Today I want to talk about how long it really takes to become successful in real estate.
The definition of real estate success is how you’ll be remembered and spoken of at the end of the day. The longer you promote your name, the longer you’ll succeed. That means there’s no specific timeline as to when you’ll be successful in this industry. Unfortunately, around 90% of those who enter the real estate business don’t succeed in their first two years, causing them to quit and give their license back to the board.
1. Leads. You need client leads in order to do business in real estate. If you don’t have enough leads to meet or exceed your goals, then you won’t have enough time to think about anything else in your future since you’ll be spending all your time trying to get leads.
2. Listings. Listings are high-leverage, maximum-earning opportunities. Conventionally, your income from selling listings is no different from having a buyer buy a home. What separates the two is the amount of time necessary to work with them. A highly productive individual can personally obtain 15 to 25 seller listings every single month. The same agent would be hard-pressed to help seven or eight buyers in a given month for a prolonged period.
With the right approach over time, you should be able to secure and sell as many as two to three listings for every buyer you work with. At the end of the day, listings give you better control over your time, marketplace, and future. That’s why we affectionately call listings “the gift from the real estate gods.”
3. Leverage. Leverage can be divided into three categories: people, systems, and tools. If you’re like most salespeople, designing and implementing systems and tools may not be your strong suit. The best way around that issue would be to join a team that can help you with it. An agency with strong, tested systems and a team to help, support, and keep in touch with your leads is exactly what most people need.
At the Dave Friedman Team, we have a 56-touch action plan that will help you nurture your leads and SOI to eventually convert to a sale. Our leverage will also help to keep you out of the weeds with respect to operations, marketing, and administrative work so you can focus on doing what you love best: communicating with people and selling homes.
These three Ls are the pillars of any successful real estate business. I believe they’re the core issues that drive massive sales volume for people on your team. In the end, there is no specific duration as to when you can be successful in real estate: It is you who will drive your path to success.
If you have any questions or would like to talk about what you could gain by joining the Dave Friedman Team, don’t hesitate to reach out to us. We’d love to hear from you.
