How to Become a Top Producing Realtor

Robert Rico interviews Richard Schulman, Keller Williams No 2 top producing agent in the nation. These questions and answers might help you if you're thinking or just starting a career in Real Estate.

When did you get started in Real Estate?

I got my license in April 2004, so almost 13 years ago.

How many hours a day do you work?

On a weekday between 8-10 hours and on a weekend 2-4 hours. So around 50 hours per week.

When was the moment you changed your life?

I was a painting contractor in college (around 2003). I thought the economy would be slow because the dot-com bubble burst and we thought it would be a recession and not good for our business. We didn't want to compete at a low-price point market, but instead we had our best year ever, and I remember this three-story house on the hill and we asked for a pretty high number and the owner didn't even blink and signed our contract. I then realized he was selling the house and that was the beginning of thinking that selling houses might be more beneficial than paint jobs. Within a few months, I got into real estate instead. I've always had an interest in passive income through rental properties and it led to a chain of events that made me leaving the painting contractor company and get my license.

So you've been in the business now for about 15 years. What motivates you to keep doing this?

Ultimately, anyone who does real estate for a long time will get to the point where they're tired of it. I remember as a new agent I was always studying other agents. For example, when we were at an inspection, I noticed how the agent was asking a lot of questions and what type of questions that were important to ask. I also found out that most agents either had less than 10 years of experience or more than 20 years. You either burn out early or if you make it past that point you're probably a lifer. You have to find your motivation and you need to have a purpose. Keller Williams is really big into goal setting and mind setting. I just had a good clarity of what my goals are. My goals change over time but I just have to stay focused on an end goal.

Is it difficult for you to stay focused?

Like any other job within commissioned sales you get frustrated, but you have to stay focused to be able to hit your goals. The goals connect you to your daily activities to ultimate results.
You need to build habits to automate things. I'm in a habit of waking up early, I making my prospecting calls in the morning and I go to appointments in the afternoon.

Have you made any sacrifices during this whole time as an agent?

The first 5 years, I was working many hours a day. I was in my early twenties and when my friends were out having fun, I was working and trying to become successful, which paid off now.

You're talking about Real Estate with a passion. Do you love Real Estate?

I love the fact that you can determine your income, you effort and you abilities. I love the fact that I can build my own business, I have 13 people working for me right now. Like I mentioned earlier, I'm obsessed with the idea of passive income. I read the book “4 hour workweek” and it really turned me around about this type of thing. It talks about how to retire when you're younger and the result of that book is how to build a passive income. Trough Keller Williams, I have profits shares, ownership interest in the office, people working for me, and I have coaching programs. My business have multiple streams of income. The best part of real estate is owning residential property as an investment, which is the best investment to make. It's easier and safer than stocks and other investments.

Let's go back to when you first started your career in real estate, did you do any cold calling?

I never cold called during the whole time in my career. When I train new agents, I don't suggest to door knocking or cold calling. The best way to start getting clients in real estate is through your sphere of influence. If you don't have any friends or family in the area you're working, then go make new friends. Their networks determines your network.

Explain real estate like a quote:

Real estate could be a very hard job at times, and if you're not willing to go through hell and keep going then don't do it. But if you are willing to, you turn that really hard time into something that's very valuable and life changing.

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