Latest / The Real Estate Agent Playbook / Tired of the Income Ups & Downs? Here’s How Agents Build Stability

Transcript

Tired of the Income Ups & Downs? Here’s How Agents Build Stability · The Real Estate Agent Playbook

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  when I'm coaching agents
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  one of the biggest things I hear is that
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  the income is such a roller coaster
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  it's such a risk to leave that full time job
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  and I'm here to tell you
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  some of the tips and tricks that I have found
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  that absolutely help stabilize this income
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  and give you the opportunity to make this a long career
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  that you can absolutely have amazing success in
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  so stay tuned
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  what's up guys
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  I'm Jeremy Kane with the Real Estate Agent Playbook
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  I coach agents on building business organically
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  through social media through connection
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  through sphere of influence
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  if you are interested in partnering
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  you like what I say
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  please book a call at the re Agent Wolf pack.com
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  and we can talk about all of that
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  including how to get my coaching for absolutely free
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  my business partner Mike Sherard and Louis Gould
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  systems processes time management
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  social media and AI training
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  all for absolutely free
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  with an amazing community within the Wolf Pack
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  here at the brokerage so if you're interested in that
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  please book a call but also
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  don't miss this Friday's YouTube video
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  where I talk to one of my partners in the Wolf Pack
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  Joshua Smith about how he took his entire business
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  and went all in on our model
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  on our group and is absolutely having so much success
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  but for now let's get into this
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  let's stabilize this income
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  and let's absolutely crush it
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  so here's the biggest thing
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  about the income roller coaster within real estate
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  first of all
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  it takes 60 to 90 days to get a bonafide lead
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  right and then once we get that lead
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  depending on the market sometimes
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  it takes a little bit longer to get that lead
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  under contract
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  and then we have a 20 to 45 day contract cycle
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  and so by the time you know it
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  you're six months in and you have one paycheck
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  this is something that you know
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  for new agents
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  is something that you have to get started
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  and get going certainly that's the norm
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  it's not the exception right
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  but there are exceptions where maybe it takes 12 months
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  or maybe you have 10 deals in your first three months
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  it's all over the board
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  because this business is 100% commission
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  it's very much tied to the markets
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  and we don't control the markets
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  we just control our actions
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  and our communications
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  with the potential clients that we come across
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  so with that said
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  if we don't control the market and we don't necessarily
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  you know have a salary or
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  you know that stuff
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  it makes it very difficult
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  right
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  and it leads to this kind of roller coaster mentality
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  the truth is the roller coaster
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  the peaks and valleys mentality
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  happens because we're so focused on getting leads
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  and we're doing our prospecting
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  we get a lead or two going
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  get a client get them under contract
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  and then we're so focused on that
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  contract on that transaction
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  we're making sure the dates and deadlines are met
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  but we forgot to prospect
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  and we forgot to fill that pipeline back up
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  especially as newer agents
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  this is the biggest piece right
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  when you go under contract
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  when you finally get to that point
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  we have to manage that contract
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  but we also can't forget about the
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  habits that we've created
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  the prospecting that we're doing
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  because we need to continue to that
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  so you need to add to your day
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  not just have the same day and shift your focus
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  you have to continue to prospect
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  you have to continue to have conversations
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  you have to continue to move people through
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  you know I hate the word funnel
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  but through your funnel
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  while you are focusing on getting these deals
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  to the finish line that you're already under contract
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  and when you can do that and you can remain consistent
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  and you can stay focused on your prospecting
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  and you can stay focused on your under contracts
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  you will start to see a little bit of stabilization
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  but then the problem comes that the market right
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  the market dictates this
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  and we need to be able to shift our focus
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  and there's so much power in niching down
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  but sometimes
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  you have to be aware and have forward thinking
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  that maybe your niche might dry up right
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  so you have to be aware you have to focus on that
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  just like you know
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  when it became a major sellers market the first time
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  buyer niche was a little bit slower
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  but then once the market shifted
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  and now all the sudden
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  sellers were having to reduce their prices
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  and offer concessions and all of that
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  the listing only niche shifted
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  and so yes listings are still moving
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  it's just taking a lot longer
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  it's taking a lot longer to turn over that commission
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  check
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  and so you have to manage all of your relationships
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  not just the under contract ones as we move forward
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  so with real estate being hyper local
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  we have to see the trends
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  and we have to be ahead of this
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  and we have to provide that value
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  and the knowledge of the market
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  but we can't just outwardly
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  you know provide that value
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  hey interest rates are higher
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  buyers have some opportunity
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  because sellers are providing concessions and so on
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  we have to look at our business
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  and make sure that we are targeting the winners
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  in the market I'm not saying abandon your niche
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  I'm not saying abandon your past relationships
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  because if you know me that's absolutely not the case
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  right but if you if we're talking about this
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  we have to work through it
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  and that's exactly what I do with my partners
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  and if you're interested in partnering
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  please book a call at the re Agent Wolf Pack
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  and we can talk about that
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  we can see what it looks like to be in a
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  collaborative community
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  of people that are forward thinking
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  that have accountability
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  that will help you take your business
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  to the next level
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  so as we talk about this and we're like okay
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  here we go well
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  there are certain brokerages
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  that are kind of coming on the scene
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  my brokerage happens to be one of the largest um
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  at nearly 90,000 agents globally
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  and this is the revenue share model
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  and there's a lot of great things about it
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  and I'm not gonna go super
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  down into the weeds about this
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  but what I will say is
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  with an organization of 225 agents
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  across 36 states and four countries
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  my hyper local market
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  may be vastly different than my partner
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  John's Market in Pennsylvania
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  or my partner Angie's you know
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  market in San Diego or Yougel's Market in Turkey
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  or Mark's Market in Canada
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  so there's a lot of opportunities here
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  that you can still maintain a
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  you know somewhat stable income
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  because you're not hyper locally focused
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  and you know whether that's in your own market
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  and partnering with agents
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  but getting outside of that market
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  and the non geographically restricted
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  you know
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  situation that my brokerage and my revenue share has
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  gives you the opportunity yes
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  when it's a little bit slower in your market
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  you're not pushing as much
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  you're not pushing that
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  the relationship because you need that transaction
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  because you need to put food on the table
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  because we have this other revenue stream
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  that's not tied directly to the Denver
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  Colorado northern Colorado market that I serve
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  I'm able to at least
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  stabilize some of that and start to build momentum
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  in the stabilization of my income
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  and so that's something that I didn't think about
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  when I came over here and I joined the Wolf Pack
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  but the truth is as I've grown
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  I now see that yeah
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  it may be a tough market
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  I may not have a closing in July
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  but if I have you know
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  a revenue share check of five grand or 10 grand
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  or whatever it might be
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  then that provides a little bit of stability
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  a little bit of you know
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  normality in my family's life
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  in my business life and so it
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  it really does help not to be geographically
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  restricted to one market'cause
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  if I have one stream of income tied to one market
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  that I don't control
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  I just have to put more hours in the day
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  and that's not why we got into real estate
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  we didn't get into real estate to
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  you know work 100 hours
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  not have any time with our kids
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  as my partner says
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  he didn't get in real estate to get divorced
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  and so we have the opportunity
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  at this style of brokerage to absolutely do this
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  and so I interviewed Joshua Smith
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  someone who sold 7,000 homes in his career
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  but he has recently joined our crew
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  and you have the ability to be coached by both of us
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  but he goes through this in our interview
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  in extreme depth and why he did this
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  and why he chose this and his experiences
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  and
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  he is one of the industry leaders in seeing the market
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  and taking advantage of
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  finding the winners in the market
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  before the market crashed in 0 8
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  he was you know
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  managing and pushing for these investor relationships
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  sold thousands of homes right
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  because of those relationships
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  as we move forward
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  through one of the worst real estate
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  you know situations that we will ever see in our career
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  and he did it so finding that opportunity
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  finding the winners in the market
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  you can't miss that interview
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  please check it out when it airs on Friday
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  on my YouTube channel but until then
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  like comment subscribe
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  I can't wait to talk to you
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  if you have any questions about stabilizing your income
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  or you have ideas that's what I love to do
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  I love to talk to agents all over the place
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  to build that relationship
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  to see how I can serve you
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  and help you get a win every single day
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  at the game of real estate
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  let's go go get another win today
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  like comment subscribe
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  we'll see you on the next one
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  and don't miss that one coming out on Friday