339: From Sociology Major to Seven-Figure Agent Commissions
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 26 September 2022
⏱️ 78 minutes
🔗️ Recording | iTunes | RSS
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Summary
Everyone knows that real estate agent commissions are hefty. Those who have sold a house in the past few years may look at their settlement agreement and wonder where those tens of thousands of dollars really went. It’s not hard for a new agent in today’s world to lock in six-figures worth of real estate commissions within their first few years. But, not many agents, even uber-experienced ones, have been able to hit what Pat Hiban has.
Pat was one of the first “billion-dollar” real estate agents. Unfortunately, the “billion dollars” doesn’t refer to commission checks, but it does refer to real estate sales as a whole. This is doubly impressive when you factor in the decades when this was achieved. Pat sold homes in the 80s, 90s, and 2000s when home prices were far less than they are today. So, you could consider Pat an inflation-adjusted “trillion dollar” real estate agent!
But how did Pat, a sociology major without any connection to real estate, reach such heights within a few short years? And, a more important question to ask, why did Pat give it all up at the peak of his career? What was worth more to him than making seven figures and bringing home huge commissions every month? He gives hints as to why he left it all in this episode. And, as one of the newest BiggerPockets authors, you can pick up his books 6 Steps to 7 Figures and The Quitter’s Manifesto today!
In This Episode We Cover
Everything you ever wanted to know about real estate agent commissions and broker splits
Why so many new real estate agents fail during their first few years
Leveraging out your work, hiring employees, and scaling a business instead of building a job
Real estate investing basics and the downsides of taking too much depreciation
Quitting a lucrative career and the financial moves to make that ensure a successful transition
The six steps to reaching seven figures for real estate agents (and any other entrepreneur!)
And So Much More!
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Transcript
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| 0:00.0 | Welcome to the Bigger Pockets Money Pied Cash Show number 339, where we interview billion |
| 0:05.4 | dollar agent Pat Hyvin and talk about success as a real estate agent through hard work and tenacity. |
| 0:11.2 | It's kind of a little secret that most agents don't think about, but you build on a success |
| 0:16.6 | up not from the ground up. So if you sell a house in a certain neighborhood, you don't want to go |
| 0:22.0 | market a different neighborhood. You want to go to that exact neighborhood and be like, |
| 0:26.3 | I'm a neighborhood expert. I mean people will hire people just because they sold one |
| 0:31.2 | lousy house in the neighborhood and they think that they're like being around for a hundred years |
| 0:35.9 | and it's their first listing, but they don't know. They just have that social proof because |
| 0:40.3 | this house sold. Hello, hello, hello. My name is Mindy Jensen and joining me today is my sensible |
| 0:45.5 | pragmatic co-host Scott Trech. Put a straightforward introduction, Mindy. Scott and I are here to make |
| 0:51.6 | financial independence less scary, less just for somebody else to introduce you to every money |
| 0:57.2 | story because we truly believe financial freedom is attainable for everyone no matter when or where |
| 1:02.2 | you're starting. That's right. Whether you want to retire early and travel the world, go on to |
| 1:05.5 | make big-time investments in assets like real estate or start your own brokerage career. We'll |
| 1:10.6 | help you reach your financial goals and get money out of the way so you can launch yourself |
| 1:13.8 | towards those dreams. Scott, today is an exciting day if you are a real estate agent, if you are |
| 1:20.0 | interested in real estate, if you are thinking of becoming a real estate agent or if you're just looking |
| 1:24.1 | to generate a lot of money in a new career as we talk to Pat Hyben. Like I said earlier, he is a |
| 1:32.0 | billion dollar agent. We are going to discuss what exactly this means. It's actually pretty impressive |
| 1:38.5 | and get tips on how he became such a successful agent over the course of 20 years. |
| 1:48.9 | Yeah, I mean, it's a phenomenal journey. This is hustle, this is grit, this is not something that's |
| 1:53.3 | unrepeatable. This is something that if you're willing to work hard and go through the grind and |
... |
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