BreakAway Agent Podcast Episode #15 With Todd Pearl From Keller Williams Realty Beach Cities
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When YOU Are The Business, You Need To Set RE Goals
Todd Pearl is the Broker of Records at Keller Williams Realty Beach Cities in Los Angeles, CA. His primary business, however, is his Real Estate Consulting business, where he works with buyers, sellers, and investors. Todd has been in the industry for a while, but he got his broker license in 2003. His experience as a lawyer working with other investors helped him realize his passion for real estate. Starting with a mentor who showed him the ropes, Todd worked his way up and now shares his experience with us. His main insight is this – if you’re serious about making it in this industry, you’ve got to set RE goals.
Todd started out with first time home buyers, his belief being that he could establish relationships with people who don’t know a lot about the industry. He started hosting first time home buyer seminars and created relationships and referrals that way. As he got older and became more experienced, he shifted his focus a bit to helping sellers with their listings and consulting people on the ins and outs of the industry. Listen now or read on for some great tips on how Todd stays successful in real estate that can help you become a more profitable business.
Tip #1 – Create A Culture That Facilitates Growth and Support
Though Todd hasn’t been with Keller Williams his entire real estate career, something that attracted him to the model was the culture. Everyone helps everyone. His office considers themselves agent-partners. They have an open door policy and everyone shares information. Though oftentimes there becomes a little bit of competition for listings, there is a profit-share component to the Keller Williams model that he loves.
A successful real estate team is one that supports one another and encourages team growth. It is not just about individual success.
Tip #2 – If You’re Just Starting Out, Set RE Goals UpFront and Don’t Forget Lead Generation
One of the most important parts of real estate is lead generation. Without leads, you won’t be bringing in business. Todd says that even though he time-blocks, lead gen is one of the things he struggles with the most. Without lead generation, there is no growth.
Though it’s something he struggles with, Todd says it is something he is constantly working on. Creating successful habits like time blocking and committing to doing the work you’ve set aside to do will help you in the long run. Especially if you’re just starting out, start creating those healthy habits early on.
Tip #3 – Realize That Real Estate Is Just Like Running A Business
If Todd could train up agents and just make them do something that would transform their business, he would start by asking them to have a serious conversation with themselves. What are they looking to get out of this industry? What are their goals?
As rookies, most agents think they’ll have all this flexibility and don’t think about how they are running a business. But if new agents saw from the beginning that real estate is a business, they would be more inclined to set RE goals. Todd suggests creating those big and specific goals upfront. Then, reverse engineer those goals so that you exactly what you need to do in order to achieve them. Organize your business all the way down to the daily action.
Tip #4 – Think Bigger
When Todd first started out in real estate, he wanted big checks and flexible time. He didn’t realize that when you decide to have a life in real estate, YOU are the business. There is not much to fall back on besides yourself when you are in it just for yourself. He said that he thought he missed out by not having that team atmosphere or seeking out coaches who are successful. If he could go back and give advice to his rookie self, he said he would stop trying to reinvent the wheel, and instead learn from already established and successful models.
Think about the bigger picture and your long term success strategy.
Tip #5 – Hire A Coach or A Mentor
Hiring a coach or establishing a mentor is so important in this business. From keeping you accountable and helping you adjust your goals, a coach is a great asset to have on your team. Todd said that the reason he decided to hire a coach to keep his business growing was actually a Keller Williams training. He was a part of a group coaching that inspired him to continue to work on his own mindset and business. As new brokers or single agents, typically our first hire is an executive assistant or administrator to try to help fix the chaos of starting a business. But what if your first real estate team member was a coach that could help you organize your business? Why bring a new person into your chaos when a coach could help you get organized and ready to grow before adding team members?
Optimize yourself and your business with a coach so that when you do hire more members to your team, you’ll be much more successful.
Tip #6 – Know What You Want And Then Set RE Goals
Especially for new agents who are just starting to become attracted to RE, it is important to know what you want – personally and professionally. But without planning, you won’t be successful. For Todd and his team, this means making yearly goals. It includes an economic model that starts by addressing how much the business wants to make the following year. They then reverse engineer that and calculate how many deals that will take to reach the goal, and going so far as to calculate how many families they should be working with.
There is also a budget model, where the team evaluates how much they want to spend in order to grow their business. Another model they discuss in their yearly planning meeting is the lead generation model. If you want to meet your economic goals, you have to have a plan for bringing in leads. The final model is the organization side, charting how each piece of the plan is working together.
Tip #7 – Work Hard Because There Is No Magic Pill
It’s easy to get distracted by “the next big thing”, but in real estate, there is no magic pill for success. There are loads of companies promoting projects that promise you that you’ll become the greatest gift to real estate. Todd urges you to consider your plans before you throw money on the next shiny object. Set RE goals, make a plan, follow the plan, and work the system with revenue in mind.
In Real Estate, you are creating your own business. Though you may have worked for employers in the past, real estate is all about building your business plan and then following through.
Tip #8 – Anyone Can Make A Life With Real Estate
Todd believes that real estate is about designing the life you want. Anyone can make the lifestyle they want when it comes to real estate if they set RE goals. Whether you’re trying to spend more time with family and only trying to commit to real estate part-time, or you’re seeking to be a top producer, there is something for everyone. It comes down to setting clear milestones. Make a budget and stick to it. Establish goals and take daily action to reach them.
Whatever kind of life you’re looking for, real estate can be a great avenue for it.
Tip #9 – Investing In Real Estate Can Build Your Success
Investing in real estate can be a great way to set up your retirement and build your success. Plus, as agents, we are more likely to appeal to investors if we are also investing. It’s easier to trust an agent who has been through the process just like them.
Todd stresses the idea that there are so many ways to set up a retirement plan and increase your net wealth with real estate as your avenue. As top producing agents, you probably don’t need to be convinced of the perks of owning real estate, but new agents often put that idea on hold. Think about where you want to be after your real estate career. Investing could be the retirement opportunity you should plan for sooner than later.
Tip #10 – Never Stop Educating Yourself
Especially if you’re just starting out, it is crucial that real estate agents utilize all the training they have at their fingertips. There is a lot to know in this industry. If you want to be a real estate professional, make sure you get all the training that you can. Try to implement pieces of every training seminar you attend, and spend time reviewing what you’ve learned.
Specifically for Todd, he stresses the importance of all the training that he has available through Keller Williams. There is always more to learn and he encourages everyone, especially new agents, to take advantage of the plethora of information that is out there. Especially since there are already people who are killing it, take the time to learn from their strategies and models rather than try to learn everything from scratch.