A real estate career is chosen by thousands of individuals each year for its ability to deliver substantial monetary gains. For many, it does just that. Unfortunately, no matter how much money is gained, a large percentage of Realtors and investors are unable prolong their real estate career.
There’s not much worse than realizing your dream for a few moments, only to let it slip away. So how can you ensure that your real estate career is a long and successful one?
1. Set it Up Right
How you start, structure and plan your venture into real estate makes all the difference. This can take an investment in your real estate and business education, as well as modeling it after the success of others. Though perhaps, more so than having perfect projections, marketing strategies and masses of capital, it is about having the right philosophy.
2. Never Stop Learning
No matter how intelligent you are, and which college you did or didn’t go to, there is always something else to learn about the real estate industry. When you think you know it all and stop trying to learn, things may begin to unwind.
3. Environment
The environment you surround yourself with has an immense impact on the longevity of your business, and even your life. This includes everything from the air you breathe to what you put in your body. Place yourself in a positive environment and your success will be magnified respectively.
4. Learn to Laugh
If you are going to last in the real estate business, you have to learn how to laugh. It can be stressful, people often appear to act unreasonably, and trials come daily. If you can’t learn to laugh about it; you’ll have a meltdown early. On a personal level, laughing can often boost your immune system, lower stress and extend your years. So laugh a lot.
5. Constantly Be Networking
In order to prolong a successful real estate career, you have to focus on strengthening your relationships and expanding your personal network. No matter how great your network is now, it needs to be constantly supplemented in order to be maintained. Make sure it is on your weekly schedule.
6. Seek Out Good Role Models & Mentors
While being unique can be one of your best assets, it is also crucial to seek out role models and mentors that are enjoying the success and lifestyle you aspire to.
7. Innovate Incessantly
Adopting proven systems and sticking to proven business principals is smart. Yet, simply being another copy of a thousand other real estate agents, investors or CEOs isn’t going to allow you to be differentiated enough to achieve superior results. Innovate or remain mediocre.
8. Priorities
Know your most important priorities and stay focused on them. Revenues and profit margins may be an essential element for staying in business, and some of the easiest metrics to track. However, when it comes to longevity and continuity in the real estate industry, prioritizing ethics, reputation and delivering value could be far more significant.
9. Cultivate Referrals
Cultivating referrals is a critical part of staying in business, whether you are a real estate agent, solo investor or an international brokerage. Referrals are far more profitable and sustainable than having to buy businesses month after month. However, referrals normally won’t just fall into your lap, even if you’ve done a great job for past clients. You have to ask for them.
