According to the National Association of Realtors (NAR), there are over 2 million real estate agents!
Turning out to be a profitable real estate agent takes more than just a license and a concept of current regulations and laws. The following 7 tips may help you AVOID becoming successful in the real estate business!
- Before Everything, YOU are a Business: Real estate agents work for a broker, but are independent, commissioned sales individuals. This signifies that you are a small business and must establish your practice as such.
- Adopt a Planning Mindset: If you do not have a plan, then you are on someone else’s plan – typically the successful real estate agent’s.
- Study Your Market Plan: Since you as the real estate agent are accountable for your own expenditures, do your research targeted to your marketing plan within your strategic plan. Time given in developing your marketing plan is certainly well spent. NOTE: A business plan is usually data driven, while a strategic plan identifies who does what by when.
- Set up Sales Objectives: Using your strategic action strategy establish sales goals. If you are completely new to this industry, it may take 5 months before first sale.
- Form a Financial Budget: Budgeting is important, given the up and down of this impulsive market place. Your financial budget should plan for your marketing expenses, any excess costs such as education, as well as your projected revenue.
- Make Managing Your Own-self a Top Priority: Developing a business is not simple. You need to gain knowledge of how to manage yourself specifically in the area of time management, continuing real estate business training/coaching, continuing education, and personal life stability. Real estate is reported to be a 24/7 business much like any small business. Having said that, it is important not to lose view of your personal life including friends, family, physical health, etc.
- Search for a Mentor or a Real Estate Coach: It’s not that easy. Take time to find a mentor who can help you get through some of the recognized obstacles and help you throughout the ups and downs. If you have the means, you may decide to hire a real estate coach who specializes in small business management and sales.
Being an amazing sales person and getting into the real estate market does not warranty similar sales success. Yet, these 7 guidelines may help you prevent many of the errors most real estate agents face during their first few years.