In the corporate world, there is a pecking order with defined levels; management, teams and assistants all work together to bring the CEO’s vision into reality. However, in the world of real estate, the roles exist within each and every real estate agent. Levels decided by you, the business owner.
Regardless of how long you’ve been in the business, plateaus happen, and they are tricky beasts. The humbling moments that come (a big deal goes up in smoke or the market cools) can chip away at drive and ambition.
In those scenarios, the next level becomes elusive, which leads the agent to lose sight of it.
No matter the industry, businesses need destinations, and owners must have a compelling vision of what the future holds — something they’re so connected to that they don’t wallow in the plateaus or linger in a comfort zone. Instead, they keep a steady pace toward the next level.
The larger vision of one’s future is the most effective tool to cure a stagnant mind. Having a clear image of what the future holds is what will drive you to the next level in your business.
It’s the proverbial carrot dangling before you that compels your forward motion, and that carrot better be a tasty one to keep you moving through the slow months or the deals that blow up before the closing. Try any or all of these five tips to incite that move to the next level in your real estate business.
1. Host open houses for other agents
Seek out someone in your brokerage who has an abundance of listings and ask if you can host an open house for one of his or her listings with the understanding that you will obtain the buyers who don’t have representation.
Leveling up here involves targeting a price point above what you’ve done in the past. I did this technique so much I escalated to hosting nothing under $700,000 homes. I obtained both buyers and prospects who needed to sell their own homes. This isn’t a new method, but it’s underused.
2. Utilize high-end networking
Whether it’s cooking classes offered by a popular local chef or joining a club in a neighborhood you want to sell in, the only way you can get the attention of those who own homes at a higher price is to put yourself in the arena they circulate in.
3. Rebrand or reinvent
To attract money, look like money. When I had limited funds and needed to present myself in a big way, I jumped on eBay for designer clothing and within a month Gucci and Chloe took up half my closet.
I didn’t change my style; I just upgraded it. I also invested in statement pieces (a nice watch, expensive shoes, etc). It was worth every penny. Aside from looking like I was making money, I felt like I was. Shifting my image shifted my state of mind and my business.
4. Negotiate your commission split
For real estate agents who work in a firm, is it time to negotiate your commission split with your brokerage?
Many agents lose track of the commission split they agreed to with their managing broker, but if you’ve had a strong year, you might be in a position to ask for your percentage to be re-evaluated.
Many brokerages have a tier system in place, but odds are they aren’t going to remind you of this when you’ve leveled up in your business. Research what your options are, and speak with your management regarding your worth.
5. Raise your standards
Tony Robbins once said, “You might never live up to your goals, but you are always living within your standards.” When you observe the top-ranking brokers in your environment, what do you see?
The odds are high that they are saying no to doing things that are not within their standards. They didn’t magically wake up one day and have high-priced listings offered to them. They had to go in search of them and refer the listings that are below their standards to another broker.
What can you do today to discover your next level? Take a moment to tap into that vision you’ve created for the future of your business — now work backward.
What steps were taken to get you there? Your next step will present itself while you survey the exciting stages of your business in the timeline before you.
Stefani Shock is a real estate coach and consultant in Denver.
