When a prospective seller asks you to lower your fees and "list for less", you'd better respond with confidence. It could be a test of your negotiation skills. Prepare by asking yourself this question, "what do I do that not only makes me the seller's best choice but also makes me worth a premium to my competition? In other words, what are you worth, and why are you worth it? Some agents charge as much as 4% for their side of a listing while others charge as little as 1%. A 1% reduction can translate into huge savings for a seller, so you’d better be ready to justify your worth when a seller asks why you charge more than the other agent they are considering. You know how hard you work and what your services are worth, but if your client can’t see the difference between you and your competition, they will not want to pay one dime more to list with you. Sellers are driven by convenience and security. They want assurance that you can get the job done quickly and easily. Your track record is evidence of what you have accomplished. The number of sales you have completed in the area, your list to sales price percentage, your average days on the market, your marketing plan, etc. will all come into play in the seller's decision. Know your numbers and have documentation ready to support your claims. Because if you can't differentiate yourself from another agent who charges a lower fee than you, then the only way you will win the listing is to lower your fee. That will quickly become a "race to zero" and you will never scale a business following that strategy. Why are you worth 3%? Reply in the comments below...
Occasionally I’ll say to someone, “I’ve been in the real estate business for over 20 years, and I learn something new every day.” I’m not just making conversation…I am being totally serious. The business changes, the technology changes, the contract changes, the websites we use will change, and on and on and on… and if you get to the point where you start to think you know it all and no longer need to study the real estate business, trust me…you have peaked. So how long does it take to get to the point where real estate fluency kicks in? How long does it take for an agent to consider themselves experienced, thoroughly knowledgeable, and worthy of being referred to as an expert? ✅ TWENTY-FIVE TRANSACTIONS. Now, don't miss the point...no one is keeping score, and you won't receive a gold pin on your 25th closing. But twenty-five transactions represent experience. And experience can only come from doing transactions. Experience doesn't come from reading books, attending office meetings, or reading Facebook messages about real estate. Experience comes from doing transactions. Doing transactions will put you into positions you can never imagine until you are there. You'll never understand the feeling of making a mistake until you make one. And you'll never really grasp the feeling of working your way through problems until you work through problems firsthand. 25 transactions is not a measurement of success. 25 transactions mean that you've weathered many storms and survived the pressures and frustrations. If you haven't completed 25 transactions, that's OK. Stick around, and you will.
People teaching people is a great way to learn. So, why did you join this group, to learn something? The best way to learn is to teach. Who learns the most the teacher or the student? Come on everyone in 3 postings teach us something, so you can learn more. If you are ready to grow, reply with yes.
➡️ Do you really want to have a successful real estate business? ➡️ Do you really want to make a difference in people's lives? ➡️ Do you really want to live a life that matters and leave a legacy? Then stop letting every day slip away without planning your destiny. You must find the time or make the time every day to map out your future. Every successful business I know of, real estate or otherwise, started out with a dream and a plan. Someone had a dream, then put it into writing, and then put their dream into action. Start by identifying your magic time. Your magic time is the time you set aside to think. Maybe you are an early riser. Maybe you like to stay up later than everyone else in the house. Whenever that time is, claim it to be YOUR time. Protect it. Never let others steal it from you. Because your magic time is YOURS. Always have a pen and paper nearby during your magic time. Use your magic time to visualize the ideal real estate business for you. Write out EVERY DETAIL of the business you dream of having: ✅ Create a mission statement for your business. ✅ What is your target income? ✅ How will you generate new leads and referrals? ✅ What neighborhoods will you specialize in? ✅ Will you work alone or lead a team? ✅ What systems do you need to create? ✅ When will you hire an assistant? ✅ Where will you look for guidance? ✅ Who will hold you accountable? Strategize what you must do to turn your dream business into YOUR reality. Be realistic about the time it will take to achieve YOUR plan. Most agents overestimate what they can do in a day and underestimate what they can do in a week. They overestimate what they can do in a month and underestimate what they can accomplish in a year. I promise you this...if you make time to dream about and plan YOUR business, YOUR future, and YOUR life, your creative juices will soon flow and reveal to you the steps you need to take to get there. Be honest with yourself. If you do not design a plan, you are just winging it. And that's not a strategy for success. The time you set aside to think is critical to your growth.
That was a good question you asked. Do you want to have a successful real estate business? I have found that most realtors just want a job and not a business. A few deals a year give them enough income to be satisfied. It is hard to successful at real estate if you are part time or treating it like it is part ti.e or a hobby.
Every long-lasting real estate business begins with one essential factor: A Determined Mindset. The road to a profitable, sustainable, referral-based business can be paved with challenges, and meeting them head-on will shape you into a Really Awesome Real Estate Agent. Building this business requires care, patience, and dedication. You may not see immediate results, but I assure you that progress is happening beneath the surface. Every phone call you make, every marketing postcard you send, and every listing presentation you practice are the foundation of your future empire. Consider the concept of "Outcome Independence." This idea means you remain undeterred in your efforts regardless of the immediate results as long as your strategies are sound and proven over time. An open house bust or an unsuccessful ad campaign will not stop you from attempting either of them again because both are sound principles that work over time. Embrace the discipline to persevere because each step you take now, no matter how small, is an investment in your long-term success. But here's the exciting part: this does not mean you'll be unrewarded in the short term! Your long-term focused labor will provide new leads and fresh transactions along the way. Not only will you see the pay-off from sharpening your skills, nurturing relationships, and constantly learning new ways to improve efficiency, but people will be watching and they will recognize that you are not just another Realtor looking for a commission check. And they will call you to use you as their agent! These short-term victories will act as fuel, propelling you forward and illuminating your path to success. Building a sustainable real estate business isn't about sprinting; it's a marathon of perseverance, consistency, and resilience. There will be steep slopes, unexpected detours, and challenging weather, but the finish line is worth every step. Remember, the power to shape your legacy is in your hands. Keep going. Stay disciplined. Remain outcome-independent.
You also have to have a plan, and you have to work that plan everyday. You need yearly goals, with weekly and daily plans all leading you to you 90 day goals which will have you 1/4 of the way to your main goal. Stay focused. If you aren't where you thought you would be at this point in your career adjust your plan and start taking meaningful steps daily and you will get there.
I have never claimed that my way is the best way or even necessarily the smartest way of building a real estate business. That's because so much depends on your goals, your work ethic, and most importantly...not quitting before you see results. What I have claimed is that my ways allowed me to build a 7-figure real estate business over the last 20 years that today, runs like a well-oiled machine spitting out fresh leads from a database full of happy clients and their referrals. Here's the good news, and not-so-good news about that: GOOD NEWS: 🚩 It does not need to take 20 years to build a 7-figure business. 🚩 It can be done in a lot less time. 🚩 Much faster than I did. NOT-SO-GOOD NEWS: 🚩 You will need to do the work before you see results. Every post I add to this Mastermind community includes business strategies, tactics, and tips. Many of them include real-life stories to help me get my point across. ✅ And most days...I nudge you to take action. Because this Mastermind Community will not change your business one bit if you are not committed to taking action and doing the work for the strategies we discuss. Reading a post without taking action is just...reading a post. Gandhi was famous for saying, "Action Expresses Priorities." One of my daily email subscribers, Louis T. recently wrote this: "Thanks, Dennis. I've been receiving your emails for about seven months. I'm a 10-year veteran of the real estate business and am doing fairly well in the Dallas area (closed 9 million last year). I've been through dozens of training and rah-rah sessions over the years, and I just want to tell you that your training emails are a breath of fresh air. They are all meat and no fluff or B.S. Reading them makes me feel challenged and driven to take action when I read them. -Louis" That's what I'm talking about. Taking action. Because your actions will express what is most important to you. Your actions will express your priorities. Keep moving forward.
As the real estate industry evolves and adopts new technologies, it's vital to stay ahead of the curve. Today, that curve revolves around Artificial Intelligence. Are robots going to be the Real Estate Agents of tomorrow? I doubt it. But the agent who is competing against you for the next big listing in your neighborhood will likely know the concepts behind AI and how to put those concepts to work to be more efficient, more productive, sell a home faster, and sell it for a higher price. AI has already made significant inroads in areas like marketing and data analysis, and its potential impact on the role of agents deserves your undivided attention. I want to share how AI will influence our industry and potentially threaten your job. From predictive analytics to virtual agents, these developments will have far-reaching consequences for our profession. Here are the ways that I see AI changing our industry: ➡️ Predictive Analytics: AI-powered tools can analyze large amounts of data to provide insights into market trends, property values, and buyer behavior, allowing agents to make more informed decisions about where they spend their time and how to do their job more efficiently. ➡️ Virtual Property Tours: AI technology can create realistic 3D tours of properties that potential buyers can access remotely, reducing the need for in-person tours. Computer-generated audio narration can be instantly translated into any language, eliminating the agent's role as a multilingual tour guide. ➡️ Automated Valuation Models: AI algorithms have improved dramatically and will continue to evolve toward their goal of perfection. Not only will they get better at analyzing data to determine the value range of a property, but they will also do a better job than many agents at explaining to potential sellers the relationship between "competitive pricing" and "days on market", reducing the need for agents to research and prepare home valuations themselves. ➡️ Chatbots and Virtual Assistants: AI-powered chatbots and virtual assistants can provide detailed customer service and answer any real estate-related questions, reducing the reliance on human agents who are often too busy to answer their phones.
Here are 20 Truths I have learned in my 20+ year real estate career. 1. Plan a vacation, and your business will take off immediately. 2. The most difficult sellers are those you reduced your commission for. 3. Don’t count your commission before the deal closes. 4. Successful agents make the job look easy. 5. When writing contract terms, be very specific. 6. It’s always about the client. 7. Always tell the truth – lies will come back to bite you. 8. Buyers aren’t liars; they simply change their minds. 9. Don’t assume anything. 10. The right price cures everything that is wrong with a house. 11. You will make mistakes…no one is perfect. Keep moving forward. 12. Common sense is not common. 13. When dealing with people's money, you will see a side of them you did not know existed. 14. Real estate agents are under-appreciated. 15. If your listing is not getting any offers, it’s not priced right, so stop saying that it is. 16. You don’t have to work with everyone. 17. Real estate reality shows are not even close to reality. 18. You can’t win them all. Get over your losses quickly. 19. Always under-promise and over-deliver. 20. As RARE Agents, we do more than sell homes; we change lives. What have you learned that is not on my list? Post in the comments below...
Good afternoon! I’ve been watching and reading since joining the group but wanted to finally say hello and how much great information is available from Dennis. My market is in the DFW area but I specialize in the suburbs of Plano, Wylie, Sachse, Murphy, Fairview, and Lucas areas of DFW. I’m excited to learn more and grow my business and knowledge.
Do people like you? I'm sure you like you...but do other people like you? People often pick an agent because they like them. They like how they dress. They like how they talk. They like how they smile. They like how polite they are. They like the car they drive. They like that their kids all go to the same school. They like that they are from Chicago...or Seattle...or...Cleveland... on and on... Now I know what you are thinking... "Dennis, I thought RARE Agents were skilled professionals with local area knowledge, strong negotiation skills, contract knowledge, great connections with photographers, home inspectors, home stagers, and handymen.....you said that stuff was important!" Yes, all of that is important. But that may not be why people pick you as their agent. In fact...if you are not likable, they may not pick you at all...even though you have all the right "business" traits. People like to be with people they like. So how do you win that battle? It's actually pretty easy. Become more likable! Let's be honest about something. Real Estate is not the same as being a doctor or a lawyer. Getting a real estate license does not take 4, 6, or 8 years of education. In Arizona, you can become legally licensed to sell Real Estate (including pre-licensing hours and final exams) in about a month. Plus, you can take all of your classes online! It's not rocket science. And you will pass the test with a score of 75%. Magna-cum-mediocre is all it takes to list a home as long as you are likable. Ok, I'm exaggerating that a bit to make a point but in the eyes of many consumers, the difference between most agents is negligible. So if you've got the business knowledge down, why not be likable and seal the deal? Here are my top 5 ways to be a more likable agent: 1️⃣ SMILE - A simple, genuine smile will improve the mood of everyone around you. Smiling is easy when you are happy to see someone, happy to show them the new listing that came on the market today, or happy to explain to them how you can help them sell their home and reach their family goals.
People often ask me what the #1 reason is that so many agents fail in the real estate business. Here is my answer in a single sentence... "The reason so many agents fail is that they never really get started." 🟢 They never start studying general sales skills. 🟢 They never start studying basic human psychology. 🟢 They never start studying how supply and demand impact pricing. 🟢 They never start studying effective communication. 🟢 They never start studying the art of negotiation. 🟢 They never start using a CRM. 🟢 They never start building an email list. 🟢 They never start using email drip campaigns. 🟢 They never start building a following on social media. 🟢 They never start creating videos. 🟢 They never start advertising their personal brand. 🟢 They never start making phone calls to their sphere. 🟢 They never start hosting open house events. 🟢 They never start listening to audiobooks and podcasts. 🟢 They never start studying direct marketing principles. 🟢 They never start working with a coach. They never start doing any of those things. And therefore… they never start to succeed. And they are surprised and frustrated when they fail to experience the rewards of success... And so here is today's tip... "You will NEVER experience success until you get started." So get started now!
They don't have a plan on how to get where they want to be. They follow old school methods, and do what others are doing. They are afraid to do something new. They can't differentiate themselves from the other agents. So they can't answer the question: why should I hire you instead of...when you both do the same things?