401(K) 2013 Source: Flickr
Part 2: Teach Them How to Make Money
People will come to work for you if they believe they will make money. People will stay with you if they are making a living. Every company trains their agents. Unfortunately, most or all of that ?training? consists of the mechanics of doing business. There is a lot more to real estate than the legalities, paperwork, procedures, etc. A successful brokerage needs to be able to show their team what they must do to prosper.
Any agent who does enough business to qualify and can pass a state exam can get a broker?s license. However, the skill sets necessary to do deals and pass an exam are not the same ones needed to teach people how to thrive in this business. The real estate industry is full of struggling, starving agents that are not receiving good instruction because their brokers simply don?t have the wherewithal to train them. I find that unconscionable and that was the primary reason why I quit a perfectly good job and started my company, Broker Heaven NY.
The attitude ?Some agents get it and some of them don?t? is pervasive in our profession. This state of mind by ownership or management is why the ?Pareto Principle? applies to the majority of residential real estate companies, ?20% of the people make 80% of the money?. I do not accept this principle and in my career I have proven that it does not have to be a reality.
Do you believe the business is that difficult? Do you believe that all your people deserve to make a decent living? I believe that every person that has the courage and takes the risk to enter the real estate profession deserves the best instruction possible. I believe that virtually anyone can succeed in real estate given the right training and support. That?s what we do here at Broker Heaven. We teach agents how to make a living and build a lasting and rewarding career.
Catch up on this series or read more of Greg Young?s posts.
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