How Can I Be Successful in Real Estate In 2014?
This post could actually be called, How Can I Be Successful in LIFE in 2014?
In a recent class taught by John Reynolds of Keller William Flagship of Maryland, we were talking about what you need to be successful in Real Estate in 2014.
The market has changed from the "order takers" of 9-10 years ago when you could put a listing on the market and be under contract OVER list price with multiple back-ups. With interest rates on the rise (though they are STILL really low!) the refinance business for most lenders has slowed way down and they are scrambling to woo real estate agents for referrals. You may be asking...
HOW CAN I STILL MAKE MONEY IN REAL ESTATE, EVEN IN THIS MARKET?
FIRST you have to figure out "WHAT IS YOUR WHY?" Why are you doing what you are doing?
Picking an arbitrary income number out of the sky (or a dark part of your anatomy) without really having a WHY, may not get you where you want to be.
What is the reason you get up in the morning and come to work?
Is it Lifestyle? Family? Charitable Giving?
Here's a few WHY's that I heard from agents and lenders I have spoken to and some from the class:
- To pay my bills/get out of debt
- To afford all the luxuries in life
- To send my kids to private school/college
- To be able to donate to charities close to my heart
- To be the number one agent in my office
- To have free time/work my own schedule
- Because I got laid off and don't know what else to do
- To retire early
- Because the agent I worked with to buy my home was a bumbling idiot and I know I can do better
- To HELP people
WHAT IS YOUR WHY?
SECOND, You MUST create opportunities. If you are sitting in your underwear 7 days a week, eating bon-bons, watching Oprah re-runs or finding out if she said YES to the Dress, my guess is that you are not going to be too successful in Real Estate. You have to get out there. People have to know you are in Real Estate. You must educate yourself and get past the fear of rejection.
THIRD, You MUST have a database and keep in contact with them! See my recent post on Building A Database.
FOURTH, You MUST know your numbers. What does your income goal actually mean in terms of prospects, contacts, sales, listings, conversion? Break it down. There are lots of calculators out there that can help you. A goal without a plan is just a dream. Make it happen!
FIFTH, You MUST be accountable. Find someone you are willing to be transparent with and commit to the goals you set for yourself. It doesn't have to be a business partner, it just has to be someone who will make sure that you are true to your goals and stay on track.
Check out Business Insider's article on 19 HARD THINGS YOU NEED TO DO TO BE SUCCESSFUL for some other great advice on success.
WISHING YOU MORE SUCCESS THAN YOU CAN IMAGINE IN 2014!
If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure!
If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest. Please contact me at 410-960-2061.