The Cost of Success
Many of you took the long weekend off to enjoy time with friends and family, sitting on patios, attending backyard BBQs, yet others sold a house this weekend. Success comes with a cost.
Many of you are coming off a crazy, busy two years and you are feeling burnt out. You view the slowing of the market as the perfect chance to take some time off to catch your breath. But I caution you … success doesn’t take a break.
I read an article this week talking about taking time off to recharge your batteries and find your Zen. I think in uncertain times you need to be “in focus”, not “out of focus” with your business activities. The market is in a funky place and right now you need to be more on your game, not less. Whenever the market changes, we need to be hyper-focused on our business to ensure we take advantage of the next market.
When the market is heading up and you are having success, it is easy to make more money by just doubling down on what’s working and do more of it. But when the market slows down, taking your foot off the gas pedal is dangerous. It takes super-human effort in a downshift to change your strategies and adapt quickly.
Charlatans in our business would tell you that you can be successful in real estate without working nights and weekends, but that is not the profession of real estate sales. The public hires you to work when they are not. You get paid a premium to show houses on the weekend, negotiate offers in the evening, and to be available on holidays. People join our industry because of the upside. They are attracted to real estate because of the potential, but success has a cost.
I understand that working on a Sunday afternoon when all your friends are at a cottage or hosting an open house when your family are at the pool takes incredible discipline. In fact, it is hard not to get angry when you feel like you are missing out on the important things in life, but you must remember your end goal. Did you get into this business to coast? I think not. If you want to be incredibly successful, you need to do more (and be better) than average agents.
People come to real estate for what it can give them, instead of what they can give it. Real estate is a servant business. We are here to serve others, yet many agents who enter the business are more concerned with how the business can serve them. There is a great saying by the Lou Holtz, the award-winning coach of Notre Dame, who said that most people show up and say, “Here I am, look at me” when they should be saying, “There you are, how can I help?” That shift in attitude will determine your success in this business. We are here to serve our clients, when they need us, on their time schedule, not ours.
When you look at elite athletes, they understand their primary objective. They have a clear vision. They have a series of goals that break down that vision. They deploy their strategy consistently. They constantly track their progress and if something isn’t working well, they adjust and try a different tact. And with every activity, they bring focus and mental discipline. This is the level of commitment you must bring to the business during this market shift.
How do you find the fortitude to keep pushing forward when you are exhausted and the thought of having to restructure your business seems overwhelming?
What is your “why”?
I know we hear it all the time, but you need to dig deep when you are tired to find the strength to keep going and your “why” is the fuel you need to give you that strength. What inspires you? What drives you? Agents at different stages of their life have different whys. If you are just starting out in the business, you may want to make enough money to pay your bills. After you’ve been in the business for a while, you may want to make enough money to pay off your house. If you are getting close to retirement, you may want to make enough money for live out the balance of your life comfortably. Whatever your why is, it needs to be so powerful that you find the strength to keep pushing forward.
The carrot or the stick.
Some agents are inspired to work hard to achieve their goals and fulfill their why (the carrot), yet others are motivated by their monthly nut (the stick). When you are feeling uninspired, it is time to dust off your business plan and reevaluate your finances. How much does it cost you to live, pay your bills, run your business, and save for retirement? Whenever I get agents to do this exercise in my classes, they are gob-smacked by how much money they need to earn to live the life they want. This is often enough to light a fire under them to work harder.
Fear of falling behind.
We’ve all heard of FOMO (the fear of missing out on something), but many of us don’t think about the fear of falling behind. I spend a tremendous amount of time reading, watching the news, and talking to agents and real estate leaders across the country to stay on top of industry trends. I live by the mindset that if I’m not moving forward, I’m falling behind. You need to take that same approach with your business. Every day you hit the pause button is a day an eager agent is out there trying to win your business.
Analyze your exhaustion.
If you want success, you can’t visit with it, you must live there permanently. There are two types of exhaustion. One is emotional exhaustion from not succeeding. When someone takes a break from failure, they are just kicking the can down the road. When they take their head out of the sand, the failure will still be there. Simply put, your problems don’t go away simply because you do. The second type of exhaustion is from successfully working hard to a positive outcome. It is a good tired. Yes, you are exhausted from working through the weekend, but your hard work paid off. While other agents took the weekend off, you sold a house and made $20,000. You are building a better life for you and your family. Success has a cost. When you work hard and achieve success, you are setting an example and giving permission to everyone around you to be successful as well.
The three R’s – respect, reputation, and rewards.
When I think of respect it is incredibly important as a motivator. We all want respect from our colleagues, our clients, our family, and our friends. People respect hard work and grit. No matter where you are in your career right now, people will respect you if they see you working hard to build a better life for you, your family, and your clients. The media constantly slams real estate agents as being money-grubbing hacks. They say we make way too much money for the service we provide. Our industry can attract many people who think it is easy money and who aren’t willing to perfect their craft. If you don’t want to be painted with this brush, you need to be exceptional at what you do. Everyone respects an exceptional agent who goes above and beyond for their clients.
In our business, reputation is everything. Reputations are hard won and easy to lose. Simply put, if you want a reputation as an exceptional agent, you need to give exceptional service. On days when you feel so tired you feel like you’ve been run over by a truck, those are the days you need to find super-human strength to keep being there for your clients. I believe reputation is a public acknowledgement of your effort and skill. Personally, I work harder to maintain my excellent reputation than I do to make money. I figure if I work hard and do everything in my power to deliver an exceptional experience to everyone I teach, the money will come.
If you already have the respect of your peers, and you’ve built a solid reputation as an exceptional agent, now all that is left is to reap the rewards of your efforts. Those at the pinnacle of success often continue to push hard to achieve the finer things in life. You deserve it.
Success is a choice. Choose wisely.
Chris Leader
President
Leader’s Edge Training