Ready to become a top producing real estate agent? Today on the show we have Corcoran coach Bubba Mills. Bubba’s story is an inspirational rag to riches adventure as he went from being the son of a Hell’s Angel biker who left the family to grow up on welfare to operating two mortgage companies, become an REO guru, advising banks and now coaching agents. Bubba is a clear example of the success real estate can bring to those who work hard enough, and today he discusses what it takes to succeed, tips on starting out and reaching your first 50 transactions, building a team and the benefits of coaching.
First Starting Out
As a new agent, is it better to go at it solo or join a team? Bubba gives his us his two cents:
When you are looking for a brokerage, Bubba believes it pays to join a team because a) you receive better training since team leaders have leads they don’t want to lose and b) it gives you the ability to build a strong work ethic and focus that you need when being coached.
Getting Your First 50 Transactions
When you first start out, going from 0-50 is hard because you turn begin turning your hobby into a career. Bubba discusses some tips on how to get to the 50 hurdle as fast as possible:
- Do Whatever It Takes: During the first few months of your business, aim to do whatever it takes to get a listing. This entails, working for other agents, or asking seasoned agents to borrow listings for open houses. Not only is a small commission better than no commission, but this allows you to hone your skills as well.
- Start Putting Systems In Place: As soon as you get your first lead, work towards putting systems in place to manage and nurture your leads. This sets you up for success when you start expanding your team in the future.
- Build A Referral Stream: One of the systems you must have is a system to recapture leads after the sale. Most agents treat the sale as a one off transaction- don’t make that mistake. Aim to create a system that provides you with 30-40% referrals.
- Track Everything: Early on it pays for you to get into the habit of tracking the conversion rates of your advertising, leads, listings and other things. This will help you pinpoint strengths and weaknesses down the road when you are looking to grow.
- Provide Information-Based Marketing: A sure way to beat out other agents plastering their photos all over town is to provide information instead of pictures. Aim to educate the market on your expertise and market knowledge.
- Avoid Shiny Objects: One of the first mistakes many agents make is thinking they need to buy every piece of software or tool out there for your business, yet the truth is, you probably have all the skills you need to succeed. With a phone, Excel and hustle, you can reach your 50 and make maximum profit.
Reaching Your First 100 Transactions
Once you reach 50, you already have the tasks, systems and actions in place to succeed. Getting to 100 however, is less about drive as it is about mindset. You need to understand yourself, your strengths and weaknesses and start developing an abundance mindset. Sounds hard? This is where a good coach comes in handy.
Bringing In Your First Team Member
Now that you have reached 50 and heading for the 100, building a team will be crucial if you are to avoid burnout. Here are some things Bubba recommends before you bring someone in:
- Understand Your Leverage: Even before you start hiring your first agent you first need to understand the current commission split you have with your broker and how much room you have to negotiate. Based on the set up, this will tell you how aggressive you have to be to make it worthwhile for you to bring in extra personnel.
- Present A Value Proposition: A good negotiation makes sure that everyone wins, so make sure to show your broker the value in giving up more of their commission. Offer to train your new hires out of your pocket and outline how this will increase the net worth of the brokerage as a whole.
- Come Prepared: The best way to come out on top during a negotiation is to come prepared. Have net and projected revenues prepared beforehand for the meeting so you can answer any of your brokers concern and get the commission split you want.
- Create Positions: In order to create the most productive team, you have to make tasks doable by positions instead of employees. This ensures your business is always running smoothly regarding of who is executing the work.
- Repurpose: When your team isn’t very effective, you may be tempted to hire more people or upgrade your systems. Yet, most of the time, it may just be that your team members just aren’t in the right lanes. By finding out each member’s strength, you can repurpose their abilities to more suited jobs and keep your overhead low while increasing their dollar producing activities.
Marketing VS. Advertising
Do you know the difference between marketing and advertising? Bubba does:
- Marketing: Marketing is when you actively sell your product or service. As a result, this demands an ROI and should be tracked differently than money spent on advertising.
- Advertising: Advertising, on the other hand, refers to you paying for a non-business return in order to grow your brand.
Give Back
Many successful people on the show are passionate about giving back, and so is Bubba. After growing up on welfare, he attributes his success to the aid the following organizations provided while growing up. Make sure to find a way to give back to your community or around the world however you can.
- Boys & Girls Club of America: bgca.com
- Boys/Girls Scouts: scouting.org
Get In Touch With Bubba
Call Him At: 1 800-957-8353
Email Him At: bubba@corcorancoaching.com
Visit: corcorancoaching.com
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