Dave Panozzo is the co-founding owner of The Panozzo Team-HomeSmart, a real estate team in Phoenix, Arizona.
So you recently received your license, you’ve been in real estate for about six to 12 months and you have a few sales under your belt. Whether you are enjoying your current phase of development or feel stuck because you don’t know how to get to the next level, know that I have seen your experience before. I have been involved in real estate for more than five years, so not only have I seen a range of experiences, but I’m closer to my own first experiences. If you feel that you have what it takes but aren’t getting the job done, I am going to share five keys that will put you on track for a successful real estate career.
Being consistent is everything, not only to real estate, but to success in all areas of life. If you want a thriving career as an agent, you have to make consistent sales; if you want an extremely fit physique, you have to work out and eat healthy consistently. On the rare occasion you bump into someone who got lucky in their first few months as an agent and saw extreme success in sales, it’s important to understand that the majority of the time, your hard work will be the key factor leading to ultimate payoff. Again the key in real estate is not to be on a rollercoaster of success and failure, but instead, it is to be consistent, accumulating wins and knowledge over time.
Your Real Estate Career Is A Business
Even if you just started laying the foundations for your real estate career, there is no better time to come to this realization. It is time you look at your career and realize it is really a business. You may be wondering, “How do you run your real estate business if you have never been a business owner?” Take it step by step: evaluate, educate, execute. First, evaluate where you are currently by asking yourself: what are you doing, what money are you spending, who/where are the resources available to you, what are you doing to benefit yourself to go to the next level? Then constantly educate yourself to become a master at your craft so that you can accelerate your learning curve. Lastly, execute by taking decisive action based on well-informed strategic planning toward achieving your committed goals, milestones and strategies.
Don’t Validate Your Own Nonsense
Be real with yourself and with others — the faster you come to terms with ultimately wanting to grow, the faster you will open to receive the wisdom to achieve success. How can you make sure you are being real with yourself? Try doing an assessment of what you are great at and not so great at — or what makes you money and what doesn’t necessarily make you money and still takes time out of your schedule. That way, you can play to your strengths, delegate your weaknesses and improve your skill sets. You can also get together with a mentor or coach, someone unafraid to call you out on your own nonsense! Just make sure you are asking advice from someone who is more successful than you in an area you are looking to excel in and not someone at or below your level. In the end, just remember that excuses won’t produce results. You have to be committed to your goals if you are going to achieve anything worthwhile.
Never Put The Commission Before The Customer
I was personally taught this lesson by my own mentor who would always tell me to never put the commission before the customer. It has instilled a core belief in my business that the customer always comes first, because your customers will carry on your legacy. If you ever notice or have already noticed a tendency to make every sale about the money then you have lost focus on the end result, which is taking care of the client. Once you let go of the ties to the money and approach each client with intentions to create a great experience for your client, you’ll find your work to be a lot more fulfilling and rewarding.
Reinvest Into Your Growth
The final, and in my opinion most valuable, piece of advice that I can offer is to reinvest in yourself. Avoid complacency at all costs, starting by using your earnings toward developing as a real estate agent because your professional growth will lead to even more opportunities to achieve greater results. If you want to invest in your growth the smart way, start by knowing where your commissions are going by tracking your expenses. The better you can budget your finances, the more you can reinvest into your professional growth, making purchases from marketing materials to sales courses.
Once you begin to implement these five keys to success in your own real estate career, be mindful of the positive feedback loop created as your successes slowly catch momentum and begin compounding into more and greater wins. Remember to trust the process because you are early in your real estate career, and keep in mind that your hard work will pay off — so enjoy each step of the way.
Forbes Real Estate Council is an invitation-only community for executives in the real estate industry. Do I qualify?