The Path Toward Real Estate Success: The Importance of Vendor Partners

6 minutes
A gaggle of young professionals glad-handing near a window in an all-white interior. Perhaps it’s heaven. Jessica doesn’t think so. The only thought running through her mind is the hope that no one notices the sweat on her palms. Well, that and she’s glad she’s not the only one who showed up in glasses this time. She doesn’t want her eyes, the windows to her soul, of course, to allow a look in at the inferiority she feels in such a successful group. Is she a fraud? Right now she feels that way. She would never be able to use a word like glad-handing in everyday conversation, as Andre just did. Just keep smiling, Jessica. Your Taurus is waiting in the parking lot. There’s a Caramello in the glove box, I think. Yeah, pretty sure. Lie down and let that flowing caramel river carry you away from your inadequacies and toward salvation.
Joshua Smith Nov 13th, 2020
Joshua Smith
Mastery

I know we realtors get tired of hearing pitches such as: “All I ask is for you to give me one loan. Just give me a shot, and I can show you what I can do.”

Getting hit up constantly by vendors can get annoying, but they are just doing their job. I am sure we oftentimes come off the same way to the leads we are trying to turn into clients.

I am a HUGE believer in having strong vendor partner relationships, which are among the most important key relationships for realtors. Those relationships are as follows:

#1: Your relationship with your clients. This one is pretty obvious, but you want a great relationship with your clients so you can provide an amazing experience, which can lead to repeat and referral business.

#2: Your relationship with other realtors. This one gets overlooked by many realtors, but your relationship with other realtors is critical! You don’t want to get the reputation as a realtor who is difficult to work with. When other realtors see your for sale signs, you want them excited to have an opportunity to work with you again. If you are submitting an offer on a property with multiple offers, and you have had great experiences with the listing realtor, you may be told exactly where your offer needs to be in order to get accepted. All critical things which benefit your career and your clients, as well.

#3: Your relationship with your vendors. Your vendor partners get paid in either the same way or similarly to how you get paid. They need your business to grow their business, and they get paid when you get paid. So, they have a HUGE vested interest into your success. Let’s break down some other benefits.

IMPORTANT NOTE: The needs and best interests of our clients always comes first. I will never align myself with a vendor who does not provide superior service to my clients. I don’t care how many tools or supports they provide to me. Also, I recommend you know the compliance laws to make sure you are always abiding by them. At the end of the day, our clients choose which companies they want to use, and they need to know they have many options.

Okay, so how do you use your vendor partners to help you grow your business?

Let’s start with the more obvious one, then we will get into more strategic things you can do. Will utilizing your vendors make an amazing experience for your clients? If not, you will have trouble with future repeat and referral business. You may be going above and beyond, but maybe your client is having a horrible experience with the lender. If any aspect of your clients’ experience is not up to par, the overall experience will be seen as horrible, regardless of your role.

Now, let's discuss some more strategic things you can do to grow your business in other ways.

Lender Partnership:

-Having a great Lender is CRITICAL, and I don’t just mean someone who does a good job on loans. I want to utilize lenders who will jump on leads who want to get pre-qualified. I want a lender with the same speed to lead mentality that I have. The longer the wait, the less likelihood of getting the potential client on the phone.

-Having a lender partner hold open houses with you is HUGE! Lenders can assist with getting everyone to sign in, discuss rates/payments/options, and run loan applications from their laptop at the open houses, etc. Having a lender at your open houses with you is a huge advantage.

-You can meet with your lender once weekly or multiple times weekly and do call sessions together. You can both call all the leads in your CRM, and, with two of you calling with the same goal in mind, you can get through twice as much follow up, as well as have someone who is holding you accountable.

-You can co-market together. Again, check with your broker and compliance laws, but there are legal ways in which you can market together and split the advertising costs.

-Ask for all their old loan app leads which couldn’t qualify in the past. Ask if you can get names, numbers, and emails so you can follow up to see if there is still an interest, if their situation has changed, and if they would like to re-attempt the process.

Title Partner:

-A lot of title companies have marketing title reps whose job is to build a relationship with you and help you grow your business in hopes you are willing to recommend their services to your clients. Sit down with them, and see what they have to offer. They may have some great resources like: buyer guides, seller guides, script books, open house materials, effective marketing ideas, effective apps you can use, etc. Some even offer services where they can get you contact info for homeowners, for circle prospecting, notice of defaults leads for potential short sales, etc.

-They can assist in running estimated seller net sheets for your listing appointments. 

Again, just reach out, and see what services and tools they have available.

Home Inspectors:

-To minimize your time, see if your home inspector will take on the task of scheduling the inspection. Instead of your spending an hour trying to get in touch with everyone, re-confirming with everyone, etc. see if a home inspector parter will handle all of that. So, instead of an hour, you are only out the two minutes it takes you to communicate that to the home inspector.

-If your clients can’t be at the inspection, see if the home inspector will do a conference call to discuss the report in depth and be available for questions. Little things like this go a long way!

Again, there are so many things that can be done, but I wanted to discuss some to give you an idea, so that you know your vendor partners can do much more than just provide great service to your clients. Remember, they have a HUGE vested interest in your continued success. So make sure you ask and find out what ways you can work together in creating win-win relationships so your business can grow, and their business can grow. And all the while, your clients are receiving a world class experience!

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

3 minutes
Young woman reading in front of a laptop.

The Path Toward Real Estate Success: Read to Grow

Joshua Smith Sep 4th, 2020
Joshua Smith
Making Money in Real Estate
Mastery

“The amount of money you are making is a direct reflection of what the general public perceives your value to be… If you want to make more money, then you must add more value to yourself that you then can transfer to the marketplace.”

-Jim Rohn

The average high school and college graduate reads one book after graduation. Ever. One book.

The average Fortune 500 CEO, on the other hand, reads sixty books each year. 

Jim Rohn also said that “Unsuccessful people have big TV’s, where successful people have big libraries…”

The difference is a commitment to self-development.

As we discussed in the tip on finding the right mentor/coach (read more here), so many people have created massive success and have written books on how they did it. So you don’t have to reinvent the wheel, but you must take the time to educate yourself. Books are a great and inexpensive way to do so.

Perhaps you are thinking that you don’t have the time to read books. Well, the great thing about today is that you can listen to audiobooks while you are driving, while you are getting ready, while you are working out, cleaning your house, etc. No need to add another task, just integrate your self-development with things you are already doing. 

The average person drives 12,000 miles per year. That’s 300 hours behind the wheel, or about two semesters of college. As realtors, we tend to drive much more than average, so listening to a book a week while on the road can be easily achieved.

But not all books are created equal. So find authors who have created success in the topic they are writing about, so you can learn how they did it, and apply those strategies to your life.

josh Don’t read books just to get through the book, rather read books to get from the books. NASA has shown that the average person only retains 10% of what he/she learns the first time around. So you may need to re-read, or re-listen to a book multiple times to really get the information down. Then understand it is not the information which makes us successful, rather taking action on the information we learn which then creates the success.

A good place to start is to make it a personal rule that while you are getting ready in the morning and while you are in the car by yourself, that you are going to listen to an audiobook. You will quickly find yourself being able to listen to a book a week. A book a week can quickly change your life!

Start getting intentional with your self-development, and you will start seeing massive improvements inside your business and life!

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

4 minutes
Using technology to enrich a business relationship.

The Path Toward Real Estate Success: Recommended Tech

Joshua Smith Aug 28th, 2020
CRM
Joshua Smith
Making Money in Real Estate

While last week’s post was focused on how to prevent technology from diminishing your role as a realtor, technology and systems do help you run a much more effective and efficient business, while providing better service to your clients and creating a deeper connection.

So today, I would like to discuss some systems I recommend having in place.

IMPORTANT NOTE: You do not need to have all of these systems. They can allow you to be much more effective and efficient but are not necessary if you are unable to afford them.

Recommended Technology and Systems In Your Real Estate Business:

#1: CRM/Database. Your #1 asset in your real estate business is your connection with your database. To be truly effective with your lead conversion, pipeline management, etc.. a CRM/database is absolutely crucial! More on CRM essentials here.

#2: Tracking Systems. As we have discussed in past tips, you MUST be tracking your daily activities, appointment set/conduction/client ratios and your financials. The great thing is this can all be done for free with Google Drive. Read about tracking here.

#3: Website. Today’s consumer is going to do their research on you, and they will expect you to have a site. You want a website which allows you to brand yourself, has a blog feature, is effective at lead generation, etc. More on what to look for in a site here.

#4: YouTube Channel. Today “Content is King,” so you must have video content on YouTube, which is the #2 search engine on the planet, and is owned by the #1 online search engine on the planet, Google. You should be creating and posting market update videos, informational videos about your area/community, top real estate tips, etc. The importance of creating content will only grow.

#5: Social Media. Social Media is essentially another free database which allows you to build relationships with potential clients, current clients, and past clients. More on Facebook Lead Generation here.

#6: Email, Cell Phone, Scanner… OK, I know these are all things we know, but I wanted to throw them in here, as they are essential.

#7: A System for Everything Done More than Once. You should have system in place for anything and everything you do regularly, from ordering business cards, to your lead gen, lead follow up, appointment preparation, appointment conduction, client/contract to close process, past client follow up process, etc. Just as a rule of thumb, anything you do more than once, needs a system in place to ensure it happens over and over, in the same way, is not missed, can be duplicated, and eventually delegated.

#8: Online Email Signature System like DocuSign, ESign, etc…

BONUS/Additional Luxury Systems/Technologies: power dialer, expired/FSBO list provider, neighborhood homeowner contact information provider, CMA report tools, seller net sheet/buyer cost sheet apps, contract to close/contract management systems and many more, as there are thousands of systems which exist.

Again, technology and systems will allow you to provide better service to your clients, stay on top of your tasks, and ensure things are not missed. As soon as you are able add these systems to your business as they will have a large impact if used properly.

IMPORTANT NOTE: Any technology/system you implement into your business will only be as good as you use it. For example, you can have an amazing CRM/database and get poor results if you use it poorly. There is no “Magic Pill” that exists. Like with anything else in life, you get out of it what you put into it!

Of course, always “Lead with Revenue”. Add what you can as you can, but make sure you have the revenue coming in to afford it. Then, add it into your business, use it, and take your business to the next level!

Also, don’t try to implement everything overnight. Implement one system, get it dialed in, learn how to use it effectively, and once you have it down add the second system, and so on.

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

4 minutes
Working on a tablet with chart overlay.

The Path Toward Real Estate Success: Don’t Be Replaced By Technology

Joshua Smith Aug 21st, 2020
Joshua Smith
Making Money in Real Estate
Mastery

We can’t stop the growth of technology, but we can control how we harness it.

Technology, one could argue, is already creating somewhat of a perception that a realtor can be replaced. So the focus must be in showing our true value to our clients.

Ways To Overcome Technology and Show Our Value To Clients:

#1: Know your area EXTREMELY well. Know the local businesses, local schools, subdivisions, recreation, houses, inventory, etc. Focus on becoming an “Information Portal” for your area. If someone says, “We are looking for a 4 bedroom, 3 bathroom, 2800 + sq.ft, with a large kitchen/kitchen island home, in walking distance to an elementary school, that has an A rating,” you need to know your area so well that you can say, “I know of 3 subdivisions which feature A rated elementary schools within walking distance that features the type of home you are looking for.” Spend time on Zillow and identify what Zillow can or cannot provide to the consumer. You must become that bridge of information.

#2: Stop using technology that diminishes your value. Technology is great, of course, and allows you to stay on top of activities and develop deeper relationships with your clients, but many realtors unfortunately allow it to diminish the relationship and their value. For example, many realtors use an online signature program, like DocuSign. Let's say you just get done showing homes and your clients have picked a home. You tell them that you are going to go to the office and will email over the contract to them, where they will open/sign on their email. They receive the email, and it takes them 5 seconds to sign it. All they see is that 5 minutes. They do not see the 45 minutes it may have taken you to fill out the contract, which absolutely can diminish your perceived value and the relationship. I am all about systems like DocuSign when necessary with out of area or traveling clients or if it is a quick addendum we need signed ASAP. However, when writing the initial offers, bring the client back to your office, fill out the contract together, explain everything in detail, answer questions, etc. Let your client see everything live, which will help create a deeper connection and allow clients to see your true value.

#3: Pick up the phone. I get it; email and texting is so easy. But they can’t replace an actual phone or face to face conversation, especially when people are buying or selling the largest assets of in their life. Be the support system they really need, and ensure you are facilitating the best experience you possibly can for them.

#4: Build world class buyer and listing presentations which show your step by step process to ensure the buyer or seller is successful at accomplishing their real estate goals. Most buyers and sellers have no idea all the things their realtor is doing for them. Make sure you communicate everything you are doing, and never assume that they already know this stuff. Educate them on everything.

#5: Focus on building strong relationships. At the end of the day, we are in the human connection business. Focus on developing a strong connection with your clients, and focus on maintaining that connection with continued follow-up (more on effective follow-up here).

Technology is critical, and will allow you to do more with less inside your business. Just don’t make the mistake of allowing technology to replace the human connection. Instead incorporate it into your business and view it is a way to enhance the human connection!

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

4 minutes
Looking at an empty wallet with despair.

The Path Toward Real Estate Success: Stop Wasting Money

Joshua Smith Aug 14th, 2020
Joshua Smith
Making Money in Real Estate
Mastery

If I asked you, and be 100% honest, to give me your exact year to date net profit and monthly expenses, would you be able to answer?

Don’t feel bad if you can’t give me the answer yet; over 95% of realtors don’t know those exact figures.

So far in this blog series, we have discussed some real estate specific numbers such as tracking your lead sources, appointments set, closing ratios, etc. But you must also track and pay attention to your business financials, aka your profit and loss statement (P&L).

In short, a profit and loss statement shows you how much money you are actually making and how much you are losing. However, a good P&L will show much more than that!

I highly recommend you run and review your profit and loss statement every single month. But where do you start, and what should you be tracking on this statement?

First, understand that tracking your business financials does not need to cost you any money. You can spend money and get a program like QuickBooks, of course, but you don’t have to. Word or Excel can work just fine.

Items You Want To Have and Track Monthly On Your P&L:

1: Track/Document your Revenue. For realtors, this will be your commissions. I recommend you break it down from buyers/sellers/rentals, as well as each lead source so you know what is coming in and from where. 

2: Track Your Expenses. Just like your revenue, you want to break down your expenses. Some examples would be: individual lead sources, websites/systems, rent, license fees/dues, vehicle expenses, property photos, flyers, open house signs, etc. You will want to break each category down individually, so you know and can see those exact costs each and every month.

3: A Total of your Gross Revenue, Gross Expenses and then Net Profit or Net Loss.

You cannot make intelligent financial decisions for your business without a detailed business financial tracking plan. When you track these figures each and every month you are forced to pay attention to your finances and see a true picture of what is happening.

Every month, when I review my P&L statement, I analyze every expense to see if it is absolutely necessary. I also look at all my revenue to look for opportunities to increase sources with a high return on investment. For example, with this information you can see your exact ROI for each lead source. You may discover one lead source is getting you double the return of another. You can then safely cut the lower ROI lead source and put those funds into increasing the lead source getting you the better ROI.

IMPORTANT NOTE: You must stay organized to properly analyze your business financials. I recommend getting a large, letter-size envelope and writing the month on the front, and then toss every invoice you pay and every receipt you get inside that envelope. Of course, you should be tracking your closings as well in Word or Excel, for instance. Then, after the end of the month, you will have all the information to enter onto the document. Yes, it is another task you are adding to your schedule, but one of those absolutely crucial non-negotiable tasks which must be added to create success!

If you are not doing so already, start running your profit and loss statements ASAP! I can assure you it will be a game changer!

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

3 minutes
Man looking at phone with laptop

The Path Toward Real Estate Success: Lead Generation

Joshua Smith Mar 20th, 2020
Real Estate Advice
Joshua Smith
Lead Generation

Only 7% of realtors conduct 93% of all real estate business.

The unfortunate reality is that the vast majority of realtors do not understand the amount or type of actions that are required to generate business.

But all is not lost.

You have come to the right place to learn how to grab a slice of the massive amount of business that top agents and teams are responsible for. There’s plenty of room for an agent who is willing to work relentlessly with the right tools and appropriate knowledge.

Perhaps the most foundational concept for building a real estate business is effective lead generation systems and data tracking, so let’s start there.

Consider these stats:

-The average realtor converts .5% of leads into a closing.

-Top realtors with world class follow-up convert 3% of leads into a closing.

So let’s split the difference, and say you can convert 1.75% of your leads into a closing, or basically one for every 60 leads. To convert at this level, of course, you must know how frequently to follow up with leads. More on how to conquer lead follow-up here. But you can do a rough calculation of the amount of leads you need to convert one closing, so you know how many leads you need to accomplish your goals.

Let’s say your goal this year is to close 36 homes. Based on the above conversion rate, you must generate at least 2,160 leads this year to hit that number.

You can them break things down further for more easy to manage targets. 180 per month. 44 per week, if you take off two weeks per year. You can even take it down to leads per day, if you would like. The important thing is to stay on track and make sure you are regularly hitting your numbers.

IMPORTANT NOTE: The only way to win the year is to win enough months. To win the month, you must win enough weeks. To win the week, you must win enough days. So every morning when you wake up, just think about winning the day. Every day.

Always break your numbers down so that you know if you are winning the day. Successful businesses, after all, are built on predictable and practical systems. And in real estate, lead generation is the number that fuels your growth.

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

2 minutes
Typing on laptop

The Path Toward Real Estate Success: Lead Follow-Up

Joshua Smith Mar 27th, 2020
Real Estate Advice
Real Estate Success
Joshua Smith

The average realtor follows up with a lead within 40 minutes and only follows up twice. These numbers are just not good enough for any agent to ever be able to create a profitable real estate business. As you read in Creating Real Estate Success: Lead Generation and tracking, the average realtor only converts .5% of leads into a closing. More on predictable lead generation systems here.

But as you have demonstrated by your dedication to learn to perform at the highest level in the real estate business, you are not the average realtor.

Let’s now dive into what steps you can take to turn your leads into appointments and point them toward closing.

Consider these averages about lead follow-up:

-- You must follow up with a lead fifteen times before that lead will reach back out to you.

-- Each lead will reject an appointment five times before ever agreeing to meet with you.

-- Every consumer is sold to 2,000+ times each and every day.

You must be diligent about lead follow-up. I recommend, at a minimum, that you follow up with every lead 21 times in the first 30 days. You can use any combination of phone calls, emails, and text messages, but the key is to reach out 21 times in the first month of your relationship with a lead.

Plan to get voicemails and few responses. That’s okay and is expected industry-wide. You can only focus on and control your actions. So your job is to continue to follow-up via phone, email, and text until you can get a lead to respond to you. At that time, you can work with that lead to identify goals, expectations, and time frames for purchasing or selling a home. More on how to turning conversations into appointments here.

In real estate as with anything else, hard work and persistence are key.

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

2 minutes
Classroom Setting

The Path Toward Real Estate Success: CRM Essentials

Joshua Smith Apr 10th, 2020
Real Estate Advice
Real Estate Success
CRM

A CRM is a “Customer Relationship Manager” and is a system that can help you automate your lead follow-up, stay organized, and help ensure you do not miss tasks. Your CRM might be your most important tool you use to fuel the success of your real estate business.

Statistics show that most realtors do not have a CRM. But even the ones who do don’t use it effectively.

The first place to start when selecting a CRM is with your budget. Like most things, you get what you pay for, but you must work within your budget, of course. The real estate technology world has no shortage of CRM choices, so I am going to focus on the critical features your CRM must have to boost your ability to succeed.

MUST HAVE FEATURES:

#1: The ability to add leads both manually and automatically into your CRM

#2: The ability to add notes to each individual lead inside your CRM

#3: The ability to organize your database with types and categories: Buyers/Sellers/Leads/Clients/Past Clients/etc.

#4: Mass email feature that allows you to send an email to everyone in your database all at once

#5: Drip plans, both email and text

#6: Auto responses, both email and text

#7: Manual and automatic tasks

These are the seven absolute must-have features a CRM needs to be effective. A good CRM is so critical to ensuring your follow-up process is followed (for more on lead follow-up best practices, click here), you stay on task, and stay organized. Once set up correctly, a solid CRM is a massive game changer.

If you do not have one already, start working on identifying and setting up your CRM.

Next time, I will discuss the importance of your website and the features to look for when selecting a site.

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

3 minutes
Collaboration with tablet and laptop

The Path Toward Real Estate Success: Conversations Into Appointments

Joshua Smith Apr 3rd, 2020
Real Estate Advice
Joshua Smith
Real Estate Success

Consumers love to consume (in this case, buying and/or selling real estate), but they HATE being sold to.

To find success in real estate, your mindset must be to come from a place of adding value by leading with contribution. And know that once your contacts are ready to buy and/or sell, they will think of and reach out to you.

So, yes, more frequency than ever is required to convert leads into appointments; however, you do not need to resort to using high-pressure tactics. In fact, when delivering high-pressure scripts, you will end up turning off far more people than you are allowed to help.

The goal is to follow up frequently, lead from a place of contribution, and develop a relationship over time.

Let me give you an example:

My team generates a ton of leads and business by running Facebook Ads. These leads register on my website to unlock the ability to search for homes. Let’s say I just received a new lead who saved a property as a favorite on my website.

I would call this lead ASAP and say “Hi (lead's name), this is Joshua Smith with REVISITO Real Estate. I wanted to reach out, as I noticed you saved (the property address) as a favorite on my home search website, and I wanted to see if you had any further questions on that property, as well as see if there is other info/data on that home and area I can send you. (Pause to let them answer, answer any questions they may have, then try to set an appointment). I have some time this evening between 5pm and 7pm if you would like to meet at that home on your way home from work and spend a few minutes checking it out. Is that something you would like me to set up?”

IMPORTANT NOTE: Remember from Creating Real Estate Success: Lead Follow-Up, that the same lead will reject you for an appointment five times before saying yes. So, I am expecting a no and will then say, “No worries at all. If you have any further questions, or ever need anything, please feel free to reach out anytime! Have a great day!”

The goal is to follow up, lead from a place of contribution, try to set an appointment, and if unable, repeat the process.

As you can see, my lead follow-up is far from pushy, but I do follow up frequently with courtesy check-ins.

As the famous sales saying goes, “The fortune is in the follow up”. And I have seen time and time again that it really is.

To make your life easier and your business manageable, a lead follow up plan/system is essential. But the plan or system is not enough. You also have to execute. Please know that generating leads is not the main issue. Converting leads into appointments is a much more crucial step, and one that most realtors struggle with, as they do not have a dedicated lead follow-up system in place. 

Thanks for reading!

  Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

5 minutes
Mentoring in an office.

The Path Toward Real Estate Success: Finding a Mentor

Joshua Smith Aug 7th, 2020
Mentoring
Joshua Smith
Making Money in Real Estate

You have two choices in building your real estate business.

#1: You can try to figure everything out on your own. This path can take a long time, money, energy and even failure. In fact, 90% of realtors fail in the first three years, and most do not know what to do to create the success they want. 

#2: You can find a mentor/coach who can show you the path to create the success you are looking for.

I am a HUGE believer in mentors and coaches; I have had and will continue to have many. Not having a mentor is an extremely irresponsible choice, but you must choose the right mentor for you.

A lot of people will tell you that hard work always pays off, but the reality is, that’s not quite true. I don’t care how hard you are running, if you are chasing the sunset by running east, you will never see it! You must combine hard work with the right direction, the correct road map. Finding someone who has created the same success you want to create is a requirement. Don’t try to re-invent the wheel. Okay, let's get into some tips.

Tips To Finding a Mentor and/or Real Estate Coach

#1: Do your research. Make sure your chosen mentor has either created the success you are looking to create or has successfully coached others to create what you are looking to create. If not, the chances are very small that you will be mentored effectively.

#2: Identify the current, largest obstacles inside your business. Then find someone who is proven to be able to solve those obstacles.

#3: Get clear on the type of real estate business you want to create, and, again, find someone who is proven to be able to solve those obstacles.

#4: Get clear on the type of help you need. For example, do you just need the information, or do you need someone to hold your hand every step of the way? You may find you need someone to keep you accountable every week and who holds you to your commitments. Or you may find that you are very self driven and just need the right, actionable information. If you need more in-depth accountability, then you probably need one-on-one coaching, whereas, if you just need the information, you may just need a good online group program.

#5: Do your homework. Don’t just take a prospective mentor’s word for it. Has this mentor truly created the success you want to create? Research others and look for testimonials from other agents who have benefited from coaching.

#6: Identify your budget. Coaching can get very expensive. So know your budget, and then find the best fit for your overall needs and budget.

One of the great things about the real estate industry is that not all mentors need to cost you money. You can look into joining a great team or brokerage where the team leader and/or broker can become your mentor, as he/she has a vested interest into your success. Ask yourself, “Is my current broker and/or team providing the mentorship and coaching I need to accomplish my goals?” If the answer is no, then you may want to start exploring the possibility of finding a better company.

But mentors typically will cost you money. You may have to pay upfront for their knowledge or perhaps pay a split of your closings if your mentor is your team leader and/or broker. Be prepared to pay for mentoring as the coaches you will want are going to be people who have created success, so their time tends to be very valuable.

IMPORTANT NOTE: One way to find a mentor for a lower fee is to offer to trade your time for theirs. Remember, a mentor’s time is going to be more valuable than yours, as you are not yet up to that level of success. Offer to give three hours of your time for free, for instance. Find out if your mentor needs help in the office, at a charity event, getting coffee, cleaning the office, washing a car, etc. You will find that most mentors really respect your hunger and drive and will end up giving you much more time than the original agreement.

One big mistake people make is asking, “What will I get out of this situation?” This is the wrong question to ask. Instead ask, “Who will I become from this experience?” A mentor can show you the exact skill sets you need and can apply for the rest of your life to continue to create massive success!

Lastly, if you study anyone who is successful, entrepreneurs, athletes, musicians, etc. they all have mentors, and for good reason. Take this fact very seriously, as mentoring can and will have a huge impact on your success!

Thanks for reading!  

Joshua Smith, Realtor/Mentor/Entrepreneur

-Voted 30th Top Realtor in America by The Wall Street Journal

-Over 5,000 Homes Sold & Currently Selling More Than 1 Home Daily

Set Up Your Strategy and Discovery Call Today! 👋