The Survival Trap

“I’ve just about had it,” said Michelle.?A 5-year real estate veteran.?“I’ve done what everyone says you’re supposed to do.?My business has grown every year, but no matter what I do I just can’t seem to get ahead.?I’m thinking about leaving the industry.”

Michelle is considered a great real estate agent and her clients love her.?In the 5 years of her business she’s built up a good following.?Other agents like working with her as well because she has a great contract to close system in place and her contract knowledge is thorough.?Most of her friends were not surprised that she became a ‘successful’ agent.

Then why was Michelle feeling so frustrated??What is the roadblock that was keeping her back from achieving that next level of financial success??Why is she living from one closing to the next??

Every year Michelle is certain that she’ll make more money than the year before.?After all, she worked hard and sold more than the year before.?But still, she’s worrying about how to pay for that family trip that’s coming up as she hasn’t put enough money aside yet.

The Survival Trap

By all appearances Michelle is a successful real estate agent.?Even her peers recognize her performance.?However, she was unintentionally neglecting some of the important questions about her business while she was busy dealing with the urgent.?Questions that when considered and acted upon, could permanently move her real estate business, and her life, in the direction she had always desired.

The Survival Trap is quite common within the real estate industry. ?Unfortunately, we do not do a good job in teaching the skills necessary to successfully run a small business.?Agents’ biggest problem becomes that they don’t know what their biggest problem is.

If any of this sounds familiar to you, don’t be discouraged, you are not alone.?The good news is that there is a way out.?

Let’s start out with a few of those questions Michelle might have asked herself to determine the scope of the Trap.?

The 5 Survival Trap Questions

Answer these questions in order.?If the answer is ‘no’ to the first question, then STOP and fix it.?Once the fix is completed, then move on to the next.

1.??????Do you consistently pay yourself a monthly salary, month in and month out?

2.??????Do you put aside a minimum of 15% of each closing check to cover your taxes?

3.??????Do you pay off in full both your business and personal credit cards at the end of the month?

4.??????Do you have any outstanding personal or business loans??(Not including home or auto.)

5.??????Do you have at least 3 months of business reserves in savings?

Here’s the good news.?None of this is insurmountable.?You just need to take action right away.?But be careful, and make sure you don’t do anything to negatively affect your business.?Remember, you must answer ‘Yes’ to question #1 before moving on to question #2.

What Would It Feel Like

Imagine a year from now you are paying yourself a monthly salary, had money saved to pay taxes, had no debt other than your mortgage, and had three months of business expenses in the bank.?What would that feel like??Imagine the life you desire.?Wouldn’t work, and life, be so much more fun and satisfying.?I can tell you this my friend, it’s one heck of a feeling!

Gene Donohue is a Profit First Professional, Fix This Next Advisor and Business Coach who specializes in working with Real Estate Brokerages, Teams, and Agents.

"My passion for the business side of real estate has developed ever since the early days of being a real estate agent. Since 2011, I've continued to increase my coaching and training skills which allowed me to move from a single agent, to running a 100+ agent brokerage, to a National Director position for one of the leading real estate companies in the US."

Today Gene is giving back to an industry that has given him and his family so much.?His mission is to help you build the real estate business you've always imagined!?

For more information please visit GeneDonohueCPO.com