What is the Secret to Success in Real Estate?

By
Real Estate Broker/Owner with Sellstate Advantage Realty

The million dollar question asked by new Realtors!  Is there a magic formula?  What can I do to guarantee success?  While I don't feel there is any magic formula, there are certain elements necessary that will give you a higher probability of success. 
      Training and education are essential to your success!  We live in a fast paced world that changes daily. We are experiencing a very challeging market and now even seasoned agents are looking for a magic formula!  Remain well informed and stay on top of the latest changes and trends taking place in our marketplace.
      Secondly, many agents spend time trying to reinvent the wheel.  Find someone in your marketplace who is successful and emulate them.  Surround yourself with successful people and duplicate their efforts.  Hiring a mentor or coach could be the best investment you make in your career. 
       Prepare a comprehensive business plan in writing to keep yourself on track.  If you were going to take a trip to a strange city, many miles away, would you begin driving without a map?  Of course not!  If you don't know where you are going, how will you know when you get there?  This business plan should include not only what you want to earn, but also what you will invest in time, effort and money to achieve your desired goals. 
       A data base management program is essential to your success. Check out the link below to a free data base management system! It will enable you to launch follow up plans that will keep you in touch with your clients for years to come and will also generate referrals.
       All agents can generate business immediately through their sphere of influence.  Send a letter informing everyone you know that you are a Realtor.  Include business cards with each letter.  Don't wait for them to call you - you call them!  Don't keep your business a secret!  Tell everyone you come into contact with that you are a Realtor and ask for referrals. 
       There are agents who work 40 hours a week and close 5 transactions a month and other agents who work the same 40 hours and close 0 transaction a month!  What is the difference?  The more productive agents spend their time on money making activities. They have systems in place and spend their business hours working on the next deal.  The other agent spends all their time trying to hold their one deal together and has no time to work on new business!  If you want to be successful every minute spent not prospecting is wasted time!
        I mentioned that you should spend your time on money making activities!  Why not stop by the "For Sale By Owner" on the way home tonight, introduce yourself and offer to help them?  You may not get the listing on the first visit, but by adding this client to your database and implementing the proper follow up plan, these "For Sale By Owners" will become part of your listing inventory!  Other money making activities include calling expired listings, scheduling open houses, floor time, cold calling,etc.
        Attitude is a key to success in Real Estate.  Enjoy what you do everyday.  It is your chosen profession and be thankful for it.  Be professional and demand to be treated that way.  Unfortunately I feel the public looks at us as unprofessional and they sometimes do not respect our time.  Call your doctor and ask him to meet you at McDonalds to look at a rash on your arm.  His answer, "No, make an appointment and come to my office!"  Call your attorney and ask him to meet you at the shopping center so you can redo your will. His answer, "No, make an appointment and meet me at my office."  Yet the public thinks it is acceptable to call and ask to meet us in the mall parking lot so we can show them a house!  Most agents will drop everything and run to show a house without knowing if they are a qualified buyer or worse yet, a mass murderer!  That is why people don't respect our time.  We need to change that and demand to be treated as Professionals.
       There is no magic formula, it is had work!  One thing about being a Realtor is that you are responsible for your success.  The success or failure that you experience will be a direct result of the effort you put in.  Only you can make it happen!  Everyone knows what they want out of life; however, most people aren't willing to pay the price!  Are you?

Mike Kelly Broker/Owner Sellstate Advantage Realty Cape Coral, Fl 239-549-9200

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Rainmaker
571,868
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
Morning Mike,  Lots of good advice in your post.  Focusing on the things which generate money is key.
May 05, 2008 02:17 AM #1
Rainmaker
1,402,703
Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen
Good post, but difficult to read without paragraph breaks. It would also healp if you bolded some of your major pointe.
May 05, 2008 02:18 AM #2
Rainer
40,388
Mike Kelly
Sellstate Advantage Realty - Cape Coral, FL
Thanks Vickie! I was having trouble with the paragraphs but I got it figured out! Have a great day!
May 05, 2008 02:23 AM #3
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Rainer
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Mike Kelly

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