Five Things You Need To Do To Earn A Million Dollars In Real Estate

Earning millions through your real estate business doesn’t have to be a pipe dream. Discover what you need to change to make the seemingly impossible happen.

A real estate agent who’s making a million dollars is not something you’ll see every day. After all, real estate agents bring in about $100,000 on average every year. This is after doing all the lead generation, communication, and tiring paperwork. 

They work themselves dry just to achieve those figures.

But there are a select few real estate agents who are able to bring in millions to their real estate businesses. And they even do it with less effort on their part.

So, what is the secret of these agents with million-dollar real estate businesses? 

It has to do with their mindset. 

And this article will show you how you can adopt the mindset of a million-dollar real estate business owner.

The Five Things You Need to Start Doing

#1. Start Thinking Less Like An Agent And More Like An Entrepreneur

As said, successful agents have the mindset of an entrepreneur. But what’s the difference?

You see, most real estate agents think that they’re in the business of helping people buy and sell homes. That’s why they’re out there taking buyers home shopping and talking listings. 

But million-dollar agents do things differently. 

They’re not necessarily helping buyers shop around for homes and listing homes. Instead, they have other agents do all the sweat equity. That is, these agents do all the legwork for them.

Think of it like building a puzzle. An entrepreneur will put together a whole team in their business piece by piece. And an agent is just a piece of this puzzle and it’s their job to handle leads. 

If you keep doing the technical work, you won’t have a life. Your day will just revolve around your real estate business, which means you’ll have no time for family and even be out of shape and have unhealthy stress levels.

That is why you need to change your mindset and approach from being an agent to an entrepreneur. 

#2. Focus On Marketing And Lead Generation

What is Realtor.com or Zillow doing that is putting them at the top?

They are not concerned with handling buyers and showing them around the building. Nor are they handling any files or legal work, either.

Instead, they have made real estate simple for themselves. And what they primarily do is marketing to generate leads.

You see, these companies are in the lead-generation business - they are putting ads out there that are collecting leads. And when people come to their websites and inquire about a home, they’ll refer these leads out to real estate agents. 

Agents will then do the work when it comes to nurturing their leads. Meanwhile, these real estate businesses are collecting easy commissions while sitting on their seats. 

Being marketing-focused and lead-generation focused is also how million-dollar agents got to where they are now.

#3. Run Ads To Always Have Lead Flow 

This ties in to the previous section.

You see, when you run ads, you are only doing lead generation. You are attracting leads to hand to the salespeople. And these leads will create your commission channels.

What you need to have is a consistent lead flow. That’s why you have to be marketing-focused.

Now, your marketing needs to be able to create a consistent volume of leads every month. And you need to have both short-term and long-term campaigns to establish this flow. But if your current campaigns are not meeting that goal, it’s time to change them.

Remember, creating short-term and long-term marketing strategies that are constantly generating leads is important. That is if you want to have a million-dollar real estate business.

#4. Develop Leaders 

It’s vital to have team leaders in your business. Because sooner or later, your team will be made up of more than just sales agents. 

When you move from being an agent to an entrepreneur, you’ll start pulling people in to your real estate business. That means there will be inside sales agents for lead generation and nurturing... 

Outside sales agents for handling clients and developing relations… 

Outbound prospectors for cold calling and generating bookings… 

There will also be transaction coordinators, marketing coordinators, listing coordinators, and support staff, too.

Developing leaders will help ensure that everyone does what’s required of them according to the systems and processes you already have in place. 

In fact, that’s what we do in my organization. We develop team members with potential for leadership so that they can manage the rest of the team even without me. That’s how I have a real estate business that can run without my 24/7 supervision.

Also, having team members under the supervision of a leader will likely result in more sales and hence, generate more revenue.

#5. Recruit Agents And Build a Team

Our outside sales team is growing faster than ever. We have taken on board so many new sales agents and so many more are yet to come. 

Why is it that so many skilled agents are trying to become part of our team?

You see, when you start generating and delivering leads to agents, the commissions start flowing. That is when people start to notice. They will notice your real estate business growing and would want to be a part of it as well.

You need agents if you want to scale your real estate business. 

After all, they’ll be the ones to do the sweat equity for you - taking buyers out to see homes and listing homes. In doing so, you’ll increase the velocity of commissions coming into your real estate business.

That’s how you’ll achieve a million-dollar real estate business faster.

Stop Settling for Less

If you cling to the mindset of a typical real estate agent, it’s going to be hard to get to that million. Working tirelessly won’t be enough to hit that target.

But if you change your mindset, that goal is doable.

So, start thinking like an entrepreneur, a marketer. Changing your approach is what will get you to your first million in real estate. 

Confused about the first step to developing the dream team? 

Jump on a quick discovery call with me to find out all the secrets to building a profitable real estate team.