Contrary to popular belief, becoming a great real estate agent takes more than friendly charm and quick wit to yourself. Young people are lured into the profession by claims of easy commissions and flexible working hours. However, breaking into the real estate world and becoming a successful agent requires skill, hard work and dedication. Research tells us that many new real estate agents never make it through their first two years!
“How long after getting my real estate license will I become successful?” is a common question posed by freshers pondering over a career in the industry. Unlike STEM fields and other traditional career paths, establishing yourself as a real estate is not a guarantee! Oftentimes, whether an agent becomes successful or not depends on their individual capabilities and the market in which they operate.
If you want to become a great real estate agent, then there are some skills that you will need to learn, acquire a thorough knowledge of the market in which you operate and fine-tune some of your business practices.
Acquire Thorough Knowledge of The Market
The easiest way for somebody to determine if you are a professional in your field is by the amount of knowledge and experience you have.
As somebody who is just starting in the profession, you will have to spend considerable time researching and learning about home value and real estate market conditions. To make the process simpler, freshers can pay attention to what their clients are most interested in, such as prices for standard properties in comparable neighbourhoods.
Experienced agents will need to broaden their knowledge of properties from their local markets to surrounding cities and postal codes. The agents will also need to predict better how external factors such as the economy and industry can influence home values.
Successful real estate agents will go beyond the MLS and read industry-related news about local and national markets.
Bank On The Resources Of Your Brokerage Firm
If you partner with a well-established real estate firm that has a good reputation in the community as a representative, you may outweigh the competition.
In the real estate world, reputation is key and most well-known brokerage firms spend a considerable amount of money on marketing their services. Half the effort that goes into closing a real estate deal is tied in some way or another to the brokerage firm’s brand.
Even if your potential clients may not have heard of you personally, they will recognize the firm. You can also leverage the resources of the firm in acquiring the necessary skills needed to advance yourself.
Work Under The Guidance Of a Mentor
Real estate agents who are just starting in the industry are usually placed in team environments. This is a great way to learn and access more clients. On the other hand, working closely with a mentor will offer you better opportunities for hands-on training.
You may shadow a mentor and gain valuable experience in the way they conduct their business. Oftentimes, the best way to improve is by observing professionals who have been in the industry for at least a decade. Since mentors generally have clients under contract, you can tag along for home inspections and learn the process.
Systems and practices are put in place to ensure the efficiency of operations. While reading from books can help you grasp the basics, a mentor can expose you to real-world applications.
Collaborate With Other Real Estate Agents
You may be aware of the cut-throat nature of the profession, especially when it comes to earning commissions. However, teaming up with other real estate agents can be to your advantage. While you may initially have to split commissions on any sales, you may end up doing more business for the firm and earn many more commissions. Moreover, you can gain valuable insight from the team, knowledge, and access to clients from other regions. The idea is to become familiar with different situations and gain valuable experience in dealing with unique challenges.
Leverage Technology for Efficient Business Practices
As you scale operations by bringing in more clients and by expanding your business, you will be tasked with catering to existing and new clientele’s needs. An experienced real estate agent will leverage technology to streamline business practices.
For example, you can automate several processes that do not require human intervention. You can set up an email marketing campaign with an automated drip to send out emails for potential clients.
Several email providers, such as MailChimp, can help you automate the process. By sending regular emails to potential and existing clients, you can have your name and that of your firm stay top of mind.
Work on Your Social Media Branding Strategy
Real estate agents who fail to evolve or adapt to changing times will fall behind their competition and lose out. Those who are easy to dismiss the benefits of promoting their brand on Facebook, Instagram can miss out on a large section of the demographics.
If you have the time, reading a bit about social media marketing can do wonders for your business. The medium’s objective is to engage your audience by sharing relevant posts around the real estate world. You can also follow other popular accounts to understand how real estate content is created and shared.
Author’s Bio
Karthik Talwar is a content writer for BreezeMaxWeb that helps businesses showcase their brand through enticing copy. When he is not working, he enjoys exploring new places and trying new foods.
