Three Types of People and How They Fit in the Real Estate Business
Friday, April 20, 2007
This is my 15th year in the real estate industry. During this second career, I have been a successful listing and sales agent and served as a sales manager, broker-manager, trainer and coach. During my early management days I used to think I could ”fix” people. I would hire 10 new agents to my office and just know that because my company had the best tools, training and support and that I cared and was a solid manger – I could get most of these new agents to be successful in the business. Here’s the reality – you can’t fix people. They are who they are! Each person comes with their own degree of self-confidence, personality traits, behaviors and success characteristics.
Now they all have the dream and wish to be successful in the real estate business. Success for many first year real estate agents is to earn $100,000. Whenever I teach a business plan class and ask how much money do you want to make this year, inevitably the response is $100,000. It is possible to earn this in your first year if you are willing to get out of your comfort zone and get in front of enough people who need your service – to buy or sell real estate. It also requires sales skill, inventory (market) knowledge, and technical expertise. This business requires constant, ongoing education and training. And, as always, experience is the best teacher.
So, why do so many fail in this business? Why are approximately 75% of agents out of the business within the first two years of being licensed?
I have been studying this issue for many years and have come to the following conclusions. Approximately 10-15% of the active agent population enjoys great success and are the highest income earners – the “Top Producers”. I have found that this group of people exhibit common characteristics that I believe lead to this ultimate business success.
There are three major types of individuals who, once identified, fit into a real estate team building model. To better understand the three types let's take a look at the following factors for each group: Risk vs. Security; Specific behaviors and characteristics; Desired role and responsibilities
The Entrepreneur
· The calculated risk-taker
· They are not afraid to work alone
· Natural salesman, enjoy the art of the deal (the rainmakers)
· They are driven, success-oriented, persistent,
· Type-A personality, with a great work ethic.
· FIT: Team Leader or Individual Lead Agent (Approximately 10% of the population)
The Manager
· The person who prefers to manage, supervise, and coach others
· Their motivation is to give back, to inspire, to build confidence in others
· They generally have management/supervisory experience prior to real estate
· They are more detail-oriented, good administrators and systemizers.
· FIT: Team Manager/Office Manager (Approximately 20-25% of the population)
The Individual Contributor
· Represents the largest portion of the population
· They prefer to work in a group environment
· To be a contributing member of the vision and goals of a team
· Typically, this person needs and desires support systems, direction, mentoring, and leadership to thrive and succeed.
· They generally come from an employee background and are used to and really want structure and accountability
· FIT: Team Associate, Licensed Admin Asst, Hourly/Salaried Employee
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