(The video above covers 3 Habits, but the written blog post below covers all 4).
Being a real estate agent is not for the faint of heart. You not only grow as a professional, but as a person. You will develop and break habits. Some are good and some are not so good. I’ve witnessed many agents come and go in their pursuit of success and most of them fail due to these 4 habits.
The 9-5 Mindset
One awful habit that New agents come into the business with is the 9-5 mindset. In this mindset, your broker is your boss and they will ride you and give you business. For the most part, this is not the case. As a real estate agent, you are running your own business under the liability of a Broker. You are more business partners than you are an employee of your Broker.
So, if you are stuck in that mindset that “I will only act when someone tells me what to do”, this business is not for you. You have to be disciplined and very self-motivated to make it as a real estate agent.
Focusing on Busywork and NOT Relationship Building
As a real estate agent, you wear many hats. I actually made a video on the “4 Time Blocks Every Real Estate Agent Should Have.” In that video I describe something called the “Bronze Time.” This time block is usually set up for paper-pushing and work that isn’t geared towards money-making activities like building up your CRM with new opportunities. The issue with most agents is they become masters of busywork.
They spend all day liking through Instagram, reviewing documents, putting together postcard templates, developing smart campaigns that they will never use, and creating logos from scratch. That should all be done in your spare time.
Although some of those activities are going to help in the future they are not going to help you make it as a real estate agent. You need to spend most of your time creating and nurturing relationships.
Bad Financial Habits
9 out of 10 real estate agents fail in their first year of real estate. Not because they are stupid or don’t have the ability to learn. It is because they run out of money and have to get a side job that kills their momentum. Real estate is a lifestyle and requires you to deal with a big learning curve.
Having some financial literacy will go a long way. Too many agents spend their commission checks before they get them. I know agents that close tons of deals but instead of investing, and saving, they decide to buy “doodads” that put their backs against the wall. If they have a couple of bad months that steady job looks pretty good and they say goodbye to their real estate dreams.
Slacking on the CRM
Your CRM should be your business hub. This is where your follow-up, automation, and relationships live. If you are not pulling up and updating your CRM on a daily basis you are missing out on tons of opportunities. Relationships are not built through a single contact, they are built over time with multiple contacts. Your Customer Relationship Management (CRM) system will help you do that.
If you nip these for 4 bad habits in the butt, you have a bright future ahead of yourself in real estate. What are some positive habits you’re working on developing in order to achieve success in your business?