Solano Real Estate Scene: Teamwork offers advantages in real estate work
Selling homes and working as an independent contractor or doing mortgages as an employee on a W-2 basis on commission is a bit like being professional and Olympic athletes who compete in individual sports.
Golfers, tennis players, swimmers and all kinds of Olympic athletes compete all by themselves. These individuals have to train and practice constantly and are not motivated and pushed by their fellow teammates at practice like baseball, football and basketball players.
Real estate agents and most mortgage professionals work on commission only and their financial success is usually dependent on their individual effort and their personal drive.
The winners in the real estate industry are the folks who get up every day, motivated to do things that no one loves to do. Taking continuing education classes and attending seminars and networking events is hard work. Making sales calls and prospecting for new business is not easy and requires tenacity and even thick skin because rejection hurts a little bit.
A person in sales might get 20 people who say, “No thanks” or “Not now,” before they get a yes. This can cause call reluctance and ultimately failure or at least income deprivation, which can be depressing and cause hardship for the dependents that are counting on the sales person’s income.
To avoid the loneliness and the challenges of being an individual competitor, athletes and people in sales have coaches and trainers to push and motivate them. Real estate and mortgage professionals have managers and mentors as well as private coaches to hold them accountable and push them to achieve their potential.
Many loan officers and real estate agents work on teams nowadays. I have been using this strategy for 25 years because having teammates gives me a shoulder to cry on as well as positive peer pressure to help me battle call reluctance and even laziness.
The fun part of the business is seeing a client smile when they get the keys to the house or they get the big check on a cash-out refinance to pay off all their credit cards, remodel their house or add a swimming pool in the backyard. Everything else is hard work.
There is no secret to winning in business or sports. The champions do all the things that others are not willing to do.
My recommendation to all up-and-coming sales people is to work in a team environment where you have people supporting you. These people can be actual business partners that you split commissions with – your manager, an administrative assistant, your transaction coordinator, your escrow officer, your home inspector, your spouse or even your son or daughter.