Property News & Market Trends

Want to be a Millionaire Agent?

4 Hurdles of a Millionaire Real Estate Agent.
How you can rake in $500k year after year!

Someone once asked me if he should switch from a comfortable job of $4k per month to be a Real Estate Agent. Many of his friends and family members asked him "Why?". I asked "Why not?"

I entered the real estate industry by chance in 1995 where the market is hotting up like a hot-air balloon. But I didn't join the industry as an agent. Funny, never occurred to me I should. Instead I became a vendor to Agencies & Agents, selling data & software applications to the industry.

Perhaps I wasn't too ambitious or riches-oriented(frankly, I don't care if I made $20,000 or $2,000 at that time). I'm only challenged to revive a company from a precarious situation. So, the journey began. But hold on, this is not about how I brought about changes to the industry, rather why you should be an agent - a successful one, to be exact.

So, if I 'm not even an agent, how can I advise others to become one? That's hypocritical, isn't it? Hold it, pal. The great angle I 'm coming from is from a 3rd party's view. Throughout my 12 years, I was servicing practically 100% of the Agencies in Singapore. There are more than 8000 agents who had bought or used my products. I have trained and help thousands of agents during these years. I must say I do have some insights for you. And I 'm neutral.

The stories & experiences shared by the hundreds of new, veterans, freelancing or specialists, gave me a vault of treasures. And I 'm about to open this vault to you. In fact, as I've always encourage many agents, who had attended my seminars, to do a 100m sprint instead of a long & winding 42km marathon.

In the next few sessions, I will share with you the route to success using my proven 4 Hurdles of a Millionaire Agent. Whether you're someone who is contemplating to be an agent, a new agent or a veteran, these simplified sessions are for you.

Warming up & Preparation for the race
Chapter One - The Millionaire mindset

"Alter your Mind in order to Alter your Life" - Danny Dreams

That's how you start. Start your journey as an agent by first altering your mind. Every dream begins in your mind. When your mind is obsess with that dream, it will become a desire. When it becomes a burning desire, you'll take action to fulfill your dream. You'll be met by obstacles after obstacles. Whether you succeed depends on how persevering you are. Your perseverance derives from the desire to succeed. Your desire comes from your dream.

So, before you acquire the skills, fine-tune your mind. If your mind is not prepared, you'll back out the minute you'll face with difficulties. Ready? Let's rock!

First & foremost, when you become an agent, your Agency will get you to sign a contract as an Independant contractor. What does that mean? You become an independent contractor when you signed up with an Agency as an Agent? That's right. It means - you're on your own, get it?

From now on, you decide how much you're going home with. That should refine your mindset correctly. You don't expect a paycheck at month end. You don't get paid when you check out the funny Youtube videos or msn your friends. You don't get paid when you organize your administration. You don't get paid chatting & gossiping. You don't get paid when you fall sick or go on vacation. You get it, don't you?

NOW KEEP THIS IN YOUR HEAD! YOU DON'T GET PAID DOING NON- PRODUCTIVE WORK!

Being an Agent is not getting an employment, it's entering into business. It's not a job. It's not a career. It's business. In short, you're an entrepreneur. You decide and write your own pay check. If you goof, your income goof. If you spend hours on non-productive activities, drinking coffee, engaged in endless chats, you reap non-profit consequences.

It's very important you're accountable for your time. Having coffee breaks & a little stress-relief does not pay! Please note: YOUR TIME = YOUR REVENUE

So, how would an agent's lifestyle be like? Some people become an agent because they want a side income, flexible time and an occasional big fat bonus! If you have that idea of looking for flexible timing, you're dreadfully wrong. An agent's work schedule is the least flexible. You work according to your customers' timing. You can't afford to schedule your viewing to your convenience. That may cost you a deal dearly.

If you're hoping for a big fat bonus, you may try the nearest lottery booth. You may be luckier. In real estate work, you have to invest your time, money, resources for a single objective - target a 6 figure income, possibly $500,000! No such thing as a hope, an expectation or wishing for luck. It's hard work, smart moves and persistency that will decide your destiny. Nothing less. Aiming for side income is wishful thinking. You may get 1 or 2 deals through your current network. That's it.

Waiting for business in real estate is as good as asking for a raise. Does that mean I advocate only full time agents and not part-timers or freelancers? If you wish to kick off by being a part-timer, so be it. But never expect to do better than a full-timer. That's just wishful thinking. If you're reading to gauge if it's a good move to go full-time, you're spot on.

However, I must say not everyone is cut out for the magical $500,000 mark, and even scarcer year after year. Out of 20,000 agents in the market, perhaps only 0.01 percent would cross the magical mark of $500,000 a year(last year was exceptional). To achieve it year after year? Probably 0.0025 percent! But that doesn't mean you can't!

The secrets to consistency is adopting a system. We call that the "leeching" concept. We'll cover that in later chapters. Now, my main goal is to prepare you for the race. Mind you, whether you can successfully jump the 4 hurdles depends on your preparedness. It's no point learning the skills when you lack the stamina(persistency), motivation(overcoming seemingly insurmountable obstacles) and focus on your objectives(when competition heats up or market slows down).

The first lesson: Cashflow - the lifeline of an agent
The most worrisome factor of being an Agent is - cashflow. Without ample reserve, you're likely to drop out before you can taste success. It's a sad fact but reality is brutal. Preparation and training requires some capital. Usually $3000 would be a good start. If you have less than that or none at all, it's not the end of days. It can still be done, except it takes a longer time. It would normally takes an agent to collect his first commission check 6-10 weeks after a sales transaction.

However, if you're dying of cashflow, you'll need to move into rentals. You see, doing sales is like going to fish for a meal. You need all the equipment. You need to know where to fish. You need lots of patience. And even if you caught one, you'll need to build a fire, scale it, cook it before you can enjoy a meal. But if you're extremely famished, you simply can't wait. You'll die of hunger before the fish is caught!

Doing rentals, on the other hand is faster, less strenuous and gets your cash flowing before you run dry. Sure, doing rentals is like looking for a fruit farm, pluck and eat. No luxury sales figures. But you get paid when the deal is concluded. No waiting game. Of course, it can be laborious as the tenant or landlord expects services from you, even for the slightest problem. Take note, there are different farms, though. Some will just fill you temporary, the good ones can make you rich! The main objective is - your cash flow will improve.

Next: The chicken & egg question - Should I go full-time or freelance?
Your question should be - can you afford to go fulltime? Let's discuss that the next week...
Bingo! U got a match!

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