Burnout is on the rise everywhere and real estate agents are not immune. In fact, they may even be at a higher risk. Studies have shown that entrepreneurs are more at risk of burnout or a “state of emotional, physical, and mental exhaustion” in part due to the extreme passion they have their work. As a result, they experience monetary losses, missed production opportunities, and negative impacts on their physical and spiritual well-being.
While awareness is key, burnout prevention begins far before the initial waves of stress and physical fatigue hit.
“It starts by recognizing the four pillars to success: wealth, health, business and self,” says Jay Papasan, author and VP of Learning at Keller Williams University. “And similar to structural pillars, all four must be given attention and balance to have a dynamic business and life. After all, you ARE your business.”
Pillar 1: Health
Health is the energy to do what you want, with who you want, when you want. If time is money, you can’t afford to spend it sick in bed instead of being on listing presentations. You are the CEO of yourself and only you can ensure you develop these healthy habits:
- Manage your energy by focusing on what fills you up instead of what drains you. “Sticking to your strengths sets you apart from the pack and helps you build a reputation while also leading the field as an expert. It also creates the opportunity for a much more joyful life,” shares KW leader and operating principal Caryn Prall.
- Manage your sleep, stress, diet, and exercise.
- Invest in health care. The most important element of a thriving business is you. Recognizing this, Keller Williams was the first real estate franchise to offer a healthcare benefits marketplace to associates. If you are a Keller Williams agent, please consider taking advantage of this valuable benefit soon. Open enrollment for 2020 ends this Sunday, December 15, 2019.
Pillar 2: Wealth
Wealth is the passive income to do what you want, with who you want, when you want it. And it’s more than just money.
“The word people trip up on is “want” when wealth is defined this way,” Papasan shares. “This works for all the pillars. What do you want and why do you want it? When you know why you are taking the journey, you are much more likely to do the simple but not easy things necessary to succeed.”
And like all good things, wealth isn’t immediate; it is a process that happens over time, Papasan reminds. However, you can accelerate the process by adopting these habits:
- Focus on profitability over profit
- Invest your money in real estate, such as purchasing rental properties, which have a higher return rate than other investments. As Andrew Carnegie said, “Ninety percent of all millionaires become so through owning real estate.”
- Research and/or consult with a financial adviser to select the best retirement investment option for your current earnings and future needs such as a Roth IRA, Traditional IRA, Solo 401(k), or SEP IRA.
Pillar 3: Business
Business is the ability to succeed through others so you can do what you want, with who you want, when you want. One huge element to succeeding through others is leveraging proven talent.
Andy Peters; a successful Keller Williams agent, entrepreneur, trainer, and coach; is experiencing success firsthand in direct proportion to the talent he has brought on board. “When I look at the key moments our business has grown, it is directly related to the talent we have put in place,” Peters says.
Other habits that will yield high rewards in your business include:
- Having a Mission, Vision, Values, Beliefs, and Perspective proposition (MVVBP). A leading example is Keller Williams agent Sheena Saydam who is driven by her MVVBP to deliver unmatched service to not only her clients, but her community as well, with charity woven into her business model.
- Embracing the Leverage Series. On a recent Think Like a CEO podcast episode, KW CEO Gary Keller said, “The way you go from being an entrepreneur to having a business is you give away every job.” Whether you are making your first hire or building a large team, dive into the powerful curriculum of courses and resources that have made finding, training, and leading talent simpler with the Keller Williams Leverage Series.
- Putting technology to work. Command is making smart agents even smarter and more competitive in today’s digital world. Agents are saving time and money by using this fully integrated system for all their business management and communication needs.
Pillar 4: Self
You are your business, and all of these efforts tie back to the real you, your big why, and the life you are designing. On your journey, remember that above all, you are what matters most!
‘TRY’ as an acronym for The Real You.
As Gary Keller said in The Millionaire Real Estate Agent, “Most people will never know who they really are or what they can really achieve because they fear to try. The Real You can only show up when you try. So don’t be left high and dry – just aim high and try!”