Three Secrets of The Top 1%Jun 17, 2020
The average real estate agents closes six deals a year, and earns roughly $40,000. That's a lot of risk as an independent contractor for a disappointingly small return. But averages don't tell the real story, because all the closings aren't evenly distributed among all of the agents.
Then there is the 80/20 rule, where 20% of the agents get credit for 80% of the closings. The top 20% generally earn a six figure income, which can be a very comfortable living, as long as you are controlling expenses.
Over the years of working for our clients and friends in the real estate industry, the truth we have learned is that the top 1% of real estate agents account for 65% of the closings and earn 65% of the commission income. Some get to the top by spending a fortune buying leads; some get to the top by recruiting, training and leading a team; and a few get to the top by luck, natural charisma, gift of gab, family connections or personality.
The majority of the top 1%, the best of the best, get to the top by learning what to do, learning how to do it and doing it consistently. They master the basics.
GETTING TO THE TOP AND STAYING AT THE TOP ARE TWO DIFFERENT THINGS. THOSE WHO STAY AT THE TOP YEAR AFTER YEAR UNDERSTAND THREE SECRETS. THESE SECRETS ARE NOT SOME ANCIENT, ESOTERIC KNOWLEDGE. ONCE LEARNED, THEY ARE JUST COMMON SENSE. THEY ARE ONLY SECRETS IN THE SENSE THAT THEY ARE HIDING IN PLAIN SIGHT.
One of the most striking lessons we have learned from coaching the same agents week after week over a period of years is that salespeople can do all of the right things and still push business away. It's not about what you do so much as the spirit in which you do it.
The top 1% understand this and they are totally committed to three attractive, enduring principles at the heart of their business: continuous education, core values and world class service.
The first secret is to stay trained at the cutting edge – the latest and best technology, the best practices and the sharpest selling skills. The second secret is to operate by a set of core values that guide your decisions and clarify your standards. And the third secret is to promise and deliver world class service. That's how they earn repeat business and how they earn referred business. As Floyd says, "People don't refer you as a favor to you. They refer you as a favor to their friends and family."
Here are our Core Values.
TO ALWAYS . . .
LIVE BY THE 'GET BY GIVING' PHILOSOPHY
MAKE MY CLIENT'S #1 GOAL, MY #1 GOAL
LIVE UP TO MY STANDARDS DESPITE TEMPTATIONS TO LOWER THEM
BE WILLING TO WORK TOWARD A COMMON GOOD
DO WHAT I SAY I WILL DO, SOMETIMES MORE, JUST NEVER LESS
Stay trained. Live by your core values. Serve your clients in the right spirit. You're on your way to the top.
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