Congrats! You’re in your third year of real estate. How have those first two years been? You may start to feel like your business has plateaued. If you feel like this, don't worry. You're not alone. Just like there is a “hump day” that falls on the third day of the work week, there is an equivalent when you run your own business. We want you to keep going! Keep buying and selling homes and helping your clients find their dream home. Keep going, because studies show if you can make it through your third year of business you stand a better chance at long-term success. Here are some tips when you feel like you can’t go on, you're burnt out, or you're no longer excited and you need some encouragement.
Invest In Your Business
You have to spend money to make money, right? The hardest part of this is finding the right balance between the two. Your first couple of years of real estate it’s easy to find new clients, reach out to old friends, and get the word out that you are a newly licensed Realtor looking for business. You've maintained relationships and secured new ones. But once the third year sneaks up on you it often requires increasing marketing and promotional efforts with an eye on reaching new audiences in new places. While maintaining a positive cash flow is vital, investing in your business is required to reach new levels of growth and development. This may mean cutting back on your own salary. Sounds scary, but I promise good marketing makes it all worth it and you will see that money return plus more!
No matter what business you run or company you are a part of, after three years it is critical to re-examine your goals. Yes, this is something you should do yearly but when you are in your third year and feeling restless it’s time to change. You may be thinking… change can cause anxiety, everything might even be running smoothly, why rock the boat? But I'm sure there are things you could be doing better. Change is critical to innovation and long-term success. You must constantly push past your comfort zone and get creative in order to get your business to the next level. Is there a new networking or marketing tool you haven't tried out? Should you completely flip the way you do your business? Maybe start looking into selling more rentals, condos, or houses in the suburbs. Do something that is a challenge for you and see how it pays off.
Learn from your mistakes
Take some time to look back through the years and see where you can improve. What can you do to grow your business and become even more successful? Don’t get too hung up on the mistakes you made or opportunities you missed, rather look it as a stepping stool to do better this year.
Don’t jump ship on your job quite yet
Before you automatically assume a career change will equal a life change, notice how you’re showing up in the other realms of your life. Maybe it isn’t just the job or the third year slump that is taking a toll on you, it may be time to prioritize some self-care. Look at your life and ask yourself if there are other things in your life you aren’t happy with that you could work on before giving up. Feel good, do good! For me, if I am not taking the time to be healthy outside of work I am slacking during work. I take every Sunday as a chance to recharge, relax, read, spend time outside and meal prep. When I don’t prioritize taking time for myself it shows up everywhere else in my life in a negative way.
Focus on what is going well
Taking a few minutes each week to reflect on what you’re grateful for can help you feel better about your life and job. Even if you had a tough week, finding something simple to be grateful for. This could be meeting a new potential client, or putting yourself out there at a networking event. These are all things to be proud of.
Stop comparing yourself to others
It’s natural to compare yourself to others. There are going to be Realtors at your brokerage who are top producing and look like they are constantly closing deals. But focus on YOU and where you are with your goals.
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