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If you ever wondered how the "top producers" earn such a large income, then you are in the right place. Why is that some agents make fortunes selling real estate and others barely scrape by? Do you remember the 80/20 principle? Where 80 percent of the business is done by 20% percent of the people? Well in real estate, they (NAR) now claim it is 7/93. That is that 7% of the agents get 93% of the business. Well, I am not sure how they determine this, but there is one thing that is certain. The majority of the money is earned by only a small minority 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. If information alone were the key to your success, you would still have to be sure you are getting the right information, wouldn't you? And there lies yet another problem. Not only are you told to get more information, you are more than likely getting the wrong information. Let's face it. Most agents with a little bit of experience are capable of seeing a transaction through from beginning to end. Yes, some are better than others, but most can get the job done. The first misconception is that you have to be great at what you do in order to get more business. And it is not true. It's the "build a better mouse trap" theory. If it's better people will buy it. Bull! Nothing can be further from the truth. Being a better agent by itself will not make you any more money. Let's see how this really works. You decide to become a real estate agent because you think you can make a lot of money, and you can. You take a short course on licensing and you go and pass the test. Your first question will be, how do I get business? They didn't cover that in the course, did they? As if that isn't enough to discourage you, there are thousands of others with the same idea. They too are getting their license. In any business where the potential earnings are high and the barrier to entry is low, you will have a great deal of competition. Many people get their license and then don't know how to get their first deal. Who do you turn to? Your broker? He will train you because he knows how, right? Well, in most cases the broker isn't much help. Think about it, They depend on you to bring in business for them. If they were great at it, they would be giving you deals to follow up on all day long. But they don't, because they can't. So, how do those big earners make all of that money? How do they do hundreds of deals a year as they claim, when the average agent only does a handful? One of the things they have in common is that most have a team. They couldn't possibly do that much alone. But that is not why they are successful. Many people make the mistake thinking they do so well because of the team, when in fact, it's the other way around. They are able to have a team because they know how to keep a team busy. They can keep them busy beacuse they know how to bring in business. How do they do it? Marketing! It's how good they have become at marketing that makes them money, not how good they are at real estate. If you think of marketing as sphere of influence, farming, post cards, fsbo's expired's, etc., you have been lied to once again. If you tried any of this stuff, you most likely found it doesn't work as well as you had hoped. If you are waiting for the next deal to come to you and don't have a clue as to where or when it is coming, you are not marketing effectively. The bottom line is that very few real estate agents know how to market their business. This may sound negative but it is not. The fact is that this is the greatest opportunity for you. With so few doing it, it's actually easy to succeed. Unfortunately, most of the informationt that is available won't help you. If you tried any of it and it didn't work, then you know what I mean.
Article Source: Main Articles
Author: Vince Testa is a real estate marketing expert, coach, and consultant. Get your Real Estate Tips and Marketing Advice here. Click here to get your own unique version of this article: Uber Articles directory.
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