A real estate career can be rewarding, exciting, and lucrative. However, it’s also the survival of the fittest.
“Everyone knows a realtor,” said Jennifer Mandulay Poelking, Realtor with Blair Properties in Grover Beach, California. “Standing out from the crowd requires great communication, constant updates, and tough negotiations.”
That’s just one thing you need to do to build a successful real estate career. Here are some of the other top tips from industry experts.
Have an Action Plan
Building a sustainable real estate career doesn’t happen by accident. It’s important that you develop an action plan for building your business. Commit to it in writing and use it as a roadmap to guide your actions.
“Share that written plan with someone you trust, suggests Steven David, CRB, GRI Realtor, and CEO of Florida Professional Family of Companies. “They won’t let you get away with excuses.”
Your plan also needs to account for market changes and unforeseen realities.
“You can work 30 to 60 days on an escrow and it can fall through at no fault of your own,” said Mandulay Poelking. “Some things are out of your control.” Still, you need to budget appropriately to work through dry spells. This includes planning for estimated taxes based on earnings.
Commit to Prospecting
You need to develop an I’m also prospecting mentality. Strategies include:
Wearing your business name tag everywhere.
Asking everyone you meet if they have a desire to buy or sell real estate.
Talking to people, knocking on doors, and marketing yourself.
“Every day, you must make the commitment to prospecting,” David said. “The first thing every day is to find a good customer.”
Volunteer to Do Open Houses
Like many new agents, Mandulay Poelking said she didn’t have a lot of listings, so she would volunteer to work open houses for other agents.
“It’s like being a spider in a web,” she said. “Leads come to you and you can capture them. Often, the home you are in isn’t the perfect fit, but you can show them what else is available and move them to another home.”
Even if you’re not the listing agent, you can become the buyer’s agent.
Become the Go-To Expert in Your Target Market
Your customers are relying on you to be the expert in your market.
“Know the price trends, days on the market, list price to sales price ratios, fall out ratios, etc.,” said David.
One strategy he recommends to get noticed is to share relevant information with media sources that cover real estate so they know of your expertise. This can provide exposure for you as a source of accurate and timely information.
Do Whatever It Takes to Serve Your Clients
“A wise, experienced Realtor once told me if your clients ask for an update, then you have failed,” said Mandulay Poelking. “You have to be ahead of the timelines and anticipate every move.”
For nearly every client, buying or selling a house is one of the most stressful and largest financial decisions they will make. They are depending on you for solid advice and timely communication.
Besides communication, you have to work hard to make transactions smooth and as stress-free as possible. “This might involve landscaping, cleaning, and working with a team of escrow officers, handymen, and inspectors,” she said. “A successful transaction requires incredible teamwork.”
Your First Year in Real Estate
The National Association of Realtors also offers this advice for your first year in real estate:
First Three Months
Create your marketing plan
Commit to daily goals
Acquire clients
First Six Months
Develop your online presence
Hone your listening skills
Start to build your nest egg
First Nine Months
Find your niche
Get involved in your community
Keep learning
Start Your Career as a Real Estate Agent
Jump-start your career as a real estate agent by enrolling in Aceable’s real estate pre-licensing courses online. You can work at your own pace from the comfort of your home, learn the skills you need, and complete the coursework to prepare for your licensing exam. Approved by state governments and licensing boards, these classes can help you start an exciting and rewarding career as a real estate agent.