Once I decided to become a coach for real estate agents, part of my business plan was identifying the various stages of a real estate career and determining which level I wanted to help. What was surprising was that once I identified the stages I realized that I had experienced nearly all of them during my 20 years in the business. Some of the stages are unfortunate, but the good news is that they are not mandatory, they can be avoided with proper planning and execution.
Keep in mind that these stages are not necessarily in chronological order. You could be one of those agents who come out of the gates being very successful and then find yourself with no business 6 months later, or vice versa.
The 9 Stages of a Real Estate Career
Just beginning- You get your license, you join a brokerage, you get your business cards. Now what?
Building – You are just starting your career or need clarity and direction on how to generate leads, convert them to sales, and which direction to take your business. You want to build a great business while maintaining your freedom, a flexible schedule, and time with your friends and family.
Want More- You are producing business from a few sources, but income is up and down. You need clarity and direction on how to make a more consistent income while maintaining your freedom, a flexible schedule, and time with your friends and family.
Too Busy– All of the hard work has paid off. You’re killin’ it, sales are coming in from multiple marketing avenues and you’re hitting your goals. But you have no personal time, your phone rings at all hours from clients and other agents. Even your “you” time is eaten up with emails and texts. Your spouse is looking at you when you are on the phone at 9 pm. Your friends are wondering if you are mad at them because you haven’t responded to their texts or calls. You feel guilty that you are forced to choose between your family, friends, and your business. But you’re afraid to make any changes because you don’t want your phone to stop ringing! Be Careful: This can lead to a dangerous step in your career. If you don’t make changes now you could end up with family issues, health issues, or both.
Burned Out– You are successful, but you just can’t get a break for yourself or your family. Clients are demanding your attention 24/7, your TC is nonstop with file requests, and you can’t get your buyers to listen to you about how to write a proper offer. Your sellers expect way too much for their home and want to know why it hasn’t sold. Your sig-other is very upset because you can’t get away for a weekend, let alone a week for a vacation. Your kids are wondering why you missed their game last night. You just feel guilty, and stressed, and need something to change. CAUTION: This is a very dangerous stage in your career. It can lead to health issues, family issues, or both! You need to make changes now to ensure you, your family, and your business will survive.
Decision Time– Either you just can’t take it anymore, your spouse said, “it’s your business or me”, or you just decided that enough is enough. You have a decision to make, go out of business, or fix it.
Content– You run your business like a business instead of letting it run your life. You have learned how to manage your time; you know where your business comes from and what the cycles are. You now have time to do all of your family functions, time with friends, and most importantly time for YOU. By making these changes your business did not suffer, in fact, you are doing more business than ever. Congratulations!
Sunset– You’ve been doing this for quite a while. You are content with your business, and you take time for yourself, your family, and your friends. Now it’s time to start planning for your next stage in life. What does that look like and how do you get there?
Hasta La Vista Baby!- You are almost there! You have nearly reached the goals and dreams you set prior to retirement. You’re ready to ride off into the sunset with a margarita in hand and a mariachi band in tow! Congratulations!
As I mentioned above, I have been in nearly every one of these stages and I’m currently in the Sunset stage. I’m not quite ready for the Hasta La Vista stage yet, which is why I enjoy coaching. Having been through each of these stages myself has enabled me to produce coaching programs that cover every stage. I truly enjoy helping agents get to the last three stages of their careers, it’s never a clear path, there are always obstacles, but for those who are willing to weather the storms, ask for help, stay persistent and determined, the rewards make it all worth it!
Wondering what stage you are in? Take the quiz here, The 9 Stages of a Real Estate Career Quiz.