It is a common misconception among many budding real estate agents, that they will surely walk down the path to becoming a successful agent once they get their license after going through the rigorous test. But that is hardly the case. In order to become a prosperous agent, one needs far more practical knowledge and quick-wit than that learned through tests. So here are a few pointers on how to be a successful real estate agent.
Work before getting to work
After getting the license, get down to writing up a list of things you need to take care of. This will include how you will start of, which in most cases will be a slow start. Plan out a contingency and list it down. It is a good idea to keep a backup income source in such a case. Getting a mentor and learning more about the trade should also fall in the list. Shadowing a mentor will enable you to learn more about the trade you are getting into.
Networking and growing
Finding new clients is as important as it is challenging for many and networking is the way to do it. This is still tougher if you are not well adjusted with doing so on the internet. It is now, more than ever, easier to communicate and reach a great number of people via social media sites like Facebook, LinkedIn, Google+ etc. Reach out to people and announce the start of your new business. Send them mails periodically in order to be at the top of their mind when they look for agents to contact. Keep in touch with your contacts, by sending them birthday wishes or greetings on anniversaries so they don’t forget about you when they need an agent.
Building the sphere of influence
Before we start off, it is important to know that you already have a sphere of influence that includes your family, friends, ex-colleagues etc. You have an influence on them simply because you are acquainted to them. Your contacts must include the buyers, sellers and brokers that will provide you with prospects. It is a good idea to use a contact management system, and there are many software available online. Each time you come across a new contact, you can simply input the contact information and the system will assort it accordingly. From there you can automatically set up online or mail communication to stay in regular touch with them.
Knowing what it’s worth
A good real estate agent knows what his house is worth. Before you put it up for sale, It is important that you figure out what your client’s home is worth which you can do by using various websites to calculate your home’s value. This is good for both you and your client. Selling a house for a higher value not only means more revenue for your business but more importantly, a happy client with a good feedback to your business. And you must keep in mind, in the real estate business, your client’s reviews matter!
Financial planning is something every business owner should know. As indispensable it is to spend money when starting a business, it is equally important to know how you are spending it. Planning your budget periodically may seem like too much work when you are just starting out. But knowing how much you are spending each month on basic needs like rent, food, transport etc. and any other expenses that you might come across will give you a better understanding of your cash flow. This is a necessary knowledge to have when your business slumps and you need to cut back on certain things, which will be impossible if you don’t know how you allocate your expenses.
Choosing a broker
The income split is not the first thing you should worry about when choosing a broker when you’ve only started off. Your broker can provide you with many important information that you will need in your initial stages of work. So consider all aspects of a certain broker before making or breaking a deal. Ask your broker how to gain leads or prospects and use the income funnel approach. It is better to choose a broker who is well-connected and has significant experience in the field.
It takes more than just skills and knowing all about how real estate operations work, it takes initiative and a structured planning to become a successful real estate agent.