In the much-anticipated opening at Family Reunion, Gary Keller reminded the 17,000-plus agents in attendance that there has NEVER been a better time to be in real estate. For over three decades, Keller Williams’ co-founder, chairman and CEO has been coaching agents to build BIG lives.
Taking the stage with Jay Papasan, vice president of KW Publishing, Keller imparted lessons learned throughout his career and offered valuable advice to help agents stay focused and passionate about theirs.
To frame the talk, Keller and Papasan painted a picture of why agents lose their zeal for the profession.
Why Agents Fall Out of Love With Real Estate
- Don’t know what to do or how to do it: It all comes down to leads, listings and leverage. Focus on lead generation from three sources and add more as you go.
- Too much to do – too little time: This is a simple business when you focus. There’s lead generation and then there’s everything else. You will never have to worry about money if you build your time around time blocking for lead generation.
- Failure to follow a plan: Plans fail when they get complicated, so keep things simple. Focus on growing your business and running it. Complexity will show up naturally as your success requires attention to detail.
- Overcommitment: What happens is life happens and we don’t lead generate anymore. We have to find people to do business with us. Your life is not defined by the yes’s you say, but by the no’s.
- Poor hiring: If you are in business with the wrong people with no standards and no accountability, it will inevitably lead to more drama, and soon, you will get your job back.
- We lose the fun: The moment you’ve lost the ability to connect what you do to how it helps people or invest in your lifestyle instead of people or lead generation, you lose the joy. It’s important to keep your big why and priorities in front of you to keep from drifting and keep life exciting.
If you’re struggling to stay passionate about your career, it’s time to reignite and keep the profession’s key benefits top of mind. Keller and Papasan outlined several reasons to love real estate today.
Why to Love Real Estate Today
- Low Cost of Entry with Unlimited Potential: Our research team found that real estate has the lowest cost of entry for a self-employed opportunity. It comes in at $2,563 compared to an insurance agent ($5,243), certified public accountant ($17,840) or attorney ($122,594).
Real estate agents also have unlimited earning potential. The earnings of an average individual tend to peak at age 48 or 49. This isn’t the case for real estate agents. There is no ceiling in this business; you can make as little or as much as you want.
- Freedom to Choose Your Work: In real estate, you can build your business around your strengths and passions. You can match your personality to a lead generation tool that could be successful.
- High Financial Return for Effort Given: There’s a myth that if you work longer hours, you’ll make more money. What I’ve found is that most people use time to cheat. Long hours are not virtuous at the end of the day. If you work smarter (instead of harder) and prioritize, you can have a better, bigger life. There are times in your life where you will have to throw away the alarm clock and work, but that shouldn’t be a lifestyle.
- Inside Opportunity to Invest: There’s a big difference between being in the real estate business and being in the listing and selling business. The minute someone shares that they’d like to list their house, your first reaction should be to buy it. If you have the deal, the money will show up.
- Privilege to Help People with Their Greatest Asset Purchase: You don’t sell a home … you sell retirement. You sell security. Many people think the opportunity of real estate is to make a profit. But in fact, it’s to control your desired lifestyle and afford it years later. When people buy a home, they’re creating an affordability box around the cost to live.
To conclude, Keller reminded agents to take advantage of one of their greatest assets – technology.
“Many people think that you make money by grossing it. The truth is, you make money by managing it. To win in the fourth industrial revolution, and fall in love with real estate again, you must be tech-enabled so you can reclaim your time and enhance your clients’ experiences.”