In your previous career, you may have enjoyed some level of prestige and success. Perhaps you even “made your mark” in your industry and really made a name for yourself.  But you always felt a pull to own your own business, and real estate provided a perfect platform by which you could live your dreams.  Certainly, the transition from employee to self-employed could not be too daunting.  After all, judging from your impressive track record in what we will endearingly refer to as “the rat race”, you demonstrated a high level of drive, ambition and work ethic. You had every reason to believe you were perfectly positioned for success in owning your own real estate business.  So, with your head held high you got your real estate license, selected the perfect firm to associate yourself with, and began the process of exiting the security of corporate America with the intention of jumping into business for yourself with both feet. But, just how far out did you swim into this incredible ocean of opportunity? If you can still see the safety of the corporate shore, you still may not be far enough out to make it big in the real estate industry.

Michael Gerber, author of The E-Myth Revisited, fuels the fear that keeps so very many Brokers from really diving in.  He states that one million small businesses are started every year.  Statistically, 40% of them will fail within the 1^st year, escalating to an 80% failure rate within the first five years.  Of those fortunate enough to have survived up to that point, 80% additional business will be closing their doors over the duration of the next five years.  Needless to say, these statistics scream “high risk” to any individual contemplating small business ownership...including the Realtor.  This is the point where many would-be real-estate professionals may turn and walk away from an opportunity of a lifetime.

A question I pose to my half-in-the-water / half-out-of-the-water clients is this:  Have you properly prepared yourself for the internal shift that must take place when traveling from corporate America into the outer limits of entrepreneurship?   More than likely, you are relying on your firm to deliver some degree of commitment and support concerning the traditional elements your business needs. But what about the internal workings of your business that you alone are responsible for?  Many unfortunately find that in spite of their firm’s best efforts, the plethora of educate ion and training they have endured and their “desire” to make their business work, they are still at risk of becoming a negative statistic within the real estate industry. 

By “internal workings of your business” I am specifically referring to the clarity of intention your have and the belief systems you hold regarding your career. It’s no secret that a human being can work incredibly hard and not tire when they are driven from a place of passion and purpose.  But the moment negativity, fear or doubt enters into the equation, momentum is at risk and energy can be lost for an indefinite period of time. The fact that a Realtors need for support reaches above and beyond the “technical” side of this industry is overwhelmingly evident…but this kind of support may not be readily available to you through your brokerage firm.  So, as your Broker Manager is providing training that will feed and strengthen the technical side of your business, it’s essential that you provide yourself with experiences and opportunities that feed the internal part of your business....which translates into “feeding your mind”.  You are the only person who can prevent a loss of momentum in your real estate business, and you do that by maintaining a positive, supportive atmosphere for your mind.  

Here are a few key things you can do to position yourself for success in your entrepreneurial enterprise:

Identify and Model Your Mentors.

Tiger Woods has mentors.  You need some, too.  Those who are in this game to win understand the value of having someone to be accountable to. Someone who can challenge them to stretch and grow continually. Someone who can help them think outside the box, gain different perspectives, and who can inspire and motivate them toward greatness.  You need someone in your life who can, at any given moment, play the role of either your biggest cheer-leader or the “often-needed-but-seldom-appreciated” voice of reason, whichever the occasion calls for.  Mentorship can come in the form of a business or life coach, a motivational speaker you resonate with, an author who can get you thinking or someone who is already winning the game you want to win.  Those who are at the top experience success-in-life, not just success in business, and their secrets to success are nothing more than habits and standards they apply more often than not. Discover those habits and standards and apply them in your own life. You will see tremendous change in yourself and in your business.

Develop Your Winning Team.

What aspects of your business energize you and make you want to leap out of bed in the morning to get started on your day? What aspects take energy away from you and make you shrink in agony thinking of the task at hand? Take an honest and raw look at yourself and identify both your weaknesses and your strengths. Realize that the areas of your business in which you feel “stuck” are more than likely areas you find yourself a little weaker in ability.  Find the right people to step into the roles you find draining. If you are a visionary, you need task-oriented people by your side.  If you love to sell, you need someone running the show so you can be pounding the pavement.  The smartest thing you can do is surround yourself with people who can balance you out.  Don’t let your ego run your business…a great leader surrounds themselves with people who are smarter and more capable than they are.

Stay Balanced and Avoid Broker Burn Out

It’s not uncommon for a Broker to feel excited and energized about their business one moment, only to have that enthusiasm fizzle into feeling disconnected and overwhelmed the next. You are going to pour your blood, sweat and tears into your business. Don’t forget to “give yourself to yourself first”, before you give yourself away to your business.  It’s essential you allow yourself time… personal time for you, for your friends and family, for your other passions and hobbies.  Give yourself permission to totally detach and create opportunities to unplug mentally and physically from your business as often as you feel it necessary…preferably before you feel a burn-out coming on.  As you energize yourself, you will energize your business. 

The Bottom Line

We have an option in this life: sink back into corporate America or swim with the dolphins. What is your choice?  If you are to position yourself for continual growth and success in this industry, there must be a dedication to give yourself what you need from an internal development perspective. Obtaining the education required on the technical side of the business is simply not enough to live a life of greatness.  What I love about our industry is that it’s about achieving new dimensions of personal and professional growth. It’s truly about achieving the American Dream.  Embrace this incredible opportunity you have in front of you!  No one can do what you do the way that you do it…so make sure you keep yourself in a positive mental state.  As you continually reach upwards for growth and renewal, you will continuously perform in a state of greatness in both your personal life as well as your business. 

Here's to your success!
Darice Johnston