6 Secrets of Being a Successful Real Estate Agent
thebalance.com – June 7, 2017 - James Kimmons
If you're considering real estate as a career, or you've been in the business for under 2-years, these secrets can make a difference in your probability of success in real estate. Some of the old "real estate sayings" that many new real estate agents take to heart are no longer as true as they were before the Internet and the real estate market problems after 2006. Learn some new secrets about how to start your new business with less risk of failure.
A great many agents never make it through their first two years. They underestimate expenses and overestimate income. That's a deadly combination. Mostly it's high expectations for income and a real letdown when they're not doing deals like they thought they would. Just because you go into the real estate business and tell all of your family and friends, it doesn't mean that you'll start receiving tons of referral business from them. You may get a few from family, but don't forget that your friends have other friends, and they may be in real estate as well.
Then there's relying too much on whatever advertising the broker does for you. Don't think that there will be leads coming in every week from your mention on the broker's website or in the broker's print advertising. Definitely get as much floor time as you can, even taking shifts from others. Every walk-in is a potential commission. Don't look down on any prospect, as you may regret it. One of the biggest deals one new agent did her first year was because nobody else in the office wanted to work with the buyer with dirty and torn clothing. He turned out to be the working owner of the local trash hauling company.
1. You Don't Have to Be Good at "Sales."
If you are great at "selling," that's good. However, it isn't required. There are ways to present yourself and handle your business that will separate you from the "pushy real estate sales person" image.
Think "consultant" for better results. Try to stay out of "sales" mode, even if you're starving for a deal.
2. Think Small for Big Real Estate Agent Business Success
Thinking small doesn't mean not planning for growth and success in this article. It's about understanding your status as an independent contractor and setting up your business practice and marketing to maintain your business as yours and portable.
3. Develop a Business Plan and Stick to It
Beginning a new career as a real estate agent is exciting and you'll want to hit the ground running. Your long term success depends on many things, but a good beginning real estate business plan is one of the most important.
Don't let your excitement and enthusiasm to get with a client right away keep you from the all-important business planning and budgeting tasks. The tools and instructions here will help you to focus on important business practices and get a fast start on building your prospect base without spending a lot of money.
4. Develop a Budget, and Stick to That Too!
It's critical in your real estate agent career that you not only cover your real estate agent expenses, but your personal living costs as well. Spreadsheet your personal living expenses and don't leave out anything, including cash out of pocket for fun or coffee. Cover that, add a little, then do your planning for a business budget.
5. A New Real Estate Agent Doesn't Have to "List to Last"
You've heard it: "If you don't list, you'll not last in real estate." It's a very old saying, and it applied in the very old real estate world.
The market and business has changed; you can be successful as a new real estate agent, or even through an entire career, in working only with buyers. At least you'll give buyers more respect and balance your business income a bit better.
6. Most Who Fail Just Do Not Plan for Anything Else
It's a big step to pass that real estate exam, get the license and start a new business. It's exciting, but scary as well. Most new agents fail in their first year or two, but you do not have to be one of them. They fail because they do not plan for success. Sometimes starting part time is a better approach, as you can at least count on some income. Sure, starting part time is more difficult, but if it makes the difference between failure or success, it is worth it. Often just one commission can cut the ties to the old job and move you to full time.
About Royal LePage Vision
Founded in 2003, Royal LePage Vision, in Toronto, is a multiple award-winning brokerage with a strong contingent of high-performing agents. Our strength over the past 14 years is rooted in technology and how innovation translates to exceptional service.
From top to bottom our brokerage is built on making it easier for our Realtors to succeed in real estate while staying consistently connected to the office. With a strong emphasis on training, for both our support staff & Realtors, each one of our Realtors has the support and tools to be effective in their market.
If you would like to learn more about the difference VISION makes, please give us a call at 416-321-2228 or visit moveuptoroyallepage.com.