Prepare To Fight

Over the last 18 years as a full time Realtor I have seen thousands come and go in our business of real estate. Most leave the business without ever selling a single home. The attrition rate in real estate seems to be somewhere between 80-90% within the first year, depending on what expert you read.

As many of you know, if you have been reading my earlier blogs, my background comes from the sport of horse racing. The stats for thoughbred race horses that win just 1 race or, breaking their maiden, as it is known in the world of horse racing is only in 23-25% range of all race horse born. This is Similar to the number of Realtors that actually break their maidens, by just selling a single house before turning themselves out to pasture after a grueling 12 month career. Here is another similar stat, as a leading Trainer on a couple of occasions the percentage of horses that made me the winner was only around 25% of my stable. The other 75% did not perform, just like most real estate offices today, most of the deals are done by a very few, the 80-20 rule applies in most walks of life.

When I am training these new agents I don’t want to insult them by making them feel they have the same mentality of a horse so, I use the Pro Boxer example. As you have guessed I am also a fight fan, probably because, just like horse racing when the horse leaves the gate and the boxer steps into the ring, there is no back up. The success is decided long before the event. It’s decided in the gym or, on the training track with a slew of trainers and supporting team members. The agents success is also decided by the training received, seminars they pay to attend and the support of their office.

I always begin the first training class for the new licensees, preparing them, letting them know that when they enter the ring the customer hits back hard, and it will hurt. As with most people who enter a competitive sport or business, they have high expectations of their own performance, dreaming about how much money they will make and the levels of success they will achieve

The young boxer trash talks his way into the ring for the first time, just as the new agents are full of themselves as they talk with other newly licensed agents and wait to meet their first customer.

Unless the trainer has prepared the young boxer for what is about to come he will be totally unprepared when he discovers his opponent hits back. The agent must also be prepared to get hit hard by his customers even their customer friends. I don’t think there is a boxer out there that thinks he is going to dance around the ring like a butterfly and sting like a bee without getting stung himself. New agents on the other hand think it goes something like this; people just walk in, ask to buy a home, they drive them around, show a few homes, buyer falls in love and they get paid. I am not quite sure why no one ever told them the truth. What really happens is this.

The new agent begins to work with his first customer, counting and spending the commission long before going to contract, when suddenly the customer stops returning calls. You experienced pro’s know the rest of the story, for those who don’t I’ll continue. Some day’s later the new agent finally tracks down this potential buyer customer, who has been avoiding the new agent, when he answers the phone by accident, the agent discovers the awful and painful truth that on the previous Sunday their only customer, their friend quite possible or should I say X friend now, bought a home through another agent. The story these customer and friends seem to like most go something like this I was driving by a home, saw a sign or, ad and called the other agent. Why, for the love of God did you do that? I just love this answer, because I did not want to disturb you on a Sunday afternoon. Trust me you could have disturbed me for $12K

After this or a similar experience, they show up for class or office meeting, eyes glazed over, or what could be called the punch drunk look, staring up at the ceiling, just like the boxer as he sits on his stool in the corner between rounds after taking a few good combinations to the body and head. The trainer slaps the fighter to get him back into the game plan. Trust me, there are times I wish I could slap the agent, I might be able to save a few careers if I did.

What I’m trying to say here is if you don’t prepare your agents for the big punch they will be KO’d very quickly or just refuse to come out for the next round and play.

Look forward to your comments.