The Top 10 Reasons Why Real Estate Agents Should Consider Adding Coaching Services to Their Current Career
1) Earnings potential. Can earn 6-figure plus income working solo and less than full time. Business ownership stake. Diversify income in case of sales downturn. Take off weekends if you like so coaching won’t conflict with showings, offers, or open houses. Once you have experience it’s possible to create and sell info products such as eBooks, workbooks and courses. Multiple income stream avenues to profitably pursue. Some coaches add group coaching to reach many at once. In-person events like seminars and retreats are popular ways to increase profit. No more commission only concerns. Don’t have to work for free again other than an initial conversation. Leverage social media and online presence. Set up coaching joint ventures and affiliate type partnerships. Coaching can provide you with a rich, rewarding lifestyle.
2) Start part-time. Ease into coaching. Grow your practice as time allows and skills increase. Don’t have to quit and give up real estate business and income. Past clients and friends could become coaching clientele if it’s a good fit. Low start-up costs. Can keep initial overhead extremely low, especially compared to new real estate agents. Please verify, but you probably won’t need a state license to start. No office needed. You do need the ability to help others improve and achieve results as that is what they are ultimately paying for. Keep attracting new and better clients who are self-motivated and receptive to change. The public is not casually aware of coaching school certifications like they may be for real estate agent designations. It’s like being your own broker without the time-consuming and unlikely need for a license. Don’t wait to obtain a coach certification to start. I didn’t. Your business and people experience qualifies you to coach. Reach for financial independence. Start at the top. More security with another income source. There are million-dollar coaches out there.
3) Be your own boss. The American dream for millions. Fun and fulfilling. Complete control/autonomy. Fee flexibility. You decide how much to charge and who you work with. True 100% “commissions.” There are no Realtor or MLS dues. Finally free of brokers or others taking money off the top. No need to discount as is common in real estate. Great lifestyle where you can work from anywhere with phone and internet access. Imagine no difficult agents and their clients on the other side of the deal to work with in order to get paid. I don’t know of any coaches who involve themselves with escrow or title companies. This is a professional service business that doesn’t have near the legal and other complications compared to selling homes. Build equity and sell your book of business if you want to retire from coaching someday, or maybe hire someone to run for you. Create a desirable career with more balance and freedom.
4) Utilize your valuable life experience. Help people to reach their goals. Real estate is a great background to segue into coaching. You already coach and consult clients on a regular basis. Many acquired skills are transferable. It’s personally and financially rewarding –like real estate– helping people achieve success. Avoid picky buyers who take so much time and may never consummate a transaction. A coaching client under contract pays you, but a seller who won’t sell for whatever reason often results in a financial hit, not to mention time loss. You can change your client niche anytime you want to shift direction. Coaching is a confidence builder – for you and customers. There are huge mutual benefits providing accountability, encouragement and inspiration to others. Though there are plenty of young coaches, mature individuals may discover age and past experiences are a real asset in the coaching field. It’s your message and vision. Become known outside the real estate business. Your sales and marketing knowledge are invaluable to future clients, especially if you’re a business coach of any kind.
5) Coaching is a muti-billion dollar high-growth industry. If you’ve ever been competently coached, then you know the numerous benefits include faster and easier results with accountability. This is a great pursuit where doing good for others blesses you. A satisfied client is akin to turning over the house keys to an appreciative buyer. Coaching helps you improve your own performance. It can reward you quite handsomely If you take it seriously and treat it like real estate sales. People pay good money for support and feedback. Some need validation of their worth. There is prestige and status as a business owner and expert. Control your own schedule, marketing, branding, income and profit. Reinvent yourself and your career. Sure wish I had discovered coaching options years earlier. It would’ve been nice to have coach cash flow during market slowdowns. If coaching isn’t a good match, you still have real estate to fall back on.
6) Can coach internationally. Not limited to geo regions or state where you must have a license like real estate. Today’s technology enables global business potential. Move without losing clients, money, or starting over. Almost everyone needs coaching on some important aspect of their life such as relationships, money, goals, health, special interests. Coaching now has cachet. Even the most successful need to get back to basics occasionally. Pro sports teams have highly compensated head coaches. If you have a sports background, you know firsthand the difference in performance a coach can make. Empower change and work with motivated people that resonate with who you are. Coaches who hire other coaches for themselves avoid the FISBO-like frustration of having to go it alone without skillful support and advice. It’s challenging to coach others if you haven’t benefited from coaching personally.
7) Able to offer business or life-related coaching. Not limited to working with other real estate agents exclusively. Your life experiences and interests will determine which potential clients to offer your services. You can be very discerning with whom you work with. Should be a good fit and be able to afford coaching. Suggest downpayment you determine is fair and enough to represent a firm commitment. Set up a payment plan for the balance. You may want to offer a discount if they prepay. Clients usually don’t get a refund because you don’t get your time back. Also, coaches don’t get paid in the future from clients not under contract if their income or results continue to increase. We are not taking equity in their business either except in rare cases. Coaching is a transformative process where both parties benefit while striving to achieve financial and/or lifestyle goals. Create your own unique coaching playbook.
8) Sales volume. Coaching doesn’t require a lot of clients to earn a good-to-great income. With only 10 clients paying a mid-level fee of $850 per month for one year, you are at six-figures. If your ten clients stay with you for six months on average, you’ll need about 20 clients annually to reach $100K. Many experienced coaches charge a lot more and work with fewer people. It’s your practice so you decide. Those coaches that sell result-oriented packages can charge a range of $10K to $25K or more, but you should have a track record of success. Some clients may stay an entire year or longer if satisfied. You could have a retainer – type agreement where they pay months in advance. Once booked solid, if that’s your goal to work a lot of hours, you can raise rates and work with fewer people on a mostly high-end basis. There aren’t artificial market caps on income due to competition if you’re considered an authority. Recommend you don’t charge hourly (avoiding billing hassles). Selling uniquely named programs that target a specific result are often better value for coach and client. An example is my “Kiss Your Broker Goodbye” program. I started out coaching agents who wanted to become successful owner/brokers.
9) Less dependent on the economy. No shortage of inventory concerns. Rising interest rates won’t matter much if at all. There is an abundance of agents in most markets. Would be rare to have too many coaches in a large area and it won’t be a concern if you coach nationally/globally. Seems like everyone knows at least one or two realty agents. A generic life coach without a specialty does risk competition locally. It’s normally best to choose a well-defined niche to start with. It’s easier to stand out. Overall, coaching is not saturated like real estate; too many agents chasing too few deals. Avoid unrealistic buyers and sellers. Work by yourself (my preferred choice for now) or scale up by hiring coaches and building an agency.
10) Continue coaching when/if retiring from real estate. You will already have income, paying customers, and referrals. May be able to retire sooner from real estate if that is your goal due to ongoing coach cash flow. Numerous personal and business similarities between professions. Lots of overlapping aspects make transition easier. Somewhat like obtaining a listing agreement. A main difference is that you charge a serious amount upfront. No need to spend as much money on marketing and other ancillary costs as agents often do. Like real estate, it’s not necessary to have a college degree or therapist/counselor background. If you can list and sell a home, you can coach.
Could Coaching be for you?
Give me a free, no-obligation call, and let’s find out.
I’m a combined 35 year plus real estate sales and coaching veteran. See “About Carl” page to learn more.
Coach Carl Delmar
(760) 705 – 0297
CarlDelmar.com
