Realtors are a special breed of people. They work long hours, get paid on commission, and often need to be outgoing and personable…whether they “feel like it” or not.
However, don’t let these realities scare you away from joining the real estate industry. There’s unlimited opportunity in the real estate market for those who want a challenging career with excellent salary potential. Listed below are six tips as to how to become successful as a realtor. Following these proven steps will help you better navigate the often tricky world of selling homes.
1. Build a robust network.
Networking is one of the essential strategies for success. It might even be the essential strategy. Ask any realtor for tips to becoming successful and this is almost certainly the first thing they will say.
You will meet many people throughout your career and it’s crucial to connect with these contacts on an ongoing basis. You will want to stay top of mind with them when they’re ready to buy or sell real estate. Make sure that all of your interactions, both online and in-person, are positive and professional. Getting to know other professionals in the industry should outweigh your competitive spirit. Knowing the movers and shakers in your local market is essential for your success as a realtor.
If you’re looking at homes, it would be beneficial to have an agent show you around. Buy them a quality cup of coffee and plan to spend as much time as they will happily allow. Ask them to tell you about their experiences with different properties. Find out about planned construction affecting property values. Thank them for their time.
2. Plan to get your license as soon as possible.
The first practical step to becoming a realtor is finding out what your state requires to obtain a license. The requirements will vary depending on where you live, but one obvious requirement everywhere is that you must be able to execute legal contracts. For that, you must be 18 or older. You’ll also need to show proof of liability insurance. The agency you’re working with can usually provide this information.
From there, all you really need to do is fill out the paperwork and submit it to your state’s real estate board. If you’re not sure who is in charge of licensing in your local market, conduct an online search or (better yet) ask a realtor friend as another network-building tool. Knowing others who work in real estate is exceedingly beneficial for finding out what exactly needs to be done to take care of all the necessary documentation.
3. Establish your online presence.
No list of tips on being successful as a realtor would be complete without driving home the importance of your online footprint. It’s absolutely critical to establish your online presence as a realtor. Whether through social media, like Facebook and Instagram, or blogging on the side with LinkedIn posts, these channels will help you build an audience. Many of these folks might want to buy a home in the near future.
Don’t forget that email marketing is another way to establish an online presence for yourself as a realtor. Set up various lists of people interested in buying homes. Send them regular emails with information about the housing market, open houses, or any other relevant topics. Don’t overdo it, though. Seek to strike a balance between “top of mind” and “annoying.”
4. Niche down.
What do you want to specialize in as a realtor? Are you looking for luxury homes, commercial properties, or first-time homebuyers? These are all areas of real estate that have their niche and make it easier for agents to market themselves to the right people.
Don’t forget that niche marketing will help you stand out from other agents who might be competing with you for the same properties. If there are two similar homes on the market at once, but one is listed as luxury real estate and the other is cheaper, you can be the deciding factor for who ends up buying which property.
5. Build your sales and consulting skills.
Real estate is not just about selling homes. It’s also about consulting with various people to help them buy, sell, or invest in properties. Honing your expertise will give you experience and confidence when talking to future clients. It will help them to know precisely what kind of knowledge you offer as a realtor.
6. Have a financial plan.
Having a financial plan for your business is paramount as it demonstrates to potential clients that you know precisely what they’re getting into when hiring you as their agent. It also ensures that you’ll be able to make the proper commissions when selling homes and won’t have any unexpected fees pop up when signing on the dotted line.
Most importantly, your financial plan means keeping track of all the fees that come with buying and selling homes. You never want to be caught off guard by closing costs or any other hidden fees that come with working as a real estate professional. Learn how much everything will cost beforehand as a service to your clients…and yourself.