Normally we write about success but today I thought I would tell you exactly how to do the opposite and go completely broke in real estate. Why am I telling you this? Well because if you know what you shouldn’t do then hopefully you will do the opposite. For some this post may annoy you to the point where you won’t come back here but this is something every real estate professional needs to know if they want to stay in business.

Doing the same thing that isn’t working

Doing the same thing that isn’t working is the definition of insanity. So how come many agents do the exact same thing time and time again hoping that they will have different results. They hold on to the fact that because they are “doing something” that things will work out. It is true that doing something may be better than nothing but wouldn’t it be better to do the right thing. Agents who succeed have a repeatable system that they do day in and day out to succeed.

Not having anyone hold you accountable

Have you ever noticed that when you tell someone that you are going to do something then it really makes you do it? Accountability is one of the most powerful forces around. If you have someone that you have to report to, check in with, or meet your goals with you end up with a sense of pride and obligation. Many agents don’t want accountability because they “don’t want to be at a job or be forced to do something” but the fact is the agents who have accountability will ALWAYS outproduce the ones who choose not to. I personally have an accountability meeting with my brother every week and I am accountable to my family to meet certain goals.

If you don’t have anyone hold you accountable you are missing out on one of the great opportunities to take your business to the next level.

Doing zero marketing

Many agents believe they can do zero marketing and yet still make over $100,000 a year. This is a formula for going broke. You cannot possible contact everyone who wants to work with you. Doing zero marketing is what I like to call being in the “Hope Business”. You “Hope” that more business will come to you but are not actively doing anything that will generate more business for you. Rest assured that doing zero marketing is just like doing bad marketing as they will both lead you down the exact same road. 

Spending money on marketing that doesn’t work

If you haven’t had the experience of taking out an ad for hundreds of dollars to get 0 calls I hope that it is one you can avoid. There truly is nothing worse than flushing money down the drain on any marketing that doesn’t work or doesn’t have a chance of working. Any marketing that you do must have:

• A marketing message
• A compelling call to action
• Targeted to the right audience

If your marketing doesn’t have those three components you will be wasting your money and will not see a return on your hard earned money.

Avoid Going Broke

Now since no one reading this post wants to go broke it is time to take action and make sure you avoid the pitfalls that can cause you to go broke. We created this blog to make sure real estate professionals had a source of information so they wouldn’t go broke. Make sure to subscribe today (just enter e-mail in the subscribe box and hit the “Subscribe” button)! We also have a special call coming up with real estate marketing and business coach Todd Bates that you are going to want to be a part of. The details of the call can be found at www.TopAgentFormula.com. Make sure to sign-up for that call today.