If You Live By Referrals Only, Your Business Is Dying By Them Part 1

December 2, 2009

“In the beginner’s mind there are many possibilities, but in the expert’s mind there are few” – Shunryu Suzuki

One of the most lamentable things I’ve found in my nearly 40 years in real estate is working with real estate “professionals” who have what I call the veteran syndrome.  It’s that vanity and smugness that so often comes with elder age and much experience.  When someone has the veteran syndrome you can’t teach really teach them anything.  They’re know-it-alls.  They have ways of doing business that have worked for them for years and brought them tolerable success.  They’re simply not interested in changing because they see no reason to, so you won’t find them out there looking for ways to improve their business.

I recently had a lengthy chat with a veteran real estate professional from a very well known company.  Here in Ontario all real estate professionals are required to take continuing education courses (I’m one of these certified instructors) in order to keep their real estate license.  His company offers many online versions of these continuing education credit courses.  He told me how he’d figured out a way to cheat on these courses so he didn’t have to do them and still pass all the tests and get all his credits.  When I asked him how he’s getting new business, I predicated before he answered what he would say: “referrals”.  I was right.

I’ve found a tell-tale sign of reps with the veteran syndrome are ones who take one of my continuing education classes when their real estate license expiry date is a week away.  They’re the ones who are only taking my class because they have to take it: so they can renew their license.  In fact, another educator of real estate professionals I know often asks her classes, “How many of you are here only to get your continuing education credits?”.  She says usually about 70% of the people put their hands up.  Isn’t it interesting that this number isn’t that far from the 80-20 rule.  That is, 80% of real estate professionals make 20% of the money made by all real estate professionals.  If you aren’t an active, lifelong learner, a seeker, you are almost certainly in this 80% group.

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