Are you a realtor just starting out? If so, then you may be looking for some tips and tricks to help make your job a little bit easier. Survival is key when it comes to this industry, and luckily, there are plenty of ways to make it through the tough times. Keep reading for some of our top tips for beginner realtors!
Budget For The First Year
The Real Estate career comes with many upfront costs. When you become a real estate agent, the journey from getting your license to making money can take longer than expected. Remember that you have to cover costs such as brokerage fees and marketing materials upfront as well as monthly expenses on top of that. Make sure not only budget enough but also include these costs in order to make an accurate prediction about when it will be worthwhile.
Find Your Niche
An “approach to all” strategy doesn’t really work when it comes to real estate. You’ll find that you’re competing with many other agents who all want the same thing. The best way to succeed in real estate is by understanding who you are most comfortable talking with, what kind of clients you can resonate with and build rapport. The next step would be to strategize how to target those clients. Start building your path from that point on!
Set SMART Goals
Start planning your real estate journey with SMART goals. S.M.A.R.T. is an acronym for Specific, Measurable, Attainable, Relevant, and Time-bound. A SMART goal sets the details of what you’re looking to achieve in a realistic way that ties to your bigger picture. SMART goals should be short-lived so it’s important to set time constraints to them. These little goals should relate to your final objective in real estate. The key is to start small. For example, setting a goal to reach out to at least 10 prospects by the end of the week is a small SMART goal. The more goals you achieve the more motivated you will become to set and achieve more challenging tasks. As you grow your experience, increase the time constraints and specifics of your goal to be more realistic and challenging. An example of this would be to sell 3 houses in the next 6 months.
Get Into A Routine
By now, you know that real estate is not your regular 9-5 job. Your schedule revolves around your client and during busy times, you could be working more than 10 hours a day. Even on a busy day, work-life balance is important. It’s important to set a routine that works for you so that you have some time to focus on and take care of yourself.
Plan your day from the time you’ll be up to the time you go to bed. Set a routine for going into work, meeting with clients, attending networking events, eating and hydrating, and taking some time to yourself.
Prospect Everywhere Everyday
You can never know who your next client will be or where they will come from. Introduce yourself to people everywhere you go and if they’re open to it, leave them a business card. Wondering where to meet new people? You could go door-knocking, make cold calls, go to community events, networking events, connect on social media, or even meet people when you’re grocery shopping. You could never have too many leads. If you find yourself with some time to spare, start prospecting.
Know The Local Area
Your clients are not only looking into the listing but the surrounding area as well. This is where you get to build trust with your clients and showcase your expertise. Study the local area and know what schools, hospitals, parks, grocery stores, and other amenities are available. Also explore local festivals and traditions your clients might be interested in. From knowing the neighbourhood inside out, you’ll be able to highlight local resources for your clients. These might vary depending on their needs and interests but it’s important that they know about all available options!
It’s also important to understand the local market. Keep updated information on listings sold, the market value, sale price, the time taken for listings to sell, and any other market trends your clients might be interested in.
Understand The Importance Of Marketing
Marketing your real estate agency is important so you can stand out in this competitive industry. Putting up a “For Sale” sign alone will not do the trick, but pairing it with other online and offline marketing efforts like creating an attractive website or having great customer service could make prospects see you more often than they would if there was no campaign against them. Your personality is what differentiates you from other agents. The most important thing in real estate is showing off your personality, so take this opportunity to create a marketing plan that best reflects who you are.
Practice Your Sales Skills
Practice how you will interact with your prospects and clients. A few resources you could explore are realtor podcasts or blogs. Learn how to negotiate sales, deal with difficult transactions, market to your niche, and build client relationships.
Work With A Supportive Company
You should always be able to count on your brokerage for resources and support. Ensure that the brokerage you work with gives you updated marketing information and reliable support to help with any problems or inquiries along the way. This way, you’ll be fully equipped to work in the real estate industry.
If you have a bad day and feel like giving up, focus on the small wins. Good things take time, hard work, and constant learning.