10 Steps To Become A Successful Real Estate Agent
The real estate business requires a fair amount of hard work, knowledge, and skills. If you are someone who is considering becoming a real estate agent, then let us assure you that yes, it is indeed a profession with tremendous growth prospects. Whether you wish to earn more money or you want to work in a field that provides you flexibility in terms of work, the real estate industry offers you both.
To become a successful real estate agent, you need to make sure that you follow the tips given below. We have gathered these words of wisdom by asking a pool of real estate agents and real estate school trainers. These are people who have years of experience and have been responsible for building their own success. Moreover, they have also keenly observed what a new real estate agent must do to set off on the path to real estate success.
Ten Tips For Real Estate Agents To Become Successful
1. Undergo Real Estate Education And Get Licensed
The very first step to take towards your success as a real estate agent is undergoing proper training and acquiring the required education in the field of real estate. To get potential clients, you need to ensure that you are capable of handling the requirements of your clients.
For this, you will need an in-depth understanding of the business, and you will learn this in a real estate school. So you begin your career by finishing the mandatory pre-licensing course and passing the licensing exam. Visit your state's real estate portal and go through the requirements and particulars for obtaining your real estate license.
2. Find The Brokerage That Fits You
The next step to focus upon is to find the right broker to work with. This is a mandatory requirement for all newly licensed real estate agents. Keep in mind that your choice of brokers to work with and the type of brokerage that you work at will have a huge impact on your future success as a real estate agent.
Focus on the structure of the brokerage, the experience of the brokers with whom you would be working, and the kind of property market that each broker in the organization handles. For instance, if you wish to work predominantly in the residential real estate market, then working in a brokerage that deals with luxury properties may not be of much use to you. This is especially true when you start working independently.
3. Have A Business Plan And Budget
Once you have got your license and picked a broker to work with, then you should formulate a clear and goal-oriented business plan with a detailed budget. This activity is highly important and to have success in this industry this step is a must. Real estate agents are, in reality, small business owners. Therefore, having clear month-wise goals to achieve would help you to build and expand your business.
Similarly, a clear budget would also be beneficial to decide beforehand. It will ensure that your business can be run smoothly until you start earning income from commissions. It will also help you to better manage your expenses in an ideal manner.
4. Know Your Real Estate Market Thoroughly
Knowledge is the one key aspect that differentiates a successful real estate agent from the other agents. It is vital to have an in-depth knowledge of the property market. There are two main areas in which real estate agents should have a strong grasp.
The first is the values of properties in the neighborhood that you serve. Learn the values of the different properties through understanding the comparative market values, referring to the Multiple Listing Service (MLS), and observing the property market trends. This is a crucial aspect of delivering better client service. Your prospective clients would want you to have the required expertise.
The other aspect is to have a detailed understanding of your neighborhood. The kind of properties, the people who live there, their socio-economic cultures, and other key aspects of the neighborhood that make it attractive for a prospective client. Whether you are working as a buyer's agent or seller's agent, knowing your market is a sure shot reason for gaining more clients and therefore, more success.
5. Include Use Of Technology
As real estate agents, there are a lot of aspects of the business that you have to handle simultaneously such as lead generation, follow-up calls, emails, advertising your business, and tracking your various clients and the status of their property deals. It is better to incorporate technology in your business to give you some respite from the mundane work and also to enhance the business prospects.
These are some of the most common technology-based tools that a successful real estate agent uses.
A. Online Leads Generation Platform
The most important aspect of this business is the generation of leads. Without leads, there would not be any customers to serve. An excellent way to save valuable time and still obtain quality leads is by registering on an online platform.
For example, a leading seller lead generation platform like Dorrmat would provide you with a steady supply of seller leads. This leaves you free to devote more time to your clients. A platform like Dorrmat combines technology and years of real estate experience to bring together real estate agents and buyers and sellers.
B. Real Estate Tools
Apart from lead generation, there is a wide range of tools that you should consider investing in. For instance, a robust Customer Relationship Management Tool (CMS) can help you segregate and manage all your clients effectively from a single point. You can set reminders, send out information, and ensure that you do not miss out on any deadlines.
Other tools can help you with streamlining your independent business. Tools that can automate your e-mailing system, share digital documents and signatures, conduct virtual meetings with your buyers and sellers and more are all incredibly helpful in ensuring that you are utilizing your time and efforts in the right place.
6. Learn The Art Of Conducting Open Houses
An open house is still an excellent tool for both business and marketing your brand. In terms of business, by hosting open houses, you increase the chances of getting a home sold. You can strategize to hold an open house for a limited number hours. This would, in turn, bring in all the prospective buyers at the same time. Seeing the interest of so many buyers would actually help to enhance the value of the property.
In the same way, open houses can also help you to market your brand effectively. Always place a sign-in sheet at the entrance to gather the contact information of all the people who came to the open house event. These have to be added to your CMS and followed up. Moreover, you can give a small and informative presentation about other similar properties that you are handling, as well as give out your business cards and other marketing material to all the attendees.
This will enable you to reach a wider pool of audiences. The more people know you as an excellent real estate agent, the better your chances are at getting and converting leads in the future.
7. Enhance Your Online Presence and Local Brand Value
In today's times, it is vital to focus on advertising and building your real estate brand's presence in both online and offline channels. Over the last few years, we have noticed a shift in terms of marketing activities. Nowadays, the majority of agents prefer online mediums to reach their potential clients.
This shift is supported by the statistics published by the National Association of REALTORS® (NAR). According to their data, around 70% of brokers and agents have real estate websites. On the website, they have information about their listings and successful sales. More agents are reporting getting clients from online inquiries. Therefore, there needs to be a plan of action to take advantage of this shift.
A. Local SEO
If you have a real estate website but are not investing in local search engine optimization (SEO) activities, then you could be losing out on a sizeable proportion of your business. The local SEO will ensure that whenever people in your city run a search for a real estate agent, your website is one of the top three results.
B. Utilize Social Media
Social media has become a huge force, exerting influence in all business relationships. A successful real estate agent has a well-planned social media strategy that is customized according to each social media site. The digital marketing agencies will streamline your advertisements so that only those who can be your potential clients are the recipients of these adverts. This ensures more focused targeting in terms of adverts and brings you better value for the money you are spending on these activities.
C. Sponsor Local Events
Building and expanding your local brand value in person is as important as enhancing your online presence. You must develop relationships with all those who live in your neighborhood. You must be the first name they remember when they think of an agent.
One simple way of achieving this objective is to participate in and sponsor local events. Think of sponsoring the local school's annual charity run, or offer to speak at a career seminar at the community college. In each of these places, you will meet a different cross-section of people. Before long people will start recognizing you as their neighborhood agent.
8. Ask For Referrals
Success in real estate comes through ensuring that your efforts get multiplied in terms of results. In simple terms, it means that you must always endure that each successful deal brings in more prospective clients for you. You are putting in the energy and efforts once and accruing the benefits multiple times.
The best way to do this is by requesting referrals. Many new agents are initially hesitant in asking for referrals. They are afraid of being seen as pushy by their clients. One of the experienced agents we spoke to said that his secret to success was learning to ask for referrals regularly.
Create a script for asking for referrals from clients for whom you have closed the deals. You must also try to gain referrals from your wider social and professional circle. Each referral you gain is potential clients. You have a higher chance of converting these leads as you were referred to them by someone they know and trust.
9. Collaborate With Another Agent
A good way to gain success and deliver excellent service to each client of yours is by working with another agent. In this method, you will have to give them a share of your income but in return, your will be gaining a lot of understanding of the process. Especially if the other agent happens to have a strong grasp over the market that you are still learning about.
As a realtor, this is an excellent way to boost your sales-related skills and offer better services to your customers. Think of it as a training program where you have someone to mentor you in the art of selling.
10. Learn To Network And Develop Business Relationships
In our list of tips to become a successful real estate agent, the last one is to learn the skill of networking and building relationships with those who are in the same sector. You will gain more industry knowledge and enhance your education in an all-around manner.
You can expect to make friends as well as gain customers. Each person with whom you interact has the potential to be your client in the future. As a realtor, all of your hours must be used to widen your network.
To become a successful real estate agent certainly does not require rocket science. Yet, there are a few steps that a new agent or anyone considering this career should strive to achieve. Use our list as a guiding point as you get started in your real estate career. These tips will help you from the initial days of getting your real estate license and helps you all the way till you have earned your success in the real estate industry.