How Do You Stop Having Bad Income- Hey, Realtors, have you ever had a bad month, have you ever went back to back with bad months? Well, that’s no good. My name’s Mike Acquisto. I’ve had plenty of bad months, but I’ve had a lot more good than bad ones.
And why? Sometimes it’s important to understand that real estate’s not easy. Sometimes it can be ups. Sometimes there’s going to be downs.
But hard work and dedication are going to be the items that, I don’t know, allow you to persevere over a period of time. So some of those things that we should talk about is what you’re doing today. How much you’re earning today was really impacted by what you did, I don’t know, 30, 60, 90, 120 days ago.
So if you were having a bad time or there was stress in your life and there was all those different things going on before and most likely it shows up now, there’s also seasonality to real estate. There was many years when we first started that we had like zero paychecks between Thanksgiving and maybe like middle of February, like Valentine’s Day.
And then we’d have, like, this magical thing that kind of happened where things started to happen again and we started to have closings again. So when you’re an independent contractor, it’s important that you’re prepared for the rainy days. So those things do happen. You happen to earn a good income as an agent. Most do extremely well. And it’s nice that you’re able to have your income controlled by your efforts and by your successes. So those are important things to me. I always like being compensated when we’re successful.
How Do You Stop Having Bad Income
Right. So what’s important to understand, right, is what you did before is going to come out now, but being consistent is super important.
That’s why we have TNT each Monday through Friday to eight forty five central so that we can stay on the same page and be consistent about things sometimes you might need somebody to talk with. Right. Like somebody who’s been through it. Somebody who understands it. The monthly meetings that we have where we have dinner on the third Tuesday of each month at our home is a great time that if you have a question or your spouse has a question, then they can either ask myself or Shana, what is this like?
So maybe if you’re a female agent and your husband has some questions, then maybe they would ask me and say, like, hey, what are some things that I could do to support my spouse? How can I make it a little bit easier on them? Right. How can I understand what they’re going through, what’s happening here? So you have an open line of communication directly with me. If there’s anything that ever goes on that your spouse might have a question about. Intra agent dinner is coming up.
That’s a great time to speak with me in person. If there’s, you know, another time throughout the month that something happens and you want to access me, you all have my phone number. It’s actually listed on our website. It’s like all over the place. You can get directly with me any time, right. So that’s something good.
I want to make sure that I am personally here and available for you to walk through those things if you ever have any challenges. It’s also great that if you happen to be a maybe the husband and you’re the male realtor and your wife is having some things, how could I support that? Shauna would be a good person to be able to say, hey, here’s what goes on. I’ve had UPS personally and I’ve had downs as well as has my wife. And we want to be here to help explain what you can do to conquer some of those.
Ok, now I talked about savings that it’s important to understand that there is a seasonality to real estate and you’re going to make more at certain times of the year and you’re probably going to make less over the course of the winter months.
So it’s important to understand that and plan for it. So during this summer months, when you’re earning more, it’s important not to spend more, but to possibly save more, pay down any debts, make your living arrangements a lot cheaper.
The best thing you can do is to pay down your debts and make it as easy and as affordable for you on a monthly basis to live and survive so that your monthly set expenses are as low as possible. That way you can make it through the lean winter months if you happen to have them and not stress being consistent, being clear minded and able to think is going to be one of your best virtues have. With the less stress, you’ll be able to think a lot more clearly and you’ll be good.
So allow us to assist you. Allow maybe somebody that you know, like and trust that’s not us to also help guide you. I’ve seen during some of these times that it’s important to consult others that care about you, maybe your parents, maybe a sibling. Right? Probably not your kids.
You don’t want to put that type of stress on them, but maybe just speak with somebody else and see how they can help you out if you do want to make more money. Some of the things that are important as we get paid on a percentage basis, we earn commission based on what we sell. So what we want to do is kind of reflect every once in a while and think, ah, we sell in the most expensive properties we can. I don’t know.
That’s an important item. If we’re going to do a certain set amount of transactions and let’s say we close one transaction a month and we close twelve transactions throughout the year, not sure exactly where you’re at right now in your career, but if you’re doing one a month, then what would be really nice is to make those twelve transactions count.
So how can we do that, have more experience in those specific properties. Right. So maybe go out on the Internet, maybe go visit some, maybe meet some of the builders, maybe go travel and visit some unique properties that have land or have more space or newer builds. Right. So we had a good example of something that you could do today at noon is an opportunity for you to meet with me.
I try not to sell cheap stuff. So everything that I’m going to be showing you today is probably going to be a little bit more expensive than your average price point, going to give you an opportunity to increase your income level. You’re going to be gaining new experiences and possibly adding a new class of property to your portfolio that you can go ahead and utilize.
So today’s probably going to be a good day for you to get back on track if you have the time. I’m looking forward to seeing you. So we talked about larger transactions, higher values. And then yesterday, if you refer back to one of the topics that we talked about on TNT is you can sell nationwide.
So you are duly licensed agent in the state of Texas, but you can sell just about anywhere and earn a real estate referral fee. So stay in touch with your whole sphere and don’t sleep on that because you can earn out of town referral fees.
And those can be pretty handsome, depending on what type of transaction it is. I’ve always found that if you bring the transaction through as far as you can in the process, have the individual get pre-approved or fully approved, have them kind of set up a search, have some discussions with them. The more you do, the more you’ll be able to have when you hand it off and when you eventually get in touch with the other agent, you’re like, Hey, John, I really need you to help me out with this multi million dollar buyer.
I’ve already done a B. See, they already know what they’re kind of looking for. Can we discuss how much of a referral fee that you can pay me if and when this person does close? Can I get that in writing? And maybe I can ask for more because this person is going to be a little bit easier for you. And I did as much as I possibly could without practicing real estate in an area that I’m not competent in. And I hand it off to you.
Would you be comfortable paying a large referral fee to me or should I call the next person? Now, you want to make sure that this person does provide the right amount of service, but you have to understand that this referral is valuable, right? There’s thousands of agents that you could probably call.
There’s going to be hundreds of qualified agents. But you can also discuss with you have an asset how you deploy your asset is up to you. If you go through and do more, if you call a couple more people and if you bargain just a little bit and discuss and earn more on that commission deal, you know, don’t just give it away. Don’t be like, oh
hey, I’ll take twenty five percent. This is one of those things that you weren’t one hundred percent on. A little bit more effort can have a big reward for you if you’d like to increase your income. There’s a great way to spend a few minutes negotiating and all will be well, OK, so that’s often referrals.
And I also like to take time and reflect. That’s an important item for me personally. I found when I have less stress, I think just a little bit more clearly, but I find it helpful to stay active, keep my mind clean, stay physically, morally straight in awake. I think that’s a Boy Scout thing.
One of their mottos. I’m not sure it’s in their creed. Chat in now, if you know, if that’s Boy Scout motto or creed or code, I don’t even know. I wasn’t even a Boy Scout, but my kids were. So anyways, reflecting, you want to stay clean in your mind and have an opportunity to think about things have been going on.
Have you been struggling with something? Is there a reason why? Can you change that? Are you not putting enough time in? Are you just going through something, whether it’s physically, emotionally, mentally? Is there something going on in relationships? How can you clean that up? Are you engaging in things that you necessarily don’t need to be? Are you waking up on time? Are you going to bed on time?
These are all things that do play into your ultimate success. So just kind of go through this checklist and be true and honest with yourself. I find that a little bit of reflection time where it’s quiet, somewhere serene, like, I don’t know, maybe this backdrop right here. Go ahead and take some time and just think for yourself. Be a free thinker. Don’t just do what everyone else has to do.
Just think for yourself. When you do that, you’ll probably come up with some pretty good answers and then you’ll have more things to discuss with others that you that care about you and you’ll end up with a great result. So anyways, those are some of my tips. But most importantly, if you do have any challenges, reach out to me and be consistent. Thank you, guys. That’s going to be it for this topic.