No Broke Months: 3 Keys to Real Estate Agent Success

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Hey there, fellow real estate rockstars! Are you tired of feeling like you are riding a rollercoaster with your monthly income? 

As a real estate agent, having a consistent monthly income can take time and effort, and not having certainty that you have an upcoming payday sucks! 

In this article, I'll share three keys to help you avoid having "broke months" that will lead to having real estate agent success.

Key Number One: Determine Why You Sell Real Estate

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Understanding why you are in the real estate sales and what motivates you to succeed is essential. Knowing your strengths and using them to your advantage will help you stand out from the competition and build a successful business.

We know you got your real estate license to earn money and freedom. But today, those goals may be elusive, and you have a different reason to make sales.

Before diving into strategies to boost sales, take a moment to reflect on why you sell real estate. It's not about changing the world or bringing clean drinking water to impoverished countries; instead, you sell real estate for a much less altruistic reason that most likely is to meet your basic needs.

Instead, ask yourself, "Why do I sell real estate?"

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I invite you to be vulnerable and authentic. Consider the lowest denominator as you answer the question above.

Perhaps it's to pay bills, provide for your family, or go on a vacation. But is it to avoid returning to a nine-to-five job or prove to someone that you're worthy? 

To better understand the driving force behind your work in real estate, start by asking yourself why you do you sell today. 

Your initial answer may be "to make money" or "to help people find their dream home." However, these surface-level reasons often need to be revised to sustain long-term motivation and fulfillment in your work.

To get to the heart of the matter, keep asking yourself "why" until you reach a deeper, more personal reason for why you do what you do. For example, you may realize that you sell real estate to afford your daughter's private school, which makes you feel like a deserving father. Your answer may evolve as your priorities and circumstances change.

Once you have your answer, ask yourself, "What's important to me about that?" 

Repeat this question repeatedly until you find a solution that genuinely resonates with you. Your answer will give you a sense of purpose and keep you motivated.

Pro tip: Stick that answer on a sticky note and put it on your keyboard. This will remind you why you're in this business and keep you motivated. 

Key Number Two: Identify How You Can Make Sales in the real estate industry

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There are multiple methods to generate business and close deals in the real estate industry, and implementing consistent actions can lead to real estate agent success. Still, not all strategies will work for everyone. So instead, determine what prospecting tactics you enjoy and are good at, and focus on those. 

There are so many ways to do this! From advertising on social media to door knocking, networking, mailers, and even standing on a street corner with a sign (okay, maybe skip that one). 

Here are some options for you to consider to find business.

Pick ONE or TWO of the ideas described below that best fit your personality. Select the things that you would love to do. Avoid the tactics that you dread.

Prospecting Options:

(These will cost you time)

  • Sphere of influence
  • Networking
  • Video
  • Cold Calling / Circle Prospecting
  • Open Houses
  • Facebook touches
  • Door Knocking
  • Expired Listings
  • For Sale by Owners 
  • Internet Lead Providers

Networking Options:

(These will cost you mostly time)

  • BNI
  • Chamber of Commerce
  • Other local events

Marketing Options:

(These will cost you money and should be implemented AFTER you start your prospecting tactics)

  • Zillow/ Trulia, etc 
  • Lemon Brew
  • Pay per Click
  • Marketing to a Farm
  • zBuyer
  • Millie - Agent Hero

Don't forget about Facebook ads, which can cost only $2 per lead and result in one out of 100 leads becoming clients in the next 90 days. In addition, you can use social media strategically by participating in groups or even starting a group for greater exposure and awareness. Also, you can use social media to establish a robust online presence and connect with potential clients.

Other Options:

(These will cost you money at closing)

  • Opcity (If your broker has signed up for the service)
  • Agent Pronto
  • Dave Ramsey Endorsed Local Provider
  • Ojo
  • Upnest
  • Fast Expert
  • Referral Agent
  • Rocket Homes
  • Agent Harvest
  • Agent Fixup
  • List With Clever
  • Referral Cloud
  • Effective Agents
  • Home Light
  • Navy Federal - Realty Plus
  • Clever
  • Veterans United

There are many ways to get buyers and sellers to have real estate agent success, and they all work if you implement and continue the actions. So please choose the one or two that match your behavior and style, and then be ready to make sales!

Remember to build and maintain relationships with past clients and your sphere of influence to generate repeat business and referrals. Stay informed about market trends and industry changes by attending events and continuing education courses.

Create a schedule for lead generation activities and commit to it. Start with a real-time commitment, such as one hour a day, and gradually increase as you become more comfortable.

Pro tip: Figure out what you are good at, and use that to your advantage. Are you a master negotiator or a killer marketer? Use your strengths to help you make sales.

Key Number Three: Find YOUR Way 

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Lastly, it's time to figure out your superpowers. Think about what activities outside of sales you enjoy and what others say you are great at. 

Then, please consider what is easy for you to do. For example, how do you spend your time when you have no other commitments?

What are your unique abilities or talents? 

The answers to the above questions will guide you to know your powers.

The question at hand is identifying your superpowers - those things you excel at and derive joy and energy from. You can start by asking those closest to you, such as your spouse, girlfriend, boyfriend, parents, siblings, best friend, children, and even myself, what they believe you are exceptionally skilled at. 

Additionally, reflect on what you feel most inspired and fulfilled doing. Finally, consider what activities or tasks come naturally to you and bring you joy and accomplishment. In my case, I have identified teaching as a potential superpower, as it is something I love doing and feel good doing it, so a primary way I get clients is by teaching Home Buying and Selling classes.

Once you figure out your strengths, use them to your advantage by pairing your power with the options described above in Key Number Two.

Pro tip: Remember that real estate is a people business. Building relationships and providing value to your clients should always be your top priority. 

Let's put it all together. But first, let's review your job description.

You can describe the activities that make you money as Consistent and Predictable Income (CPI) Time.

CPI Time is:

  1. Lead generate
  2. Convert those leads to hire you
  3. Meet those prospects to get hired and show homes
  4. Negotiate
  5. Practice your scripts and role-playing

Refer to your compass (that you wrote on your sticky note from the Pro tip described in Key One above) if you choose to do something outside the above tasks. It doesn't mean you can't build websites or design brochures or business cards, but you should evaluate whether it aligns with your CPI time. If it doesn't, consider how you can delegate the task to someone else, such as a teenage kid or a CPI Virtual Assistant.

What is vital to having No Broke Months as a real estate agent?

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A plan for managing your finances and saving for slow months is also essential. Real estate income can be unpredictable, so it's crucial to have a budget and savings plan to fall back on during lean times.

In addition, feel free to seek mentorship or real estate agent coaching to help you grow and improve your business. Learning from more experienced agents can be valuable and help you avoid common mistakes.

Building a successful real estate business takes time, dedication, and a willingness to learn and improve continuously. But with the right mindset and strategy, you can achieve your goals and enjoy a fulfilling and prosperous career in real estate.

By following these three keys, knowing why you are in the business, how to find sales, and your unique strengths are essential, you'll be on your way to avoiding those inconsistent income months and becoming the superhero agent you were meant to be. 

Now go out there and crush it, real estate rockstars! And remember to have some fun!

Meet Dan Rochon

Dan Rochon’s purpose is to help people achieve greatness and open doors for their success through his teaching, writing, coaching, and mentorship. He leads the Greetings Virginia Sales Network to exceed expectations for his agents and staff. 

Dan is committed to helping agents have No Broke Months because an agent should never have a Broke Month again.

Dan is the author of  Real Estate Evolution: The Ten Step Guide to (CPI) - Consistent and Predictable Income.

As a real estate sales agent, Dan and his team are consistently top producers in their marketplace and provide solutions for their clients. In addition, through his investment company, Dan Rochon has been investing in residential and commercial real estate ventures for more than the past two decades.