None of us go into real estate wanting to lose money, yet we all get swept up in the numbers game. Real estate is a career where you get out of it what you’re willing to put in, and there isn’t just one path to success.
Training more than one million real estate professionals has taught us something: It takes the right formula to succeed. Whether it’s pre-licensing, continuing education, professional development or luxury training, the key is to never stop learning.
A recent survey from Real Estate Express of over 1,000 real estate professionals revealed that real estate agents who invest in their education earn 2.5 times as much as those who don’t. Seems pretty simple. Professionals who self-identify as “experts” in staying updated on trends and best practices earn an average gross income of $99,385 per year, while those who self-identify as “failing” in this area earn just $39,412 per year.
Let that sink in for a moment. You could earn nearly $60,000 more each year by investing in yourself.
More likely than not, if you’re reading this, you’re one of the “experts.” The survey also found a correlation among continuing education, job satisfaction and income, so you’re already on your way to increasing your earning potential. Here are a few more tips:
Give Yourself Permission to Invest in Training
Real estate professionals know how to give their time to others, but we don’t usually take a step back to invest in ourselves.
Build Learning Goals Into Your Business Plan
Write your learning goals into your business plan. Start with a few things you want to learn this year, bullet-point resources you can look into to develop the necessary skills, and attach a year-end goal. For example, if your learning goal is to figure out how to generate leads on Facebook, you may go about developing the skills needed by finding an online course, watching a video on YouTube or reading a how-to published on a blog—with a goal of generating 40 new leads on Facebook, resulting in two sales.
Carve Out Time
We all struggle with time management, especially when juggling multiple real estate deals. Blocking time in your schedule each week for your learning goals is a good start. Set aside “office hours” and dedicate them to taking a course, checking in with your mentor, or reading industry news provided by RISMedia or other real estate blogs.
Look for Accreditation
If you’re paying to take courses for continuing education credits, make sure the institution is approved by your state regulatory board and accredited by ARELLO, IDECC, or both. These agencies regularly appraise the quality of institutions. Beyond courses for credit, you’ll find hundreds of real estate coaches and programs you can purchase to elevate your skills. If you’re paying for the services, do your due diligence to ensure their credentials and expertise align with your education goals.
Mix It Up
Adopt micro-learning principles: the small, everyday moments (think five minutes or less) where you can digest a lot quickly. Subscribe to emails that curate the most helpful real estate insights from online sources, check in on your favorite blog at a slow open house, listen to a real estate podcast while you’re driving to a new listing or join a private Facebook group that offers up tips from others. This approach will keep things fresh while still pushing your career forward.
Tom Davidson is the general manager of Real Estate Express, a national leader in online learning for pre-licensing, continuing education and professional development. Davidson has nearly 15 years of experience in the real estate industry. From sales training and product development to growing the business, his multifaceted background encompasses crucial functions to a successful career in the field. To learn more, please visit RealEstateExpress.com.
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