There are a lot of successful real estate agents out there. But there are also a lot who don’t make it. Surprisingly, the difference between success and failure lies in the actual steps that real estate salespeople put into place to set them for success.
Most real estate salespeople fail to achieve the business success they desire because they don’t have a plan for success. While there are, of course, no guarantees for success in any industry, there are methods for maximizing your chances at financial freedom.
If you follow the steps that I am about to share with you, it is more than possible to not only survive as a real estate agent but actually thrive and find incredible success.
Will you be a Solo Agent or Join a Team?
The first thing you need to decide when you are getting started in real estate is whether you want to be a solo agent or join an established real estate team.
This is the most common way to begin a successful career as a real estate agent. As a solo agent, you will be in charge of everything from generating leads to closing deals.
You’ll have no one else handling any of these tasks for you, which means that you’ll need to be able to manage them all yourself. Solo agents typically earn much less than those who join teams because they don’t have any other agents assisting them with their workloads.
What are the pros of being a Solo agent?
• You’re the boss. You decide what you want to do, when you want to do it, and how much money you want to make.
• You have the most freedom in terms of what works for you and what doesn’t. You can experiment with different marketing strategies or sales pitches until you find one that works for you.
• You have more control over your time. This means that if there are things you don’t like doing, but need to get done, then you can hire someone else to do them for you (which is usually expensive).
If you like the idea of being part of a team but don’t want to go solo right away, this is an excellent option for you. As a team member, you won’t be doing all of the work on your own — instead, the other agents on your team will help share responsibilities with you and assist with tasks such as answering phones and showing houses.
What are the pros of being a Team member?
• More leads and higher sales. The most successful agents have teams, and the best agents often have multiple teams.
• Access to training and support. Team leaders can provide you with training and coaching to help you succeed in your business.
• Having other agents to talk with about your challenges and successes, as well as having someone to answer questions when you don’t know the answer.
Establish a Marketing Strategy Early
A marketing plan can help you identify what kind of advertising is right for you as well as how much money should be spent on each type of ad.
If done correctly, it can also help you determine where most of your leads will come from so that you can focus on those areas instead of wasting time on avenues that do not produce results.
Real Estate Farming
Real estate farming is a technique used by realtors to grow their business. It is a marketing strategy that allows you to create a steady stream of leads, which can result in more sales. Real estate farming is the process of obtaining listings from sellers who are not actively looking for new representation.
It’s also known as cold canvassing or prospecting. A real estate farm is the area where you are marketing. If you’re a realtor in Chicago’s suburbs, then your farm is the suburbs of Chicago. If you’re a realtor in New York City, then your farm is all five boroughs of New York City (Brooklyn, Queens, Manhattan, Bronx, and Staten Island).
Real estate farming is essential for becoming an expert realtor because it enables you to build up your client base and generate repeat business.
Most realtors rely heavily on referrals from past clients, so it’s important for them to develop strong relationships with previous customers and turn them into regular clients. The following sections are ways to farm a real estate area:
Postcard marketing is a great way to get more leads and clients as a real estate agent. It’s also very cost-effective.
You can create postcards on your own using Canva or another design application, or you can have them printed at a local printing store. Postcards are an easy way to get your name out there and build connections with prospective clients, especially if they’re not looking for an agent right away.
Postcards can be sent out in bulk, so you can send hundreds of them out every month without breaking the bank. Postcard marketing works because it’s visual and memorable — people tend to hang onto them, even if they don’t end up using you as their agent.
If people are looking for homes in the future, they’ll think of your company when they need someone to help them buy or sell property.
Door-knocking is a great way to get to know your community and meet people. You can use door-knocking to find new clients, get referrals, and learn about the area you’re working in. Door-knocking is also a good way to keep in touch with clients after they’ve bought or sold a property.
It’s important for real estate agents to stay connected with their clients and the communities where they work because these connections will help them generate more business over time. The first thing you need to do is decide who you want to talk to.
If you’re not sure who your target audience is, think about some questions that can help guide your decision:
Who lives in this area? Are there new families moving in? What kind of income levels do people have here? What jobs are popular among residents here?
You might also ask yourself if there are any new developments happening nearby or if there’s a particular issue that’s affecting people living in this area — such as crime or noise pollution.
Hosting neighborhood events
This can be anything from a block party to a networking event at your home. If you live on a block where most of your neighbors are homeowners, this could be a great way to get everyone together. You can provide food and drinks for all who attend, you can have games for kids, and you can even have a few raffles for prizes.
One of the best ways to market your real estate business is through blogging. Blogging can help you improve your SEO, increase traffic and establish yourself as an expert in your field.
Here are a few steps you can take to start blogging:
Find a topic that interests you. Don’t just pick something because it’s popular or because it will generate a lot of traffic. If you have no interest in the subject, then chances are your readers won’t either.
Create an outline for your blog posts. You don’t have to write down everything beforehand, but having a general idea of what you want to cover will help keep you on track when writing your first few posts.
Write down some ideas for titles for each post ahead of time — or come up with a few titles and then see which ones resonate with you most strongly (or which ones get the most clicks). Write at least one draft before publishing anything publicly.
Even if nobody else sees this draft, it’s still important to go through at least one round of editing before hitting publish — otherwise, you could end up looking unprofessional in front of potential clients.
Google Search Ads
Google Search Ads are a type of online advertising that allows you to show your ads to people who are searching for certain products or services. You can reach potential customers when they’re ready to buy, which helps you save time and money.
You can target people who are looking at specific homes on Zillow, Trulia, Redfin, and other sites. You can also target people who have visited your website within the last 30 days or so. You can also set up an ad campaign for people who are searching for “real estate agents” and “buyer realtors.”
Focus on Improving Constantly
The best real estate agents are the ones who are constantly improving. The market is always changing, and the best agents are able to adapt and grow new home buying processes.
Read Books or Listen to Audiobooks
There are a number of books out there on real estate investing. Some are better than others, and some are written by people who have been successful at it. If you’re going to read one, make sure it’s from someone who has been successful at it. I would suggest reading:
• The Millionaire Real Estate Investor by Gary Keller and Dave Jenks
• The Book on Rental Property Investing by Brandon Turner and Michael Blank (aka Bigger Pockets).
• How to Sell Your House for Top Dollar in Any Market by Frank Gallinelli
Invest in Real Estate Coaching
Real estate coaching can be done in person or online. It’s important for agents to have a coach who will push them to do their best work and hold them accountable.
There are many coaches out there, some of which charge thousands of dollars per month. But you don’t need to spend that kind of money on coaching. There are many great real estate coaches who offer affordable options for busy agents.
In-Person Coaching: If you want one-on-one instruction from an experienced professional, then in-person coaching is your best option. A good coach will help you set goals, develop strategies, and keep you accountable so that you can reach your full potential as an agent.
Online Coaching: Online courses are another great way to learn new skills and improve your performance as an agent. This method gives you more flexibility since it doesn’t require much time or money on your part (although some online courses may require payment).
Network with Top-Producing Agents
If you want to be a top producer, you need to network with other top producers. It’s a numbers game, and the more agents you know who are in your area, the more likely it is that they will have clients who are looking for what you have to offer.
Don’t be afraid to learn from your competition. If you notice that a competitor is doing something better than you, ask them how they did it. Chances are, they’ll share their secrets with you if you’re willing to reciprocate and share yours in return.
While success as a Real Estate Agent will require perseverance and dedication to succeed, it is achievable. Find an area to specialize in, establish a plan of attack and stick to your goals. Once you’ve figured out what works best for you, success will be all the more attainable. If you’re struggling during the beginning stages of your career, don’t give up; just remember that success is out there, and you can achieve it.