I started thinking about this after looking at some current Broker/Salesperson production statistics from The Toronto Real Estate Board (“TREB”). Total membership for TREB is almost 47,000. Almost 32% (i.e. 15,000) do not do any transactions! Over 58% of TREB members do 2 transactions or less. At the other end of the spectrum, 13% do between 6 – 10 transactions, just over 5% do 11 – 15 transactions and 2.29% conduct 16 – 20 transactions. 2.84% do 20 transactions or more.
If you use the TREB average price of $762,000 and a 2.5% commission rate (for a buyer sales person), it is not hard to understand that a huge portion of the TREB Realtors are not making a real career out of this; at least not one that will pay off especially after paying their fees, expenses and taxes.
All this to arrive at the topic or question for this week’s post; what is The Road-Map to a successful real estate career? Having been privileged enough to work with a lot of new Realtors and witnessed some great successes, I have gradually come to realize some very real truths about getting in to this career. First and foremost, be prepared to get knocked down, a lot! Whether these turn out to be “TKO’s (technical knock-out’s)” or you get back up, that is the real test. Perseverance.
Second, have a self-improvement plan (for life) that includes regular reviews, whether by yourself or preferably with a mentor/coach.
Third, put the time in right up front to become an “expert!” One of the best activities I learned early on during a training session in Atlanta with Coldwell Banker Commercial (known today as CBRE) was to become an area specialist. This involved learning absolutely everything about a geographical area and commercial real estate specialty, in my case office leasing, so that you were the source for any real estate information. Interestingly, Larry Kendall of Ninja Selling and The Group Inc. fame promotes this same approach. “Be the source for real estate” for your clients, community, and anyone looking for solid real estate advice.
Devote the time and energy early on to these areas and a career in real estate will be that much more fruitful