3 thoughts on how to make $100k or more in real estate

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Most people associate $100,000 annual income with achievement. In our minds it is an entry point into a professional earning bracket. If you planning to elevate yourself up to making this money in real estate, not only do you have to provide the service to clients, but you also have to find the clients in the first place. In other words, in addition to being a real estate agent, you have be a salesperson.

Become a great salesperson

Without clients you would not have anybody to provide the service to. Committing to becoming a great salesperson before anything else is your first priority that will start you on the way to $100,000. What is a great salesperson and how do you become one? Realtors either don’t know they should be salespeople or feel they can get by in this business without having to be one. It is this kind of thinking that creates the real estate failure rate of 87%. Let’s look at some of the things you can do to become a better salesperson on a way to becoming a great salesperson.

  1. Read lots of books. Warren Buffet reportedly reads 500 pages a day. You can surely squeeze in 10 in a single day. This is a never ending road, so start doing it today. While you are at it, you will be sharpening your ideas on what to do, how to look at yourself, at your business and the world through a slightly different set of eyes every time you put a book down.
  2. Work on self-improvement. Do you have a peer group? Do you have a mentor? Are you working on self-improvement, other than reading that we have already covered? You can look at self-improvement as one of the main goals of life. If you want to feel fulfilled, work on improving yourself every day. This slow, incremental change, can make you an “overnight” success one day.
  3. Participate in a mastermind group. This is where you exchange ideas with likeminded people. Go back tot he first point in this list and crack open “Think and Grow Rich” by Napoleon Hill. Excellent discourse on why you want to be in a mastermind environment.
  4. Role play with peers. Keep reminding yourself that real estate is a skill based sport. Role playing is your required practice. Required. If you are an active salesperson (read a Realtor), you have to have a practice group. 20 to 30 minutes of practice daily will do just fine.
  5. Call, door knock on people’s houses, go and meet them for lunch or at listing appointments. Go and do something. You have to talk to a lot of people everyday to become a great salesperson. Consistent, daily effort is how you become a great salesperson. Here is a quote from Aristotle: “We are what we repeatedly do. Excellence is not an act, but a habit.”

Know your product

What is your product? In real estate, there are a few products you are offering. First, you are offering your unique services aimed at marketing, negotiating the contract and making the sale for your clients. Second: you giving them your market knowledge and expertise in the area where the listing is. Third: you are providing them with a kick ass customer service before, during and after the sale.

Make sure you know your value proposition, when you go to an appointment. Follow your presentation or a “marketing package” that should mostly cover what you are going to do for the client. You should know the contents of your “marketing package” cold and be able to deliver your message with confidence. Your client wants you answering just three main questions convincingly:

  1. How much is my house worth?
  2. How long will it take to sell the house?
  3. What are you going to do to get it sold?

To answer these questions to your client’s satisfaction, so that they sign with you on the spot is no easy task and knowing your product will add a few great card to your hand.

Know your client

Are you changing your approach based on personality styles of your clients? Or, are you plowing ahead, hoping they will like you just the way you are? If you are a driver and happen to have a driver as your potential client - you are talking the same language and you will like each other. If your lead is not a driver and you don’t care or not aware of this, you will not get the listing. You don’t have a lot in common. At least this is how your client will see it and they will not connect with you. When practicing with your agent peer group, do role plays that are specific to personality styles out there. You will learn to recognize them. You will change your non-verbal communication to cater to each personality style specifically and you will change the words you use to account for who they are in the personality style categories. Important distinction. By adapting to a personality style you are not changing the message. The essence of what you are saying remains the same. You change the presentation of your message. You market it.

Second part to knowing your client is very different. Second part is understanding who your ideal client is. In other words who are the clients that the most beneficial for your business. We are not talking about strictly financial considerations here. Do you want to work with them? Do you enjoy their company? Are they listening to your advise or treat you as a commodity? Are they within your service area? Is the price point right for your business plan considerations? There are many questions you have to ask yourself every time you are considering going to see someone. If you know who your ideal client is, you will be saving a great deal of frustration trying to work with people you can’t easily connect with, despite your professional training and general openness. Or you may be enjoying a particular category of client, but they are not doing anything for your business. This is a combination of personal and business considerations that you have to go through in your quiet time and once you make a decision on who you are doing the business with, you stick to it. Every time.

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