7 Tips for Real Estate Agents' Success
With thousands of real estate agents in every country across the globe, it can be quite hard to become one of the successful ones. Being trained as a real estate agent is only the first step of many. Real estate agents who get results are the ones with the biggest portfolios and numerous recommendations. Just a license and some knowledge of the market won't get you far in the business. Research shows that after the first year of working as real estate agents, between 40% and 80% quit. After three years, this number grows to the impressive 90%. This only comes to show that there is a lot to learn in this field and the competition can be overwhelming too. Here are 7 tips which can save you from certain failure.
1. Above all, you are a business owner. Real estate agents cannot work without the broker, but they are independent and receive a commission. This makes them small business owners which should act like ones. A business should be run accordingly, so put your benefit first and think and act as a business person.
2. Be organized and plan everything ahead. If you lack a plan, you will become a part of someone else's plan. Successful real estate agents should always have a plan - for sales, marketing tactics, advertisement strategies and so on. Your potential clients will value you more if have a planning attitude.
3. An absolute must for success is to have a market plan. A real estate agent is responsible for their own expenses, so having a winning strategy is essential. You need to find a way to combine your marketing plan with your strategic plan. The difference between these two is that a marketing or business plan is simply data driven, whereas a strategic plan is much clearer about what everyone has to do and by when. Your strategy is your ultimate weapon, so it's not a discussion matter with other real estate agents.
4. You should establish your sales goals, by using your strategic plan. Even if you are new to the industry and lack much experience, a good strategy will get you the desired results. Be aware of the fact that it may take up to 6 or more months until you have your first sale.
5. Prepare your financial budget carefully. The real estate market is fluctuating a lot, so setting up the right budget is critical. This budget should cover any marketing and advertising costs and additional costs such as education.
6. Be a good manager. This should be your priority - managing others, but mostly yourself. If you want to build a successful business and have quick sales, you need more than the obvious real estate agent skills. Learn how to manage your time and realize when you need more training. Keeping up a good work life - personal life balance is also essential. Most real estate agents would tell you that this is a 24/7 business - you wake up planning and go to bed worrying. Don't lose sight of your life and needs though. A good real estate agent is someone who is content in their personal life too.
7. It's better to find a mentor or a coach of real estate. Doing everything on your own isn't easy, so having an expert by your side will make you go easily through the common obstacles or even avoid them altogether.
Don't enter the world of real estate with the highest of expectation, regarding of how good you think you are. Follow these 7 tips and you would avoid becoming one out of the four agents who give up one year after starting.