An Estate Agency Millionaire's Memoirs

This week's article looks at an estate agent I worked with who ended up with millions in the bank after four decades in the business. 

More than just his knack for selling houses, it was his clever marketing, wholehearted community involvement, and a brand that was always on display that set him apart. 

He weathered economic storms with a wise smile and was driven by an unquenchable passion for his work. 

I featured him across four of my Daily Ideas a few weeks back.

I’ve collated these below to share the wisdom he's gathered over the years - the principles that helped his agency stand the test of time and ultimately for him to retire as a wealthy man. 

So, sit back and give yourself a few minutes to read and review this insight into the world of a genuine estate agency success story.

Daily Idea 195

Lessons From an Estate Agency Millionaire 

One of the first estate agents I began working with back in 2010 had more than 40 years of experience in the business.

He sold out in 2021 for millions. Kerching.

He's been there, done it and has branded the T-shirt (keep reading).

Unlike many wannabe brands on social media, he's worth listening to.

Over the next few days, I'll share some snippets of what he taught me.

Let's start.

Millionaire Agent's agency put their brand on practically everything they could.

Cars, carpets, ties, lapel badges, community events, umbrellas, boards, billboards….. you name it.

I asked him why. His response echoes in my head to this day. "It's all marketing. And if you're not marketing constantly, people think you've gone missing."

Watch out for tomorrow's idea about keeping your finger on your community's pulse.

Daily Idea 196

Another Lesson from an Agency Millionaire

So yesterday, I wrote about a former client who built up more than 40 years of experience in estate agency and then cashed 'out out' for millions a couple of years ago.

Every Thursday for years, he'd buy the local paper.

And when that died a death, he regularly checked the local news websites and social media groups.

I asked him why? 

His response is worth noting. "Any good local agent needs to know what's happening locally."

Think about it – your local knowledge needs to extend beyond what a three-bed semi is worth.

This community focussed approach worked for his agency. 

It'll probably work for you.

Daily Idea 197

"The bad agents bottle it."

Over the past few days, I've been sharing ideas based on the thoughts and approaches of a former client with more than 40 years of experience in estate agency – with most of that being as an owner.

He sold his agency for millions two years ago.

With four decades of helping people move home, he'd worked through several recessions and economic downturns, including the credit crunch, Brexit, and the pandemic.

He told me he saw more opportunity in the tougher times than when the market was 'looking after itself.'

He said: "We looked forward to recessions in a strange way because we knew the inferior agents that rode the wave of strong markets would bottle it and fall to the wayside. They'd cut marketing, training budgets and, ultimately, corners. And we wouldn't, and that's why we always came out of tougher cycles a lot stronger. And they are cycles – that's important to remember."

Daily Idea 198

The One Thing All Successful Agency Owners Need

Over the past three days, I've been sharing ideas based on the thoughts and approaches of a former client with more than 40 years of experience in an estate agency.

He sold his agency for millions two years ago.

I asked him a few years ago what he thought was the most important thing an agency owner needed to succeed.

"Passion. You have to love what you are doing. There are so many lows in running an agency that you need to be passionate about it to keep going."

I said to him that I thought passion and passionate were words overused by agents. 

This was because I associate passions with things you'd do for free. 

His response was as wise and as illuminating as ever.

He said: "There are PLENTY of times as an agent you're working for free with no guarantee of getting paid. Sellers pull out, buyers get cold feet, and it seems your hard work was for nothing. That passion to improve and provide a great experience keeps you going. Passion keeps you looking for ways to improve what you do. Passion gets you in the office before most people aren't even out of bed."

I was contacted by someone on Facebook who asked me to describe the agent featured above in a paragraph. This was a great question and is a brilliant technique for concisely summarising stuff.

So here goes. 

He’s old school regarding personalised customer service, the importance of a strong work ethic and looking after his team. But very forward-thinking around new ways of marketing, training his team and seeking any slight competitive edge over his rivals. 

Thanks for reading.

Jerry  find out more about how Jerry and his team are helping agents like you visit – https://www.kerfuffle.com/suppliers/estateagent-content