Build Your Practice by Changing Your Mindset
April 25, 2007 by Don HobbsLately I've been thinking back on what our goals were when we went into real estate. For many of us, the attraction was to be our own boss, to take advantage of a great business opportunity and to spend more time with our family.
Let's look at how those goals worked out today, because they may be miles from what our dreams and aspirations were. See if this sound familiar ' today, the average agent makes $30,000 a year and most people I know are at their wits end trying to run their own business. They don't have a team, let alone an assistant and their time is not their own. Weekends find many agents at open houses. They come home to cold dinners and are missing their kids' sporting events because the phone rings nonstop.
I'm guessing this was not the goal when they got into real estate.
In hindsight, most agents went from their dream of having a business to a default position of having an employee mindset. They're doing what they're told to do and that's not how a business owner works. When you're in charge, you determine the action that creates business growth, but ultimately, too many agents fall into the category of trading hours for dollars, which is a classic employee mentality.
What's the result? We sit around wishing our broker or manager would do more for us. Not only are we doing what we're told to do but we're mimicking what other agents are doing. We're following the followers ' those lost souls who're in the same situation we're in.
To succeed and build a strong real estate practice, we have to get off this treadmill. The solution is simple, and something I know to be effective:"? you need a business plan including a budget, and an investment plan focused on education for yourself and your team ' one that emphasizes tools for growth and the development of a sound marketing strategy. The solution also requires the realization that you can't do it all. Ultimately, your business becomes successful when you leverage you.
This last point is essential. Don't be too proud to admit that you cannot handle it all on your own. I've heard it a hundred times from agents who boast "When you work with me I do it all," inferring that agents who know how to delegate are incompetent. It's a lame excuse for not building a structure of systems and process that support a thriving practice.
When I go to the doctor, I don't expect him to greet me, check me in, treat my ailment then show up at my door to deliver the bill. We are professionals ' just like the physician or attorney ' and our business should operate on these very same principles.
Stop being an employee and start building your practice and watch how your life changes.
Let me know your thoughts.
















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