Real Estate Industry occupational statistics are no secret. According to the 2013 NATIONAL ASSOCIATION OF REALTORS® Profile of Real Estate Firms, recruiting firms reported a 50% attrition rate in 2012, and office census comprised of 20% of licensees having 3 or less years in the business. In 2001, turnover rates in real estate were reported to average close to 33% annually for salespeople, and the 2014 NATIONAL ASSOCIATION OF REALTORS® Member Profile reports that less than 75% of licensees who have been licensed for 2 years or less have strong certainty about remaining active in the business.
What separates those who make it from those who don’t? And what separates those who make it BIG from those who struggle with mediocrity and average performance?
MaryEllen Tribby, business consultant and coach, shares this insightful infographic regarding common traits and characteristics that differentiate success groups. While it serves as a good reminder to curb negative behavior and aspire toward more productive attributes, we need to drill down a bit further to uncover the core belief systems that drive these behaviors.
Tracy Cutchlow, notable parenting book author and Huffington Post columnist, recently published an article featuring the research efforts of Stanford’s Carol Dweck, who has studied the areas of motivation and perseverance since the 1960s.
The article summarizes that there are two core mindsets that factor into long-term success: the fixed mindset (those who believe their successes are a result of innate talent or brilliance) and the growth mindset (those who believe success is a result of hard work).
“Fixed mindset: ‘If you have to work hard, you don’t have ability.’
Kids with a fixed mindset believe that you are stuck with however much intelligence you’re born with. They would agree with this statement: “If you have to work hard, you don’t have ability. If you have ability, things come naturally to you.” When they fail, these kids feel trapped. They start thinking they must not be as talented or smart as everyone’s been telling them. They avoid challenges, fearful that they won’t look smart.
Growth mindset: ‘The more you challenge yourself, the smarter you become’
Kids with a growth mindset believe that intelligence can be cultivated: the more learning you do, the smarter you become. These kids understand that even geniuses must work hard. When they suffer a setback, they believe they can improve by putting in more time and effort. They value learning over looking smart. They persevere through difficult tasks.”
Why Does Mindset Matter?
Bernice Ross, Master Certified Coach with 30 years of real estate sales experience and regular contributor on Inman News, cites emotional resilience as a key factor in the profile of a rainmaker. In the first of a four-part series on what it takes for new agents to succeed, Ross also addresses mindset, stating, “Mindset is an important predictor of real estate success. The most damaging mindset is one were the agent takes shortcuts.”
While it isn’t a requirement of licensure, success in real estate requires the heart of an entrepreneur. Building a business is hard work, and being rooted in a growth mindset fosters the work ethic needed to keep pushing one’s business forward every day.