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Here’s 5 tips to build the most successful life in real estate
Shane Smollen shares his views on how to become the most successful real estate agent.
Before its sale in 2015 , Shane Smollen’s ten office network grew from start up to the world’s most productive agency network in just 8 years.
Shane lives and breathes business and personal growth – an expert coach who has helped many of the country’s best agents find optimal results and life mastery. His advice is based on a proven track record of supporting people and business to find their true potential.
Tip #1: “You owe it to yourself to do more”
Shane’s first tip is one about self-empowerment and chasing what you deserve. As he addressed the UrbanX leadership group, he was clear that this advice goes beyond selling real estate and is a frame of mind that applies across all aspects of our lives.
He went on to say that “You are your best investment” and provided the 3 things he believes gives the best foundation for success, which are:
- Health First – you must be mentally and physically healthy to succeed
- Quality Plan – you must have a clear plan to guide you to where you want to go
- Quality People – you must have the right people around to help get you there.
Tip #2: “Focus on less to do more”
While building his success and wealth, being clear on what and where he spent his energy enabled him to keep focused on executing his plan.
“When you work, it has to be productive,” he advises, because “spreading yourself too thin negatively impacts your efficiency.” To improve your output you should delegate as much as you can to your team.
He also recommends staying hyper focused and always seeking clarity on what, how and why you do things. To ensure you stay focused, you should make commitments that are actionable, with a date you’ll have them done, and keep yourself accountable.
Work on the biggest priority first, noting this may not always be attached to your real estate role (for example, if you’re going through significant personal events, your focus should be on addressing and resolving these things first).
Tip #3: Two-thirds of your income should come from your core area
Continuing his theme of focus, Shane strongly recommends niching your area. You should be aiming to be #1 or #2 in your core suburbs. As he says:
- 25% of smaller patch is better than 8% in multiple suburbs
- Define your niche, and be disciplined in what you take on
- Expanding too far WILL water-down your offer
- Build your market momentum.
- Focus on what is your core business
- Remember there’s always opportunity cost of going outside your focus area(s)
Once you’ve achieved market domination, you’ll have strong roots that will allow you to branch out from there.
Tip #4: Have a robust business plan
Starting with your goal GCI, you should work back strategically and scientifically. Calculating the GCI you can achieve from your core suburbs, based on the available market, will guide you on whether there’s enough in your patch, or if you can tighten your core areas.
When creating a growth plan, be realistic about what’s possible (doubling your GCI is not easy, and you must adjust projections according to market conditions for an accurate indication of your growth).
To achieve your goals, focus on the things you can control (marketing, prospecting, your commission rates) and use your market share as the best indicator of your performance. Complete a robust cashflow plan covering 12-36 months, including all your income and expenses to ensure you’re prepared for the years ahead.
You’ll need a good team to support you as you grow, so always be recruiting and build a fun but winning culture – great people love working with great people!
Tip #5: “Don’t deny yourself of the life you want”
By following the above, you’ll be in a great position to get everything you deserve from a life in real estate. Be wise with your money, invest in property and growth assets and enjoy the ride.
For those who are (or are thinking of) operating their own brand, by putting your name on the door you’re automatically on the road to success. You’re in full control, stripped naked and have no more excuses. And that’s a powerful place to be when you’re building your future.
As a final note, Shane believes when launching a new brand, or launching into a new area, you have to go hard at launch, as time goes on your “launch tank” tends to empty, but if you launch well, you’ll be in the best position to thrive.