My Story: It started with the Great Recesssion
This book marks the conclusion of an intense 8-year journey, melding our understanding of human psychology, neuroscience, and philosophy with the fundamental principles that underlie two decades of business operation. Moreover, it encapsulates my personal adventures of coaching and guiding more than 4,000 real estate professionals throughout the United States.
Striking a balance in life can seem like a herculean task, especially in the real estate business. The profession often demands you to wear numerous hatsā€”ranging from marketing and sales to transaction management and financial control. Moreover, the expectation of constant availability, regardless of the hour, and the lack of understanding or empathy for standard work hours can add to the strain.
Reflecting on my career, I notice that the number of agents who have truly managed to strike a harmonious balance between life and a highly successful real estate career is dismally low. Ponder upon the real estate agents you know. Are they incessantly working? Can they ignore their phones during dinner? Can they truly be present during family activities?
Here are some sobering facts. According to CareerCast's 2010 Jobs Rated report, a real estate agent's job is one of the most stressful. They rank sixth on the list of professions with the highest suicide rates, and more than half of the agents work a second job merely to cover their bills. Within two years, 80% of newly licensed agents leave the industry. The top 10% of agents sell 90% of the real estate and earn 90% of the commissions, and most of them confess to being completely immersed in their business.
The median gross commission income for realtors working 19 to 40 hours per week in 2021 is $43,300, which fell from over $46,000 in 2020. For those working 40 to 60 hours a week, the median gross commission income is $87,550, and for those working over 60 hours a week, it's $145,347.
Despite the apparent glamour of real estate, the stark reality is far from ideal. Interactions with spouses, children, friends, and acquaintances of real estate agents often reveal the harsh and intense nature of the business. I, too, have spent the past 20 years managing a highly successful real estate brokerage business, often at the expense of my mental health, personal relationships, friendships, and health.
My experiences, ranging from managing a high-volume brokerage office to being a mentor, instructor, coach, and observer, have provided me with invaluable insights into this world. I've watched how the real estate industry can overwhelm even the most driven agents, and I have seen how this business can leave one chewed up and spat out.
Having considered the traditional measures of success in the real estate business, I've come to realize that there's more than just sales and income. With this book, I hope to explore how we can improve ourselves and the industry, how we can lead more meaningful lives, and how we can contribute more positively to the world. I've poured into these pages 8 years of intensive study on human psychology, high performance, and most importantly, grit. My goal is to assist over a million real estate agents in navigating an increasingly challenging and competitive business environment, helping them learn quickly about building sales, achieving a better life balance, and creating higher levels of meaning and authenticity in their journey.
This book isn't just for real estate agents, however. I believe that all entrepreneurs can glean something valuable from these pages. It provides a simple, concise, and scientifically backed narrative that can be found across social and print media platforms.
Now, you might ask why I chose real estate as my field of choice. After selling my internet company in 2001, I was looking for a simpler business to run, something less affected by technology. I noticed that real estate, despite its relationship-oriented nature and guarded information, hadn't been widely affected by tech. Even though companies like Redfin and Zillow made their presence known, they hadn't created "Blue Oceans" in the real estate world. In essence, real estate offered good income potential, flexibility, and an entrepreneurial spirit, which is why I entered the field.
In this book, I hope to share my unique perspective on the trials and triumphs of being a contemporary real estate agent. I do not merely aim to depict myself as a victim of a career that I chose. Instead, I want to utilize my experience from concluding over 400 million dollars in transactions and running a top brokerage office to shed light on the industry. Through blind interviews and extensive research, I aim to give a fresh, relatable, and insightful perspective on the world of real estate.
