When Realtors experience a lag in their business, they're quick to criticize the market but I counter that competition is usually the culprit and right now Millennials are shifting the industry...
That's right, Millennials.
Now before you come at me with an email letting me know you're sixty-years-old and can still do a cartwheel, the above statement doesn't apply to everyone.
There are older people (of which I am one) that still have the ambition and go-to attitude required to be a successful Realtor but age isn't really the reason why millennials have an edge...culture is.
I'm revealing how Millennials are a force to be reckoned with and can be done by anyone at any age.
Whether you're twenty or sixty, you're going to need to know this!
Here are the three reasons Millennials are crushing real estate and how you can compete and win...
Millennials were born at a time where the complexities of technology were learned in their teens. Remember when your brain was a sponge soaking up mass quantities of information? Definitely makes learning Instagram stories a hell of a lot easier!
The old standard of plastering your face all over town is over.
Grocery-store cart placards, bus-stop benches, billboards, local newspapers are no longer coveted ad spaces in a world where everyone is glued to their smartphones.
Successful Realtors embrace social media and use it daily to share everything from puppies fighting over a cupcake to market stats in their neighborhood, closing table moments, property previewing and what they're having for dessert.
You must place your face where people are looking and nowadays, everyone is looking at social media.
If social media scares you, I'm with you. I know how frustrating it can be. I'm still trying to figure out how Live Stories work. I'll figure them out though because my career depends on it!!!!
Think about it. If I offered you a check for $40,000 to post more on social media, you'd do it. Well, that's what happens when a Realtor posts more. They get more deals and make more money.
👏🏻 How to compete>>>Embrace Social Media. If you take baby-steps, you're only prolonging the results. You must post multiple times per day. Here's what you're going to do...
👉🏻Post about anything! From your closings to previewing property in a Facebook Live video, show people you are out-and-about and a full time Realtor.
👉🏻Encourage discussion. It's not enough to post pics of random info. Ask a question with your posts and get a conversation going. This increases the algorithm strength and shows people you are a conversation starter.
👉🏻Don't rely solely on one platform. Agents who focus only on Instagram are missing out on the older demographic. People on Facebook may be older but the older a person is, the greater odds they are ready to buy or sell a home.
Agents today think like entrepreneurs and are the CEO of their destiny.
Your head has got to be in the right place in order to handle the highs and lows of this business. Realtors who don't get that, don't last very long.
The reason why Millennials have an edge here is because they aren't gun-shy about launching their own business. They're willing to take risks; partially because Gary Vaynerchuk and Grant Cardone told them to. "Crushing It" and #Hustle are the slogans of their generation.
Today, people want freedom and control over their schedule. But if you don't have the discipline to manage your business, you'll be one of the 82% of agents that drop out of this business within the first two years of being an agent.
Everyone wants to be their own boss but let's face it, most people don't know HOW to do that.
The key to thrive in this business is to stop with the snooze-bar excuses and show up BIG. Create a strategy and stick to it. That's what being a business owner is all about. Embrace it or leave it.
👏🏻How to compete>>>Have a vision and a system.
👉🏻Automation is the most effective part of an agent's system. A CRM that maintains engagement with your clients will keep them from forgetting you years after you close on their first purchase.
👉🏻Discipline. The reason why most agents struggle is because they don't maintain a daily behavior that supports and grows their business. Commit to a system and never betray it. Meanwhile your competition will sleep-in and lose business to you.
Millennial or not, if you rely on your brokerage to teach you everything about this business, you're going to suffer.
Your broker's role is to provide a brand and a culture. How successful you are is 100% dependent on what you're learning and who the source is.
When I became a Realtor in 2003, my managing broker pointed at a desk and said "That's yours. Good luck" and took 50% of my commission.
Yep, they took half and didn't so much as provide me with a mentor.
Nowadays, when a broker keeps just 20% of your commission, they at least provide some guidance. But let's be real, the Realtors who are the most successful have a coach or invested in a system for success.
THAT'S what you're competing with.
You will lose business to the countless new agents who have the entrepreneurial desire to top the leader-board. They invest in themselves and their business.
WHY AREN'T YOU DOING THE SAME???
Example, I've paid a handsome chunk of change to be a successful broker and I got my return on investment (hello $30M in sales for two years before moving to the Bahamas to sell luxury homes).
If I didn't invest in myself, I would lose business to the Realtors that do.
Therefore, the way to compete with the new guard doesn't require youth.
👏🏻 How To Compete>>> GET A SYSTEM! How do you do that? YOU INVEST IN YOURSELF TO CREATE YOUR SYSTEM!
The thing that separates the struggling from the successful is the successful have a system and they stick to it. The unsuccessful/struggling agents change direction often, and complain about how unpredictable being a realtor is. That's the opposite from a system.
So how do YOU create a system? You invest in yourself by doing Broker Flow and creating a system where you get to leverage your strengths which increases the odds of you sticking to it!
Learn more about Broker Flow HERE