Today’s show is PART 3 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 3 of Real Estate Agents 5 Year Guide To Become A Millionaire. Be sure to listen to PART 1 and 2 from the 2 prior days.
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. Now you’re seeing the accumulation effect of your investing, your saving, and your hard work. Expand your knowledge about what to DO with your profit. Remember, you are rich when your money is working for you and you’re no longer working for it.
2. You can think as big as you wish now regarding your goal setting. Update your Real Estate Treasure Map and think even bigger this year. To do more transactions, add more spokes, not more staff. You should be working with only a handful of buyers or none at all since you have your army of buyer partners assembled.
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3. Set a specific goal for your Magic Number of Listings which is based on the goals you set in your Treasure Map. If you’re not sure how to achieve that higher level, get help before you get stuck. Get involved in Premier Coaching.
4. Upgrade everything. Your listing presentation, pre-listing package, and all support material. Then upgrade yourself. Refer to the ‘upgrade everything’ chapter in Harris Rules. Your haircut, your glasses, your watch, your shoes, your wardrobe, your car, your technology.
Ready to become an EXPIRED Listing Agent? As promised, here is the discount link for the EXPIRED LISTING LEADS: https://www.redx.com/affiliate/tim-and-julie-harris/?aff_code=670699
5. Don’t let your ego lead your decision-making. You will be tempted by ego advertising, making videos, and wanting to be an influencer. Be cognizant of the fact that none of those things lead directly to your profitability. Remember that it’s the repetitious boredom that pays off. Doing what you don’t want to do when you don’t want to do it at the highest level might be getting boring, but you’ve built your skills up along the way. Work on becoming more and more efficient at your lead generation. How many people do you have to speak with to set your next listing appointment? Game-ify the process to avoid boredom and keep building skills.
6. Raise your average sale price. Now that you can easily do at least 24 transactions per year, check out this math: 24 x $12,000 average net commission ($500k sale) = $288,000. Raise your average sale to $750k with an average net commission of $18,000, on those same 24 deals you’ll make $432,000.
7. Continue to invest but keep your investments non-speculative. It’s a well-known fact that people with less net worth make riskier investments. People with higher net worth are more careful with what they invest in. Rental properties, stocks with a solid history, etc, are better than crypto for example.
8. Continue to systematize your lead generation spokes so they are very predictable. Consider adding a new spoke and perfect it this year.
YEAR FIVE.
1. You now have real skill. What will you do with it? Will you embrace the fact that you have a predictable, duplicatable income stream or will you fall backward looking for the ‘easy button’? Resist!!
2. Complete your new Real Estate Treasure Map and be sure to spend lots of time on your goal setting. You can think really big now, but keep the goal ‘SMART’. Specific, measurable, attainable, realistic, and timely. Start to think bigger than you did your previous years. What do you want to see, do, have or try out? Bigger, better travel for example.
3. You now have passive income. Re-invest it strategically. Study the best investments you can make and truly begin to build real net worth.
4. Consider adding additional ‘spokes’ or sources of new real estate leads. If you’ve not yet embraced working with builders, for example, this is a great way to build even more momentum and insure your steady leadflow.
5. Don’t put your database on ice. Year 5 is when agents start to either see a significant increase in repeat and referral business -or- they start spending too much money trying to make things easier, all the while ignoring their past clients and centers of influence. Remember that repeat and referral business generally costs you $0, and they already know, love and trust you. Nurture your database, systematize your communications and you’ll see a huge increase in ‘easy business’. Ignore it and you could go broke speculating on other things.
6. Invest in coaching. Now is a great time to polish your practice, move to the next level and be increasingly accountable to your goals. Coaching is about motivating you, educating you and getting you into action.
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