Establishing self discipline in a tough real estate market takes focus. It is easy to come up with excuses about why you haven’t taken a new listing. Developing a time management strategy and business plan will allow you to set goals, but your day to day activities will require something more fundamental.
The difference between being an independent contractor and an employee is that employees get a paycheck regardless of what they accomplish each day. They work like a cog in the wheel, doing tasks with sometimes, little knowledge of the company’s larger focus. Their tasks were given to them buy supervisors who learned the same tasks when they were hired. Even though you are self-employed, there are things you can learn from the employee employer relationship that can help you stay motivated.
Sure, you found a broker with a big name and national marketing materials, but real estate is more of a partnership and you aren’t working for a ‘company.’ You are an independent contractor and will still need to outline your own work strategy. You are the CEO, the supervisor and the employee wrapped into one.
As the CEO, you’ve developed a business plan that perhaps shows 5 listings signed each month. As supervisor, you develop the discipline to work a structured day of doing synchronized tasks that will achieve the goals of the business plan. However, the employee ‘you’ will need motivation if anything great is going to happen today.
This is where your passion for your business needs to be explored and brought into daily focus. There is really no difference between an agent who works in the real estate business because of their love for houses vs. an agent who sells real estate for the financial freedom it can bring. The first agent jumpstarts his business by attending tours, open houses and keeping abreast of the current inventory. He may use a new sale or a new listing to reach out to prospects in a neighborhood he loves or farms.
An agent motivated by financial freedom may be doing a numbers game of making ‘x’ amount of calls that will lead to ‘x’ amount of closings. His style may be such that he recognizes how a ‘no’ doesn’t mean failure – it is simply a response to a question he asks, as he sifts through possible opportunities he has set on his daily call list. When someone says no, he merely moves on to the next prospect.
You have to consider why you are in the real estate business. Do you love helping new home buyers move from renting to buying for the tax benefits? Have you become the ‘go to’ gal for any new developments? Before you can get your ’employee’ self to turn the cogs of the daily grind, you need a vision that makes you feel good about what you are doing.
It is important to understand that success in real estate is not a ‘one size fits all’ remedy. There are many pathways to success, but all require passion for what you are doing. Some agents do well working open houses because of the exposure to sellers it provides, and the added boon of getting a few buyer prospects. Less than 1% of homes actually sell during an open house, but an agent who knows how to work them has a set game plan. She may hold other agent’s houses open – but always includes her name on the sign. This gives her the benefit of exposure in a new neighborhood. She will begin each open house by meeting and inviting the neighbors to come by. Of course, they are not going to buy the house, but they may become a listing prospect once the home sells.
The point is – success is the outcome of passion applied daily. Some agents get nowhere holding open houses, but do better making phone calls to their sphere of influence. You need to feel good about the work you do each day and recognize how this is the key to your motivation and success. If you can understand your motivation for selling real estate, this can help you develop the right marketing strategy that microspecializes and differentiates you from the competition. You can find more about Microspecialization in the Marketing Tips section of articles.
Be sure to visit the Coach’s Box in the Locker Room to find the Tactical Playbook. This will help you explore your vision and set a game plan for your success.