Not all real estate agents are created equal. Some simply excel at what they do many times over the rest because they have mastered a few tricks along the way. Did you know that only 2% of Realtors® earn $250,000.00 per year, while the average Realtor® brings in $43,500 per year? So, what separates the six-figure agents from the 5-figure ones? I hope these 10 tips will help to answer some of these questions. Tips:
- Your real estate license is a hunting mechanism. Some real estate agents believe that once they have passed their state issued real estate exam and obtained a license, the floodgates to wealth has just opened up. No marketing strategy, business plan, budget, NOTHING! Of course, it is highly unlikely you will achieve six-figure success if you do not hunt for clients. With the real estate license, you are now eligible to go out and hunt for clients to generate income. Put it to use.
- Learn how to sell. If you cannot sell, how do you expect to make a sale? We sometimes believe that we are naturally good – at times GREAT – at selling; therefore, it’s unnecessary to attend in sales seminars or take courses that teach us how to effectively sell. Bad, bad, bad! There is an abundance of seminars, books, lectures, videos, online courses, etc. on how to sell. Our seasoned real estate agent encourages you to attend these events on a monthly basis until you are proficient in selling. Of course, practice makes perfect.
- Learn about the industry. “Knowledge is power. You can’t begin a career, for that matter even a relationship, unless you know everything there is to know about it.” – Randeep Hooda. This is perhaps one of the most important tips of them all. If you believe that the learning is complete once you have passed the exam and become licensed – you are not ready to join the six-figure group. In fact, the learning has just begun once you’ve passed the final exam and are licensed. You have to now learn everything there is to know about your industry – from market trends, types of homes in your area, construction materials, difference between new homes vs. older homes, areas of focus, target audience, technology trends, etc. Six-figure earners know what industry they are in and make time to learn everything about the industry.
- Connect with people. Unfortunately, if you are a licensed real estate agent and do not care much about building long lasting relationships with people, this may not be for you. Connecting with people equates to doing more listening than talking, remembering names, birthdays anniversaries; providing content of value to your prospects, entertaining folks, sharing personal experiences, etc.
- Be willing to learn new things. According to the National Realtor Associations of Realtor, the average age of a Realtor® is 57 years old and only 6% (126,000) of Realtors® are under the age of 34. Technology – for example – is changing the entire real estate landscape very rapidly. If you do not adopt quickly, it’s highly likely you will perish. Be innovative and creative, learn new and efficient ways of advertising (see 8 Online Advertising Tips for Real Estate Agents), take courses in other subjects, keep up with market trends, etc. Six-figure earners never stop learning new things.
- Preview all the properties in your area. There is nothing new here but unfortunately, very few execute this simple strategy. Set a time everyday to preview every property in the area you intend to specialize in so that you can adequately communicate every element of the area and home specs to your prospective buyer and/or seller. Imagine saying to your seller “I have seen every home on the market in this area…” That is a powerful statement that would impress most sellers, provided you have accumulated details on each and can articulate such details to the seller. Most importantly, it shows that you’ve done your homework.
- Be prompt and responsive. It does not get any simpler than this. You have to be on time at every showing, meeting, closing, etc. If you should not be able to make an appointment, let your parties know in advance that you will not be able to make it. In the real estate industry, it is very easy to diminish your brand (you) if you are unresponsive and/or frequently late. Not to mention when there is an inquiry about a listing that you own, respond to the inquiry within a reasonable time frame – in a few minutes if possible.
- Make it a career. “There is no short cut to achievement. Life requires thorough preparation – veneer isn’t worth anything.” George Washington Carver. The term “Side Gig” reins supreme in the real estate industry where some real estate agents obtain their license in order to ‘generate’ $100,000 on the side while working full time at another gig. Of course, it is possible to do that; however, if you are unwilling to fully embrace this as a career and pursue it full time, it will be extremely difficult to generate six-figure.
- Become a sales person. As a real estate agent, you have to sell your services to generate income. If you can not sell, you are highly likely to have a short real estate career. You have to know exactly what you are selling, who you are selling to, their expectations, etc. If you do not know much about how to sell, take a course or read books on this topic.
- Avoid malicious business practices. Although every state provides guidelines for conducting fair business practices within the industry, some real estate agents may choose not to play by those rules. We would strongly urge you as a licensed real estate agent to conduct business in a civil and respectable manner. Be honest and do not try to cheat others. Share relevant information with your prospects, tell buyers what you believe is true about a particular home, do the right thing, and have fun in the process.
Bonus: SMILE A LOT. What’s better than greeting your prospective client(s) with a genuine smile? I will let you answer that one… 🙂
AgentRave.com was created to help home buyers and sellers select the right real estate agent in their area. On AgentRave, all real estate agents get a profile with detailed information about the real estate agent; including contact information, zip codes of focus, license number, neighborhoods of focus, property specialization, hobbies, etc.