Today’s show is PART 1 of 3. We created this podcast series, Real Estate Agents 5 Year Guide To Become A Millionaire to give you a specific, practical, and tactical plan in order to meet or exceed your goals in your real estate career and ultimately in your life, in 5 years or less. Adjust accordingly based on your own experience level and skill set.
Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? https://whylibertas.com/harris or text Tim directly 512-758-0206
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Let’s start with what we want for you as well as what we don’t want for you…
What we DON’T want for you:
1. We don’t want you to be burned out, broken, and beholden to other people or companies controlling your success. Don’t build your castle on someone else’s land.
REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris’s favorite PROBATE LEAD PROVIDER? Simple, https://alltheleads.com/harris
2. We don’t want you to suffer cash spurts, lack of profitability, or uncertainty.
3. We don’t want you to kill your potential grinding away with too many buyers and not enough listings. Buyers are physical labor; sellers are mental labor.
4. We don’t want you to end the year with little savings and lots of stress.
5. We don’t want you to follow false prophets, gurus, or fake coaches.
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6. We don’t want you to have ‘failure to launch’ syndrome.
What we DO want for you:
1. We want you to have a definitive plan to follow so you will have direction and won’t have to guess what to do to succeed.
2. We want you to have goals in 5 areas of life to keep you inspired. Use your Real Estate Treasure Map to get serious about those goals. You’ll do a new Treasure Map each year of your career since both your skills and your goals will change!
3. We want you to be a powerful listing agent as early as possible in your career.
4. We want you to invest in yourself first so you can be rich and free.
5. We want you to build strong skills from the beginning, and fill in any missing skills as you reach ever-increasing success.
Let’s make some assumptions about you, our listener so we can show you the math. Assume the following facts (you can modify for yourself if necessary):
-You live in a state like Florida, Tennessee, or Texas with no state income tax.
-Your average sale price is $500,000.
-You are an eXp agent.
-Your average gross commission is $15,000. You pay your broker 20%, netting you $12,000 per transaction. (Adjust accordingly and work the math)
-1 transaction per month will gross you $144,000 in your first year in business.
YEAR ONE.
1. Your first-year goal is 12 transactions. This is absolutely realistic when you follow our specific plan, focusing on building skills and leading with listings. Don’t believe anyone who tells you otherwise.
2. Skills you must acquire: everything having to do with lead generation, lead follow-up, prequalifying, presenting, negotiating, and closing. You must have your Pre Listing Package, Listing Presentation, and Buyer Presentation completed and build your confidence using each, appointment by appointment. Your job is to earn while you learn.
Remember: It’s not enough to just HAVE those presentations. You must be skilled, competent, and confident actually USING them, presenting to each buyer and seller client in such a way that the presentation ends in a signature.
3. Revenue to expect: Gross commission income of $144,000. Again, this is based on an average sale price of $500,000, a gross commission of $15,000 minus 20% fees, which equals $12,000 net x 12 months = $144,000.
4. Your listing goal is to have two listings at all times, assuming the average days on the market are 30 or less where you are selling. Most of the country is 20-45 days on the market currently, so adjust appropriately. The longer the days on the market, the more active listings you need to count on one closing per month, minimum.
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 when rates go back down and lock in 15-year or 30-year fixed mortgages. Give yourself specific deadlines for all financial goals.
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 proactive spoke such as expired listings and/or for sale by owners.
8. Take all opportunities in your first year, including buyers, sellers, investors, and 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.
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“Our real estate journey began 30 years ago and we knew early on that we wanted to share our playbook to success. We’ve had the pleasure of transforming thousands of careers achieving success and financial freedom. We know what it takes and we’re looking forward to meeting you so we can jumpstart your growth!”
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