A brief overview
Think you’ve got what it takes to become a realtor? Getting a real estate license is just the first step towards building your career as a realtor. Building your business is the biggest part of being successful in the real estate game.
Tips for Success
A career in real estate sounds glamorous and exciting, however it’s nowhere near as easy as it might look. The first step is to get your real estate license, no matter which state you’re in this is essentially your passport into the world of being an agent. These days even real estate investors are getting licensed.
To get your real estate licence, you can enrol at any reputable real estate education institution for a pre-licensing course. Depending on the institution, you’ll need to take real estate licensing classes either in person or online before you sit for your exam. Once you’ve passed this, you’ll need to find a broker to help you complete your paperwork so that you can be issued your licence. This can take about 4 to 6 months, depending on which state you’re in.
However, getting a real estate licence is just the beginning of your journey, and succeeding in the field is another story altogether. Here are 10 tips to help you build a successful real estate career.
1. Choose a mentor
The real estate process isn’t just about selling properties, so when you’re starting out, finding an experienced mentor in the field can be invaluable in your journey towards success. A mentor can show you the ins and outs of what you’ll need to know about real estate and how transactions work on the ground.
It’s crucial to make sure that you can answer your clients’ questions so a mentor can help you get up to speed on topics like title insurance, liens, deeds, and other commonly asked questions from buyers and sellers. If you can’t find a mentor, there are brokers who offer training programs which can be a good place to start too.
2. Know your market
One of the most important indicators of your experience is your level of market knowledge. The more you know, the more experienced you come across and the learning never stops.
New real estate agents can learn by comparing properties available on the market and finding out what the current market conditions are and why. Seasoned agents can learn more about how home values are influenced by the economy and other factors in each area, so that they can forecast any changes to home values.
It’s a good idea to enhance your knowledge on the sales data for your neighborhood, but also the topics that buyers and sellers are most interested in. So, keep up with any industry and financial news that can impact house prices.
3. Teamwork makes the dream work
Although many agents are put off by the idea of having to share their commission, teaming up with other agents can be a life saver in the real estate space. Not only can you learn more from them because they may have more experience in a particular situation than you, but this can help you grow your business and get exposure to new clients and professionals in the industry. You can share your resources, knowledge and clients, which can lead to major growth for you, especially if you’re just starting out. Two agents are better than one, and it means that you’ll get double the marketing, which can lead to quicker sales.
4. Tech to the rescue
Never underestimate the power of technology when it comes to selling property. You can use technology to streamline many aspects of your role as an agent. For example, email marketing campaigns can work well to automate the process of sending clients new listings. Tech is your best friend when it comes to marketing, not only to send out listings but other types of content such as videos, which can add a personal touch to remind clients that you’re there and checking in on them or to help them learn about the next steps in the buying or selling process and so on.
5. Create an online presence
Building your presence on social media and having a website or any other online platform that makes you more searchable, is one of the most useful tools in your belt when it comes to marketing yourself. You are your own brand, so making sure that you cultivate an online presence and grow a bigger following will help you when it comes to finding a buyer for a listing.
Not only does this presence help you gain access to more potential buyers, it can also help you network and build your credibility as a successful realtor because you can showcase your success stories and your listings. Remember to stay professional on these platforms and keep them centred around real estate.
6. Build your network
As a realtor, your “sphere of influence” includes the likes of buyers, sellers and investors, but another integral part of your network should include vendors. They can be a great way to get new leads just by using word of mouth.
Attorneys, appraisers, contractors, inspectors and loan officers are just a few of the vendors that you’ll come into contact with on your journey, and they can be a great way to market yourself easily. Keep track of the vendors that you have dealt with on successful projects and keep in touch with them to build mutually beneficial relationships.
7. Host open houses
This may sound like an obvious piece of advice, but the trick is not to forget the value of hosting open houses and continuing to do so. You don’t have to spend money on open houses, and they can be invaluable with finding leads and getting to know the buyers and the real estate market in a particular area. Familiarizing yourself with a neighborhood and the people who live there is also a good way to network for potential future clients. Open houses can be used as a way to create a buzz around a home that’s for sale, by drawing people in and creating a talking point.
8. Tap into reporters
Reporters are often looking for new angles on their stories, so if you have the opportunity to provide information to a reporter for a story, this can be useful for you. You can tell them about the latest trends, what’s happening in the local market, or even give décor tips. This will help you gain publicity and get established as an expert in the industry which lends itself to more credibility in the eyes of buyers and sellers. Essentially, reporters can be a good way to elevate your brand.
9. Don’t turn down deals
When you’re starting out as a realtor, don’t turn down buyers or sellers just because you may not earn the biggest commission. Building these connections can go a long way towards establishing your network, particularly when you’re starting from scratch. While you may not earn a huge commission, they can refer other clients to you and be the beginning of your journey to establishing a name for yourself.
10. Always have a backup plan
Real estate can have some lull’s when the market is quieter or if there are financial events that impact the market such as an economic recession. So, having another source of income or a backup plan, is a smart move. Plan ahead for any challenges that might crop up in your career, and make sure that you’ve got a strategy for how you’ll deal with them. This includes the months where you may not make any commission, because the reality of real estate is that your income can be intermittent.
Think you’ve got what it takes to become a realtor? These tips are worthwhile remembering along your journey, they might just be the difference between being a good realtor and being a great one. Hone in on your business skills and remember to keep finding new ways to market yourself and keep changing with the times. Staying relevant and top of mind is key to your business as a realtor.