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I was telling a friend recently, how I love watching the TV show Million Dollar Listing. She asked me what it was about and I couldn’t help but smile as I stated the different personalities of the real estate successful tycoons.
Then it got me thinking, I have learned an incredible amount by watching these real estate professionals, who are the top sellers in New York, earning commission of $100,000 + (and sometimes much, much higher) per project.
What is interesting to note is:
In each show, at least one of them had lost a project. Proving that it does not matter how successful you are, you will still experience failure a lot. I really found this interesting because I assumed once you reached a level of status and a huge amount of success that failure would no longer play a part in one’s career. Yet, with these guys, it happens to them frequently and there is no shame in that.
- Secondly, the reason for their some times failure is because they are not afraid to challenge themselves (other reasons is largely because the client is unrealistic in their demands).
I have to admit when I heard Fredrik Eklund has sold 3.5 billion in New York real estate in the last ten years.(times by roughly 4% commission – you do the maths!), I thought, they have so much money, yet they continue to work so hard. Why? It is great to see that they have the drive and passion to keep pushing themselves to greater heights.
- They make their work fun.
Real estate is a stressful business, you are relying upon people to buy and sell, however it’s not as simple as making a transaction. They use their skills and talents to push their unique advertising and marketing to the next level and by doing this help push the emotions of those buyers and sellers (and brokers) to deliver the results.
- They don’t do this alone.
Extraordinarily, they could make big commissions if they sold a whole block of apartments by themselves, but I believe their success relies upon how they gather up to 600 brokers at one event to showcase one of the apartments in an entire block. By gathering brokers to help on-sell their projects, they make a tidy commission, in addition, they boost their chances of a high and fast sell rate. Could they do this, if they tried to sell their apartment blocks themselves with their own client database? May be but may be not as quickly and with the help of others, they are automatically increasing their client base through their broker’s client base by roughly 3000 times (600 brokers x 5 potential clients that are ready to buy per each broker = 3000 potential buyers).
Now, I am not a real estate agent but I believe taking the above key points when running any type of business, will help you reach success.
Do you love watching the show? What have you learned from it?
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