Today’s show is PART 2 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.
Remember, this is PART 2 of Real Estate Agents 5 Year Guide To Become A Millionaire. Be sure to listen to PART 1 from yesterday.
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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1. Your second year is a building year, based 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’. This is when you’re going to be tempted to buy leads and look for an ‘easy button’. Resist!
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 skills to start building your 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 they 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. If you haven’t upgraded your broker choice to eXp, now is a great opportunity to do so. Ask questions if you’re not sure why this is such a critical choice.
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, no matter what, from every transaction. Do NOT attach a debit card to this account.
9. Utilize your eXp Express Offers, and your Guaranteed Home Sale program to purchase at least one rental property. Look outside of your market if where you live and sell is too pricey to find cashflowing rentals.
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 debt to pay off, prioritize paying it off.
YEAR THREE.
1. Continue to build on your first two years. Amazingly, you are now a veteran agent. You have more experience, confidence, and skill. This is the year of consistency and predictability. Do a new Real Estate Treasure Map!
2. Doing what you don’t want to do when you don’t want to do it at the highest level now is paying off more predictability. Do not allow boredom or repetition to wreck your momentum. This is what you’ve been working toward… ‘cruising altitude’. Remember the jet taking off analogy. Your success is increasing but will be less obvious because your net worth is increasing in the background, in a non-flashy way.
3. 24 transactions is the goal, $288,000 gross commission income. If 24 seems easily achievable, modify it to 36, or $432,000 GCI. Yes, this is possible. 3 listings sold per month, referring your buyers to buyer partners and keeping only the best buyers for yourself.
4. Your net worth is now growing. Continue to invest in non-risky assets like additional rental property and your stock portfolio.
5. Do not push the ‘easy button’, it doesn’t work. Don’t fall prey to the 3 B’s: Building your brand, buying buyer leads, or building a team. These things are unnecessary and will erode your profitability. You have proactive skills, so don’t make those mistakes!
6. Master at least 4 spokes, keeping your Center of Influence as your foundation, but expanding into other sources.
7. Now could be time to hire a full-time assistant. Make that assistant a profit center by prospecting their center of influence, and having them work more of your open houses. The assistant’s main job is to do everything that is not on this list: Proactive Lead Generation, Furiously Fast Lead Follow-up, Prequalifying, Presenting, Negotiating, and closing. They can prepare your pre-listing packages, confirm your appointments, etc.
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