With the new year about to dawn, it’s time to level yourself up. We’ll close out the year with a monthlong focus on real estate coaches and the value of ongoing training. Expect advice from the top real estate coaches, deep evergreen training resources and more during Inman’s Coaching and Training Month.
If I had a dollar for every time I have heard an agent tell me that they are getting their broker’s license, with the intention of expanding their business beyond the solo operation, I would be a rich man right now.
In general, most agents exist in a capacity that is always trying to push their business higher, harder, and toward more sales, faster in an effort to grow their business beyond what it previously was.
Why is it then, that the instances of large teams are so small compared with the desire to have one? And why, as a general rule, are they short-lived.
Agents are generally great at selling. Being great at selling doesn’t necessarily transfer to being great at running a business.
Then there is the solo operator factor. Just think about the aspects required to run a business:
- Selling / listing
- Client liaison and service fulfillment
- Business development
- Human resources
- Technology and systems
In most successful businesses, those roles are not executed by a single person. Yet for some reason, inside the property industry, the solo agent thinks that taking all these tasks on is attainable.
So the pattern of behavior begins, where the solo/duo agent will swing between trying to list/sell, and trying to develop and grow their business by working harder, faster and longer.
Eventually, they will hit a ceiling hard before realizing that it is just impossible to go further than the market position they have reached. Sadly a lot of agents exit real estate at this point.
Let me save you some time, money and stress and give you three avenues to circumvent this pattern of behavior.
- Real estate trainers or coaches are generally people who have been there and done this before. They will charge some kind of fee model which gives you access to their training, insight, and education, to build your business. These services range from being just the education through to quite hands-on, with regular accountability coaching calls.
- Nearly all major franchises feature operational models that are designed to help you with growing your business. Franchises have a vested interest in your growth because your success is inevitably tied to the collective franchise’s success. Nearly all franchises offer training and education and systems to their members to assist them in this way.
- Harder to find are companies that simply exist to operate and grow your business. Assigning you a business development expert, they leave you to the business of listing and selling, whilst they operate, manage and grow your real estate business. There are a few different fee-based models here, but in general, it will be a percentage of the transaction.
Becoming a broker is no easy task as there are a variety of layers stacked that make becoming a broker a difficult occupation. But with the right guidance and help you can make that transition from a solo agent to a broker. And once you overcome these challenges you are introduced to a different lifestyle. One where you work for yourself, and have not only more money but also increased flexibility.