Didn’t join a team. Should I get a coach? 7 Months in the game.
Member since 2019 · 8 posts · 0 votes
Hey everyone thanks for your time if you are reading this. I reached out a few months ago for some advice and thanks so much. I have be rolling solo with a selling broker. No leads, no nothing. I have closed one deal, have a couple under contract, one listing and my first listing appointment tomorrow. I have been basing my business of of my sphere of influence no results so far. Social Media and door knocking. I have been thinking about signing up for boomtown or redx. Also considering a coach. I looked into Tom Ferry coach for the low cost of 1600 a month. I can’t help but think that with 1600 a month I could see a better return investing in marketing... Any advice would help. Thanks
@Zachary Peek, hi and welcome back to BP.
How many months have you been at it as a Realtor? If less than 36, I think what you are experiencing is 100% normal / par for the course.
I held my sales license from 2000-2002. I bought into the "dream" that anyone who could pass a test was set to make millions of $$$ as eager sellers threw listing contracts my way. Real estate is such an easy business to start. It requires no degree, only 2 weeks of classes (in my state) that cost about $800, no start up capital other than to pay a few minor fees, and a will to succeed.
I had all but the last. Well, I wanted to succeed, but I wasn't prepared for the GRIND!
I was part-time too, which didn't help. As a full-time public school teacher, I only had about 11 weeks during the Summer I could really dedicate to building a real estate business.
One full time agent in my office was excited that in her 3rd year she finally hit a NET income of $30,000 after all expenses and commission cuts paid to the Broker. 3 years until she as making slightly less than the salary of a local video rental store manager (they made $38,000). Another agent had been a rock start Avon sales lady, but she transitioned to real estate sales and brought her entire book of clients with her. She was always a salesperson, but she saw the potential for a higher ROI per sale. She sold enough to hit $100,000 NET income per year. But it also took her 10 years to build that book of clients that followed her.
What you've found it what I found is true of many new salespersons: it's hard -- very hard -- to be successful. The fact that it's so cheap and easy to get into real estate means you have thousands of competitors entering the market each day, and if all you are providing is MLS access and yard signs...No one cares. Every agent provides those. You have to provide VALUE.
People often list their homes with people the know who sell homes. Which makes it VERY hard to break into that market. My guess is your first big break will happen once you have between 10-15 people who have sold or bought a home thru you, and they start returning as repeat customers and/or giving you referrals.
How do you get 10-15 people? Network like a mad man. If you aren't attending 2-3 local area meeting of places like Rotary, Lion's Club, Shriners, Chamber of Commerce, etc PER DAY, then a small percentage of your thousands of competitors are out hustling you.
Real Estate sales is an 80/15/5 world: 80% get a handful of sales, get discouraged, and quit after 1-2 years. 15% stick with it and get to a modest level of success with a handful of listings and a modest group of buyers. 5% are the rock stars with 3-7 person teams who list and sell 80% of the houses in your market.
Right now, you are in the 80% it sounds like. Doesn't mean you can't become the 5%, but you should expect to put in 70 hours a week--minimum--to achieve that level. Remember: the 5% rock stars have already done that for years, and they're at a point they don't need to hustle quite as much. So that opens the door for the next person who will hustle: you...maybe. Or your competitor, whichever gets there first and persists the longest.
Follow up on all your leads. Sales is a game of persistence. A sale to a stranger is often made after the 5th or 6th contact. Leads aren't "dead" until they tell you to "F**k off and never call me again." Even then, I know some agents who go after those and manage to close the deal. Talk about "the GRIND!"
Anyway, I hope you enjoyed this mini-novel. My goals was to help save you $1,600/month. There is no magic class or secrets of the successful in sales. There is hustle, persistence, and the GRIND. If you aren't prepared to do those, diligently, for at least 3 years, save your money and try something else. Best wishes!
Thanks for the Feedback Erik. I will keep grinding away.