Coming from someone who makes seven-figures a year in real estate, trust me, there are all kinds of ways of making money in real estate. You can sell, lease, trade, invest, broker, etc. Then out of all the different avenues there are to make money in real estate, after that, you have all the different geographical markets. The possibilities are endless. You could pursue any vehicle you wanted to and go 90 to nothing. The possibilities that lay just in one location or market would take you a lifetime to even scratch the surface. In other words, you will never do it all. The first thing you have to do is decide what market and what vehicle you want to pursue. And, just like anything else in life and business, you must try many things until you find what works the best and even then, you keep going until you find something better. Always pushing the bar higher and higher. Making money in real estate and finding success in general is a mindset. You have to have the correct train of thought long before becoming a multimillionaire businessman. I had the right mindset my entire life and it still didn’t happen to me until I was 35 years old. I worked my finger to the bone my entire life striving to be successful. And, now that I am here, I work even harder to stay here. But, I love it. I love the grind…the process. It is what drives me to go higher and help more people. Your success will always be predicated on how many people you help with whatever type of business you have.
So, how do you make money in real estate as a real estate agent?
There are two very important things to be able to make money as a real estate agent. 1) Work hard as in 10-14 hours a day focusing on direct success in real estate, and 2) constantly learn from everything you do and that knowledge to get better and your craft every single day. Go to bed each night knowing that you worked harder than anyone else in the game, and that you learned something new that you can take with you the next day to produce more success. This is the simple yet exact mindset/recipe for success in real estate. The problem most of the time is that agents don’t want to put the work in that is necessary to even survive in this industry. Real estate is a cut-throat business and very hard to get your foot in the door. Establishing yourself as a new agent in any market is like deifying gravity. It’s nearly impossible as 80% of agents do not survive their first year in the business and are forced back into the workforce of a 9-5 job. Real estate is simple, but not easy,. In other words, it is very easy to learn to technical ins and outs of the business, but very, VERY hard to implement for years and decades. Real estate is an extremely progressive business. It is the same as the fact that a baby will not be a teenager within a few weeks. It takes over a decade to become a teenager regardless of how bad the baby wants to be a teenager. Same with real estate.
In the beginning, you should start your journey of learning. There are two types of learning. There is the kind you get from research and the kind you get from experience. Please know that you need BOTH. Research includes reading lots of real estate books, and asking top producers questions (and watching them closely). You can read on of my two books on real estate, Zero to Diamond or List to Last, which can both be found on Amazon. Both have nothing but 5-star reviews from agents all over the world.
Use your MLS to research the market. You have access to private market information that the general public does not. Take advantage of this. Study all the closed sales in your area as well as the active listings, under contact, in escrow, pending, expired, withdrawn, days on the market, price point, etc. Also, pay attention to the who the agents are that are selling these properties. Start to map out a plan of attack. Take note of who the top producers are in your market and what type of properties they mainly sell. LEARN< LEARN < LEARN…
Don’t let a second go by without learning or doing something to push you forward. Remember, the odds are against you in every way. Prove th world wrong and show them that you are not part of the 80%. You are part of the 20% that make it through their first year.
The key to success as a real estate agent is to create and maintain lifelong relationships with niche property owners by the 1000’s.
It takes years to do this. You must have conversations with 1000’s of property owners and then time has to pass in order to develop the relationships needed to hit it big. However, if you do this and do it right, you will make plenty of money now to survive and pay your bills.
I am always available if you have any questions at all…
Ricky Carruth-RE/MAX of Orange Beach