Today, we’re answering a question many of you have: How hard is it to earn a million dollars in real estate? This might seem impossible to some, but I’m here to tell you it’s achievable. Your experiences shape your beliefs about what’s possible, and today, we’re going to change your beliefs by changing your experiences.
The Power of Modeling Success
One crucial lesson I’ve learned is to find someone who’s doing it better than you and copy them. Yes, greatness is predictable, and it leaves clues. I’m going to share specific numbers and introduce you to the Daily Success Habits Tracker, which will show you what to track and how to achieve a predictable outcome.
Take a look at my YouTube channel, and in particular my 10-minute video on “How Hard is it to Make 1 Million Dollars” where you can download the Daily Success Habits Tracker.
If your goal is to earn a million dollars in real estate, I’m giving you the roadmap. Let’s go!
What is Greatness?
Coaching hundreds of teams and thousands of team members, I’ve learned that consistent activities lead to predictable results. The Daily Success Habits Tracker is designed to help you track your progress. After downloading the tracker, at the top of the tracker, you’ll see a section for prospecting calls. Track your calls, conversations, and appointments to see a clear path to success.
Seven Figure Math
Let’s break down the math. Suppose your average commission is $10,000. To earn a million dollars, you need to sell 100 houses. That might sound daunting, especially considering the average realtor sells about 7 houses a year. But here’s the thing: challenging times often lead to a cleansing of agents who aren’t prepared. This creates opportunities for those who are ready to dominate and take market share.
The Seller-Buyer Ratio
For every listing, you should close 1.5 buy-side transactions. So, to sell 100 houses, you need 40 listings and 60 buyers. You can even choose to outsource the buyer side to a buyer’s agent, focusing solely on listings. To get 40 listings, aim for 80 listing appointments over the year, which breaks down to about 1.6 appointments a week. Round that up to just two, and you’re on track for success.
The Importance of Prospecting
Think about it: to get two listing appointments a week, you might only need to spend two hours a day prospecting. By Monday or Tuesday, you could have your appointments set, leaving the rest of the week for other tasks. Use the Daily Success Habits Tracker to track every 30 minutes of your day, making you aware of where your time goes and allowing for course corrections.
The 61 Points of Rhythm
The tracker also includes the 61 Points of Rhythm. Aim for 61 points of dollar-productive activities each day, such as prospecting, showing homes, and going on listing appointments. This consistent effort will help you set those two weekly appointments.
Hiring a Buyer’s Agent
Now, let’s talk about handling the buyers. With 60 buyers resulting from your 40 listings, hiring a buyer’s agent becomes crucial. Pay them a structured commission split to ensure they’re motivated. By doing so, you free up your time to focus on listings and other aspects of your life that you love more than working with buyers.
Creating a Winning Environment
To ensure your buyer’s agents are productive, train them well, set clear expectations, and create a culture of productivity. If each buyer’s agent closes 20-24 deals a year, you’ll hit your goal of 60 buy-side transactions.
Your Path to a Million Dollars
Following this program and using the Daily Success Habits Tracker, you’ll find yourself on the path to a million dollars. Commit to using the tracker for the next 60 days and aim for 61 points daily. You’ll not only achieve your financial goals but also work less and help others create successful lives.
Embrace the Opportunity
Real estate is filled with massive opportunities, especially now. Use your daily success habits, stay focused, and you’ll see incredible results. Remember to take a look at my YouTube channel, and in particular my 10-minute video on “How Hard is it to Make 1 MIllion Dollars” where you can download the Daily Success Habits Tracker.
