Blog

Oct
24
The Traditional Real Estate Cycle

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Statistically, the odds say that you will not make it as a realtor. The traditional real estate cycle typically begins when someone gets licensed, spends a lot of money on things they do not need, goes into debt, and fails with in the first twenty four months. Feeling optimistic?

You should be, that’s your competition. Most of the people who fail in real estate are not learning based. It is not the intent of a real estate school to teach you how to run a real estate business. Additionally, running a real estate business on both a macro and micro scale is not intuitive. You need help.

Those who are too proud to ask for help tend to fail early, plateau early, or simply lead a life of mediocrity. By reading, learning, attending training, and generally working on your business instead of just in your business, you are making strides in the right direction early. We are all a statistic in some way, it is my intent to assist you in becoming a positive statistic.

Mistakes to Avoid

Isolation

People are social creatures. Even if you work at a brokerage that is specifically designed to not have a brick-and-mortar presence, be sure that you are connecting with other people who are also growing their business. Working in isolation tends to produce slower results as you do not have the same opportunities for discussion and growth. Additionally, learning groups allows you to learn much faster since you do not all have to make the same mistakes to learn.

Pride

There are few things more depressing than watching hard-working people fail because they simply refuse to reach out and ask for help. It’s hard to know if something is working correctly if you are new or developing a new strategy. You are not the first to climb this mountain, there is normally a path somewhere.

Trying To Many Things

Many people will try too many things at once without ever holding their time or money accountable. This applies equally to new and experienced agents.If you try too many things then it’s difficult to know where your leads are coming from, what actions produced those results, or how to measure them. Additionally if you try to many things at once you are likely spreading your time to thin and not focusing on the most important activities.

It takes time for something to start working. It typically takes roughly 90 days for a lead generation strategy to really get up and running. If you constantly change what you are doing or try multiple strategies at a time, it becomes very difficult to measure that activities success.

Trying To Few Things

The opposite of our previous point, many people lock onto one piece of advice or one thing they believe should work and they will hardheadedly pursue it to their doom. Course correction is healthy and also important. You have the ability to make informed course correction if you are measuring your activities and results, giving adequate time to perform the activities, and sticking with it long enough to reason it obtain results.

What are some common pitfalls that you see people making? Let me know in the comments!