We have been using our social media channels to ask our fans what bugs them most about being a real estate agent. This month we will address 2 of the answers: Inconsistency and lack of time.
There is definitely a roller-coaster of highs and lows. There is the lack of time to finish our never-ending list of tasks, and there is also the lack of precious free time we need to rest our brains. It’s an incredibly rewarding profession ,but it is not quite what any of us thought it would be like.
Agents become attracted to the perceived flexibility of time and the idea of “quick” financial success. We all know there can be struggles. We are often low on time and money. Even when the money is great as we close transactions, we still hope for consistency and more “free” time. As one agent told us ,“I just want more sleep.”
Become a full time agent. “What do you mean? I am a full time agent, you may be thinking. “Real Estate is my chosen profession and it is the only way I make a living.” The truth is that most real estate professionals are not working full time. Coincidentally, there is statistic that suggests that 10% of agents are closing 90% of the business.
Let’s break it down. What entails the job of real estate agent?
A. Going on listing appointments and securing listings.
B. Showing properties to buyers and negotiating contracts.
C. Previewing Homes
D. Overseeing transactions and solving transactional problems.
E. Generating leads and cleansing/growing the database for potential clients.
Most agents will proceed to explain how much “work” they do on a daily basis. However, most of these daily “tasks” do not fit into the action items outlined above. So much time is spent on e-mailing property listings to potential clients, creating flyers for the weekend’s open houses, tracking down disclosure documents, and scheduling inspections. Although all these tasks were taking up 40+ hours of “work,” most agents only spend about 20 – 25 hours per week on the items outlined above.
In this sense, you are a part-time real estate agent, as you only spend about 20 – 25 hours per week doing real estate agent work. The rest of the time, you are a part-time receptionist, escrow coordinator, and gopher.
In order to be a full time agent, and to get into that 10% club, you need to spend at least 30 – 40 hours on the tasks above. Use a calendar and time block your day. Set aside time for showing buyers homes and listing appointments, and do everything in your power to make sure those appointment openings get filled.
If you are a new agent, you may very well need to also be a part time receptionist and gopher ON TOP of being a full time agent, but do get at least 30 hours of REAL agent work in every week until you can hire some support staff. If you are putting in major time on the tasks bulleted above, you will need a FULL time assistant in no time. If you commit, you can go ahead and start looking for your first hire now.
Will 5 hours really make a big difference in your business? Absolutely. Out of the tasks outlined above, which do you think is the most important and coincidentally most deficient in the average agent’s calendar? It’s not B, C, or D. The most impactful tasks are A and E. If you spend those extra 5 hours on listing appointments and generating leads, you will see a profound difference in your income. In fact, the top 1% only focus on A and E… but let’s take things one step at a time, more on that later.