All Forum Posts by: Johnny L.

What makes me successful??

That everyday I am looking to get better and get an extra edge. Doesn't matter how much I know there is always more to learn.

If you learn how to relate to people, solve complex problems, and learn more to earn more everyday you will be ahead of 99% of the brokers/agents out there.

Drive will only take you so far so you need to align with people to where you aspire to be. Example no sense when getting licensed selling homes and learning from someone making 50k a year income if your goal is to do commercial for instance and learn how to make 1,000,000 a year.

Even if you do residential you might find you want to learn from the person making 300k commission a year etc.

If I were starting all over again as a fresh new Realtor I would seriously consider joining a significant producing team as an assistant/ buyer's agent kind of a role.  Two primary benefits are learning a massive amount of how the business actually works and people part of the business (the most difficult generally) and secondly you will be earning some money as you go along. A small part of many transactions.  Instead of a large part of only a few transactions (in first year or so).  Only can learn so much by books, real estate courses, training seminars, etc

And a personal business coach I once had always emphasized outflow will ultimately lead to inflow.  Focus on outflow of money, time, effort, contacts, etc.  eventually experience and money will inflow back to you.  

The business is a roller coaster for sure. Lots of ups and downs, zigs and zags.  Hold on tight for quite a rush!

 That is the average. It's pretty well publicized info. The basic rule in the biz is that 20% of agent make 80% of the money. It may be even more extreme than that.

I agree with you that if you outwork your competition, and are competent, you can do much better than the average. But your initial question was about median income for brokers.

Accept that nothing is ever good enough. Be constantly learning, growing, and getting better at your craft. The top 20% are always looking to go to the next level.

This basically comes down to the CREATORS and the EXISTORS.

Creators ask how can I improve constantly something and do it better at a high level.

Existors ( fantasy name I made up ) want to do the minimum to get by and then be lazy. They want to go through life and exist and not require much of themselves.   

@Randy Rought Looks for classified ads on craigslist in the RE section. That's how I got my start. I worked as an assistant to a Realtor/LO. Once I started putting money in his pocket with my contacts, I got my license and worked under him. Now I am on my own. 

@Johnny L. 10% of the agents do 90% of the business. Agents fail because they are not used to living on straight commission. They MIGHT do 1 deal their first year, make $6k after fees, then realize it isn't worth it. Being a full time agent is NOT easy. You have to bust your butt, spend money on marketing upfront, deal with people thinking you down there with a used car salesman & be ok with not getting paid for 6+ weeks after you put something under contract(IF it actually closes). It isn't for most people as they feel more comfortable knowing that their paycheck is coming every 2 weeks.

Ouch. Glad i didn't jump into being an agent. Does this number reflect agents who do renting, or agents who do houses?

If I were starting all over again as a fresh new Realtor I would seriously consider joining a significant producing team as an assistant/ buyer's agent kind of a role.  Two primary benefits are learning a massive amount of how the business actually works and people part of the business (the most difficult generally) and secondly you will be earning some money as you go along. A small part of many transactions.  Instead of a large part of only a few transactions (in first year or so).  Only can learn so much by books, real estate courses, training seminars, etc

And a personal business coach I once had always emphasized outflow will ultimately lead to inflow.  Focus on outflow of money, time, effort, contacts, etc.  eventually experience and money will inflow back to you.  

The business is a roller coaster for sure. Lots of ups and downs, zigs and zags.  Hold on tight for quite a rush!

This is all great advice.  I don't think the responsiveness can be over-emphasized.  One thing that can help is focus on those who you can serve the best.  You may not want to work with all your potential clients, but you should at least pass them off to someone who can.  

One thing that can get you out of the trap of driving around tire-kicker home buyers is to have them pre-qualify.  If they ultimately end up going with another agent to purchase the referral to the lender will help build that relationship.

Your "brand" should be not about you, but about your service to your customers.  Make it easy to find your listings on your web-page.  That way those who list with you will get the benefits of your brand.

@johnny lujan,

You must differentiate yourself and your knowledge is key. You will also attract clients who similar or like minded as you. Looking at my client base today, many of my clients are entrepreneurs who have interests in real estate investing, economics, and financial markets which are also my interests and passions. It is not uncommon for my clients to call me to get financial advice or to get my short term and long term views of the macro economic trends in additon to the real estate services i provide for them.

You will also notice that most real estate agents are not investors themselves. If i am selling   My own sunglass brand, i better wear my own brand and believe that my sunglasses are better than maui jims and oakleys. I am a firm believer that you must own and believe in what you sell. Why would you want buy real estate investments from a commercial broker who he himself does not invest in the products that he sells?

To become a top producer you cannot try it out and be half hearted to the trade, you must be all in and committed to make this your life time trade and strive to become the best. Have a goal and Determination that you one day you will become among the best top 5% of agents and brokers. 

When i used to run my small .net software business for 7 years before going into real estate full time, i would make a good income but was unfilled and always looked forward to the weekend. Today i can't wait to wake up the next morning so i can goto work.

James

@Johnny L.

You've already received some really great advice.  I've been a Managing Broker for two national companies.  I've had the opportunity to manage hundreds of agents, with very different personalities.  The best advice that I can give you is this...don't start out with bad habits.  The real estate industry is replete with agents who NEVER answer their phones, don't respond to emails, and don't respond to voicemail messages.  In my opinion, being responsive is the most important thing you can do. The good news is that it's fairly easy to do, if you're committed to it. 

The other thing I would say to you is don't fall into the trap of believing that your picture is your brand.  It's NOT, regardless of how many agents believe that.  Your service is your brand, and that will follow you, throughout your career.  Real Estate (at least on the agent side) is a bit of a goofy business.  I can't think of another industry on the planet who would ever even dream up the idea of plastering their pictures all over their business cards...and anything else they can find as  landing spot.  Remember...if you're working as a sales person (or a Broker), it's not all about you.  It's about your client.  Represent them vigorously, respond to them promptly, and always put their needs ahead of your own.  I wish you well on your journey.