Are you a new real estate agent who wants to succeed in your real estate agent career?
We all know that the real estate industry is extremely competitive, Studies show that nearly 90% of new realtors quit in the first year. Some underestimate the effort and torturous hours they need to put in. Others conform to the negative stereotypes associated with the career and eventually quit.
However, being a realtor can also be very rewarding. The top performers in this industry earn $500,000 per year and up. So, how do you succeed in your real estate agent career?
Here are the five secrets to succeed in your real estate agent career that no one is talking about…
5 Successful Realtors’ Secrets to Succeed in Your Real Estate Agent Career
So, what secrets have been instrumental in growing your real estate career? How can you actually succeed as a real estate agent? We’ve compiled these 5 crucial tips from accomplished realtors.
1. Flip your Mindset
One of the most legendary lyrics from billionaire rap mogul Jay Z is, “I’m not a businessman, I’m a business, man”. Why did we start with this quote?
You need to develop a business mindset to grow your real estate career. While you may still be employed and doing real estate work on the side or still working under a brokerage firm, you need to have the mindset of an independent contractor.
As an independent contractor, you’re in control of your growth, including your finances, marketing, lead generation, and other real estate processes. Ditch the employee mindset.
Here are some pointers to developing a business mindset:
- Know that you’re responsible for everything that happens in your career
- Have both short-term and long-term goals
- Avoid complacency and embrace taking risks
- Be willing to learn and adjust throughout your career
- Always seek ways to do things differently
If you’re going to have a business mindset, that means that you’ll need to have a business plan. Remember, your long-term success is all on your shoulders now. Failing to plan is planning to fail.
Always stay on top of your business tasks, organization, and planning. Understand your local market and target clients. Identify your strengths and what makes you stand out from other real estate agents. Invest in the best tools and skills to equip your business for growth.
Ideally, you want to think beyond bagging your first commission check. Have a solid plan for how your business will grow.
2. Understand your Local Market
Understanding your local market puts you in a better position to have more clients. Clients love it when their agent is an expert in the market. Nowadays, clients get a lot of information online for free. However, they can’t get your experience or skills on blogs or YouTube videos. Buyers are compelled to work with market experts and pay top dollar for their services.
The strategy you choose to increase your market expertise varies depending on whether you’re a newbie realtor or an experienced agent. For newbies, you must dedicate a lot of your time to learning about the fair market values for different property types in your market. You can do this by researching real estate comps, market trends, and future predictions.
Getting expert-level knowledge as a newbie can be quite intimidating at first. You can start by focusing on the needs of your target clients. For example, if your target clients are likely to be interested in multi-family properties, you want to find out the price other comparable properties within the market are selling for.
Seasoned real estate agents can follow a different strategy where they can seek to understand how property values will be affected by changes in the economy, local market, and the real estate industry.
As an experienced agent, you can start by expanding your knowledge of property listing data. For example, educate yourself on the average selling price, the average price per square foot, average days on the market, and the number of new listings per week. Clients will see you as a reliable agent when you have such data at your fingertips.
As you continue to expand your knowledge, you need to ensure you stick to your local market. This gives you an edge over other real estate agents since your expertise is narrowed down to one specific area. Also, remember that real estate heavily relies on word of mouth. You gain credibility if you practice in a place where you’re known.
3. Use the Right Marketing Tools
Serious real estate agents have a clear marketing strategy that they use to build their brands. The marketing strategy includes the different tools, resources, and ideas that you’ll utilize to take your career to another level.
Some common marketing tools include:
- Brochures, posters, and flyers
- Real estate signs
- Business cards
Nowadays, a social media marketing strategy is essential for growing any business. Even if you aren’t tech-savvy, you must have a presence on social media channels, such as Facebook, Twitter, LinkedIn, and Instagram.
A good social media marketing strategy is more than just having a page and posting regularly. You must ensure that you engage your audience.
For example, you can run a Q&A session where your audience asks you questions about your area of expertise. You can also ask questions about some recent transactions in the market where the correct answer wins some goodies.
If social media isn’t your cup of tea, you may be surprised to learn that it isn’t an uphill task. You can start by visiting younger agents’ social media pages and see how they engage their audiences. Ideally, you want to gain some inspiration, not copy what they do.
Also, give your audience a glimpse into your private life. While it may not be comfortable for some agents, some clients want to relate with you on a personal level, not just professionally. This can also give you access to a larger audience who may resonate with what you post. It also makes you come across as a trustworthy and genuine agent.
You can combine these two approaches and take your marketing to another level. Create engaging posts to grab your audiences’ attention but also let them relate with you on a personal level.
Ultimately, you need to take advantage of the right marketing tools. Head over to https://soldouthouses.com/pro and get all the right tools you need to scale your real estate business.
4. Partner Up With Other Agents
No man is an island. While that quote is mainly used for our social lives, the same applies to your real estate career. It may sound cliche, but two heads are better than one in real estate.
Many people will lament the thought of splitting their commission check with another agent. However, you will soon realize that partnerships will eventually help you increase your income and elevate your business to another level.
Putting minds together with other agents also lets you learn from each other. Some agents may have more experience than you and have access to great networks. They might have mingled with the same clients you’re targeting and understand what they love. They might also help you with other processes, such as marketing, pitching, and meetings.
Forming partnerships with other agents allows you to leverage their market experience, skills, knowledge, and even networks. You could also pool your resources together and grow together.
5. Build Strong Relationships
Your goal as a real estate agent shouldn’t be to do one transaction with a client and never talk to them again. You want to do multiple transactions with a single client over many years and have them refer you to their networks. This is why you need to build relationships.
Any agent who is good at their job builds relationships that last many decades. How do you build lasting relationships with your clients?
While your schedule may be busy, always go above and beyond to offer your customers value. Keep in mind that not all clients have the same needs. Listen to what your client desires and go out of your way to offer them exactly what they want.
This means that your financial gains may need to take a backseat – at least for a while. Your main focus should be to offer the client what they want. Besides, you don’t always have to make a sale. A promising client may fail to buy today but will come back a few years later.
See yourself as a consultant or mentor who helps their clients in one of the most important transactions of their lives instead of a pushy salesperson.
I became a realtor when I was 25, Right now I’m a digital marketing expert helping realtors, brokers and real estate agents generate more leads online.