The world of real estate presents a challenging journey for agents, with three metaphorical mountains to climb. Each mountain represents a different area of focus, and finding the right balance between passion and business success can be overwhelming. This struggle is similar to that experienced by artists trying to make a living from their craft.
I’ve spent a lot of time talking to agents about their struggles, talking to those that unfortunately stepped out of the business. Looking back, they either ignored or failed to face the Three Real Estate Mountains.
The Struggles of Artists and Realtors
Many exceptional artists remain undiscovered, not because their artwork isn’t impressive, but because they struggle with marketing, selling, and managing their business. Some artists eventually learn these skills or find success through luck, while others remain overshadowed by the business side of their profession.
You wouldn’t know about Van Gogh if not for his sister-in-law who understood marketing. While he was well respected by his peers who saw his skill and mastery, he had sold very few paintings and most were traded for food and supplies. His sister-in-law took a single review and made Van Gogh one of the most famous artists in the world. The artists that don’t have someone like that or learn the skills beyond their art will rarely make it their livelihood.
Like artists, real estate agents often confront unexpected challenges outside of their skills such as marketing and understanding their return on investment. The key to success lies in understanding and mastering both the practice and business aspects of the profession, along with nurturing one’s passion for real estate. While it might seem tedious and time-consuming, they are vital for success and making this a career rather than a hobby.
Summiting the Mountains: Agent Activities, Practice, and Business
In the world of real estate, agents must successfully climb three metaphorical mountains to achieve balance between their passion and business success. These mountains represent Agent Activities, Agent Practice, and Agent Business. By understanding and mastering each of these areas, agents can unlock their full potential and thrive in the ever-changing real estate market.
Mt. Action
The first mountain is Mt. Action. This is mainly the daily activity with a client. This is showing homes, writing offers, etc.
In the beginning, you are reactive, looking for today’s deal. Someone calls, and you jump. You realize you need to know an answer to a question and now you look it up. You post something random on social media hoping to get a client today.
Once an agent has worked through the next mountain a bit, they will come out with a mission. Mt. Action is putting that mission into action. It’s doing the boring daily details regardless of whether it is fun.
Mt. Vision
The second mountain is Mt. Vision. This is where the agent looks for clients, serves the clients, and learns the market. Building systems for client care, referral programs, presentations, vendor relationships, improving skills, and constant awareness of the market are some of the traits of this mountain.
This mountain is where you solidify your purpose and vision, giving a mission and plan for your daily actions. Because you have a vision, it makes decsions easier on where and what to spend your time. Should you take a class? What podcast should you listen to today. What lead generation should you optimize for your skillset? All of these questions are answered by the vision you gain on this mountain.
Mt. Legacy
The third mountain is Mt. Legacy and home to the dreaded business side. This is where the agent is usually furthest from their main skillset and little here has to do with real estate. Agents have to deal with spreadsheets, tracking, making decisions based on Return On Investment, marketing the business, budgeting, and more. This is the most boring and arduous mountain for most agents.
Without a business mindset, your decisions will be based on emotion and feeling rather than the health of your business. If your business doesn’t survive, your vision and legacy will fail.
Can you offer staging, photography and a twilight open house with champagne based on the commission you charge? You’re spending thousands of dollars on online leads? How many are converting? You’re spending 5 hours a week plus 2 hours driving to attend 3 networking groups? How many deals have you received or expect to receive? How many will you need for this to be worth it? These are just a small amount of questions you have to answer on the business side?
Are you paying your quarterly taxes? How many subscriptions are you pay for currently? Are you using them or do they actually help you?
Embracing a Well-rounded Skillset
Agents who fail to learn and grow the practice and business facets of real estate risk short-lived careers or may find it increasingly difficult to stay competitive in the market. It’s essential for agents to develop a well-rounded skillset that embraces not only their passion but also the knowledge and expertise needed to flourish in the dynamic world of real estate.
Many agents get stranded on the first mountain while refuseing to believe that the other mountains exist or even matter. They think clients will flock to them because the agent simply exists. This is far from the truth.
Mt. Action seems unconquerable in the beginning. But if you spend most of your time on Mt. Vision, Mt. Action becomes nothing more than a molehill. Mt. Action is nothing more than a speed bump with the right vision.
Conquering the Three Mountains
You likely have skills and strengths that put you at some elevation on each mountain. It’s the weaknesses that keep you from ascending any higher.
Awareness is the first key and many lack that in the beginning either through hubris or just gnorance. You must understand that these are different mountains and then address your weaknesses appropriately. You have three choices; work on the weaknesses, pay someone to take over the weaknesses, or partner with someone.
The journey to success in the real estate industry requires agents to conquer the three metaphorical mountains: Agent Activities, Practice, and Business. These mountains represent the various aspects of a real estate agent’s career that must be balanced to ensure long-term success. By embracing the challenges that each mountain presents, agents can develop a well-rounded skillset that not only nurtures their passion but also equips them with the knowledge and expertise needed to thrive in the dynamic world of real estate.
To effectively ascend these mountains, agents must recognize their strengths and weaknesses and address them accordingly. Whether it’s working on weaknesses, delegating tasks, or partnering with someone who complements their skillset, agents must make strategic choices to overcome these challenges. With determination, resilience, and a commitment to growth, agents can conquer the three mountains and transform their passion into a flourishing career in real estate.
