In the previous blogs, I’ve discussed changes in the business that greatly impact how we work. Here are more changes and what they mean to you. Note: Take a look back at the 2 previous blogs to see the evolution of real estate: From dependent, through independent, to interdependent.
Also: Check out my exit survey at the bottom of this blog, to see how prepared you are to exit the business.
Training is Back—with a Difference
Where training bit the dust in the late eighties and into the 90s, it’s back in the interdependent company with a vengeance. Why? Because the interdependent company’s agents must be constantly getting better at what they do to fulfil the mission of the interdependent model. But, where the training of yesterday focused on the new agent, the successful training today is a comprehensive process to help the agent develop a successful business, clone or franchise that business, and retire with equity from that business. Time warp check: Do you know agents who consider they’re ‘trained’ because they successfully finished their new agent training program?
Operational Necessities Stay in Place No Matter the Company Structure
No matter the company structure agents work in, agents now must
- Become business owners, not just ‘next’ salespeople (‘sell, sell, sell’). That just won’t cut it with the sophisticated client of today; relying on the company for leads is an expensive proposition, for the company, with shrinking profits, must sell those leads—they aren’t free anymore)
- Keep getting educated; training doesn’t quit when you graduate from that new agent training program; there is more growth, expansion, and possibility to an agent today than just continuing to sell real estate and take a few law update courses
- Realize and work toward keeping the client, not just working with the client once. Your business is your clients, so you have something to sell (see below).
Big Challenge for We ‘Seasoned’ Agents: A Path to an Exit
Years ago, the average age in the business for real estate agents was 5 years. Now, it’s 12 years. And, you and I know lots of agents who’ve been in the business 30-40 years. So, do we want to keep selling until we can’t walk up the steps to that multi-level home? Probably not. I think a big challenge for us now is, “How do I get out of the business, and reap some rewards in retirement from the work I’ve done all this time?”
Are You Running Your Business Like a Business? The agent who has been running his business like a business has a better chance of doing just that. Having a business plan, contact management, and written systems in place gives you something to sell (think ‘franchise’). However, I know many very successful agents who have none of the above. So, I’m creating a series of 4 courses with expert guest presenters to arrange your business to get out, and find an attractive buyer.
Are You Ready to Plan Your Exits from the Business? I’d love to hear from you about your challenges, and what you need to create a great exit plan.
Here is a survey that agents who want to exit can use to measure how well prepared they are to sell their businesses–to reap long-term rewards for all the work they’ve done through the years. Pass it on to whoever would benefit.