When it comes to your real estate career, you’ve probably heard the saying, “It’s the rich and the rest.” And when we look at MLS data from 2021, it’s hard to deny that there’s some truth to it.
When just 25% of all agents are handling nearly 75% of the transactions, it really is survival of the fittest. You cannot make a living as an agent in the bottom 50%. But before we go all crazy throwing new strategies at the wall, let’s slow down, take a breath, and think about why we got into this business and if it’s really worth it.
Yeah… that’s right. It’s time to get super real with yourself.Because there’s no point in continuing to tread water if you’re not actually getting anywhere. I have four questions that you need to ask yourself TODAY, which just might determine the future of your real estate career.
Real Estate Career Question 1: Do You See Trends Changing Anytime Soon?
And by the trends, I’m talking about well-trained teams and top listing agents dominating the entire market. As someone who studies the trends over time, I gotta say, I don’t think so. And I say it’s a good thing.
The top 25% should be servicing ALL of the consumers, because those consumers deserve a better experience. The agents who give the best experience will be the ones who dominate their markets and get into that 25%, but this leaves no room for hobbyists or those who aren’t fully committed.
But that’s just my opinion, and we’re talking about what you think here…
Real Estate Career Question 2: Where Do You Rank Today?
I don’t need to ask if you’re in the top 25% of agents, because those agents always know where they stand. They know the distance between where they are and where they’re going in their real estate career. But do you? But do you?
It’s important to be really honest with yourself here and only look at the facts. And here’s a little bonus question for you: Why is this where you rank?
If you’re doing well, what did it take for you to get there? If you’re falling behind, then why? What was more important to you?
Real Estate Career Question 3: Where Do You Want to Rank?
And I mean really…
So many people say that they want to be millionaires, but are they really willing to do what’s required? And more importantly, are you? Think about this in three stages… Where do you want to rank in…
- One year?
- Five years?
- By the end of your real estate career?
This isn’t a fun dreaming exercise. You need to stand in the place that you are now and look at where you want to go from that distance, because there is probably a lot of ground between those two points. If you’d be happy with just barely getting into that upper 25%, that’s fine – you just need to be honest about it.
Then, get really clear on WHY this goal is important to you. When you put meaning behind your objectives, you’ll reach them a lot faster.
Here’s one more little secret… The way I see it, in this business, you’re either ascending or you’re on your way out. Which way are you headed?
Real Estate Career Question 4: Where Do You Need Help or Guidance?
As we’ve already said, your real estate career is in an industry where you either dominate or you drown and dominating in a field this competitive is a thing of greatness.
So, here’s a fun fact…
No one does anything great alone.
You’re going to need help, whether that’s an assistant, a therapist, a life partner, or a coach. Look at every area of your life and don’t ask, “Can I do this on my own?” That’s a stupid question and the likely answer is, “Yeah, you probably can.” But should you? Ask, “Can I achieve greatness on my own, or are there things I needed someone else to cover so I can focus on my HABU?”
I’m a professional coach in the business of guiding agents to their highest potential, but I don’t pretend like I have all the answer all the time. That’s why my life is filled with mentors. We all need some extra perspective.
This is the Threshold
There is something I always say about coaching which applies to just about everything you do in your real estate career: It doesn’t work if you don’t really want to improve. You have to be hungry for it and be ready to make sacrifices to achieve your dreams.
Write these questions down in your journal and answer them honestly, then there’s one last question you need to ask yourself…
Is it worth it?
Is it worth being brave, committing to something, shooting video, putting yourself out there on social media, hiring, firing, and making your calls every day?
If it’s not, that’s okay, and I hope you find what you’re looking for. But if it is, then you’re in the right place. See ya next week!