Most real estate agents are taught all the ins and outs of the business — but not how to build a business. If you want to be in it for the long haul, you have to think like an entrepreneur, not an independent contractor.
But, do you have to be born with those skills, or can you learn to adapt and adopt your way to a successful business? We examine the next four qualities of a true entrepreneur in our series. (Here’s part one if you missed it). Do any of these describe you?
3. You’re resourceful
“One of my favorite TV shows growing up was MacGyver because he never had exactly the resources he needed but would somehow figure out how to make everything work out. Ultimately, I think that’s what being an entrepreneur is all about,” Tony Hsieh, lifelong entrepreneur and CEO of Las Vegas-based Zappos, told Entrepreneur magazine.
In real estate, this means letting go of the excuse that you don’t have what it takes. This comes up in many ways:
- I don’t have the experience.
- I don’t have the right computer/phone/system.
- I can’t prospect until I have the scripts perfect.
- I’m with the wrong broker.
Taking action is more important than being perfect, having the right tools, systems, etc.
4. You obsess over cash flow
What is the product of your real estate practice? Profit. Tracking where your income is now versus where you need it to be is a sign of business maturity and an entrepreneurial mindset.
Be sure you know the following at all times:
- Cashflow required to fuel your basic monthly expenses.
- Cashflow required to keep your taxes paid on time.
- Cashflow required to fuel the lifestyle of your dreams.
This includes things like paying off debt, building up your cash reserves and paying cash for all expenses going forward.
How many transactions based on your average net commission must you create to meet or exceed your goals?
How many listings does it take to create that number of transactions?
5. You don’t ask for permission
This does not mean ignoring the do-not-call list. What it does mean is having the fortitude to do what other agents don’t.
- Do use a pre-listing package that has killer unique selling propositions, even if no one else you know is doing that. Especially when no one else you know is doing it.
- Do use a proven listing presentation every time on every listing opportunity.
- Do use a buyer presentation that results in a signed buyer agency agreement.
Stop using your market, your broker, your habits as an excuse not to be aggressive. Listing and buyer clients want you to lead the way.
6. You’re fearless
According to author Susan Jeffers, all fear stems from the fear of not being able to handle something. The fear of the unknown doesn’t scare true entrepreneurs.
In your practice, what are you not taking action on because you’re afraid of the what ifs?
Using fear to avoid taking action in real estate is costing you money. Make a list of the things you’re not doing that you know are profitable.
How can you overcome your fear and be more entrepreneurial?
Stay with us on our next podcast, as we talk about change, challenges and more personality traits of the true entrepreneur!
Subscribe to Tim and Julie Harris’ podcast on iTunes or follow us online at realestatecoachingradio.com. Tim and Julie Harris have over 20 years’ experience in real estate. Learn more about their real estate coaching and training programs at timandjulieharris.com, or request more information about their programs at joinharris.com.