Day 3 of 30 – Robert Earl’s Prospective Agent Mentorship Guide – Digital Agent Show
You are all ready to take your vacation. You pack up the car and the kids and are ready to head to Disney World in Florida. You are currently in the Chicago area. If this was the case, what destination would you put into your GPS?
This is not a trick question.
I am 99% sure that none of you answered Indianapolis. (You know, there is one in every group.)
And nothing against Indianapolis, but that would only get you part of the way.
When you use a GPS, you put in the final destination.
So what does this have to do with real estate and becoming a millionaire real estate agent?
A majority of people that contact me have a variation of the same 3 questions.
- How do I get started?
- What class do I take?
- What do I do after I take the class?
But the ultimate goal is to be a millionaire real estate agent. That is the final destination.
- An agent that is making over a million dollars a year in commissions earned.
- An Agent that is able to take time off and enjoy the finer things in life.
- An Agent that has multiple forms of passive income coming in on a monthly basis.
- An Agent that has a business that runs even when the agent is not present. A business, not just a job.
That is the ultimate destination.
Yet, using our analogy with the GPS, the 3 questions that are asked could be equated to the following:
- Do I turn right or left to get out of my driveway. (How do I get started?)
- Once I get to the end of my road, do I get gas at Shell or Mobil (What class do I take?)
- Do I turn left or right after I get gas (What do I do after I take the class?)
You see in the big picture, to get to your final destination, these questions don’t even get you out of your own neighborhood, let alone Disney World.
They are part of the overall route, but a very small portion of the directions.
Tony Robbins has used the term MAP for years. His MAP acronym stands for Massive Action Plan and it is appropriate for our example the he uses the term map. The modern version is the GPS.
“Successful people ask better questions and as a result they get better answers.”Tony Robbins
When I consult with the prospective real estate agents asking these questions, their response is universal.
They don’t know what questions to ask? They don’t know what they don’t know. They don’t have the final destination in mind.
They are just trying to get from point A to point B.
This is where having a mentor is so important.
The decisions that are made at between point A and B could be the difference between you ending up in Disney World or the Arctic.
One is a vacation and the other you are left out in the cold.
GPS also have a feature that allows you to see the entire recommended route after you put in your final destination and it has calculated the route.
I have already calculated the route for you.
Here is the overall route.
To become a millionaire real estate agent, you need to become licensed as soon as you possibly can, because the sooner that you get done with the class the sooner that you can start cashing checks. Any delays will get you from getting paid sooner.
This means signing up for an online class. Today. Not waiting a week or a month to make a decision.
The reason I say this is because I understand the purpose of the real estate course. It is threefold:
- To teach you the foundational principles and practices of real estate so that you have a general understanding.
- To satisfy the hours required by your state.
- To pass the final exam.
The real estate class is not designed to teach you how to sell real estate to buyers and sellers or investors. That will come a bit later in your journey.
You want to get through the hours as quickly as possible. (Like getting out of your neighborhood and onto the interstate as soon as you can)
Like a GPS, I will point out to you delays along the route.
A major delay that you want to avoid is taking a classroom based course. Waiting for the next course to begin and having to be delayed by the drawn out weekly schedule of the classroom course could cost you critical time.
There are other reasons that this is a big delay that I have mentioned here, but needless to say, like a GPS, I am recommending that you avoid that delay and select the quickest route. An online course.
There are going to be a couple of exams. One at the end of the course and one issued by the state.
You need to get an easy pass.
In most major cities, they have a toll collection system that allows you to breeze right through any toll booths without any delays. I know on a recent trip I saw 20 cars each waiting in 4 different lines to get through a toll while I just breezed through with the easy pass.
The easy pass for the real estate exam is an Exam Prep Module or an Exam Prep System.
All of the online classes that we recommend include an Exam Prep module that allows you to see the types of multiple choice questions that will be on the real estate exam along with the answers.
You can take these sample tests as many times as you like and prepare to pass the test on the first try.
Now that you are through the course and the exams, it is time to pick a real estate company.
Remember that I shared with you that a real estate course does not teach you how to sell real estate. Well, this is left up to you to figure out.
And some real estate companies will assist you and some will leave you stranded on the side of the highway.
Some real estate companies are actually training companies that happen to be in the real estate business. Keller Williams Realty is a good example of this.
Others are publicly owned companies that focus more on administration and branding of the company. I won’t list them all here, yet most of them are publicly traded on companies on Wall Street.
Why don’t these other companies invest in training agents? That is a great question, yet it is a detour we don’t need to take on this journey. It would take me rerouting you to Utah and back to explain this, and at this point we need to get to Disney World.
You see, according to the National Association of Realtors annual survey of buyers and sellers, less than 3 percent of them select their agent because of the brand they are with.
You see, people buy from people that they like, know and trust and agents that know what they are doing.
The only way for you to find out what to do is to receive proper training. And training that allows you to sell right away and not make you wait until you are done with your training to start selling.
I say this from experience. The first company that I joined made me wait until the new agent training was over until I could sell. This was a costly mistake, one of 21 mistakes I made when I first got started.
That would be like not filling up your car and having to wait by the side of the road for road side assistance or worse having to walk back to a gas station with one of those red gas containers.
Training is the key.
And not just any training. Some companies offer training that shows you how to promote the brand of the company and not how to promote yourself.
You are not trying to build a million dollar brokerage that you don’t own, you are trying to become a millionaire real estate agent yourself.
No need to make a detour to Myrtle Beach, we are headed to Disney World.
There are some online companies out there, but you don’t want a virtual reality version of Disney World located only in the metaverse. You want the real thing.
You need training and a company structure that allows you to:
- Control your own schedule without requiring mandatory office hours.
- Learn how to find your own buyers and sellers and not become dependent on the company giving you leads.
- Build your own brand and market it more that the company brand.
- Assemble and build a team of agents and support that works for your brand and business.
- Earn passive income for building the company.
- Learn how to invest in real estate and also learn how to become a millionaire real estate investor if you so desire.
Anything less than this is like promising your kids Disney World, yet putting Six Flags into the GPS.
Another way that mentorship is like a GPS
If your GPS is like mine, as soon as you turn off of the provided route, it is there to remind you and immediately recalculates for you. It does not wait until you are 100 miles off route, it is right away.
A mentor will do the same thing for you.
Sure, you could go it on your own, and eventually end up at Disney World 2 or 3 days after you could have, but why would you put yourself through that difficulty when you don’t have to when you can get there sooner and enjoy it more.
For a GPS to operate correctly, it needs a proper final destination. Not just part of the route.