If you're like most people trying to launch a real estate career, you're hitting a "how-to" roadblock.You may be new agent or you may even have completed four to five years as a Realtor --- but nobody has shown you how to create a profitable and consistent real estate business.
87% of all agents fail because no one ever showed them how to launch their business the right way. That's is precisely why we created the Agent Launch Workbook.
We will be covering mindset, skillset, scheduling your day for success, setting up your business entity, how to interview a prospective broker, and much more!
Let's dive in!
Belladonna Riso
Associate Broker, eXp Realty
- Benjamin Franklin
Cultivating a hero mindset is is imperative to creating a successful real estate business. Here are our Top 3 Mindset Tips:
Your mind is just like the rest of your body. If you consumed a constant diet of junk food, coffee & cigarettes, you wouldn't expect to be a world-class athlete. Your mind functions the same way. You must feed your mind a regular diet of uplifting, inspirational & educational 'food' to maintain a powerful mindset.
Many people believe that they are only good at 'certain' things, but that's not true. You are capable of mastering anything as long as you are willing to expend the effort to learn. Many 'untalented' beginners have become Top Producing agents because they believed in themselves and were ready to put in the work.
The mindset of a hero is resilient & tough. Expect obstacles and set-backs. Assume that you will make mistakes and be rejected, but decide in advance that you will push through adversities and never give up. The ONLY way you can fail in this business is if you quit.
This worksheet will help you create a powerful & resilient Hero Mindset. Fill it out and decide which items you can commit to daily. Then reevaluate yourself after 30 days and compare your overall score.
On a scale of 1-10, rank how strong your mindset is today. 1 being the lowest and 10 the highest.
1-10
Rank Yourself:
What two negative influences can you give up or limit? (Example: News Coverage, negative social media, etc.)
1:
2:
Recommended Reading List:
"The Miracle Morning" by Hal Elrod
"It Takes What It Takes: How To Think Neutrally and Gain Control Of Your Life" by Trevor Moawad
"The 5 Second Rule" by Mel Robbins
Commit To A Daily Mindset Workout
1. Create and speak aloud 10 Affirmations daily.
2. Watch or listen to 10 minutes of something inspirational or educational daily.
3. Write down 10 things that you are grateful for daily.
4. Visualize and/or meditate for 10 minutes daily.
5. Read something to improve your skills 10 minutes daily.
6. Excercise and move your body 10 minutes daily.
7. Eliminate harmful or negative input for 30 Days.
Most of us got into this career for the freedom. However, that freedom can quickly become a double-edged sword. It becomes too easy to let days, weeks, and even months slip by without engaging in money-making activities.Creating a daily schedule and following it is critical to your success as a real estate agent.
The 10 Key Elements to a Successful Schedule: Monday - Friday
The vast majority of real estate agents do not have a daily schedule, and then they wonder why they are not successful. As a successful business owner, you are now your own manager. Make sure you are completing the most important tasks to grow your new business.
How committed are you to succeeding in real estate and following a daily schedule?
1-10
Rank yourself:
What are two areas in your schedule that you have the hardest time with?
Area 1:
Area 2:
Would it be helpful to have an accountability partner? Try reaching out to a fellow agent and make an agreement to hold each other accountable.
Accountability Partner Name & Phone:
Write Out Your Daily Monday-Friday Schedule Below. Then enter it into your Google Calendar.
Platforms are the backbone of your business. Without platforms & systems, you don't have a business; you have a hobby. The challenge with being a new agent is you don't know what you need or how to choose the correct ones. We're going to clear that up for you.
The most important platform is your Customer Relationship Management software, or CRM for short. You will upload your entire COI (center of influence) into your CRM. Yes, real estate is acronym heavy!
This software allows you to manage and follow up with your entire database consistently and stay organized. Additionally, all new leads will be added to your CRM.
Your CRM allows you to set reminders, tasks, and keep comprehensive notes. Most CRMs will also send scheduled emails and text messages, called drip campaigns, to your leads. Once set up, all of these messages go out automatically.
IDX Websites:
For anyone to take us seriously in this business, we need a website. However, in real estate, we need something specific, called an IDX Website. (Yes, more acronyms!)
An IDX site has a direct feed to the MLS, which allows you to display every home listed for sale on your site. This is critical because you do not want your prospects shopping on your competitor's website. (Think: Zillow, Redfin, Realtor.com, and other local agents.) The good news is many sites come pre-build and are affordable
Google Workspace, Domain Names & Professional Email
Most brokerages will provide you with a .com email address. However, many agents want something more personal, and set up a gmail account. The problem is this looks unprofessional. Instead, consider purchasing a domain name through a company like GoDaddy.
Next, you will create a Google Workspace account (formally called Gsuite.) Workspace provides you with a suite of professional cloud-based apps, including drive, gmail, calendar, Sheets, Docs and more.
Unlike a standard Gmail account, Google Workspace allows you to create a professional, business email using any domain name that you own.
Setting up the platforms that run your business are critical to your long term success. Systems are the 'Command Center' of your business.
Rank your current business systems setup on a scale of 1-10.
1-10
Rank Yourself:
What are two lead platforms you would like to add to your business?
Platform 1:
Platform 2:
Set A Goal Get A CRM And Have It Set Up In The Next Go Days
I will have my CRM set up by:
Platform List: NOTE Before Signing Up For Any Platforms Check To See What Is Provided For You By Your Brokerage Or Team
1. CRM ONLY: Follow Up Boss https://www.followupboss.com/
2. CRM ONLY: Liondesk https://www.liondesk.com/
3. CRM & Website : KVCore https://www.insiderealestate.com/kvcore
5. Office & Email Solutions: Google Workspace https://workspace.google.com/
7. Set Up A Facebook Business Page: https://www.facebook.com/business/pages
8. E-Signatures & Contracts: Skylope https://skyslope.com/
Generating new business is the #1 most important daily activity for real estate agents. It is also the area that most agents struggle with the most.
All leads come from one of two 'pools':
We refer to the pool of people you know as your 'Center of Influence' or COI. This group will become the foundation of your real estate business, and we will discuss them separately in a later chapter.
The challenge with relying only on the people you know is that it is typically too small a group to sustain your business. It is also unpredictable, meaning you can't control how many homes you will sell from month to month.
A predictable, stable, and profitable business requires a constant flow of new people so that you can grow that 'stable foundation.' There are two models to generate new leads in any business. There is the One-to-One model and the 1-to-Many model. We are going to discuss the pros and cons of both.
The One-To-One Model:
In this model, you call or door-knock prospective leads directly. One of this model's advantages is that it requires almost no up-front cost, just a little elbow-grease!
However, there are a couple of downsides. First, it's inefficient and time-consuming. Second, when you stop working, your business stops producing.
Your business is impacted by anything, good or bad, that causes you to stop working, such as illness, injury...or even just taking a vacation. This model, when used alone, leads to unstable revenue and burn-out.
The One-To-Many Model:
In this model, you leverage the power of marketing. Most advertising today is done online for what we refer to as 'internet-leads.' The advantage of marketing is that you are guaranteed a steady, predictable flow of leads into your business 24/7. It also allows you to reach people you would otherwise never have contact with.
For example, we recently had an online lead from Virginia who's purchasing a 3.5 million dollar home in Snowbird. This is a client we could never have reached any other way!
The downside of marketing is that it requires an advertising budget and back-end systems to work. However, you can start small and grow your ad budget over time.
Generating leads is the #1 priority in your real estate business. Ideally, an agent should have 2-4 lead lead sources. Your commitment to daily lead generation will ultimately determine your success or failure in real estate.
Rank lead generation skill on a scale of 1-10. 1 being the lowest and 10 the highest.?
1-10
Rank Yourself:
What are two lead sources you would like to add to your business?
Source 1:
Source 2:
What are you doing currently to generate new business?
Activities:
Below is a list of 10 lead generation sources. Circle or highlight the sources that you would like to explore or develop.
1. COI (Center of Influence)
2. Internet Leads (Facebook, PPC, Instagram, etc.)
3. For Sale By Owners (FSBO)
4. Expired Listings
5. Just Listed/Just Sold (Calling/knocking around recently listed or sold homes)
6. For Rents
7. Attorneys (Divorce & Probate)
8. Notice of Default (NOD)
9. Buyers (Door Knocking Apartments/Calling Buyer Lists)
10.Holding Open Houses
Your Circle of Influence (COI) are basically all the people you know, including family, friends, people you play sports with, etc. These are the people who you know and like. If you bumped into them at the store, you'd say hello. Growing this list (database) is an ongoing goal that will pay off over time.
Get your List All In One Place.
This is a big task, but it's essential. There are now apps that will allow you to export your phone contacts to a spreadsheet. Then you can mass import them into your CRM. At the very least, set a goal to move at least 5 contacts per day into your CRM until you have everyone added.
Let Everyone Know You Are In Real Estate
Start reaching out to everyone you know. Call, text, and email your list, letting them know about your new business. Here's a simple script you can use: "Hi (Name). I've started a new career and wanted to let you know about it. I've gotten my license, and I'm now a real estate agent with ABC Brokerage in town. I'm excited to get started, and I'd love to become your real estate resource."
HOW TO STAY IN TOUCH
Make A Plan
Make a plan for how often you are going to contact people and stick to it! Here's a simple structure anyone can follow: Call everyone on your list once per quarter. Send an email or text message once per month. Send direct mail every 6 months.
F.O.R.D.
Not sure what to talk about? Here's a simple way to keep the conversation focused on them. You can always talk about Family, Occupation, Recreation and Dreams (FORD)
Focus on Value
If every time you call your COI, you're only looking for a deal, if won't be long before they stop taking your calls. Focus on what you can do to bring them value. Look for articles, market updates, and other real estate-related topics that you can share to improve their lives.
Party Time!
Once your business is profitable, consider throwing an annual party just for your COI. It can be as easy as hosting a BBQ at a local park or as elaborate as renting out a whole movie theater and inviting them to watch a local block-buster with you!
Your Circle of Influence with become the foundation of your entire real estate business. Creating and growing this database of people is your MOST VALUABLE business asset.
On a scale of 1-10 How Good Are You At Keeping In Touch With The People You Know?
1-10
Rank Yourself:
How Many Contacts Will You Add To Your CRM Daily?
CRM Set Up DATE:
# Of Contacts Added Daily:
Recommended Ways To Gather Your List:
Export your phone contacts to a spreadsheet (import to your CRM)
Export your email contacts to a spreadsheet (Import to your CRM)
Reach out to people using Facebook Messenger and ask for thier updated info
Create A Basic Circle of Influence Plan:
Perhaps the biggest tax mistake we see Realtors make over the years is that they choose the wrong business entity.
Most agents and brokers start as sole proprietors; it's probably the way you started. 85% of Realtors do. Heck, 85% of all small business owners do.
But then, somewhere down the road, you hear about the benefits of setting up a limited liability company (LLC). However...that sole proprietor LLC is subject to a 15.3% self-employment tax.
Now keep in mind, we are not lawyers or CPAs. Rely on an attorney for legal advice. But we do have almost 60 years of experience as real estate agents.
So we know what we're talking about when we say that operating as an LLC will cost you A LOT OF MONEY!
Choosing an S Corp structure can make a lot more sense, tax-wise. By choosing to operate your real estate business as an S Corp, you can save yourself thousands of dollars in taxes that you don't have to be paying.
You do NOT want to wait until after you're having a great year to get your legal entity set up. Schedule a time to meet with a reputable CPA and get this started now.
Setting up your business entity correctly is critical. Scheudule a time to meet with a CPA who works with real estate agents for a consultation.
On a scale of 1-10 How Confident Are You That You Have Selected The Proper Entity/Structure For Your Business?
1-10
Rank Yourself:
Set A Deadline For Yourself To Have Your Business Entity Set Up and a Business Bank Account Set Up.
Entity Set Up DATE:
Bank Account Set Up Date:
Recommended Reading:
"Own Your Own Corporation" by Garrett Sutton Esq.
"Lawyers Are Liars" by Mark Kohler Attorney & CPA
Business Set Up Checklist
1. Do your research
2. Decide on a business entity
3. Set up your entity. (You can do this yourself using LegalZoom or many CPAs can do this for you.)
4. Once you have your Tax Id Number, open a Business Checking & Savings account. (Do NOT skip this step It is important that you keep your business finances separate from your personal finances.)
5. Congratulations! You are ready to start doing business.
If you invest the time to master these 7-Skills, you will become an unstoppable force in real estate. It will take time and dedication on your part. However, you can earn multiple six-figures a year as a real estate agent. Most people invest 6-12 years in college to make that kind of income. Take the time to become an expert in your industry. It's worth the investment
Setting appointments with leads is an essential real estate skill. Learning how to quickly build rapport over the phone/text and ask compelling, open-ended questions is a skill anyone can learn.
You should have one objective when you are on the phone with a prospect, and that is to set an appointment.
SKILL 2: HANDLING OBJECTIONS
An objection is nothing more than an unanswered question or concern in the mind of the consumer. It's our job to address resolve issues with information and tact. However, it's easy to get shaken if you don't know what to say.
Be prepared to handle the same objection several times as a prospect may need additional information to make a decision.
SKILL #3: CLOSING
Closing, whether it is for the appointment or to get someone to sign a contract, may be the most feared and misunderstood of all the sales skills. As a result, many agents never close, or they defer the responsibility to the client by asking something like, "What would you like to do?"
That's not closing. Additionally, you don't need to learn 20 'slick closes.' All you need is to identify 2-3 ways of asking for the business. As professionals, the consumer is expecting us to take the lead.
Much like handling objections, you need to get comfortable with the idea of closing multiple times as consumers need to have all their questions resolved before they make a decision. Closing three times should be your minimum standard.
SKILL #4: PRESENTING
Presenting is a master-level skill in real estate. Yet surprisingly, many agents do not have a buyer and seller presentation. Or, almost worse, they have a presentation, but it's all about them, instead of being about the customer.
There are three elements that all great presentations have: One, the use of open-ended questions to uncover the consumer's motivation. (including their hidden motives.) Two, they identify all of the consumer's needs & wants. Three, they clarify the consumer's expectations.
SKILL #5: PRICING REAL PROPERTY
Being able to accurately assess the price of real property is a fundamental skill every real estate agent must master. As an agent, you will run comparative market analysis (CMA) regularly.
You must understand how to select the correct subject properties. (Style, Distance from subject-property, year build, date sold, condition, etc.) Then you must be able to convey that information to the consumer, so they understand the results.
SKILL #6: NEGOTIATION
Negotiating is one of the main reasons real estate agents exist - our ability to negotiate on the client's behalf better than they could for themselves. For this reason, negotiation is one of the most critical real estate skills to master.
The first rule of negotiation is to kill your ego. To many negotiations get derailed because being 'right' becomes more important than the outcome.
The second rule of negotiation is to keep your emotions in check. The first person to lose their cool loses the negotiation.
The third is to keep your eye on the desired outcome. Don't get sidetracked by minor side issues.
SKILL #7 TIME MANAGEMENT
Time Management is a slippery skill that often gets ignored until an agent is in crisis. That crisis shows up in one of two ways:
Crisis #1 they don't have any deals under contract, and money is getting tight. This is because they neglected to allocate enough time to generate new business, and now they're behind the 8-ball.
Crisis #2 they are so busy they feel out-of-control. They are neglecting their health, they're not spending enough time with family & friends, and they are headed for burn out.
Developing better time management skills eliminates both of these scenarios. Learn how to time-block your most important activities and put them on your schedule.
Every business has fundamental skills that must be mastered to achieve lasting success. Real estate is no different. Once you learn and master these skills, you can confidently create a thriving real estate business in any market
On a scale of 1-10 How Would You Rank Your Mastery of The 7 Skills?
1-10
Rank Yourself:
The 7 Skills To Master & Resource LIst
7 Skills To Master Recap
How Much Time Per Day Are You Willing To Invest To Master These Skills?
Daily Time Investment:
Actions you can take To Improve Your Skills:
Clarity is Power.
It doesn't matter if you are a brand new agent or a top producer. Having a written business plan is a necessity. So congratulations on taking this vital step to ensure your success as a real estate agent.
Now, take a moment and reflect on how achieving your goal will change your life.
Why is it important to you? Get clear on this and write it down.
"If you don't know where you are going, you'll end up someplace else."
Yogi Berra, former New York Yankees catcher
Take some time to describe how your life will be transformed by reaching your destination.
Connecting to your purpose gives you the strength, power, and courage to keep going when you might otherwise give up on yourself.
Set up your Business Plan for 1 year. Include how many days you will work. Standard plans typically have 224 working days (32 weeks.)
What is your income goal for this year?
2021
I earn $
What are two ways your life will improve once you hit your goal?
1:
2:
Using An Average Net Commission of $5000, How Many Homes Do You Need To Sell This Year To Hit Your Goal?
I will sell ____________ homes this year.
The 10 Elements of A Successful Business Plan: Fill Out Yours Below.
Every agent should be investing in real estate.
Real estate investors make money through rental income and appreciation. The benefits of investing in real estate include passive income, stable cash flow, tax advantages, diversification, and leverage.
Cash Flow
A key benefit of real estate investing is its ability to generate cash flow. In many cases, cash flow only strengthens over time as you pay down your mortgage—and build up your equity.
Tax Breaks and Deductions
Real estate investors can take advantage of numerous tax breaks and deductions that can save money at tax time. In general, you can deduct the reasonable costs of owning, operating, and managing a property.
AppreciationReal estate values tend to increase over time, and with a good investment, you can turn a profit when it's time to sell. Rents also tend to rise over time, which can lead to higher cash flow.
Build Equity and Wealth
As you pay down a property mortgage, you build equity—an asset that's part of your net worth. And as you build equity, you have the leverage to buy more properties and increase cash flow and wealth even more.
Set up your Real Estate Investing Plan. How many rentals do you want to acquire in the next 1, 5, 10 years?
On a scale of 1-10 How Comfortable Are You With Investing In Real Estate?
1-10
Rank Yourself:
What Are Two Actions You Can Take To Improve Your Investing knowledge?
1:
2:
How Much Monthly Cashflow Do You Need To Cover Your Monthly Living Expenses?
My monthly living expenses are $____________________
House Hacking 101: How To Aquire Your First 7 'Doors'
Company Stocks/Equity Opportunities
Find out if your brokerage offers a stock or shareholder program. Our eXp Realty brokerage offers a sustainable Equity Plan where agents earn company stock throughout the year in the following ways:
Revenue Share
eXp Realty agents can receive revenue share income from the sales activity of the agents they sponsor. Agents earn based on the adjusted gross commission income (ACGI) from the sales transactions closed by a personally sponsored agent. They also get paid revenue share on all producting agents in their overall group for seven consectuve levels. eXp Realty pays out 50% of all company dollar back to it's agents.
Choosing a broker is one of the most important decisions you must make. As a new agent, the challenge is you don't even know what questions you should be asking! Here's a list of questions you should ask before making one of the most critical decisions for your new career. (We recommend taking these questions to the interview with you, so you don't miss any.)
Broker Questions:
11. Will I be required to pay the franchise fee even after I cap?
12. Do I get awarded company stock if I cap?
13. Are there company stock options I can get as a contractor with your brokerage?
14. Are there any incentives to growing a team within the brokerage? (lowered cap, etc.)
15. Is there a company-sponsored health plan?
16. Will you require me to sign a non-compete agreement to join the brokerage?
17. Does your brokerage offer any training from non-competing agents outside of Utah?
18. Are there any residual incentives to help recruit other agents to the brokerage?
19. Are there any residual incentives to recruit agents from other parts of the country to a brokerage near them?
20. Are there any residual incentives to recruit agents in other parts of the world?
21. Is there a company communication portal to speak with, interview, and connect with other agents within and outside the state?
Choosing a team is a big decision. Most teams will require a 2-year commitment, so you want to make sure it's a good fit before you commit. A team must provide you with more than just leads. Training, support, and mentorship are all essential.
Team Questions:
Team Questions Continued:
13. How many team leaders are available to answer questions?
14. Are team leaders available evenings and weekends?
15. Is there mentorship or coaching?
16. How does it work if I want to transition off the team? Am I left with no support?
17. Is there a residual incentive to recruit agents to the team?
18. Do you offer training for investing in real estate?
19. What is my cap? Is it reduced if I am on a team?
10. How are leads distributed? Is it equal opportunity for each agent?
21. If I wanted to start my own team at some point, would you be willing to assist me?
This self-assessment lets you identify the areas where you can improve mindset, skillset and overall business set up.
| Agent Launch Assessment | Score 1-10 |
|---|---|
| Mindset | |
| Schedule | |
| Lead Generation | |
| Business Platforms & Systems | |
| Business Planning | |
| Business Entity Setup | |
| Circle of Influence | |
| 7 Essential Skills | |
| Investing in Real Estate | |
| Stock & Revenue Share | |
| Your Total Score | |