Become a Real Estate Agent Success - Don't Trade Hours For Dollars

I recently read a bood called The 4-Hour Work Week by Timothy Ferriss. It was not a book about being a real estate agent at all, but it mentioned one concept that is key to becoming a real estate agent success. That concept is don't trade hours for dollars. You are limiting your income by virtue of the fact that there are a limited number of hours in a day that you can possibly work.

I know that, as real estate agents, you don't actually work hourly, because you earn commissions. However, you do spend countless hours trying to find clients. If you divide the your average weekly commission by the average number of hours per week that you are actually working, you will get an hourly wage. Chances are, if you do that, it is not nearly as high as you expect it to be.

Defining Success

For me, yearly earnings are not the only measure of success. Time off with family, or just time for yourself, is also a measure of success. How much time can you afford to take off? I asked myself, can I earn the same or better money next year while reducing my working hours at the same time? Most people work 40 hours per week, but I would bet that you, as a real estate agent, work more than 50 or even 60 hours per week if you really sat down and thought about it.

Reduce Your Hours

One of the ways to reduce your hours attracting clients is with a referral system. Let your clients work for you. Satisfy them as a client, and they will satisfy you as an agent in return. One way to get clients to refer new clients for you is to offer them a reduction of your commission. I know, I know, you work hard for your commissions and don't want to give them up. But, if they refer just one more client, that's one more full commission that you can earn that you wouldn't have been able to earn before. Try offering 1/2% off your commission to current clients and see what results you get.

Try a Referral System

Give Gavin Weber's "The Real Estate By Referral Operations Manual" a try. It is a great resource to help you setup a referral system that will work for you. If you implement even some of the methods mentioned in his manual, then you will free up time and increase commissions. Even if you have not yet become a real estate agent, this manual will give you a leg up against other agent competition once you become one.

A referral system can really free up your time to do other things that you love, and will allow you to become a great realtor.

Also, if you want to read The 4-Hour Workweek (I highly recommend it), then you can get it at Amazon.com.


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