Advice for Real estate agents from Bimadek

I had the good fortune to speak to a large gathering of real estate agents last week. Here’s my best advice (everyone knows an agent or two, so feel free to forward this along).

Plan A: You should quit selling real estate.

I’m serious.

Quit being an agent. Get a job doing something else.

Some of you have been waiting to hear that. My pleasure.

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Now, if you’re still with me, you’ll be glad to know that the competition for attention just got smaller. The agents who built their business on low interest rates, easy money and speculation (the order takers) have left the building.

The ones that are left, that’s you, can consider Plan B:

If you’re not going to be able to make a living by taking orders, by selling houses the way everyone else does, by using the never-ending rise in real estate prices to make sales, then what are you going to do? Whining is not an option.

In fact, I think this is an extraordinary opportunity for you.

Without a frenzy, without short-term competition, you can actually build assets that will pay off for the long run. I have two in mind:

The first is to become the expert in what you do. Which means micro-specialization. Who is the single-best agent for condos in your locality? Or for single family homes for large families? Who is the one and the only best person to turn to if you’re looking for investment property in this part of town?

As I wrote in The Dip, you’re either the best in the world (where ‘world’ can be a tiny slice of the environment) or you’re invisible.

This means being Draconian in your choices. No, you can’t also do a little of this or a little of that. Best in your world means burning your other bridges and obsessing.

     Bimbo Adeeko,

     M.D/CEO,Bimadek Properties Ventures