First off, unless you are the Broker of your own company, then your own broker has a duty to supervise your activities. Nevertheless, you are an independent contractor, which means that you can generally make your own hours and run much of your business as you see fit.
7 Rules that Will Change Your Real Estate Career Forever
If you want to change your real estate career forever and knock it out of the park, here are 7 rules of real estate that will help you do just that.
- Show up. It is so easy to sleep in, stay home when there is inclement whether and when your soap operas get hot and heavy. Nevertheless, a huge aspect of success in real estate is showing up. This means attending office meetings, broker caravans (or broker opens), participating in local networking events, and being in it to win. Rule 1: Get you’re a$$ out of bed, and get to work. No excuses.
- Run it like a business. It’s true that you do have the freedom to set your own schedule. But, think about it, Starbucks, McDonald’s, and your gym are successful because they have set hours, set procedures, and you know what to expect. Your real estate business should be exactly the same. Commit to working certain hours, being consistent with your marketing and branding, and doing certain activities according to a regularly scheduled routine. Rule 2: Treat your one-man band like a business and don’t change your tune at the drop of a hat. (How often does McDonald’s change their recipe for the Big Mac?)
- Build relationships. Sales is all about establishing relationships and staying top of mind with prospects, referral partners, friends, and colleagues. While it doesn’t mean overselling, it means being available, supportive, and sometimes even going beyond the scope of your position. Rule 3: Be nice. It pays off.
- Keep a thick skin. Don’t freak out if your best friend’s sister hires a competitor and don’t get bent of shape if you lose a listing or your client’s offer doesn’t get accepted. If you are following rule #2 (run your business like a business), then you will be completely objective and professional in all of your dealings with others. Remember that it’s not about you. Rule 4: No drama.
- Don’t be afraid to fire a client. It’s okay if you don’t get along with everyone. You don’t have to be all things to all people. However, if your client’s or customer’s actions are keeping you up at night or consuming your thoughts, that’s not healthy. It’s time to refer that individual to someone else and collect a referral fee. Rule 5: Only work with people that appreciate and respect you and your time.
- Get a mentor. If you are new or newer to the business, it’s nice to have someone to shadow. It’s also nice to have an experienced agent or broker who is available to you when you have a challenge or hurdle in a transaction. Seek to identify a role model and set up an opportunity to chat and see how the relationship can be mutually beneficial. Rule 6: You can learn a lot by shadowing an experienced agent for a single day. Do it.
- Shut up and listen. If there is one thing that I’ve learned about real estate over the last few years, it’s that you cannot rush things. Even if you know how something is going to go down, you’ve got to let the chips fall and slowly and deliberately chart your course to a successful negotiation. You can listen your way to success if you would only shut your mouth and observe the signals—not so easy for salespeople. Rule 7: To quote RunDMC, “Shut up.”
Got any rules to add to the list? Feel free to share them in the comments section below.