Written by: Stephanie J Ford, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
In the real estate industry, the rumor is that only 20% of the real estate professionals actually work and make money, while the other 80% are trying to figure it out. According to Wikipedia, this is known as the Pareto Principle. I have been in the real estate business for 19 years, and I feel that this is the truth and not a rumor. People become a part of the real estate industry and think that the business will instantly flow because now they have a title and have started a new real estate career. This is furthest from the truth. The 20% that actually make money in this industry work hard to get to where they are and where they want to be.
You can argue that people are born that way. However, I believe that work ethic can be taught. The biggest obstacles to any business or career is time, money, knowledge and resources. The real estate industry is no different. One of the misconceptions with a real estate career or business is thinking that time availability is plentiful. Therefore you mistakenly take your free time, wasting time where you should be making the most of it to generate more income or improvements to your business. It is easy to sell one house and make a huge profit. I remember when I was heavy in sales and running all over the place, a realtor in my office made a commission of $80,000. Can you imagine making $80,000 at one time? Wow, that’s a lot of money!
Most people will feel as though they don’t have to work for the rest of the year because they have everything covered financially. Let's call this group of workers the 80% group. This is not true for the 20% group of workers because they know that money runs low really quick if you don’t keep pushing ahead. The realtor that made the $80,000 commission decided to purchase a new car, take an extended vacation and spend as much money as possible. Well, in three months, he was broke and asked a friend to help pay his light bill. Now, if he were in the 20% group, then he would have kept working to put more money back for a rainy day. Rainy days do come and they can't be avoided. One of the main differences between the 20% worker and the 80% worker is that the 20% worker is never satisfied with being mediocre. They always strive for more.
How do you become a 20% worker?
First, you set goals. Your goal setting should always include what you want to accomplish from your business/career. Most people fail at things because this very first and crucial step is never set and put in writing. If I were to ask you your goals for your business and you couldn't tell me without stammering or looking puzzled, then you need to go back to the drawing board. Your goals should include the present, the future and the very far future. I asked a potential client where he could see himself in five years, and his response was, I'll tell you tomorrow so I can put it on paper. Well, that let me know that he was part of the 80% group of workers and that he needed to continue to work a nine to five J-O-B. Second, you will need to find a funding source so you can execute your goals. Most goals never move from the paper because people have a lack of resources, aka money. Several times I hear I would do this if I had the money. Well, if you don't have it, then go get it. Will this mean that you have may have to work a little longer before your plan is executed? Yes, but so what. The more you work to gain resources then the closer you will come to execute your plans. I was talking to someone recently that lost their job. Now initially, they didn't seek employment because they figured that they would play the stock market day trading. While I do believe that day trading can be a lucrative business, I don't believe that it should be your only source of income. This especially is true if you are unemployed and you are already robbing Peter to pay Paul. A good business person should always have multiple sources of income in case one goes south. Never be too proud to ask for help or turn down employment because it's not your cup of tea. You can always seek funding from private lenders, a bank, or a friend to accomplish your goals. Third-get rid of distractions. This is huge. Distractions come in all shapes and sizes. Television, the telephone and frivolous things can be major distractions. I haven't ever been a big fan of watching television because I felt that I could better spend time doing something else. I’m not saying that I never watch television. Let's just say that I have a lot of working television breaks. If I am at home at night or on the weekend, you will always see me with my laptop open, working on something while I glimpse at the television. While I do have my favorite shows that I will put the computer down to watch but I won't sit for hours and binge-watch anything. The second type of major distraction is the telephone. The telephone will have you standing in one place, wiping that same spot on the counter for thirty minutes and often an hour or so. Telephone conversations often are a waste of time. Have you ever gotten that phone call from someone telling you about a show that you can really care nothing about? I get those all the time. Or maybe you have gotten that phone call where the person talks nonstop and you don't get two words in. Whew! I feel like after those conversations that I need to take a nap just to rejuvenate myself. One of my biggest pet peeves is for someone to call me during working hours just to talk about nothing. Well, I politely tell then that I have to go finish my job and I'll catch up with them later. Fourth execute your goals. If you did everything that I told you in the first three steps then this should come like a piece of cake. In executing your goals set aside time. It's so easy to say that you ran out of time but you have to make time for what you want. If it’s not important enough to you then you will not be willing to make the time for it. It’s true when people say the early bird gets the worm. When I wake up earlier, I get so much more accomplished than if I woke up late. Time is very precious and it’s the one thing that you can't get back. Last but not least if you don't accomplish what you set out to do dust off yourself and try again. Remember it's a marathon not a race.
I have been self-employed for nineteen years and I have operated in the 20% worker group even when I worked for corporate America. The benefits financially and mentally have given me a peace of mind that I could never have by being in the 80% worker group. The tips and advice from a coaching program such as She-Vestor Coaching will help you get to the 20% work group, stay there, pay off debt and set your family up for generational wealth. The long-term benefits outweigh the cost.
Stephanie J Ford aka She-Vestor
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Stephanie J Ford, Executive Contributor Brainz Magazine
Stephanie Ford, a real estate veteran has mastered the art of real estate through real estate investing, coaching and construction. A college marriage left her in $60,000 in debt. Her only way to rebuild herself was through a career as a realtor. Years later she obtained her Real Estate Brokers license, homebuilders license and started a career as a real estate investor. Stephanie talks about her experiences in her book, “She-Vestor: Building My Real Estate Empire.” Stephanie never lets anything hinder her from obtaining what she wants and she excels in whatever she puts her mind to. Her motto is “There are not any failures in life, just opportunities to improve yourself before the next journey.”
