Do you know what it takes to become a success story in the field of real estate? Becoming a real estate agent may lead to a lucrative and rewarding career; however, it is important to keep some strategies in mind so you can make it happen.
You may think – what there is to know? Once I pass my real estate licensing exam, all I need to do is understand how to sell, and the money will start rolling in. While it is possible, it is extremely rare. Like any profession, this career path takes hard work, determination, and avoiding some basic mistakes many new agents make.
- Start with a business plan- Becoming a real estate agent means becoming a business owner. While for the first few years, you are required to work under an experienced broker (more on that later), you are 100% responsible for your business. This means your business plan needs to account for budgeting, expenses, marketing — a timeline of when and how you expect to be developing your business, analysis of competition, etc. Like with any business, it is essential to review your plan often and make appropriate adjustments when needed.
- Work with a reputable broker- In the previous paragraph, we mentioned that you have to work for an experienced broker. While you will not be their employee, their credentials and reputation will reflect on you. Choose a reputable broker who is successful and is willing to help you succeed. The help includes mentoring for new agents, assisting with marketing, etc.
- Secondary income or savings – A lump-sum commission check after selling a property may be significant, however, it may not come as soon as you hope. On average, it takes 12-18 months to receive your first commission. Not only will you not make any money at first, but you will also have many business-related expenses. Make sure you either have a secondary source of income or substantial savings.
- Purchase proper insurance policies for your business- One of those expenses we mentioned earlier are the insurance policies that you should consider purchasing. The following policies are can provide protection for the financial future of your business:
- Professional Liability policy – Protects your business from lawsuits from any third party alleging that a professional error or negligence caused them financial harm. For example, a real estate agent making a mistake in a contract rendering it invalid.
- General Liability policy – Protects your business from lawsuits alleging general negligence. The general errors include false advertising, libel, and slander, slip, and fall claims, or damaging someone’s property.
- Follow these customer service practices
- Excellent customer service – Customer service plays a crucial role in all industries, but in real estate, in particular, it can make or break your business. No matter the situation, always maintain a positive, helpful attitude and manner and offer excellent customer service even when something is going wrong. Actually, how you fix a mistake, or a delicate situation is extremely important and may win you a customer for life if handled well.
- Reliable communication – Part of providing excellent customer service is responding quickly to inquiries and phone calls. Have you ever sent an email to a business-only not to be heard from them for days? You wonder if they even received it or if they care enough about you, their customer, to respond. Always respond to your customers. They will appreciate knowing that you got their message and are working on getting them the answer, even if you don’t have it yet.
- Step up your marketing game
- Target marketing – Carefully craft your marketing materials for each property that you are selling. Know which buyer you are trying to attract and highlight the features of the property that would appeal most to the said buyer. Also, pay attention to the words that you use in your marketing materials. Speak the buyer’s language by using the slang or descriptive words they are most likely to use.
- Online presence – In our day and age, cultivating a strong online presence is a must. In fact, it is vital to getting your name out there. Of course, you will need a website, but you need to go a step further to be successful. Some strategies include sending out a monthly newsletter, and presence on social media platforms such as Facebook, LinkedIn, and Instagram.
If you follow the above suggestions, you will be on your way to becoming a successful real estate agent. As you can see, these strategies are not complicated, but they require patience and dedication. As the saying goes, Rome wasn’t built in one day. But if you work hard and stay a step ahead of your competition, you will do great!