I often compare building your real estate business to building a home. You start by buying a piece of land—a place to build your house. In real estate, hanging your license with a real estate company gives you a place to build your business. When building a home, you start with a set of construction plans. In real estate, that’s called a business plan.
The vast majority of real estate brokers DO NOT HAVE A BUSINESS PLAN. When building a home without plans, a lot can go wrong. In real estate, it’s the same thing. The vast majority of brokers fail because they don’t have a plan or don’t execute the one they have. It’s like someone put them into a giant pinball machine, pulled back the spring, and let them go. They bounce all over the place with no real direction. They are destined to fail, and most do. Those who don’t quit often make a meager living at best.