By Dave Robison
How many times have you heard it? You are your very own business owner in real estate. You are an independent contractor, you incur and write off expenses, you spend your own marketing dollars and you work your own hours. You own a business.
It definitely sounds like a business.
Years ago, I was convinced I had a business, but what I realized was my business was really a job — it was unprofitable and I couldn’t sell it. It was unprofitable because I was paying myself all the money it made. I couldn’t sell it because if someone bought it they would have to hope my friends and family would use them as a REALTOR®. Also, who was going to buy my business when what they’d really be buying is a job. Who wants to buy a job?
Why is it not a business? Because it was missing 3 things.
Here’s the difference between a job and a business: A job is when you have to do the work yourself to get paid. A business pays the employees market wages while giving owners a 10-15 percent profit off of gross revenues. A business allows the business owners to be able to go on vacation and not have to answer sales calls. A business should be able to be bought or sold. It would be nice to sell your company and retire, right? Or maybe you want to stay involved after retirement but pay someone else to run your business operations. How many agents do you know who truly have a business or can sell their business? I would say it is extremely rare in our market.
So, you want to own a business? Here are the three things that will transform your career/job into a saleable business.
1. In order to sell a business you have to pay yourself a market wage and make a profit. Continue reading »
By Dolores Esanu
When I was 17, I walked into an up-and-coming real estate firm and asked for an internship. The firm consisted of a mother/daughter team. Initially, the mother hesitated at the thought of hiring a teenager with no work experience, however, the daughter gave me a chance. She went against the grain and the hesitations of her business partner and allowed me to step in. Her faith in me helped me flourish as a young adult and young professional, ultimately shaping who I am today.
My point? All it took was one person to stand up and take a risk. I didn’t ask her to be my mentor — she became one. From day one, her guidance and input influenced my decisions about my career, coworkers, and outside resources. After a year of interning, I was hired as an assistant. Her mentoring morphed into a whole different genre. She started helping influence my assertiveness, people management skills, and taught me the importance of multitasking in real estate. Eight years later, I am now licensed and her mentoring still comes into play. I find myself marching into her office asking for her advice on advertising, guidance on handling difficult clients, and even everyday things such as closing gift ideas.
Do you have a mentor you can rely on in real estate? That solid rock of foundation in your life who can give you an answer — and not just any answer — but an answer full of experience, knowledge, and consideration? They may not always say what you want to hear, but at the end of the day, what you need to hear will benefit you more. I firmly believe that as a new agent or a new assistant, a mentor is a necessity. They keep us motivated, grounded, and most of all, on the right track to success.
By Anand Patel
I received several emails from my last post on using a vision board to help engrain your personal and professional goals, which reminded me of a very important point I did not discuss – “the buy-in.” Many asked if your vision board should be kept private or shared with others. Well, that is entirely up to you.
What I can tell you from personal experience, there is nothing like having the support and encouragement of your loved ones in the pursuit of your goals, dreams, and aspirations. For that reason, I recommend sharing your board with your spouse, parent, children, best friend… whoever you confide in and rely on for support and strength. More than likely your goals involve them anyway so the sooner you get them to see how they are a part of your “big picture,” the sooner you will have their encouragement in achieving your goals.
I shared my vision board with my wife and it didn’t hurt that I included a picture of Santorini, Greece (My wife and I have been wanting to visit Greece for some time now). I also incorporated the phrase “Family First” as a reminder to keep everything in perspective and how to allocate my time. That, among several other phrases and pictures on my board, helped her understand my “why.” There is a big difference between TELLING someone your goals versus having them SEE your goals first hand. The same effect it has on you, it will have on them.
So, it is entirely up to you if you want to keep your board private, but getting your support team to “buy-in” on it will definitely help you along your journey.
Good luck and Happy New Year!
Anand Patel is a broker licensed in Florida, Georgia, Tennessee, and Mississippi with Elite REO Services and Elite Premier Properties. You can connect with Anand on Twitter: @anand_tampa; Facebook: www.facebook.com/livingelite; LinkedIn: www.linkedin.com/in/anandpatel1 or on the Web at www.anandsblog.com.
By Anand Patel
With 2011 coming to a close it seems everyone is talking, blogging, and tweeting about setting new goals for 2012.
Well, let’s not jump the gun! What about the goals you already set for yourself that you haven’t accomplished? Whatever you do, if they are worthy goals you truly wish to achieve, don’t abandon them just yet!
Before giving up and setting new goals, why not seriously look at what you have already set for yourself. Do you know what these goals of yours look like? I mean, deep down inside, can you visualize, feel, smell, and even taste these goals? If not, maybe your vision is getting bored, and it’s time to get your goals down on a VISION BOARD.
A vision board is just that — a board that helps you visualize your goals. I put my first vision board together this past August to help me really ingrain some of my short-term and long-term goals. If you’re a visual person like me, there is something very powerful and moving about having real pictures of what you hope to achieve laid out right in front of you to look at every day.
If this sounds like something you want to give a shot as we prepare for 2012, it’s very simple to get started:
- Get a poster board. I went to Staples and purchased a 20″ x 30″ sturdy board. Get whatever size you think will work best for you.
- Get away from any distractions. Find some quiet time, either late in the evening or early morning with a notepad and “brain dump” your current goals and all that you want to have, do, become over the next three, five, 10 or even 20 years. Think BIG and don’t hold yourself back. Don’t let your mind tell you that it’s too crazy if it’s something you REALLY want to achieve.
Here are some questions to ask yourself to help get the juices flowing:
- How much money do I want to make per year? $250,000? $800,000? $2 million? (Why Not! Think BIG!)
- What kind of clients do I want to work with? First-time home buyers? Investors? Retirees? Celebrities? Continue reading »
By Lynn Minnick
I recently found myself thinking about how the changing market has forced us to change, to adapt, to constantly improve on the skills necessary to survive and succeed in this business. Then I realized that as the years have gone by, the cast of characters in my real estate career has also changed. Sure, there were some I was happy to distance myself from, but there are others I’ve been sorry to see go, and other people new to the scene who are influencing the way I view and run my business.
Do you think about how the people you choose to surround yourself with affect your work, your success, your attitude? I believe those people can motivate you, support and help you, slow you down, or suck up your time and energy, among other things.
Since the changes in the mortgage industry and the consequent onslaught of short sales and foreclosures came upon us, I’ve found certain key people (lately it’s been other REALTORS® and attorneys) have been instrumental in helping me navigate my way. Just like knowing the better home inspectors and lenders, septic guys and termite guys, I’m stacking my deck with winning cards and they’re my aces.
It’s in your best interest to cultivate relationships with those who can have a positive influence in your career, but I also believe in give and take…that you get back what you put out there. (Are you the kind of agent who supports other agents in your community by attending their events or broker’s opens and follow up with feedback after showing their listings? Do you serve on committees or volunteer in your community? Believe me, those good relationships you’re building will help you!) Reputation goes a long way in real estate.
If you’re reading this, you’re probably building your social media village too. Are the rules the same? Probably. Are you working with those people in your day to day business? Generally speaking, I’m not, but they are there inspiring me, sharing new ideas and positive attitudes, and for that they are an important part of my village as well.
By Chris Nichols
I had the unique opportunity to attend a special event this last Friday. I didn’t realize how unique this event was until I got there and heard the speaker admit that he was a little nervous as he had never spoken to a stadium full of people before. That was kind of shocking to me since the speaker was none other than the founder of a little website many of you use daily… Facebook!
That’s right, Mark Zuckerberg came to visit a few thousand of us packed into the Marriott Center at Brigham Young University in Provo, Utah. There was a lot of buzz surrounding this event and he was greeted by an awestruck audience as he entered the facility to answer various questions that were posed to him, on what else but a Facebook page! Mark discussed many interesting things as he answered the wide spectrum of questions, but two of the answers intrigued me most.
The first question was regarding what college classes have been most beneficial to him. Mark admitted that he wasn’t in school for that long and that he was a double major in computer science and psychology. Surprisingly his response wasn’t a computer science course, it was psychology! He said, “At the end of the day, all of the problems we face are about people. People care about people.”
The second question was asked about what advice and or character traits a budding entrepreneur needs to possess. Mark’s answer was spot-on, “You have to have passion for what you are doing. If you don’t completely love or believe in what you are doing, the natural thing will be to give up when you face the challenges that will inevitably come. More than anything you have to really have faith in what you are doing.” Continue reading »
By Jared James
All goals really have nothing to do with money or other things. Think about it. Are you really after a bunch of pieces of paper with dead people on them? No. Everyone of us is after a feeling whether it be power, security, influence or whatever. Take a moment and watch the video below and then reassess why do you want what you want?
PS. Do I look completely exhausted in this video? I literally flew in just before recording this after being on the road for almost 3 weeks. I promise to be more spruced up on my next vlog!
Jared James is the CEO and founder of Jared James Enterprises (JJE) and travels around North America speaking to and coaching REALTORS®. Connect with Jared at www.jaredjamestoday.com, on facebook.com/jaredjamestoday, or follow him on Twitter @jaredjamestoday.
By Toby Boyce
Football season is on us and in Ohio that means a lot of cheering on Friday and Saturday and praying for our NFL teams on Sunday. Football is a passion and as I’ve matured and grown older and – hopefully – wiser, I see the wisdom in those screams and rants from my childhood coaches.
“Football is the game of life,” I remember Mike Billow screaming as we worked over-and-over to perfect a task. And the older I get, the more I realize that his statement was right on the mark – and it can even double when taken into application with a real estate career.
I thought I’d share a few of Coach Billow’s favorite “sayings.” I know many of them weren’t original to him, however, on those hot-August days in Danville, Ohio, he made them his.
- Look Down, You Go Down. How often do we see it in this market? The “naysayers” start talking about how the sky is falling and it isn’t going to last. Well, they are exactly right. For as soon as they put their head down to avoid the falling sky, their business fell. Doesn’t matter how beaten, weathered, or challenged you feel – keep those eyes up and looking at the prize.
- Did you get better today? You never stay the same. We practice our craft, hopefully every single day, to improve those listing presentations, get more buyers, convert more short sales, etc. The reason is simple. If you don’t practice it and make a conscience effort to get better, you will by default be getting worse – because you never will stay the same. Life – and real estate – is about eternalizing responses (i.e. scripts) so that they become a spontaneous response. If you aren’t role playing and practicing, is that possible? Continue reading »
By Crystal Webster
Do you ever feel like you’re back in high school and trying to get your college application all put together? At least for me, during the final push for college grades didn’t matter, classes were out the window, and books were only for propping open your door.
The extracurricular section of the application got 100 percent of my attention the last semester of high school (even though it was probably too late at that point to matter)…
Anyway, sometimes that’s how I feel – as though all the “extras” are more important than the grades and classes. Especially going into the “slow time” it seems like everyone wants to know: “What else do you do?”
I DO do lots of other things: volunteer my time, sit on boards, blog, administer a networking website, manage residential property, spend time with my friends and family, help old ladies across the street, nurse stray dogs back to health…but don’t you want to know about my grades? Don’t you want to see my stats and just how good I am at what I actually do?
Come on, it’s not like every time you go to your doctor you ask them about their “second job.” (in fact, I think I’d be a little scared if they had a second job).
Do you get this question often? Do you steer clear of answering it or how do you answer it? What do you WANT to be known for?