In my experience, there are essentially two kinds of real estate agents: the ones that run their business like a business and the ones that ultimately fail. Painting with such a broad brush might sound harsh, but I’m perfectly happy with that — because you will fail if you refuse to learn the lessons of business.
Failure is as varied as success. Maybe it looks like leaving the industry. Maybe it looks like managing clients poorly. Maybe it looks like bad paperwork and broken contracts. It could be any or all of these — or a host of other things. If your business can’t scale, can’t keep up with the shifting market or inflation, or has to be tied directly — and solely — to your own efforts in production, then you don’t have a business. You’ve got a job, and you’re likely to leave it behind in the next five years.
Learning how to run a business has to be a top priority for any agent who’s started making a little money. I’ve found that the most effective way to do that is to find a real estate coach who specializes in running businesses.
How can you know that a coach is the right fit for you? Coaching isn’t cheap, after all. The investment into a mentor who can serve as an objective third party becomes invaluable if they provide the following three things:
A Proven Track Record
Frankly, if your potential coach has no record of running a 6-, 7-, or 8-figure business, what could they possibly have to teach you? Interview your potential coach. What kinds of businesses have they run? Do they understand real estate? Do they have a track record of setting other agents up for success?
You don’t want to waste your time and money on an also-ran. Real estate coaching is only as valuable as the coach you choose, so choose wisely. Do your research. This is an investment, not a gamble. Take the time to check out the credentials and record of the person you’re considering as a coach.
Systems for Anything You Do More Than Three Times
Did you know that only 56% of agents on teams say they have systems in place for tasks repeated more than three times? Your business will fail or succeed by virtue of its systems. Systems make your business scalable, consistent, and repeatable.
You don’t have to build these systems all by yourself. A good coach brings systems to the table and helps you understand how to adopt and implement them. Find a coach who knows how to create scalability and consistency in your real estate business.
Exactly What To Do Next
I know many high-performing agents who are terrified of taking their foot off the gas or making any adjustments. They’ve essentially plateaued and now worry that changing anything they’re doing will lead to a dip in their success. Just because you’re doing well doesn’t mean you know what to do next.
A good coach does. They should be able to get the feel for your current business and make actionable, practical suggestions on exactly what you need to change to grow, scale, and create leverage. Any coach worth their salt can give you real tasks that will help you avoid fake work and increase your income level.
Right now is the perfect time to invest in a coach for your real estate business. 2023 has a lot of agents scared or pulling back, but that doesn’t have to be you. I’ve seen agents, teams, and brokerages having their best year ever right now. With the right guidance from a coach who knows their stuff, brings systems to the table, and can assign you actionable tasks that make a difference, you’ll end 2023 with renewed control and vision for your business.
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