Beware the $1m earnings target, agents told

Beware the $1m earnings target, agents told

27 November 2013 by Brendan Wong 4 comments

While most agents aspire to hit the one million dollar mark in their career, one real estate coach says this is not a realistic goal for everyone.

Raine&Horne Callala Bay & Culburra Beach director Craig Hadfield said the obsession to earn a million dollars was often perpetuated by real estate training events that promoted million-dollar agents.

“Unfortunately, I think that then sends a message that it's the only thing that should be the goal, when in fact, that may just be one part of something that may appeal to somebody, and it’s far from the norm.

“There’s nothing wrong with that. I personally know million-dollar earners who do genuinely earn that, they do a good job and have a great business,” he said.

“But to have that as the benchmark can be off-putting, particularly for people coming through to the industry and agents who may be in regional areas that don’t have volumes, don’t have the prices to achieve those sorts of numbers.”

Mr Hadfield said agents often overlooked what was available in their marketplace.

“There’s a perception out there that a million dollars is possible for any agent. Firstly, you’ve got to have a million dollars in fees in your area and usually, there’s more than one agent in an area. For example, in my area, for me to do over a million dollars, I’d have to get over 50 per cent market share," he explained.

“People will argue that’s possible, but it’s extraordinarily difficult.”

A million-dollar earning was not possible in areas where the actual fees did not exist, such as small communities with low volumes or low commissions.

Mr Hadfield said the measure of success for agents should be based on what they defined as success as an individual, rather than what it looked like outwardly to other people.

“If success to you is earning a million dollars - and there’s nothing wrong with that - you have to understand what it looks like in the bigger picture because it might be chaos in the background. It might be seven days a week, it might be 14-hour days," he said.

“For me, success is about choice. It’s about getting to a position where you can choose who you want to be with, spend your time how you want to spend your time, and essentially do what it is you want to do, when you want to do it."

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
William Phillips on how agents can expand their database and grow their business

Get up close and personal with the best real estate sales agents in Australia in Secrets of the Top 100 Agents. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
upcoming events
REB Awards
Sydney The Event Centre 12 Sep
REB Awards
Sydney The Event Centre 12 Sep
Melbourne The Event Centre 14 Oct
Brisbane The Event Centre 18 Dec
View all events
Do you have an industry update?