There are specific actions agents can take for self-improvement that, in turn, dramatically grow their real estate businesses. Business and life coach Tony Robbins outlined a personal development plan for individuals years ago.
Below, I’ve applied that model to real estate to help agents see incredible personal and business growth. Here’s what you should do first.
1. Focus on your mental growth
The foundation for becoming a better real estate agent is expanding your knowledge about the business. The discipline of reading, listening to podcasts or watching YouTube videos that broaden your understanding of this business is crucial for continuous growth.
Reading can include articles and books related to real estate. Reading about innovative ways to run your business, increasing your marketing aptitude, or honing your sales process will all benefit your business growth. Podcasts and audiobooks offer ways to learn on the go, whether you’re in your car or exercising at the gym.
YouTube search provides a way to learn anything you are interested in learning about. Simply type in the YouTube search bar, “how to (whatever you want to learn),” and there will be thousands of videos available to teach you anything you desire to learn.
Studying and learning ways to work smarter and serve your clients better will always lead to a growing real estate business.
2. Focus on your physical health
Your physical health plays an essential role in how well you can perform as an agent. Your physical condition will determine whether you can provide the energy, passion and endurance to perform at your highest level possible.
Are you eating the foods that keep you healthy? What we put in our bodies directly affects the outputs we see in our real estate businesses. Are you breaking a sweat at least three times a week through physical activity? Better physical condition leads to better business results.
Focusing on improving your health is a discipline that helps your business now, but it is also a decision your future self will thank you for as well.
3. Find a role model or coach
You wouldn’t attempt to climb Mount Kilimanjaro without a Sherpa to guide you to the top of the mountain. To be the very best agent you can be, finding a mentor or coach to guide you to peak performance is one of the most critical steps in reaching new levels.
A mentor could be a fellow agent or broker who has achieved the level of success you desire to reach. When searching for a real estate coach, finding someone with a track record of helping agents reach their goals is crucial. Finding mentors and coaches who operate from a place of experience instead of theory.
Whatever it is for you, your next level is made easier by aligning yourself with someone who has done it or assisted others in doing what you are looking to do.
4. Develop a clear and concise plan
Clearly stated goals and objectives for your business create the path to your success. Start with the end in mind, and backfill the activities to get you there. Here’s an example of how this plan of action could look.
Start with your goal. For this example, we will use a goal of $120,000 in annual income. The next step in the process is to identify your average sales price.
Multiply the average sales price times the average commission rate for your area to come up with your average gross commission per transaction. Lastly, multiple the gross commission times your split to identify your net commission per average transaction.
For this example, we will use an average net commission of $5,000. To reach the goal of $120,000, you will need to have 24 transactions. Suppose you utilize the industry norm of 50 real estate-related conversations resulting in one real estate transaction.
In that case, you will need 1,200 real estate conversations to reach your goal of 24 transactions and $120,000 in annual income. Based on five days of calling per week, you will need 100 real estate-related conversations per month, 25 per week and five per day.
Now develop the lead generation structure to ensure you can generate these five honest estate-related conversations each of the five days you will be calling each week. Once you break your goals into daily, bite-sized portions, the ability to move in the direction of your success is clear.
5. Take massive action!
If you want more results, take more action. Times of business expansion are almost always preceded by massive action. If you genuinely want to grow your business, what are you willing to do above and beyond what you are currently doing to see those goals come alive?
Taking massive action that leads to massive growth starts with evaluating the activities you currently do well. Study the transactions you’ve generated in the past 12 months. Were there specific activities that generated that lead or led to that transaction? Once you’ve identified the action that led to the most transactions for you over the past 12 months, go all-in on that activity!
6. Give without expectation
The agent who sees the most growth in the coming year will be the agent who gives the most value to the marketplace. What can you do to give more to your clients, your fellow agents and your community as a whole this year?
How will you become the bridge between your ideal clients and where they want to go? Will you create more video content about the process of buying or selling? Will you provide more informative and entertaining market updates? What will you do this year to give more?
By giving more, receiving more is right around the corner.
The results you will see in the coming year will directly result from the person you decide to become. Make a commitment to yourself that you will be better next month than you are today. Commit to being a smarter agent. Commit to being a healthier agent. Commit yourself to aligning yourself with the right people to help you grow and commit to having a clear path to your goals.
Grow yourself, and your business will follow.