We created this podcast series, Real Estate Agents 5 Year Plan to provide a specific, practical, and tactical plan to meet or exceed your goals in your real estate career and ultimately in your life…..in 5 years or less. Today’s show is part 2.
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Todays show is sponsored by RED/X.
Question: Are you (finally) ready to become a LISTING AGENT? Of course, you are. Great news, this podcast is sponsored by Tim and Julie Harris’s favorite SELLER Lead systems. You read that correctly, this trusted company will provide you with the names, addresses, phone numbers of homeowners who want to sell….truly motivated seller leads. Best part? NO referral fees. What are you waiting for? Go there now and become a member. CLICK HERE NOW. When you do you will save $150 because you are a Harris podcast fan.
P.S. This is the same system Tim and Julie used when they were top-producing agents.
4 – Your listing goal is to have two listings at all times, assuming average days on the market are 30 or less where you are selling. Most of the country is 20 days on the market or less currently, so adjust appropriately. The longer the days on the market, the more active listings you need to count on one closing per month.
5 – You must immediately set up three separate bank accounts. A savings account, an operations/checking account, and a tax account. Every time you are paid, you place a minimum of 10% into savings, 20% into your tax account, and the rest into your operations / checking account. Do not commingle savings and tax accounts. The tax money does not belong to you. Upgrade your savings % as soon as possible. You should have at least a 75 to 80% profit margin.
6 – Using your Real Estate Treasure Map, identify any debt you must pay off, especially high-interest rate credit cards. Refinance any mortgages you have while rates are low and lock in 30 year fixed mortgages. Give yourself specific deadlines for all financial goals.
POP QUIZ:
Please choose one answer:
1) I am ready to join EXP Realty.
2) I am interested in EXP Realty and need more info.
3) I am not interested in EXP Realty.
Key:
* If you answered “#1” congratulations. You are about to join the fastest-growing real estate company in the world. Tim and Julie Harris are inviting you to join them at EXP Realty. Text Tim directly for the next steps: 512-758-0206. (text only please)
* If you answered “#2” please watch the videos and check out the other intel on this site. http://whylibertas.com/harris .
* If you answered ‘#3’ no worries. You will want to check out whylibertas.com/harris so you can at least know what EXP Realty is and why so many agents are moving to EXP Realty.
7 – Develop 2 very predictable income spokes. For your first year, we recommend building your Center of Influence spoke for your foundation, plus one very pro-active spoke such as expired listings and/or for sale by owners.
8 – Take all opportunities your first year, including buyers, sellers, investors, referrals. You are building your skills and need the experience. Not time to be picky just yet.
9 – Sponsor at least 5 agents to eXp. This is the beginning of your wealth-building.
10 – Don’t waste time getting ready to get started. Learning your basic scripts and skills will give you the confidence to speak about real estate to different types of people in different situations. Always say “Yes, it would be my pleasure to help you with that.” Ask for help when you need it. You don’t have time to have mindset issues. Your mindset will greatly improve as your income does, so keep your focus on that.
YEAR TWO.
1 – Your second year is building on what you learned in year one. This means you don’t stop doing what got you those 12 transactions. You do more of what worked now that you have more skill and experience. No ‘sophomore slides’.
2 – Focus on net profit, not on units. Complete a new Real Estate Treasure Map, increasing your production goal by 20%. 12 to 18 closings this year. 18 closings = $216,000 gross commission income. Use White Boards for visual accountability.
3 – Now you can get serious about your Magic Number of Listings, the number of active listings to have at all times in order to meet or exceed your goals. In year two, you now have enough skill to start building listing inventory. 3 to 4 listings at all times are appropriate for most agents. Upgrade the quality of your presentations if necessary. Have 5 Pre Listing Packages assembled at all times, ready to send as you set appointments?
4 – Because you now carry listings, you can start referring your buyer business to buyer partners. Not buyer agents on your ‘team’, buyer partners who pay you referral fees for qualified buyers will take off your plate. You will keep 1-2 active buyers at all times who should be your listing clients who are buying with you -or- repeat clients, relocating executives in good price ranges, etc.
5 – Resist the urge to buy your way into more production. More staff (team) do not equal more profitability. You should have a transaction coordinator and buyer partners, no more. Your product is profit.
6 – Sponsor 5 more agents to eXp.
7 – Master two more income spokes. Now that you have regular listings, you will monetize your open houses as a productive spoke, for example. Add new construction, probate, etc. Continue to expand and systematize your Center of Influence.
8 – Commit 20% to your savings account, minimum.
9 – Utilize your eXp Express Offers, and your Guaranteed Home Sale program to purchase at least one rental property.
10 – Assuming your high-interest rate consumer debt is now paid off, start to invest in non-risky funds and keep buying your eXp stock at a discount with your commissions. If you still have a debt to pay off, prioritize paying it off.
