Passing your real estate licensing exam is only the start of your career. Too many new real estate agents think that the certification and a little marketing is all they need to succeed. This causes many new real estate agents to fail in their first two years. On the other hand, if you master the right techniques, you’ll be able to succeed in the profession and profit from your knowledge. Here are a few tips for those learning how to become a top real estate agent.
Learn to Ask for Help
Top performing real estate agents can and do seek help in many ways. They often partner with other agents and understand the importance of building a network. You might come across a lot of clients who are asking about properties in hot areas like Malta for instance, but not have any in your portfolio. You could always connect people who are looking for homes for sale in Malta with a vetted broker in the area. Feed them clients and they’ll remember you. They’ll then be more likely to return the favour, since you’re not in direct competition with them.
If you’re struggling to deal with a client, don’t dump them – ask another real estate agent to take them on. If you’re struggling to sell a property, ask another agent to co-list the property. They’ll get part of the commission, but they’ll also increase the odds that the property sells (and fifty percent of the commission is better than nothing!). If you’re having trouble finding the right property for a home buyer, partner with someone stronger in that area. You may share the commission or hand the client to someone who is a better fit, knowing that they’ll refer others to you when they’re overloaded.
Don’t try to do all the marketing yourself either. Tap vendors for leads. Lawyers and accountants are invaluable in this regard. Use a publicist, especially if you’re trying to sell expensive or international properties. You could also leverage publicists to build your reputation because you become a local noted source for real estate articles. The next step is pitching stories to reporters. Network with investors. They may not buy the current properties on your list, but they may know someone who will. And they’ll know people eager to sell.
Once you have established connections, maintain them. This includes referrers, contractors and clients. You can market to them as well, such as by sending former clients’ information on open houses. You never know when they’ll give that information plus a recommendation to their friends.
Have a Plan Before You Start
Have a plan for how you’ll find leads and promote properties before you hang your shingle. A good sales funnel will generate a steady flow of business and income. You’ll also benefit from being able to tweak the sales funnel to lower expenses or increase profits without trying to start over in a new real estate niche.
Once you have a profitable sales funnel, analyse your statistics. Know the success rate of online marketing versus direct mail. Then you can stop marketing in ways that aren’t worth the effort and invest money in more profitable channels.
Learn from the Mistakes of Others
A large percentage of real estate agents unfortunately end up failing. Learn from the mistakes of others so you don’t make them yourself. It is cheaper and less painful than making them yourself. Do your research about the types of properties that do and don’t sell in your area, too, so that you can find properties that will move quickly. Learn how to host a successful open house before you hold your first one. Also, it would be wise to craft yourself a real estate résumé that highlights your skills as an agent.
Do Your Homework
Before you decide to work with a broker, make sure that you know how well they treat the agents working for them, especially when it comes to support and formation. Brokers vary in the amount of training they provide and the time they spend with you, yet this decision can make or break your career at the very beginning. So, don’t make the broker decision based on splits alone.
It’s also important that you do your research before you start your own business. Run the numbers. Know how much you’ll realistically earn per property sold, the work required, and the associated costs. After all, your expenses go beyond your rent and clothing budget. You’ll have to pay for direct mail marketing, business cards, digital marketing, photographers and other services. Know the reasonable costs for these line items so you don’t overpay.
There is no one path to success in real estate, but there are tactics that can help any real estate agent do better. Make sure that you follow these instructions to the letter if you want a long and successful career as a real estate agent.