As an outsider looking in, success in real estate looks easy. You show a few houses, write an offer and go to settlement. What's so difficult about that? If if were that easy you would see a lot more people going into real estate and STAYING in real estate. Success in real estate is not as easy as it looks. Successful real estate agents are successful because they have a plan and work their plan. They don't sit back and wait for business to come to them, they create business opportunities. Here are 7 reasons why some agents experience success and others get out of the business.
Find a Way to Get it Done
Real estate agents juggle a lot of activities on a daily basis. Not only are they working on transactions, but they are always trying to get new clients. Between meeting with clients and working on their transactions, they are not only juggling people, but juggling the various personalities involved with the transaction. Plus, with so many cooks in the kitchen, there are numerous things that can go wrong. It is rare to have a completely smooth transaction. The difference between an average agent and a successful agent is that the latter doesn't point a finger or place blame. They find a way to get the transaction back on track and get the job done. They help their clients, and often times the other agent assess the situation and offer possible solutions on how to move forward.
Ask for Help
Successful real estate agents understand that they don't have all of the answers. Their ego isn't such that they won't ask for help. Of course there are some things that you need to take the time to figure out for yourself, but there are some things you just don't know. Save yourself time and stress by asking your broker or another experienced agent. The beauty of being a real estate agent is that it never gets boring. Every transaction is different and an opportunity to learn something new. Successful agents understand the importance of education and make a point to attend additional training outside of the required continuing education courses. They also value the knowledge of their peers and will ask for help when they don't know the answer.
The money is in the follow up. If there is one thing that most real estate agents don't do, it would be follow up. Or, they stop communicating with a prospect because the prospect hasn't responded. That's a huge mistake. One of the foundations of prospecting is follow up. It takes time to build a relationship. You can't be one and done. Do your job and reach out to people. It's important to remember that they don't think about real estate all day like you do. They have other obligations. Remind them that you are still there and waiting for them by following up periodically. Follow up consistently with prospects until they become your client or until they tell you to stop.
Never Too Busy
You will never meet a successful real estate agent who is too busy for business. Successful agents have systems in place for every task they do. This allows them to manage their time more effectively. Whether working as a team or a solo act, they often use time blocking to maintain a tight work schedule.
Successful real estate agents aren't afraid to say no. They won't work with every person that crosses their path. When a buyer hasn't been pre-approved, they say no to taking them out to look at property. If an activity doesn't align with their business goals and objectives, they say no. Sellers should be hiring them for their knowledge, if a seller isn't willing to take their expert advice, they won't take the listing. They understand that all money isn't good money. Saying no allows them to stay focused on the mission and goals.
Marketing Outside the Box
So often real estate agents spend money on marketing and advertising that doesn't align with their business and doesn't produce results. Successful agents are constantly evaluating how they are getting business. They review what is working and what needs to be revised or scraped altogether. They are often the first to try a different method of reaching their target audience. Although everything they try doesn't work, they aren't afraid to step outside the box, try a new approach and try again. Successful agents keep a close eye on their Return on Investment (ROI) because they treat their business like the business it is.
Between market conditions, the financial industry, marketing strategies and legal issues, the real estate market is constantly changing. Real estate agents cannot afford to rest on the fact that they have been in the business for "x" number of years. Relying on your years in the business is meaningless if you are no longer being a resource for your clients. Buyers and sellers expect their agent to be knowledgeable on all things real estate, technology, standards of practice, market trends and so much more. If you don't stay current, you will limit your pool of clients, become obsolete and go out of business.
Have Systems in Place
Selling real estate is not difficult. What is difficult is being consistent in your activities. When you get busy it's difficult to think about your marketing activities and prospecting. This is why it is imperative for you to have a business and marketing plan and systems in your business so you don't have to think about what to do next. Running a successful real estate business is not something you do on the fly day-to-day, you have an annual plan to get you there.
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Inman News named Candy Miles-Crocker as one of the Top 25 Real Estate coaches in 2016. Candy, “The Real-Life Realtor”, coaches, mentors and trains new and experienced real estate agents to transform their business by mastering her proven systems for success. She is a firm believer in managing expectations and her goal is to elevate the perception of real estate agents among the general public through education so every client has an amazing real estate experience. Candy’s unique training methods have shown agents what it takes to be successful!
Learn more about her training program at www.RLRETraining.com or send her an email at Candy@RLRETraining.com.