While becoming a real estate agent can be a very fulfilling professional career for many, the rigors of building a book of business can drive some to the brink. Many are attracted to the industry by the upsides: a potential for unlimited income, flexible schedules, and the opportunity to meet new people.
Truth be told, building a successful real estate business is hard—it takes a lot of time and tenacity to get up and running. Research has shown that nearly 80% of new real estate agents leave the industry within their first year. But don’t despair! We took a look at the common behaviors among successful new agents to give you 12 solid tips for winning in real estate.
- Know Your Expenses Before Becoming an Agent
- Make sure to calculate your expenses. Don’t forget that becoming an agent is similar to opening up a business. Ensure that all of your expenses, such as rent, food, clothing, and other bills, are paid before you can invest in the right tools to help you succeed in this industry.
- Take Brand & Marketing Seriously
- As an Agent, you are a business and what better way to get your business out there than marketing?
- Invest early in a Good CRM
- Adopting and mastering new technology into your workflow can put you ahead of other agents. Having a great CRM can be like having another team member on your side.
- Answer Your Phone!
- There is nothing worse than missing a phone call from a potential lead.
- Leave No Lead Behind
- Moving is a big decision, and for that reason, it can take months to years to finally buy or sell a home. As a new real estate agent, you have to be ready to work those leads for the long run to close deals. Learn to nurture and build those relationships to become successful.
- Build Relationships, Not Just Leads
- Every successful agent should work on developing interpersonal skills to help them build relationships.
- Listen to Your Clients Needs
- Too many real estate agents are thinking about the financial gains instead of listening to the client’s needs and wants. The ability to listen, learn and teach your clients will increase your chances of closing a deal or even receiving future referrals.
- Nurture Your Sphere of Influence
- Your SOI is the ability to have some influence over those in your close circle. SOI’s can be extraordinarily valuable and a huge asset in becoming successful in this industry.
- Always Stay Up-to-Date on the Industry and Continue Learning.
- The real estate industry is constantly changing, and not every method you try is going to work. The best way to stay up to date and grow is to continue learning, whether by joining webinars, taking classes, or getting a mentor.
- Get A Mentor
- You have questions, and mentors have answers. Connecting with mentors can be helpful in not only helping you as a new agent learn about the industry and hear about other methods and processes that can better the way you grow as an agent.
- When in Doubt, partner with Another Agent
- There are pros and cons of partnering up with another real estate agent, so when deciding to take this step, take the time to consider them thoroughly. Some of the pros when working with another agent are the ability to divide and conquer, give you more credibility, and the ability to share your knowledge and experience.
- Don’t Be Afraid of Failure.
- Agents that tend to be successful in the real estate business are the most determined and ambitious. Do not get it wrong, though; they’ve learned to fail and still keep going. Not everyone can make millions in the real estate business, but if you are ambitious enough, willing to learn from your failures, and pick yourself back up, you never know.
Main Take Away
Real estate agents must stay knowledgeable, determined, and ambitious in this job, no matter what stage they are in within the industry. Get off the computer and go out there and apply all the knowledge. You’ll never know if these tips and tricks work without just doing it.