Episode 315: Earning $100,000 from your Real Estate Business
In the 315th episode of The Mail Right Show, hosts Jonathan Denwood and Robert Newman invited Jennifer Seeno Tucker, the Associate Broker & Vice President of Business Development at Exit Reality United in Nassau County, New York. This amazing woman guided a dozen real estate agents throughout their careers. She helped them stay focused on meeting their goals as business owners, turning them from paycheck employees to sole successful proprietors in the real estate space. Now, she’s on the show to explain how realtors can earn $100,000 from their real estate business and pinpoint the common mistakes new agents make regularly.
Steps New Agents Can Take to Earn More in Real Estate Business
- Treat your business as a Real Business – Building an organization or a company is one of an agent’s best paths out of their profession. However, many agents who take a sharp turn from a paycheck employee to a business owner fail because they don’t know how to make that shift. They also don’t know how to treat their business as a real business, making it more problematic. In this case, agents must think of their commission check as just another paycheck. That’s not where they want to be because they have to set aside money to pay themselves, to reinvest into the company, and of course, to set aside for that big grandiose tax collector.
- Consistently Build Up Your Database – After having a few deals from their natural networks through their family and friends, many new realtors have stopped finding more leads for themselves. Yes, your spheres are a never-ending source that you must constantly fuel and reinvest, but you also have to go out there and prospect new buyers and sellers. Eventually, your circle will dry up, so you need to build new ones constantly. Besides, with this strategy, you’ll see more ups and downs instead of just a steady stream in business, which will deepen your knowledge and expand your experience.
- Figure out your “WHY.” – One of the first lessons and secrets to being successful as a real estate agent is to figure out why you are in real estate and what you want to do. So in mapping out these reasons and sources of motivation, an agent has to be realistic. From that, you can now break it down into simple steps that you can take one at a time to reach your goal.
- Set up a time plan – Setting up a time plan to dedicate to your real estate activities or blocking out time to know what, when, or what they’re going to do is one of the key things an agent should do. So, for example, in the mornings, you’ll prospect and call potential clients, and in the afternoon, you will be working in the business and administrative kind of stuff.
- Find the right mentor or brokerage for you – As a new agent, it would be overwhelming to do everything on your own, so having a mentor and being able to follow someone who is an experienced agent would be beneficial for you. It’s okay to give up some of your commission initially because what you’re doing is creating the momentum that you need to be that 80, 90, 100% agent where you might not utilize the broker as much, as opposed to in the beginning.