Written by Adam Horth

The reward for running a great real estate agency should be healthy profits. No business can continue to operate without profit, yet no business should create its profits at the expense of others.

Much of Smartre Training’s Management Training is focused on the creation of profit –the money you keep after your team, expenses and other obligations are paid.

There are three essential ingredients to generating profit, applicable to anyone, in real estate or any worthwhile pursuit. Focus on these and your profitability will grow.

1. Study 

Study must be a constant and ongoing process all our lives. Show me a profession where you can earn a six-figure income while not knowing what you are doing. You can’t. We all need to study our craft.

The Macquarie Dictionary defines ‘Study’ as:

A particular course or effort to acquire knowledge.
Zealous effort or assiduous effort.

These are two of 23 separate definitions. All point to the fact that study is far more than simply reading or listening to a business book or streaming a podcast.

Study is a journey to acquire knowledge. This acquisition requires concerted effort.

We expect our children to do their homework, to study and to pass their exams. We’d be disappointed if they didn’t make the effort. But why do so many adults stop learning once they leave school?

The study of money will lead to a better understanding of it, so you will be able to keep more of it.

2. A strong work ethic   

Study takes effort, like most good things in life. We then have to apply what we learn to our venture. It takes effort to work on a venture until it yields a reward.

Study without application is pointless. Never say, “I know what I’m supposed to be doing; I’m just not doing it.” Those who do this often realise too late that they are wasting their life.

Nobody is suggesting that life shouldn’t be fun, but we can’t have all-fun any more than we should have all-work. We can’t always do what we like. Sometimes we have to do what needs to be done now so that later we can do more of what we like.

Some spend too much time doing activities that, although pleasant in the short term, don’t contribute to prosperity. It’s no fun being old and broke, living on a small income, never being able to do the things we truly wanted to do.

3. Persist

You have to put in the time. To reach a level of reasonable success in any venture, we have to work hard. Succeeding in a real estate business will take years of hard work.

When you see those who struggle, their failure comes down to three reasons:

1. They are incompetent (not enough study)

2. They aren’t working hard enough (not enough effort)

3. They can’t do it.

All three can be fixed. Reasons one and two can be fixed with the above three ingredients. Reason three can be fixed with a decision – a decision to find solutions to why you can’t do it (yet!).

Smartre Training focuses on helping new and established real estate businesses achieve their goals. Yet the first goal we focus on is the money. You must fix this first, or eventually you won’t have a business.

The Smartre Management Seminar

Our Smartre Management seminar is presented three times a year across Australia. It is a five-day seminar which explains the Essential Elements required to build a successful real estate agency in any market. 

Smartre Training consults to over 100 agencies across Australia and New Zealand who operate in both high-fee and high-turnover markets.

The Smartre Management Seminar is your opportunity to see how our system can complement your agency. The next seminar will be held in Melbourne on Sunday 26th to Thursday 30th October at The Langham.

If you’re interested in attending, you can learn more here or call us directly on 02 8217 8500.