6 Habits of Highly Successful Real Estate Agents
By Paige Tepping
RISMEDIA, June 3, 2010--All successful real estate agents/brokers share many common attributes and this is what makes them successful. While the industry continues to test the patience of real estate professionals across the country, it is important to remember that successful agents are those who focus on the things that need to be done in order to get business. While this may be easier said than done at times, in order to find success in today's market, agents must do the things they don't like to do such as, cold call, seek out people whose house has recently expired in the MLS, talk to FSBOs and convert them to listings. Raymond Modglin, the face behind RealEstateMonkey.com offers the following habits that all successful real estate agents share.
Habit #1: Invest Money in Advertising. You must get your name in front of the public. "Top-of-mind" mentality is what it takes to get people to call you before they call your competitor. The average agent spends 10% of every commission dollar toward gaining new business. On every deal you close, you should place 10% into a marketing account and never touch that money for anything other marketing yourself.
Habit #2: Use Multiple Sources for Advertising. Know where to spend your advertising money. Print, Web, radio etc. are just a few ways to make you known in your local market. It may take some time to determine the best method of advertising for you, your clients and your properties, but spending the time to figure out where you get the most reaction from your advertising will pay off in the long run.
Habit #3: Track Your Results. "Know from where your leads come" is the mantra you should be chanting when you spend your marketing dollar. Knowing where each dollar went and what it produced is more important, if not more than the marketing itself. Spending money that brings zero leads is worse than spending no money to get the same zero leads.
Habit #4: Set Clear Sales, Listing and Production Goals. Becoming a success at any area of your life is only determined by you as person and no one else; however, for you to recognize that success you must compare to a preconceived notion of success, i.e. goals. Annual income, total number of properties sold, dollar value to total properties sold, respect by your peers etc. are all commons ways to measure success in the Realtor world. To make this comparison, you must know what your end points are. Setting goals is the biggest predictor of success in any field, as determined by most of the successful people you come in contact with.
Habit #5: Keep Up with New Technology. Twitter, Facebook, MySpace, blogging, etc are words that didn't even exist five years ago. As more communication channels emerge, there are more avenues to market your properties and yourself than ever. New technology that enables you to give your clients more information, much quicker and with better consistency is being created everyday. Be sure to keep up with the current technology so that you are staying in touch with your clients through the mediums where they spend the most time.
Habit #6: Stand Out from the Crowd. When consumers are asked to asked name a real estate company, over 75% could name at least 3 major companies in there area. However, most consumers work with a particular Realtor for some specific reason such as a good knowledge of the area, being recognized in the market or being a leader in a specific niche market. You need to become the go to person in your marketplace so do what you need to do to make yourself the celebrity in your field for some reason: knowledge, expertise, dedication, etc.