On today’s Master Your Market Podcast, I talked about agent accountability, and promised to follow up with a post–so here it is.
One of the main challenges I see with so many agents is…wait for it…lack of discipline. For nearly 13 years (and much of that I was a busy, productive agent), I’ve seen students come to my real estate classes, all starry-eyed at the potential of becoming an agent. In their minds, their current cubicles are like prisons that they can’t wait to bust out of. And all things being fair, real estate is the kind of industry where you can make as much as a doctor, without the students loan, and without any more than a few classes. So while the allure is real, there’s one thing these excited souls seldom stop to think about.
Sure, freedom is a big boon to being in our industry; no one telling you what to do everyday sounds great…except, no one is telling you what to do every day. Hmmm…see the challenge? At a “regular” job, you’ve got tasks that have to get done or your wont get paid, right? Well, real estate is no different. If you don’t make your calls, run your Facebook ads, hold open houses, etc. You are not going to create the abundant business you want. You know what you need to do, but when you don’t do it, what happens?
Nothing as in no one will get on your case, hold your feet to the fire, or ask you why you’re still in your jammies at noon. And, nothing as in, no commissions for you. Most agents should have an accountability resource. It could be a coach, mentor, or team leader. In my experience, having an “accountability partner” isn’t necessarily the most effective. Why? Because the person will forgive you if you fail. I also believe that paying someone forces you to step outside your comfort zone. What is it they say about free advice?
Let’s look at how you can set yourself up for accountability. First of all, know your numbers. How much NET profit would you like to have a year from now? (net is after taxes, expenses, and broker fees/splits). Now break that up into quarters, then into months. You’ll want to know how much you’ll need to earn each month in order to reach the goal. Then break it down into HOW you’ll do so.
Let’s say your goal is to NET 100K in the next 12 months. That’s 8,333. per month. Now depending what your expenses are and the average home sale in your market, you may be looking at selling 3-4 houses a month–maybe more, maybe less, but you get the general idea. Now from there, what do you need to do to make that happen? Again, look at your numbers from last year. Where did your business come from? Invest more time and attention there. How many contacts did it take to get one in escrow?
From there, you should have enough information to start each month with a serious plan, and then each week have a task list. If you fall behind one week, beef up your efforts the next week. Clearly, your top priority is to prospect every day. Many agents procrastinate instead, and again, this is where accountability comes into play. If you started the week saying you were going to have 100 meaningful conversations about real estate, are you? Is there someone who will call you out and encourage you on? I notice that most all of us would rather let ourselves down instead of someone else who believes in us. That’s just human nature.