part of their mindset so even when they are working with clients and there is a problem, they don’t lose their shit and focus on coming up with a solution rather than giving up and disappointing their customers.
2. They are not afraid of failure
“You miss 100% of the shots you don’t take.” – Wayne Gretzky
You can’t work in sales business without getting rejected. That’s the truth because not everybody would be interested in who you are or the services you offer. Even if they are interested in buying or selling a property, there are 101 reasons that your clients might not want to work with you.
But it’s not personal. Your clients don’t have a vendetta against you. They are actually doing you a favor by letting you know so you can spend more time working with people who want to work with you.
Unfortunately, majority of agents deal with rejection pretty badly. If they are door-knocking, cold-calling or networking with clients and they get rejected, they develop a fear of failure and because of that fear they stop prospecting (but still have the audacity to complain about how bad the market is).
Successful real estate agents take a different approach. They take rejections in a stride and keep going. The stumble from one failure to another without losing focus of their goal which is helping clients and making money. With each subsequent rejection, they come closer to the deal which will make them money.
3. They set achievable goals
“A goal without a plan is just a wish.” – Antoine de Saint-Exupéry
You can’t measure your success if you can’t track it. Setting goals is very, very important for agents because goals are like a destination, if you know your destination then you can take the right route to get there. If you don’t have a destination, then you are lost. Moreover, your work would be meaningless.
One of the habits of successful real estate agents is setting SMART goals. What do we mean by SMART? It means your goals needs to be:
S – Specific
It can’t be you want to be filthy rich or close a lot of deals
M – Measurable
It needs to be countable – How much money, how many deals?
A – Achievable
You can’t have a goal like making a million dollars in a year. You need to set a goal which you can achieve.
R – Relevant
No, your goal can’t be to become the President of your country if you are working in real estate. It needs to be relevant to your field and your strengths.
T – Time Bound
A goal is only useful if it is achieved within a particular timeframe. Make sure you create a timeline for what you want to achieve and by when.
Setting SMART goals is intricately linked with habit # 1 in this blog, which is being proactive rather than reactive. Successful real estate agents know what they want, and they don’t lose sight of their goals no matter what kind of challenge they are facing. If you are a new agent, the first thing you need to do is to plan your business and set goals for yourself. You can use our amazing business planning software, which is totally free, to do this!
4. They think win-win
“It’s better to give away the wool than the sheep.” – Proverb
Whether you are working in a team or solo, your success in real estate is defined by your personal sphere of influence, the people you know who can help you generate more business. Sure, the other agents in your brokerage can compete with you for business, but they can also help you get more business. It’s all about attitude.
If you can help people achieve their goals, they will help you do the same. I have seen some really successful agents host open houses for other agents. They got the exposure they needed at the open houses, the other agent spent that time on working with another client, and it worked out perfectly for both of them. Also, when they negotiated on behalf of their client, they didn’t try to gouge out the other party but focused on orchestrating win-win outcomes which helped both parties achieve their goals.
5. They provide value
“There is no sale without the story; no knockout without the setup.” – Gary Vaynerchuk
When you prospect for new business, not every homeowner would be looking to sell their house and not everyone is in position to buy one either. It’s a big decision and one that nobody makes lightly. Moreover, they won’t just trust anyone with that. One of the habits of successful real estate agents that differentiates them from masses is that they provide value. They help their clients before they become their clients. This can be market updates, property appraisal, real estate education, answering their questions or simply building a good relationship with the prospects.
There is an amazing book called “Jab, Jab, Jab, Right Hook” by Gary Vaynerchuk which is focused on strategy in getting people to respond to you. The message in that book is you, as a marketer, are working to sell your services but your clients actually want value. If you try to sell them, they will just ignore you. However, if you help them once, twice, or thrice, then you can ask for something in return and you will be pleasantly surprised to find that people will be more open to you. It’s because you have built some trust in your relationship with client and they know that you took the effort to help them.
Here’s an amazing video on the concept of Jab, Jab, Right Hook by FightMediocrity that you can watch and benefit from: