Ready to take that part-time real estate career and turn it into a full-time success story? Many part-time agents are happy to keep full-time jobs, but many more have done the math & realized that their income potential is far greater if they transition into real estate full-time. Here are 15 steps to help you do it!
1 TIMING: If you are on your own; no spouse, no kids, no dependents, then take the risk when you want. You are responsible only for yourself. Otherwise, you must follow this list very closely.
2 INSURANCE: If you have a job or your spouse does that has great insurance and benefits, consider putting yourself on their insurance, or using your own and greatly reducing your hours and other requirements to that job, so you can keep those benefits.
3 SAVINGS: You must have saved 90 days worth of personal overhead. This savings must be from the net commissions of your closings. 90 days shows you have consistency, follow through and some level of skill so you won’t just quit your job and starve.
4 SKILLS: You must have your Pre Listing Package done, be able to present it and handle objections as well as close. You must have your formal listing presentation and buyer presentation done and polished.
5 MINDSET: You must be committed to doing what you don’t want to do when you don’t want to do it at the highest level you know how and be committed to constantly raising that bar.
6 MORE MINDSET: You may not go full time just so you can flex your creative muscle, dump your boss, not have a schedule or recreate the real estate model. Your product is profit, clear and simple.
7 SUPPORT: Your family must buy in to your plan and support you. If you don’t have that, you may not be a great sales person yet! If you can’t present your case to family, how will you do out in the wild? You cannot quit your job and go full time just out of a selfish entitlement to ‘do your own thing’.
8 MONEY: 90 days is a minimum standard. More is better. You may not spend money you don’t have. Don’t just ‘throw it all on a credit card and worry about it later.’
9 DISCIPLINE: You must be committed to actually following a dollar productive schedule, based on actual financial goals. This schedule must be 80% Lead Generation, Lead Follow Up, PreQualifying, Presenting, Negotiating and Closing. NOT office meetings, designations, webinars, caravans and tweeking your website.
10 BUSINESS PLAN: You must have and follow a business plan! The Real Estate Treasure Map, The Survival Plan or the 90 Day Massive Action Plan are all good choices and require all of the above to be in place.
11 ACCOUNTABILITY: You must track your business visually, using our White Board method. Out of sight is out of mind. CRMs and spreadsheets are great but visual accountability works better.
12 DAILY MINIMUM STANDARDS: You must have and follow daily minimum standards regarding your money, your health and your mindset. Mint.com for your money, daily work outs of some sort for your health and a Media Free Morning for your mind are good starting standards.
13 GOOD FILTERS: Don’t listen to, follow, take advice or coaching from anyone who hasn’t done what you’re trying to do at a high level for a long time. False gurus will give you inconsistent results.
14 COMMITMENT: You cannot be one foot in, one foot out, ‘trying real estate out’. You must be 110% all in for you to be a rock star. Yoda said ‘there is no try, there is only do or do not’.
15 COACHING: Don’t waste time, money, effort and stress on trying to ‘do it your way’, ‘recreate the model’, etc. Follow a proven, profitable path and shorten your learning curve so your earning curve will keep climbing!!