How to make $100,000 in your first year in Real Estate

[Music] today I'm gonna give you four tips to make $100,000 in your first year in real estate now these tips are going to be good if you're a new or experienced agents now why do I have the audacity to tell you that I know how to help you make a hundred thousand dollars in your first year in real estate well for one I've already taught other agents how to do this who have been successful in making a hundred thousand in their first year in real estate secondly I've been in real estate since 2002 I made a million dollars by the time I was 23 I lost it all in the crash of the late 2000s I bounced back with a vengeance and I made over a million dollars last year as a single agent so before I get into the four keys to making a hundred thousand in your first year I want to give you a couple of things not to do the first thing I would say not to do is buy any leads whatsoever buyer leads are a very inefficient source of leads don't run you around most of them won't even call you back this is not very efficient at all the second thing not to do is any heavy social media advertising any heavy social media promotions in the beginning I want you to focus on more about building your database and relationships with prospects and building that database strong for the future instead of trying to promote on Facebook and Instagram it's okay to do a little bit of social media posting in your first year but I want you to save all your heavy social media advertising for year number two so tip number one of how to make $100,000 in your first year is to work 50 to 60 hours a week now know that sounds cliche but real estate is tough and you have to put the time in to get where you want to be later I'm going to tell you exactly what to do with that 50 to 60 hours but for now I want you to realize that work is a big big part of real estate just showing up to the office is not work ethic a lot of agents show up to the office and they chat with other agents and they work on their website and they design their business cards and they work on Facebook ads these aren't money-making activities agents get confused with what makes you money and what's productive versus what's non-productive and they kind of blend the two together and what happens is is that going to the office and they think they're busy but they're not busy doing what they need to do to survive real estate and make money this is a big reason why most agents fell in this business you have to put in your mind that you have to be a hard worker and you're gonna put your head down and you're not gonna follow the path of all the other new agents who are doing the non-productive activities right you have to be different a lot about real estate success is differentiating yourself with the other agents when you're talking to prospects you want to give them the feeling that you're different than all the other agents when you're working you want to work differently than all the other agents because most all the other agents are going to fail and you do not want to fail now there's a lot of different avenues to make money in real estate and when you're new in real estate there's so many different directions everybody's trying to pull you in you got your broker trying to tell you this your friends trying to tell you that other new agents trying to tell you this older experienced agents telling you that you have facebook ads with all kinds of newest latest and greatest technology that's gonna make you a million dollars in your first year in real estate you have to be very careful what you listen to and the actions that you take and the advice that you take it would be incredible if you would listen to agents who are where you want to be right like myself if you want to make a million dollars in real estate I'm a good person to listen to and to take advice from and to reach out to with questions what you guys can do anytime so the first thing is you have to under and work I think is a big part of this game tip number two is concentrate on only phone calls don't worry about any other source of lead generation I want you to only focus on making phone calls and having voice to voice contact with as many people as you can voice to voice contact is the reason why technology hasn't replaced real estate agents there has to be that voice to voice contact there has to be a conversation between buyers and sellers agents and sellers agents and buyers there has to be a conversation before there's a closing conversation is the common denominator of all closings there's not a single closing in history that happened without a conversation in place so even if it's an internet lead you have to actually call them and talk to them before you can even think about doing a deal with that person with no conversation there's no deal okay so if conversation leads to all closings then ding-ding-ding we have to have as many conversations as we can to have as many closings as we can understand too that closings happen every single day if you look at your MLS you'll see that closings are happening every single day with or without you okay it's not the market it's you you haven't figured out how to be a part of all these closings and I'm telling you it's conversation now who do we have these conversations with and what do we say now I'm not an advocate of for sale bounders for expires I think that that market is too crowded into high pressure but I do believe that new agents should explore this for the first 30 to 60 days of their career I think there's no other way to get the most experience in the least amount of time calling for South bounders and expires gives you so much experience because you're calling a live prospect who wants to buy or sell you get to meet with them you get to see properties you might get a listing you might show some properties there's so many different things that can happen immediately from for self honors and expires but think you should only work those for the first 30 to 60 days of your career and really work them hard get your feet wet in the market understand what is going on and then when you get your feet wet and realize what's going on understand that for self owners and expires are not the most efficient way to build your business what is the most efficient way to build your business the highest quality prospects in every market is property owners property owners buy and sell a lot of people think of owners as only sellers and only listings but if you change your mindset around to understanding that property owners are also your best buyers and if you concentrate all your efforts on property owners for your lead source of not only sellers but also buyers now we're working at a very high efficiency efficiency is what we're after as a single agent who made a million dollars last year I can tell you that a big part of it is efficiency knowing what's efficient there's plenty different ways to make money and some are better than others right when you realize who the highest quality prospects are and you know exactly how to approach them and you understand that closings happen every day and that business is unlimited that there's more than enough for every agent out there more than you can handle now sky's the limit so what do we say to these property owners were more calling them most agents are gonna say hey have you consider selling your house right so we don't want to sound like every other agent that's the whole point that's how we're gonna get ahead of the pack what we're gonna do is we're going to say hey I don't want to take them too much of your time today but a house down the road sold and I didn't know if there's anything I can do to help you and then the conversations gonna go from there and our goal is is that we want to collect their contact information have a great conversation let them know we're here to help them whether they want to do a deal today or tomorrow because remember they've already decided when they're gonna buy or sell something you're not going to talk anybody into buying or selling a house today our goal is is to introduce ourselves make our presence known as someone who's professional caring genuine hard-working dependable knowledgeable of the markets and we want to stay in touch with them forever for when they decide they want to buy ourselves a lot of agents can't wrap their head around this philosophy of creating relationships they feel like it takes too long to get from relationship to transaction but here's the thing if you're doing the 50 to 60 hours and you're calling two hundred to two hundred people a day that I asked you to call then what happens is something magical you run into all kinds of people that want to do deals with you in the future because they like you right but you also run into a lot of people who want to do a deal today because they like you they've already decided when they're gonna buy or sell something and some of them have decided they're ready now and you just happen to call them right at the right moment to create that relationship to handle that transaction for them so that brings me to tip number three you have to think long term and be low pressure now there's a lot of training out there that's high pressure that handles objections so on and so forth I don't believe that's the best way to start a relationship I think that calling property owners with the mindset that you're calling them just as if they were friends or family and let them know that you're here for them when they decide to make the purchase or to sell the property is gonna put you way ahead of everyone else you're still gonna get the deals today of people that have already decided to buy or sell but you're gonna collect so many people that are gonna work with you later whereas if you were trying to handle objections and trying to turn the situation around and try to force them into doing something that they weren't really ready to do they're not gonna continue that relationship with you but if you approach them and an angle of sincerity and show them that you care and that you're gonna work hard for them and that you're not gonna push them and that you're gonna be here when they get ready those people are gonna come back to you later and that's where all the money is in real estate is to future deals in my mind market share is not how many listings you have how many transactions you did compared to the rest of the market market share in my mind is what agent has the most real relationships with property owners in the market who has the most relationships in place of property owners who know you like you trust you than any other agent that's who controls the market share because they have all the future business we trade stocks on future earnings of companies so I trade market share on future deals of an agent and whatever agent is doing the best job of creating and maintaining lifelong real relationships with property owners has the most market share in place tip number four is you can't worry about losing deals as a new agent you don't realize that losing deals is a part of this game when you're new and you're working hard you're calling people and then you find out somebody you were talking to used another agent on a deal it really hurts you really get down on yourself it kind of almost depressing because you don't realize that that is part of real estate you're gonna lose deals all the time there's no way around it I've lost many more deals than I've ever closed and it's just part of the game you can't beat yourself up about it so here's two ways to look at losing deals one if you lost the deal then you learn something right if some if you were talking to a property owner and you thought that we've had a great communication with them and everything was going great and then they turn around and use another agent you can look back on that situation and replay everything that went on had they try to figure out what you could have done differently right and maybe it was nothing because maybe they already had a relationship in place and if that's the case maybe you should have asked them from the beginning hey is there an agent in the area that you work with right and then if there is move on right you don't have to spend any more time on that person which brings me to the second great thing that happens from losing deals is its future time when you lose a deal you get all that future time back that you don't have to spin on that deal anymore signing the paperwork showing the property you know taking pictures putting a sign-up block box dealing with the showings negotiating contracts don't want title companies inspectors appraisals lenders all that stuff you don't have to do any more on that particular deal you can take all that future time and this new knowledge you learned and go out there and get five more deals so let's go over the four keys again number one I want you don't understand work ethic is a big part of this business and you need to work 50 to 60 hours in your first year in real estate tip number two concentrate only on phone calls right we're gonna concentrate on phone calls and then as we get business from those phone calls we're going to go show property we're gonna go get listings we're gonna go to appointments we're gonna do the things we need to do but any moment that we have a spare chance we're gonna make phone calls if we're not doing anything in the morning we're gonna make phone calls all morning if we don't have any employments all day we're gonna make phone calls all day if we have appointments all day we're gonna handle those appointments and then make our phone calls all day the next day but we're gonna stay busy we're gonna work 50 to 60 hours a week and we're gonna make lots of phone calls number three is is we're going to think long term and we're going to be low pressure with everyone we want them to feel like they can come to us for anything for any reason and that we're gonna be there for them and they can pin on us and tip number four is is absolutely do not worry about losing deals that happens it's part of the business there's nothing you can do about it learn from all the losses that you take and understand you get all that future time back to go out there find five more deals in the same amount of time so that's my four keys to making $100,000 in your first year in real estate I hope you got something out of it I hope you take it and apply it to your business and go out there and make your first hundred thousand if you're experienced agent I hope you still got something out of it to change your mindset a little bit to help you go to that next level click subscribe below leave a comment let me know what you thought and reach out to me if there's anything I can do for you

Channel: Ricky Carruth

Views: 86,221

Rating: 4.8880324 out of 5

Keywords: how to succeed in real estate, how to get listings in real estate, ricky carruth, zero to diamond, circle prospecting, how to make $100000 in your first year in real estate, real estate coaching, real estate agent, real estate training, real estate marketing, real estate leads, tom ferry, tom ferry show, tom ferry real estate, tom ferry coaching, tom ferry scripts, real estate

Id: kx_F0amHGiU

Length: 14min 58sec (898 seconds)

Published: Mon Feb 12 2018