Nick Good joined us last Tuesday for an amazing Agent First Summit! Nick Good is the CEO of The Good Home Team, one of the largest real estate firms in the Dallas-Fort Worth area. He and his successful real estate team perform hundreds of sales each year. Over the years, he has taken part in THOUSANDS of real estate transactions.
Nick started out as an assistant to a real estate broker while still in college in 2005, and the following year he got his own real estate license. In 2007, he went full-time into real estate; in 2009 he and his brother partnered up to start The Good Home Team.
At our Agent First Summit, Nick shared with us everything we need to know about building a profitable and successful real estate team!
Know Your Numbers
Keep track of your numbers. You need to know how much you need to make, how much you can make, and how much you desire to make. Those are all different numbers that you must know so you have a target to aim for rather than just a hope or a wish to dream of. An important lesson here is that you need to be realistic with yourself as well. Meaning, you need to realize that there will be some failed contracts and you’ll have to have enough work to overcome those.
You have to dedicate as much time to your real estate business as you would for any job. Most of us started this job so we could have more income and free time, but you can’t treat it like it’s a hobby that you don’t have to put any effort into. At least at the beginning, treat real estate as your full-time job and spend 40 hours a week seeking out leads. And here’s a little secret–that’s the minimum time you’ll want to spend. Starting out, it’s more like 40 hours+.
Keep in mind one of the most important parts of the business is not only finding leads, but also creating relationships with your leads. You need to build successful relationships with renters, landlords, buyers, sellers, and investors and devote yourself to making their real estate transactions successful.
In the first years of his business, Nick didn’t spend time with clients. He focused on going from one sale to the next. But in 2013, after a divorce and several difficult years in business, he changed that. He started spending more time with his clients, treating them like real people, and suddenly he started making more money. In fact, his numbers went up by 45% in one year alone! WOW!
Track Everything You Do
In addition to keeping track of your numbers, you also want to keep track of where your leads are coming from. You need to know what is working to bring you clients with a real intent of buying or selling. You can’t spend all your time focusing on things that won’t get you any real leads.
As you’re building your team, it’s important that you help your agents know how many appointments they need each week to meet their goals. Take into account the “runners” (people who don’t end up closing). Then, based on the amount your agents want to earn, determine the number of appointments that will get the number of contracts you need. Once you’ve figured it out–stick to it every week.
As you’re growing as an agent, realize that you’re going to go through a very typical cycle. You’re going to have to keep pushing to make it all the way to success, so be prepared for:
The Emotional Cycle of Change
- Phase 1: Uninformed Optimism – you’re extremely excited about the possibilities of real estate work and can’t wait to get started. In your head, you’re already successful and free.
- Phase 2: Informed Pessimism – you realize that real estate work is much harder than you thought and you’re starting to feel you’ll never make a sale.
- Phase 3: Valley of Despair – you’re ready to give up. You haven’t made a sale and you’re sure you aren’t up for it.
- Phase 4: Informed Optimism – You start getting a few calls, a few leads. Suddenly, you know that it’s possible to make it. Your business is growing and you’re starting to make the money you need.
- Phase 5: Success & Fulfillment – You’ve made it! You’re successful, you have a plan that gets you leads, and you can finally step back and enjoy your hard work.
Remember that this process is a journey. You can’t get stuck in phase 1, always seeking for an emotional high. And don’t just make it to Phase 4 and head off on vacation–that’s when you need to put your head down and keep moving until you make it to Phase 5. Understand that this will take a while and will be a struggle for a long time. But if you keep going and don’t quit, you’ll succeed!
Have An Understanding of Good Marketing Strategies
As you’re building your business, keep your focus on what works well for you and your team. You need to have the time necessary to focus on what really generates business. You don’t want more leads than you can follow up with or convert. Make sure your successful real estate team has enough agents and time to connect with the leads who are serious about needing your help. Remember: Starve Your Distractions, Feed Your Focus. (Please write this somewhere so you don’t forget it!)
You can only focus on so much in real estate. Most agents get easily distracted by things they don’t need–new markets, new marketing or social media opportunities, etc. You need to constantly remind yourself that all the new things are not right for you. You must have a FOCUS.
Building a Successful Real Estate Team and Business
Nick gave us tons of important information, but it shouldn’t be hard to follow. Just remember that your real estate business is what you make it. Devote yourself to hard work, to lead generation strategies that work, and to focusing on what’s important. If you can do those few things, you’ll be well on your way to building the productive team you need as a successful real estate agent.
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