Most agents who enter the business come in with very little cash on hand. It's common. The start up cost isn't too bad, about a couple thousand, but when it comes to the cost of doing business, most real estate agents don't account for that, nor the amount of time needed to actually generate business. This can, quickly, lead to the agent having to find other work so they can feed themselves (and maybe their family); or, worst case, cause them to get out of the business altogether. It's a shame. The attrition rate, in the first two years, is about 80%. This doesn't include the people who merely hold a license but don't practice.
But, if you're an agent who's barely making it, or a new agent, your future doesn't have to look this way. Even if you're beginning with very little money. There's actually an advantage to bootstrapping. I've done it, and so have others. So let's talk about it.
It Starts With Your Mindset
It's true, mindset is everything. Those who tend to believe they will succeed and behave in that manner often times do. Although you haven't yet had the wins to show for it, it's important to act like you have. People tend to trust people that are confident. Period! The fact that you dress like you're successful, you talk like you're successful, and you believe that you're successful, adds a certain flare to your personality. And that's attractive. Others want to be around it, others want to experience it, and most of all, they're likely going to want you to represent them because you appear to have your ducks in a row. You look like a professional.
But It's Not Enough To Act Like You Have It All Together
It's important to execute on the activities and projects that will actually bring you business. When you're first starting out, you likely don't have a lot of money. But trust me when I tell you, that's actually a good thing, because the money you do spend, and the time you do make, MUST count. The benefit to being a bootstrapper is that you actually know you can't waste one dime or one hour, because it all matters.
Therefore, you take the appropriate time to research your market. You put together a strategy in order to begin engaging that market. You start executing on a FEW tactics. You don't try to do everything, you engage in a few, because you know there are only so many hours in a day and there's only so much money to be spent. You focus on going deep and narrow as opposed to broad and wide.
The bootstrapper actually learns how to execute a plan versus swinging for the fences hoping to hit something. Bootstrappers don't have time for that! Time isn't on the bootstrapper's side, and neither are resources.
But The Bootstrapper Learns To Work With The Resources They Have
And as a result, they learn to think outside the box. They get creative. They don't do what everyone else does. That's a sure way to mediocrity. See where that get's ya! They don't necessarily do something that's "innovative" either. Innovation can sometimes put you out the game. No, they do what everyone else won't do; but they do it with more skill, more control, more interest, and more zeal.
And When It Comes To The Money
It's carefully calculated and it's treated as though it's an entity with a mission to bring back more of it's kind. It's not just spent erratically; whimsically with hope that things will pan out. It has a purpose, it's focused, and it's directed at a specific target. The bootstrapper knows, that there's not enough money in order to speak to the masses. Therefore she invest her resources, wisely, in the few, the one's that are going to count, her audience.
If you found this to be valuable it would mean a lot if you shared it with someone you know. Thanks for Reading!