Travis Farris
Some games are harder to figure out than others. Checkers is quick and easy but chess requires a long-term strategy to achieve just one win. Working in real estate is no different.
Anybody working in a field that offers the opportunity to ‘be your own boss’ understands the inherent benefits of working for yourself, as well as the unique challenges the opportunity offers. It’s not uncommon for newcomers in the industry to be sold on the idea that their maximum potential in the market is only limited by the amount of work they can put in. The truth is, the trick to selling houses is to work smarter, not harder.
It’s easier to make a big break in the market with a solid game plan and some friendly advice, and this is what I’ve learned over the past few years:
Find mentors that work for you
Real estate is like any other game — it helps to play with someone experienced on your side. Finding mentorship is a simple but effective way to learn the ins and outs of the market. A good mentor can share more than just business advice; they help further your life along with your career. A great mentor can be a trusted friend in the long run.
Building a lasting relationship with a mentor can be the secret to furthering your career in real estate. The benefits of access to a reliable resource for work queries can’t be understated, but it’s important to remember your mentor should be a resource. As your business grows, you might outgrow the mentorship that got you there and need to seek out new guides for the next steps of your journey to success.
Find a niche you can work with
If you do what you love you chances are you will still need to work hard in order to turn a profit. If you do what you’re good at you can work more efficiently. Most major markets are flush or flooded with real estate agents from major brokerages focused on big ticket luxury housing. Larger properties and fabulous open houses make for exciting listings but it takes a certain amount of time and finesse to close bigger deals. There are other ways to build a reliable business, and steady income has its own curb appeal. Look at multi-family housing, relocating military families, and fixer-uppers as unique market opportunities with audiences you can build lasting relationships with.
Know when to walk away
No matter what anybody tells you, no matter of success is worth selling your soul for. Some deals are worth walking away from. My wife and I worked together with a corporate real estate team for a while and we were on the verge of establishing a million-dollar business. The only catch was that we weren’t content with our work. We put countless hours of work in, and we were about to put even more in, all for a goal that wasn’t in alignment with that we really wanted. So we quit, we walked away, and started a successful business of our own. We never looked back.
It’s OK to walk way. It’s OK to pivot, and it’s OK to change lanes. The trick is knowing when to make your move. Being able to seek out good advice helps, as does getting to know your own corner of the market exceptionally well. Finding a good mentor and finding your own special niche to service are sure to offer their own degrees of success, but knowing when to trust your gut ensures you can find success wherever you go.
Learn more about working with Travis Farris and The Farris Team here.