Building a Real Estate Agency, Stage 1: Solo-preneur

WizeFacts

  • Being authentic to your natural talents is step one in building a real estate agency.
  • Use this stage to build revenue so you can begin to outsource what you suck at.
  • If you master your strengths and get help on your weaknesses, the next step isn’t as far away as you think.

If you are thinking about building a real estate agency and want to set it up for success, you need to become as authentic to your natural talents and skills as possible. Like any entrepreneur, you have to evolve. You can’t hide your head in the sand. You may have the Mindset and the Methods, but you can’t pretend the hidden 3rd dimension of success in real estate we discussed in a previous blog doesn’t exist and your own unique personality plays no role. You can’t be ignorant or deny your own true self and expect to succeed at the highest levels.

Your goal should be to grow revenue enough to start outsourcing some of those things you suck at, so your success no longer depends on you doing them.

 

Ready to grow now?
 

In this blog, and the next two, I will lay out the 3 stages of building a real estate agency, with regard to being authentic to your personality.

Stage OneThe Solo-preneuer. In the beginning there is you, and just you. At this stage you’ve likely just received your license and have pledged allegiance with a brokerage. This is the hardest stage because it all falls on your shoulders. Yes, the broker has promised all sorts of office support, supplies, assistance and even coaching in return for your desk fee, but in reality – it all falls on you more often than not. Here you find yourself wearing the many hats of a real estate agent. Here you also find yourself the most inauthentic.

 

Why does the growth you want never come?

 

As I’ve already stated, no one in the history of mankind has equal natural talents for everything. This is the killing field of real estate, where the vast majority of agents (80% or more) fail to survive. They fail because they didn’t know about the hidden 3rd dimension of success, or how to master it. As a result, they struggled in vain to be all things to all people at all times, and wondered why the growth needed in building a real estate agency never came at the pace they had hoped for.

If you seek to evolve to the next level, you must pass this crucible by persevering long enough to generate sufficient revenue to progress to Stage 2, The Solo-employer. There is no great way to become authentic in this role. You just have to slug it out, adapt your ass off and make the sales… period. You can do it, though, with the belief that the next stage is not as far away as it may seem.

Move to Stage 2

In this initial stage you will need to depend more on the first two dimensions (Mindset and Methods). That doesn’t mean your understanding of your personality can’t help you here, though. You can apply it with what I call the “Decision-making Action Rules.”

Simply knowing your strengths and weaknesses allows you to trust certain decisions more (i.e., things that rely on your strengths), and dedicate more time and attention to those things you’re not as gifted in (i.e., your weaknesses).

In the table below are rules you can take to heart as you move throughout your day.

Decision-Making Action Rules in building a real estate agency.

Familiarize yourself with your strengths and weaknesses and, whenever you encounter a situation where they come into play, apply the appropriate side of the table above. For your strengths, feel free to “just do them,” take the lead and trust your initial thought on the topic. For your weaknesses, pretty much do the exact opposite; slow down, ask for help or opinions from others and rethink the decision carefully before taking action.

 

Get to the next stage faster!

 

Doing this will help you rely more on your natural talents, be more careful and purposeful when utilizing your weaknesses, and get you through to the next stage as soon as possible. I’m not saying it is a way to completely fix the problems you will have as a Solo-preneuer, but it can at least help until you progress to the next level.

Once you’ve maxed out your own personal capacity to the point where you’re losing business, or your sanity, as a Solo-preneuer, you’re ready to evolve to the next stage of building a real estate agency.

Is this your current or preferred stage?

Stage 2, Please!