First of all, let me point out that I’m not a real estate coach. I don't have a program to sell you, and no one's paying me to do this video. This is just free advice because I believe the better every real estate agent performs, the easier it is for everyone, including the investors we work with, to do more deals. Now, whether you're a multi-family real estate broker, a commercial real estate broker, or a residential sales broker, you've probably received emails, mailings, and phone calls from coaching companies. And you're probably in one of three buckets: one you're getting coaching and you're receiving those benefits; two you've been thinking about getting coaching but you just haven't pulled the trigger yet; or three you will never, ever pay for coaching. Here are five reasons why I think every real estate agent should pay for coaching until they retire or die.
#1 - Good real estate coaches are coaching the very best agents at the very best and biggest brokerages all over the country. Which means they see and hear about the best practices of the best brokers. If you're a multi-family broker in Florida making $200,000 a year, your potential coach is most likely coaching someone who makes $3,000,000 per year in California, or a whopping $8,000,000 a year in New York. You’ll get the benefit of that coach absorbing the practices of those agents.
#2 - You're going to earn way more back in your income than the cost of coaching. Think about it. There is no way possible that any good coach or coaching company could have survived for a number of years if their clients weren't at least earning back the cost of the coaching. And there’s no way possible that hiring a coach won’t earn you at least one more deal a year. Let's say coaching costs $20,000 a year. And let’s say you are an investment sales broker and all you sell are office buildings. If you just sold one additional $5,000,000 building at a 4% commission that equals $200,000. That pays for 10 years of coaching. I don’t think I need to say anymore.
#3 - You're hiring more than a coach. You’re hiring a system. When I first considered coaching, I thought to myself, if this coach was any good at sales, they wouldn't be a coach, they'd be outselling and making a lot more money. Myth buster! How many NFL coaches do you know that are overweight, old, and very slow, but coach the most top athletes in the entire world? Like NFL coaches, real estate coaches are simply following a system that is proven to help real estate agents and real estate brokers service their clients at an elite level, which in turn earns them higher fees. Some of these real estate coaches are currently real estate agents. Some of them were agents in the past. So they definitely bring the right experience to the table.
#4 - If you think you don't have the time to fit in real estate coaching you need this more than anybody. I can't tell you how many real estate agent friends I have who have told me they're too busy. They're overwhelmed with the amount of business they have and they just can't see how they’d fit in the time to work with a coach. I know several real estate agent friends that make a ton of money. way more than I do, but they're also working 60 to 90 hours a week. They're up till midnight, they're working for hours on the weekends, and they have no time for their family, their friends, and their hobbies. If this sounds like you, I promise you there's a much better way. Good coaches help you get your life back by helping to increase the size of each deal and helping you become more efficient with your time.
#5 - Coaches help you find a niche. Especially in commercial real estate, if you aren't known for a certain type of transaction, you're getting left behind by those agents who are specializing. Being a generalist is a thing of the past. If you're in a super small market, surrounded by super small markets, it's okay to do other assets to stay alive. But you should still be known for being the best at a certain type of transaction. Coaches will help you find a specialty and then dominate in that niche. Now notice I didn't say anything about coaching and accountability. Yes, coaches are there to provide accountability if you need it, but I have found that most top-performing agents who actually hire and pay for a coach, aren't looking for accountability. They are paying for the peace of mind that they’re being as effective and efficient as they can be in their craft. There's no worse feeling than working hard and not really knowing if you're performing to your peak. The bottom line is there are many studies that show that real estate agents who hire coaching perform at multiples of those who don’t. And yes, there are real estate agents who produce at an insane volume and have no coaching. Wonder how much more they could be doing if they did have coaching? I highly encourage you to find a good coach, hire them and pay for coaching until you retire.
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