Success isn’t something that comes about by coincidence, a happy accident or a stroke of luck. The reality is that long-lasting success is a learned skill that comes about from hard work and determination.
Learning how to leverage that success is the next step, and should become part of a business plan that focuses on increasing your opportunities.
Here are some key elements to implement when competing in the world of luxury real estate:
Key No. 1: Attitude Check
According to MTN Universal, “attitude is the most important way to leverage success. And it all starts with you. No one can make you feel positive or negative. This is an inside job that has to be managed by you and you only.” Thomas Jefferson said it best when he said, “Nothing can stop the man with the right mental attitude from achieving his goal; nothing on Earth can help the man with the wrong mental attitude.”
Working with the wealthy is a skill worth investing both your time and effort into understanding, because it does take a certain mindset. The wealthy appreciate that knowledge is power and their expectations run high when it comes to finding expertise—simply by looking at their business advisors and partners will attest to this theory.
But once you have proven yourself, the key to ongoing success is to leverage this level of service and trust, because the rewards will exceed your expectations. This is why The Institute invests a significant focus on understanding the wealthy, and it’s become an integral part of our training and ongoing service provision.
Key No. 2: Work Smarter
If you Google “how to be successful,” you will find a lot of people telling you to work harder, faster and longer. While there is nothing wrong with working harder or faster, or even spending some extra hours at the office, the real key to being successful is leveraging how to use these attributes to help you work smarter.
Working smarter means becoming the master in time management. For instance, too often we hear that REALTORS® are burning the candle at both ends, especially when it comes to working with luxury buyers. Perhaps it’s because these multi-property owners do not actually need a home, but rather, want one—so there is no criticality to their purchase! (Likewise, luxury sellers rarely need to sell!) So, learning how to decipher their intentions by mastering the art of leveraging key information will ensure you are smarter with your time.
Additionally, working smarter means knowing when to take a break. It is more efficient to rest when you need to. A good sign is when the answer is alluding you. Come back an hour or even a day later—it’s amazing how the solution presents itself. Being disciplined in your work schedule is not only critical to your success, but also your health and enjoying a sensible work/play balance.
Key No. 3: Recognize Success
One of the biggest faults in learning how to leverage your success is not actually recognizing that success is not only the final goal (e.g., selling the house). Rather, think of success as a succession of steps, which offers the opportunity to be leveraged at any stage. Each skill, experience, ability, opportunity, piece of knowledge or expertise attained should be recognized and used to increase your success.
Here is a great example: Realizing that a potential listing would be a white elephant— rather than turning down the opportunity—a REALTOR® decided to leverage the home by using it as a showcase of their marketing expertise to the homeowners in the area. Within a year, this REALTOR® listed and sold four other homes over $2 million dollars each, all because of their exceptional marketing—and they didn’t ever sell the white elephant.
Key No. 4: Utilize Your Network
Having a strong network is not only one of the keys to success, but also absolutely necessary, especially if you want to pursue a career in luxury. You must have a robust network of agents, advisors and prospects that you interact and engage with. Networking will open doors for you that you never thought possible.
However, do not fall into the “It’s not what you know, it’s who you know” mentality. When working in luxury, while who you know matters a great deal, what you know remains just as important, and high-net worth clients are constantly testing your capabilities.
Bonus Key: Do What You Love
The absolute best way to find success it to do what you love and love what you do. While it may sound cliché, it has a great deal of truth to it. People who are passionate about what they do are usually the happiest and most successful individuals. They are motivated to work and grow because they genuinely enjoy and are interested in what they are doing.
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