We have all heard of the dreaded statistics of agents who fail within the first year or the first two years of their real estate career. It’s almost become a norm that in every real estate conference or talk, at least one speaker quotes these cringeworthy statistics. What’s worse is when they say, “Look to your right, and then look to your left. Well, one of you will not be here in two years.”
Every time I hear these statements, I want to stand up and refute them. Yes, we talk about the technicalities and lead generation, the importance of your sphere and follow-ups and plethora of strategies that are no doubt essential to be a successful agent. However, what we don’t talk about is mindset.
You can learn all the right strategies and have tremendous talent, but without the right mindset, your success will be short-lived. The right mindset helps agents to keep chipping away, even when the losses seem to outweigh the wins.
Real estate agents who have the right mindset don’t need anyone to motivate them; they wake up in the morning and own the day.
Most real estate agents pivot into real estate as their second or third career, as did I. As a services and then a retail store owner for almost 10 years, I brought with me certain mindsets that I later realized are the key to sustaining a successful real estate business.
These mindsets pillars were the gears that propelled me from $0 to $26 million in production during my first two years as a real estate agent.
Entrepreneurial mindset
The essence of an entrepreneurial mindset starts with being a lifelong learner. Real estate agents have a saying: “Always be closing.” I say, “Always be learning.” Following up on every conversation, every interaction with the question, “What did I learn?” is imperative.
Now, here comes the true execution of the entrepreneurial mindset: Learn by doing. Have a biased action, which basically means that you tend to favor action over inaction.
Don’t keep learning to be perfect. Take imperfect action so there is forward momentum, and then make some tweaks. It’s a “learn, do, learn, do” attitude.
How many times have real estate agents thought about and analyzed for days, months or maybe even years about investing in a transactions manager or bringing on a buyer’s agent or maybe even implementing a new marketing strategy?
Cultivating an entrepreneurial mindset enables you to make quick decisions, learn from your mistakes and pivot your strategy. The goal is to reframe your thinking so that you are not thinking transactional but more like a relational long-term entrepreneurial venture by taking continuous action on your ideas.
Abundance mindset
Most agents get to work every day with a scarcity mindset. They’ll do whatever it takes to get that listing, or they’ll be willing to work with any buyer at a discount commission just because the transaction becomes front and center.
And how many times have they been miserable, maybe, because they have discounted their services or started working with a client who didn’t value their time? In my first year in the business, I said “yes” to everything. But I quickly learned that I was doing myself a disservice. I was devaluing myself.
Then I started looking at my real estate business with an abundance mindset. I thought, “There’s enough for everyone.” My skills, my value and what I bring to the table is bar none, and those who can’t value and appreciate that, can work with someone else.
Even though it was very difficult to turn down business in the beginning, the moment I changed my mindset, I not only started attracting my ideal clients, but I also was much happier. My environment completely changed.
Another component of an abundance mindset is winning. People with an abundance mindset believe in a win-win situation. Recently, I was working on a home where I was on the buyer’s side. There were several issues throughout the transaction. In fact, a couple of times, my buyer was ready to pull out of the deal. The only reason the deal worked out was because both the listing agent and I approached the deal with an abundance mindset.
It wasn’t a win-lose situation; it was a win-win situation. We worked on negotiating and brainstormed solutions until both parties were satisfied. We made our clients understand the situation and helped them get on board with a solution that allowed both parties to win.
Most real estate agents tend to approach the agent on the other side as an adversary instead of a valued partner. Having an abundance mindset helps you embrace any situation with a giving attitude and subsequently, create a winning result for all parties involved.
Purpose-driven mindset
What does a purpose-driven mindset in real estate even mean? Having a purpose-driven mindset is what sustains you for the long run. Agents should strive to build a purpose-driven entrepreneurial real estate business.
Most real estate agents look at their business as an exchange of services for money. That can get you excited in the short term, but what happens when there’s a downturn? Will you give up on your real estate career or feel like you are in the wrong business?
A purpose-driven mindset is aspirational. It’s what keeps you going when the going gets tough. I have met some real estate agents who only work with military families or some who take their team every six months to rebuild homes.
My purpose-driven mindset is to demonstrate to other ambitious women in real estate that even with a full plate of home responsibilities and running a business, we can have a fulfilling and profitable real estate business. That’s what gets me going.
Every difficult client or interaction is a lesson that I can share with other women real estate agents and help them avoid the pitfalls. What is your overarching purpose that you can imbibe into your real estate business that will get you excited?
I truly believe that these three mindset shifts can elevate real estate agents to million-dollar producers. Every successful athlete, world leaders, champions in every field attribute part of their success to mindset, so why shouldn’t we do the same as real estate entrepreneurs?
It definitely is a process, one that you have to keep reminding yourself of so that you don’t go back into your old ways, but these shifts can powerfully transform your real estate business.
Smita Singh is a real estate agent at Smita Singh in Houston, Texas. Connect with her on Facebook or Instagram.
