One of the world’s leading authorities on real estate believes the best agents will become bored of the industry within six years unless they stay mentally and spiritually challenged.
Since starting a career in real estate in the mid-80s, Dr Fred Grosse has been training real estate agents around the globe for the the last 30 years.
“I worked with John McGrath and helped set up the whole AREC conference and helped bring in the first few speakers from my client base in the US,” he told Real Estate Business.
“I have a PHD in clinical psychology, working exclusively with entrepreneurial businesses specialising in achievements in business.”
But over his years, Dr Grosse has noticed a worrying trend amongst the world’s top performers.
“With the people I work with, I found that a lot of them have had a number of successful careers previously. These are the very top business people in their areas, and it’s the same for realtors,” he said.
“Even if you’re good at something, after a while it has a use-by date. Most bright people get bored after around six to eight years, even if they’re amazingly successful.
“Realtors who know exactly how to get listings stop doing it because they’re bored doing it one way, even if it works better than the way they’ve changed to.”
According to Dr Grosse, if top agents don’t expand their boundaries they will find themselves disengaged from real estate.
“It comes down to balancing your wealth creation with your need for adventure," he said. "Some people race sports cars, fly helicopters, mountain climb, play music, and take on charities, so that they don’t try to feed all of their needs from the business.
“A lot of hard workers seem to want their social needs and their economic needs and all their other needs - and that will wear out like a honeymoon. You may make a few million but you will need something else or you’re going to get bored of doing business.”
With financial success and a big bank account, the need for money isn’t enough to continue to perform at such high levels.
“But you do need the excitement and the adventure,” said Dr Grosse.
It’s just one of the many topics Dr Fred Grosse will be covering when he returns to Australia at the end of the month for this year’s AREC.
“Unless you’re green and growing, you’re ripe and rotting. I’m 80 years old, and I’m going to be living and working until I’m 120,” Dr Grosse said.
For more information about Dr Grosse or the conference, click here.