Posted on Tue, Sep 2, 2014 11:11 AM by Craig Proctor
Why do we see the 80% failure rate?
The real estate market is dramatically changing. For one thing, consumers are more sophisticated and hence, more demanding. Commissions are under pressure. And technology is completely changing the way we do business. Increasingly, more and more mega-agents are capturing a larger market share, leaving smaller agents with slim pickings.
In the last decade, the number of agents operating in North America has dropped almost in half as a result of this challenging landscape.
The good news is, despite these irreversible trends, it is possible to experience great success. I did it myself – making almost $4 million in commission every single year and having a highly fulfilling personal life. I’m not telling you this to brag, but to show you that success is possible in this market, if you have the right system. The proof of this is that many of my students are now also earning high 6 and 7-figure annual incomes and they’ve never been so satisfied with their fulfilling life balance.
How I beat the odds
I didn’t experience astounding success right off the bat as an agent. Far from it, in fact.
When I first got into real estate, at the age of 26, I followed my Dad into the business because I didn’t know what else to do. I made the same big mistake most agents make: I copied what everyone else was doing. I spent virtually all of my time hunting down business -- cold calling and door knocking (and experienced plenty of rejection).
After a few months of chasing any business I could get, I sold my first few houses. This lit a fire in me and I quickly became obsessed. I began to work harder at real estate than I had at anything before in my life.
I still did the same things that other agents did -- only I did more of them. I made more cold calls, banged on more doors, and went on more listing presentations.
My regular workday was 18 hours long. I spent my days meeting with prospects, and my nights doing all the paperwork. Each year, I sold more and more houses, and was even named the #1 RE/MAX agent in the world in my fourth year in real estate. But along with this new business came more and more work, more and more hours.
The spark that kept me going was starting to fade. I was developing a real distaste for getting up every morning to face more cold calling, more chasing people for business, more rejection. Like many agents, I was beginning to burn out.
Isn’t there a better way?
Then, on July 2, 1992 (precisely), while writing newspaper ads at 2 o’clock in the morning, my head hit the desk mid-sentence. That knock on the head brought me to my senses. I couldn’t work any harder than I was working and I had no more hours to give. I just couldn’t maintain that pace.
I know you’ve probably felt the same way – we all have. Well, with the Quantum Leap System I will share a much better way with you so you can learn from my mistakes and my successes.
The short answer to beating the 80% failure rate is systems. In order to make real estate ﬁnancially and emotionally rewarding, you have to abandon the traditional way of doing things (grunt prospecting and hard labor). You must adopt systems that automate almost every phase of your business instead. Once you get systems working for you, you’ll wonder why you did it any other way.