Theres a New Kid in Town

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"They will never forget you 'til somebody new comes along. Where you been lately? There's a new kid in town. Everybody loves him, don't they? Now he's holding her, and you're still around. Oh, my, my there's a new kid in town." Lyrics to New Kid in Town by the Eagles.

If the real estate industry had a sign hanging over it, it would likely say, "Come in, We're Open!"

And yes indeed, they are coming in.

Who can blame them? Soaring home values, low interest rates, record sales and corporate downsizing have all helped to open the floodgates to the industry.

And what I see flowing through those gates is a new breed of REALTOR?, one with sharp business acumen, real world corporate experience, solid time management skills and an attitude that says, "I'm going to win."

I suspect many will win. And here are some reasons why.

1. They have a plan. I mean a real business plan that will help them get and keep customers. A plan that will help them make things happen. A plan that will help their business (yes, they see selling real estate as a real business) run efficiently and smoothly. A plan that won't allow them to sit and wait for the phone to ring.

They've done their homework, they've interviewed brokers and agents, economists and others about the marketplace. And from that research, they've created a vision that fits their personality, their morals and their work ethic.

It's clearly one of the biggest mistakes some new REALTORsmake: not doing research. It's the first steps to a winning plan. There's so much to know, and yet, some come in without knowing the fundamentals and they think it'll be easy. They don't know the number of hours they need to put in - especially when they're first starting out - to make a living selling real estate. Floor time alone won't cut it.

One thing that really amazes me as I travel around the country working with REALTORsof all stripes is this: very few of them have a plan. They've just hopped into the real estate river and let the current take them where it may. No boat and certainly no rudders.

I've said it many times before and I'll say it here again, plan your work and work your plan. You'll be amazed how much those seven words can change the size of your savings account.

2. They're not going to go it alone. Let me ask you this, if you were opening a restaurant, would you plan to be the chef, the host, the busboy, the waiter? Of course not.

And these new Realtors know coming in know this fact: that their most valuable asset in their new career is time. And to maximize the use of that time, they've adopted a team mentality. So they'll create a team that lets them focus their efforts on listing and selling real estate, not pushing papers or filing. Remember this: REALTORs? only perform four dollar-producing tasks: list, prospect, sell and negotiate. The rest are non-dollar producing activities.

As I mentioned earlier, many of these new REALTORs?are coming from a business background, mostly middle management, where teams took care of business. They understand teams, how they work and how they can be used to make serious cash in real estate.

I've seen them just about every day of my consulting business, REALTORs? who've chosen to be the cook, the host, the waiter, they try to do everything. They're easy to spot. They look frazzled and unprofessional and I suspect their wallets are thin because they're not spending their time wisely.

3. They're not afraid to ask for help. This is a first cousin to teamwork. The smarter new REALTORs? know they don't have all the answers and they're not afraid to ask for - or spend money for - help from consultants.

Many of my clients have sharp, top-notched business minds yet are new to real estate. But here's the deal: no matter how smart they are, they're not ashamed to ask for help, and they know getting an expert second opinion usually pays big dividends.

It's no secret that there's a big learning curve in real estate and these new folks know that. That's why you see so many consulting firms for real estate. (Incidentally, that's what prompted me to start my business; I saw a niche for affordable consulting in the industry.)

I also believe the brokers who offer solid training and mentoring programs will get their fair share of this new talent entering the industry.

So whether you're new to real estate or a veteran looking to polish your skills, I can promise you that having a plan, assembling a team and getting help are proven ways to boost your career in real estate. I encourage you to start today. It's never too late to get a jump on being more successful!

Best of luck to you!
Leadership
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