I’m live-blogging #AREC16 from the Gold Coast. Here are my top learnings from Ivan Bresic: Getting to $1M GCI is more challenging than $2M GCI.
First real estate speaker, and first Aussie speaker with a key reminder – the first million is usually the hardest!
When I started my real estate career back in May, 2000 I always believed Sydney Agents had a big advantage over Brisbane Agents when it came to earnings potential. The advantage, of course, was that in Queensland commissions for Real Estate Agents were capped by law. Something incredible I’ve noticed since Queensland commissions were de-regulated: most agents seem to be lowering their commission percentages, rather than lifting them!
Sorry to digress – here’s Ivan talking about change, about ramping up your Gross Commission Income (GCI), and in particular my top learnings:
- Set the bar high and believe it. Ivan set himself the target of 25 sales in his first stand-alone year, and just got there. I wonder if he’d set the goal higher?
The key point he’s making here is about the people you surround yourself with – if they’re high performers, you’ll learn from them and that’s about mindset and belief as much as process etc.
- The second million is easy, but 80% of the real estate industry don’t make it past the first one. That’s the challenge – building a database, a reputation, being able to afford support staff etc.
It’s not real estate industry specific, but most of the challenges that apply to general businesses are relevant to real estate agents and (especially) principals and directors: here’s my recent article on the challenges of growing a business beyond $1 million.
- There’s a deliberate order to building your Sales career – I’m curious how many training programs outside of BresicWhitney follow this order: Buyers | Open Homes & Call Backs | Qualification | Product Knowledge | Listing
Basically, Selling properties is easy, eventually. And everyone’s competing for Listings (which often means, as I noted above, competing on price). Start with the Buyer work – create relationships, help people buy houses AND THE LISTINGS WILL START COMING TO YOU!
- The Buyer work will help you rapidly build your database. “Each call back book is worth $100,000 in Commission to you!”. Time advancing through these steps will give you Profile – becoming the attraction agent. But the database gets you the profile, not the other way around!
The size of your database determines your income. This process and philosophy is turning out Million Dollar Agents in 3, 4, 5 years – if you can find a quicker way, let me and everyone else at #AREC16 know!
- The 3 keys to success in real estate: Physical, Emotional, Mentoring. Physical: People want to do business with people who have energy, and that means your health and well-being as much as ‘showing up’. Emotional: Real estate can be a roller-coaster career. Are you mentally self-aware enough to deal with that? Be centered, and meditate daily (20 minutes is sufficient, and make a real difference). Mentoring: How many times has Ivan mentioned the value of his business coach, and of his internal mentoring program? You need Sherpas – people who can help you climb the mountain.
(Obviously I’m biased on that last lesson, as the co-founder and business coach at Real Estate Grow. I’m always happy to chat and share…)
Of course, this only works … you’ll only hit and bust through the first million in GCI … if you’re committed to that as an outcome. Everything is possible!
Our next speaker is Kate Strickland – live blog here.
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Fancy a coffee?
Jacob Aldridge is a co-founder and business coach at Real Estate Grow.
If you’re a real estate Principal looking for fresh ways to help you work on your business, let’s chat. Contact me on either 0427 151 181 or firstname.lastname@example.org.
Not ready for that level of commitment? Follow me on Twitter @jacobaldridge