Lessons From Real Estate
A friend of mine who just got his real estate license was telling me this morning some interesting stats: 70 percent of people who get their license don’t renew their license after their first year and that of the 30 percent who do, 80 percent of them have fewer than three closings a year. Meanwhile, top realtors average one or more closings a day.
So a producer in that industry generates 100-200 times more revenue than others who are still considered the top third of their field.
Imagine working for a company where two people were doing the same job yet one of them did 200 times more work than the other. Unimaginable, right? The latter person would not be employed very long!
And so it goes when people have jobs and have a boss looking over their shoulder… you never get that kind of performance imbalance. In a corporate environment the least ambitious will outperform their nature to avoid getting fired, while the most capable often underperform toward the median because being too good doesn’t get a just reward.
A Different Animal
Entrepreneurship is a very different animal. In entrepreneurship – particularly in areas like the Internet or real estate, where barriers to entry are minimal and training is readily accessible – almost anyone can be successful but still very few are. Why?
Real estate, much like the Internet, has almost endless upside IF the emphasis is on systems, not exertion. Yet the two arenas have something else in common. Most realtors, like most Internet marketers, don’t master the mental game that favors investment over saving, systems over sweat, and an almost defiant self-reliance.
This Troubles Me!
I seriously lose sleep over this truth… that so many who can succeed online just won’t! If I could bottle the “it” factor I would give it away… but it ultimately it is something each person can only produce for themselves. Some of the key ingredients are persistence, tenacity, and vision, but the right combination and motivating factors to make it click for each person are by definition unique, so I can’t do them for someone else or even really teach them.
Ultimately all we can do is lead by example and challenge the people we aim to inspire. To use an exercise metaphor… as trainers we can teach form and we can even load up the weights, but we can’t be the lift.
And to get even more technical with the metaphor… there’s really no such thing as “the lift.” A lift is simply the mind telling a muscle to contract with form against resistance to create force sufficient to overcome gravity.
Applied to entrepreneurship… the mind is the mind, the muscle is your hustle, the form is your skills, the resistance is the work to be done, the force is your results, and gravity is the natural human tendency to wait for things to happen or blame others when they don’t.
Take a minute… process that… and go lift!
And know that 70 percent of your competition will drop out and of the remaining 30 percent, 80 percent will do less than 1 percent of the work you are capable of – if you’re persistent, tenacious, and have vision.
Opportunity exists now. Excuses don’t exist until you make them. Why make the latter instead of seizing the former?