People often ask when it takes to be successful in real estate. This question is difficult to answer because it’s not quantifiable. Success depends on each agent and the market in which they are working.
Real estate agents should not try to determine the best time to succeed. Instead, they must ensure indisputable market knowledge, superior training, and an unmatched bedside manner.
You can be a more successful real estate agent if you work hard at improving your business skills. These are 10 tips that will help you grow your career.
Increase your market knowledge
Market knowledge is a great indicator of a real agent’s experience and skills. How you approach increasing your market knowledge will depend on your experience level, whether you are just starting in the industry, an experienced broker, or have been there for a while.
Agents must spend significant time researching current market conditions and comps to learn about home value. Veteran brokers need to spend more time anticipating how changes in the economy, industry and local area will affect home value.
It can be daunting to establish baseline knowledge when just starting your career. This is why it is best to start with the most common needs of your potential clients. “You will want to find out what comparable properties are selling for in a three-bedroom, two-bathroom home. This is going to be the main search criteria of most buyers,” states Megan Blum. She is a licensed agent with Flux Real Estate in Seattle.
Agents with more experience may need to expand their market. This could mean learning the details of the ZIP codes within your area and expanding your reach. Blum suggests that you have a good idea of the differences in data for each zip code or neighbourhood. Knowing the average sale price, days on the market and number of listings per week will allow you to communicate with your seller or buyer about what to expect.
However, you should have a deeper understanding of the market than just inventory and sales data. Stacye Pratt, REALTOR (r), and owner of LSP Real Estate, LLC, Denver, Colorado, says, “Be aware of hotspots and topics for each particular community.”
Successful agents look beyond the MLS to stay on top of market developments. You can make your expertise stand out in the industry by reading local and national industry news. Also, keep abreast of any trends or projects affecting the property’s value.
Don’t Conform To Negative Stereotypes About Real Estate Agents.
There are many negative stereotypes of real estate agents. Many stereotypes of real estate agents are negative. They are seen as pushy people who steal 3 to 6% of the purchase price just for putting up a sign in their front yard. We know that this stereotype is incorrect for most hardworking agents. However, it’s important to be aware of them so you can recognize what you’re up to.
Combating these assumptions starts with the first conversation with potential clients. Cold calling is a great way to get leads. Blum says, “When I’m trying to gain a client’s business, I will place the ball in their courts while still maintaining my control.” I will say something like, “I don’t want to be an agent who calls you constantly. If I haven’t heard back from you, I’ll reach out within a few weeks. So let me know when it’s convenient to schedule this meeting, and we’ll see where that takes us.”
Blum makes sure to explain to potential clients that she is not in it to make a quick buck but that she is more interested in helping buyers and sellers. Blum says that clients will assume that you can understand how other agents work, that you don’t want their business, and reach them after a reasonable amount of time. This will give them the impression that they have control, which they do in a certain way, but also you, the agent.
Agents must build trust with their clients to be successful in the industry. You can quickly build trust by acknowledging sellers and buyers’ common concerns about working with real estate agents and showing how you are different from the stereotypes.
Collaborate with other real estate agents
Although it may sound like a cliché, two heads are better than one in real estate. While the idea of splitting a commission might make some cringe, it can help you increase your income as well as grow your business.
Blum says they might have experienced situations or specialize in something you don’t. They can give you insight into what to do if that happens to you and vice versa. Blum says, “It will allow you to get a general feel for the market in your entire area instead of just the region where you buy and sell.”
By partnering with them, you can benefit from other agents’ market knowledge, experience, and clientele. Working in a team allows you to learn new skills, share resources, and represent more clients. Although you may need to split commissions, think about the opportunities for more clients.
Find a Mentor
Working in a team is a great way to get into the industry and gain more clients. Working with a mentor allows for hands-on learning.
Pratt says that a mentor can be invaluable. Pratt says that a mentor can help you expand your knowledge beyond just being book smart and applying it in practical situations that are not always possible to teach with a textbook.
Blum believes that the greatest benefit of finding a mentor is learning about their systems and processes. While some agents may prefer to read scripts, mentors give them the insight to build genuine relationships and have real interactions with clients.
Blum says that men will have clients under contract so new agents can attend inspections and be guided through the process. This is better than being under contract and not knowing what to expect. It was important for me to go to many inspections at the beginning to understand what to look for in homes.
Profit from the reputation of your brokerage firm
Reputation is crucial in the real estate business, as so much of our business comes from word-of-mouth. Your brokerage firm’s reputation is just as important.
Even if your clients have never heard of you, the best firms have a well-established brand that they will recognize. You can leverage it to your advantage by leveraging your agency’s reputation and credentials.
Blum says that a company will have a great system, similar to working with a mentor. They will have marketing that is familiar and well-established for many years. There will also be a quality that is tied to the brand name.
You can also learn new aspects of your business by using your company’s resources. This will allow you to increase your skills.
She says that vendors are often connected to firms, so you can learn more about home-buying and selling through these services. “Firms provide education at the end of it all, and that’s what you can hope for.”
Technology Can Streamline Your Business Practices
It takes a lot of juggling to be a successful agent. Good agents use technology to streamline business processes that require the same personal touch.
Blum says that auto-drip campaigns are a big part of agents’ technology leverage. They can set up systems to automatically email or text potential clients, keeping their names at the top of the list. This keeps the client interested.
An email marketing campaign will help you keep track of your clients and make sure they know how to reach you when they have any questions. You can use an email service provider like ConstantContact or MailChimp to send regular automated messages highlighting your expertise and establishing you as an expert.
Blum says that market updates videos are created monthly to share our knowledge and to educate potential clients about what to expect in the area. Blum says that sending it once per month serves two purposes: reminding potential clients that we are still here and checking in on them. It also educates them about what to expect. This shows that we are valuable agents and entrusted with helping people buy and sell.
Your social media content should be memorable.
Social media is an integral part of real-estate advertising. But, mastering the most popular social media platforms requires more than regular posts. If you want social media to help you get more business, you must find ways to engage your audience.
Blum suggests that you look at the accounts of younger agents to get ideas on how to attract and win clients when improving your content.
Blum says, “Anyway you can get your social media audience to interact and learn about your business will improve your online presence.” One thing that captured the attention of many of my social media followers was a game I played to guess the price of a house that was being sold in a nearby area.
Blum says that the sales prices were shocking to most of the participants. After seeing how low their estimates were, homeowners were encouraged to contact Blum to determine how much they could make by selling their homes.
Potential clients want to feel like they can relate to you as individuals, not as professionals. After having a child, Blum started using her personal life to post on social media. She says that she has made herself more accessible to a wider audience and shown that she understands the needs of young families in their home search.
You can use both social media marketing strategies to make yourself more popular as an agent. You can create fun posts that will grab people’s attention, but you should also include aspects of your life to make you more relatable. This will help you to come across as trustworthy and genuine.
Open Houses: Maximize your potential to generate new business
Open houses can be a great way to increase your chances of generating new business. Treat them as an opportunity to sell your home and as an opportunity to promote yourself. A sign-in sheet is a great way for potential buyers to leave their contact information.
However, it is not enough to contact them after the open houses. It is important to make a good impression at the open house. Steven Hall, CEO of Realty results in Liberty Missouri, says, “Be prepared with active listings in your area and personal marketing materials to be given to the attendees.”
Open house attendees must see that they are professional and well prepared. But how do you start the conversation? Blum suggests asking potential buyers to describe how the house they saw fits their criteria for home searching.
“That allows us to talk about financing, timelines and other areas that they are interested in. Based on their needs, you can give them data about the areas and how much they should expect in price variations. You can open your laptop and show them active properties on the market. This allows you to explain the MLS to them.
Blum found that this method significantly increases the chance of searching for buyers. This is an important step in securing new clients.
Utilize Vendors As A Source For New Leads
To be more successful, you must increase your clientele by any means possible. Although networking is essential, it’s important to remember the connections you have already made. Vendors are a great source of new leads.
You probably have a list that includes appraisers, lawyers, mortgage bankers and contractors, depending on how long you’ve been doing business. You recommend these people to your clients often. You can also ask them to send you leads.
Blum says, “The best part about this business is that leads come from anyone you interact with.” While I don’t expect an agent to ask vendors directly, “Do you have any leads?” But they should mention it if they know of anyone who might be able to sell or buy.
Once you have established the desire to start a new business, it is time to show them you are worthy of their referrals. Hall says, “Walk the talk and show vendors that you value their business by how you run it.”
Before you ask vendors for their assistance, ensure that you are confident in their ability to deliver quality work. Pratt recommends that vendors be trusted by clients who have had success with them. He also suggests that agents read reviews and ratings about vendors.
Pitch Stories To Reporters
It would be best to gain publicity as you gain more experience in the industry. Many news outlets write about real estate, and reporters are always looking for real estate agents to source their articles.
Blum says that pitching stories to reporters can benefit agents because it increases their visibility, showcases them in the field, and increases their trustworthiness to potential buyers and sellers.
Although you can pitch complete stories to reporters through these sites, connecting with sources and journalists online is easier. Help A Reporter Out or ProfNet allow journalists to send queries about the articles they are working on and respond to interview questions for publicity.
Contributing to more articles will help you build your brand and attract new clients.
Summary: Succeeding In Real Estate Means Honing Your Business Practices
Real estate agents who don’t rest on their laurels are the most successful. They don’t fear change. They embrace change.
Agents who are great at marketing their businesses, generating new leads and retaining clients work tirelessly. They keep up to date with new technology and look for ways to integrate it into their business.