What is the difference between a realtor who limps along making only $70K per year and one who pulls in $250K or more? Is the second realtor working exorbitantly long hours or tapping in to some kind of real estate superpower? Not likely.
While there are a number of factors that go into the success of a real estate business, one of the most powerful ways a realtor can impact his or her business is through accountability.
The Power of Coaching
In a survey of hundreds of realtors, those making $250K reported that the number one way they hold themselves accountable is through a coaching program. In fact, of the realtors surveyed making $250K, 73 percent have had at least one full year of coaching, while 68 percent have had over three years of coaching.
By contrast, in the $70K group, 78 percent have had less than a year of coaching. Why does coaching make such a significant difference? It’s the accountability factor.
So what makes coaching such a powerful tool? There are a number of things that coaching provides:
- Clear vision and purpose
- A defined business plan
- Written goals
- Diverse ways of doing things
- Refined skills and techniques
Having someone to answer to, especially someone knowledgeable in the real estate industry, will start your engine and get you going like nothing else.
The overwhelming majority of respondents said that the coaching program was what drove their business to the $250K level. They didn’t wait until they could afford it. They made it a part of how they would achieve their goals.
The Power of Personal Accountability
Whether you have a coach or not, you should define your goals and write an effective business plan. Of the hundreds of realtors surveyed, 100 percent of those making $250K per year had both written goals and a written business plan. This is obviously an important factor in their success.
Written documents that remind you of where you want to go will provide the concrete, “on paper” accountability to help you get there. And having written documents to live up to drives you to do better and keeps you motivated to stay consistent with those goals.
Having to answer to someone other than yourself is a compelling motivator. One realtor made a deal with his children that anytime he made an appointment he would take them out to dinner, and if he sold a contract he would take them to dinner and a movie. Every day when he picked up his kids from school, he had to look them in the eye and give an accounting of his work.
Accountability should be a major part of your business operations, whether that means reporting regularly to a friend or coworker or working with a business coach. It will yield enormous dividends in both the short and long term success of your business. Find ways today to insert more accountability into your business plan and you will be on your way to a $250K paycheck in no time.
Join us next week for more ways to take your $70k paycheck to $250k