How To Increase Your Real Estate Income!
What sets the big real estate income earners apart from the average agent who barely makes a living? Have you ever asked this question?
Do you realize the old 80/20 principle, where 20 percent of the agents produce 80% of the business is now 7/93 according to the NAR. That is that 7% of the agents get 93% of the business. Although I am not certain these numbers are completely accurate, there is one thing I am sure of. Most of the business is being done by only a few of the agents.
Doesn't it make you wonder what the difference is? With so much information available, why isn't everyone at the top of their game? When I asked myself this question, I began to look for answers. And do you know what I found? I have found that there is a big "untruth" out there. I found that most agents believe that all that is separating them from the big money is information. They believe that if they only knew what the others know, success would be theirs.
It'not more information that will make you more successful. If it were, there would still be another thing to consider. You would have to be certain that you are getting the right information. I believe that most agents are able to do what it takes to complete a transaction. It's true, some are not as good as others, but most can do it. And here is the first lie. Alone by itself, becoming better at being an agent will will not increase your income significantly.
When you decide to become a real estate agent, the first thing you do is take a licensing course. Then you need to pass a test. The first thing that then pops into most minds is this. How do I make money at this? Something they neglected to cover in the course. But you are not alone. There will always be lots of competiton in any business that is easy to get into with the promise of making a lot of money. Most newly licensed agents don't have a clue of how to make money at this. Most turn to their brokers for help, but in many cases that dosen't help much, if at all.
Why is it that most agents only do a few deals a year and only a select few others are able to do several hundred? Is it because these meaga agents have teams? Is that the difference? Well that is actually deceiving. They are able to have teams because they are successful. It's not the other way around as many beleive. Because they are very good at bringing in business, it becomes necessary for them to hire a team because they couldn't handle the volume by themselves.
So the question now becomes, how do they bring in so much business? And the answer is marketing. They have become far better marketers than agents. This is why they are able to make the money that they do. When I say marketing, I am not talking about the typical things that real estate agents do. What most agents do is not marketing, at least it's not effective marketing. This is evident by the fact that most don't know where their next deal is coming from.
The truth is that very few people understand marketing. Out of those who do, most are not selling real estate. This leaves a door wide open to opportunity for you. By becoming an effective marketer, you will put yourself lightyears ahead of the your competition. But it takes more than buying information. If you have bought any of the marketing programs and were disappointed, you already know what I'm talking about.
About the author: Vince Testa is a real estate marketing expert, coach, and consultant. Get your Real Estate Tips and Marketing Advice here.
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