3 Things You Need to Know About Making it in the Real Estate Business
So you’ve decided to become a real estate agent. You’ve embarked on a new path that could potentially launch a long and prosperous career, or could lead to absolute failure.
The unfortunate truth is that most people who set out to become real estate agents fail within their first year. Different studies have looked at this phenomenon and put the first-year dropout rate at anywhere between 70% and 90%. On top of that, many of those who do make it through their first year are still not making enough income on a yearly basis to live on.
So what is it that sets apart this small percentage of realtors who make it from those who don’t?
Like any new job, real estate requires training. But the training you get in real estate school isn’t the type of training that you need to succeed in this industry. To become a real competitor, you need the type of real estate training that teaches you how to actually beat the competition and sell enough properties to make you a solid income. If you’re new to the real estate business, and you don’t want to become just another one of the thousands who have tried and failed, then read about these 3 key things that every new agent needs to know about.
How to Properly Market Yourself
Marketing is the backbone of real estate. Knowing how to sell a house is great, but sales skills are useless if you don’t have an effective marketing strategy. Without proper marketing, you have no leads, and with no leads, you have no chance of making any commissions.
One of the biggest mistakes that new agents make is to wait for their first commission check to come in before they put any money into their marketing budget. But without any marketing, how are you expecting to get leads in the door?
As a real estate agent, marketing needs to be your first objective, regardless of whether you’ve made 1,000 sales or are still waiting to sell your first property.
Understanding the importance of marketing is the first step towards becoming a top selling agent, but this is only part of the battle. If you really want to succeed, you’ll need some solid training on how real estate marketing really works. For example, how do online and offline campaigns differ, and what strategies work best for each medium? How do you know if you’re spending your marketing dollars in the right place? And which types of marketing campaigns can you use to set you apart from your competition? The realtor who can fully answer these types of questions is the realtor who has the tools they need to succeed.
If you want to have any hope of making it in the cutthroat world of real estate, you’ll need some good training in real estate marketing.
How to Sell a Property
If marketing is the backbone of real estate, then sales is the body. A good backbone is pointless unless you can actually do something with it. In other words, what’s the point of bringing in leads if you can’t close them?
You may think that since you’ve completed real estate school, you’re ready to get out there and start selling properties. But that’s not really what real estate school teaches you. While your training might have taught you how to fill out all the right paperwork in order to complete a sale, that knowledge is essentially useless if you don’t know how to close a deal in the first place.
To become a good real estate salesperson, you have to know when to speak up, when to shut up, and when to go in for the close. Not knowing how to close sales could seriously affect your bottom line. Selling real estate requires you to have a firm understanding of sales so that you can guide a prospect through the sales procedure without having your deals fall apart.
How do you know which leads to pursue and which to avoid? How to you build the type of relationship with a client that will turn that client into a buyer or a seller? How do you know when it’s worth staying in touch with clients, and when clients are wasting your time? All of this and more is what good real estate sales training will teach you.
How to Manage Your Real Estate Business
In real estate, marketing and sales will make you money, and good business management will help you keep that money. Strong business management skills are what will help keep your backbone and body of marketing and sales planted on solid ground throughout your real estate career. And if you want your career to be a long one, you’ll want to start off by getting some good training in real estate business management.
The way an agent manages their business separates the pros from the amateurs. As a top selling agent, you’re not just looking after your own expenses; you’re managing a full business. Top agents manage their businesses like the CEO of apple would manage theirs.
Getting leads and making sales is great, but when you’re starting out, you’ll have to learn how to squeeze every dollar to make the most out of every commission you get. And as you grow, knowing how to properly scale your business will be crucial. Even if you can make several hundred thousand dollars in sales every year, will you have the proper business skills to keep the cash flowing and keep you from going under?
Good real estate business management training will teach you how to implement the right systems and procedures to keep your business on the right track throughout your career, how to know which tasks to delegate and which not to delegate, how to run your business as efficiently as possible on any budget, and more.
Those who make it in the real estate business are a select few. But don’t be too intimidated by the high dropout rate; most of the real estate agents who don’t make it simply haven’t done their homework and aren’t properly prepared for what selling real estate is really like out there in the real world.
If you want to be among the top real estate performers, the one key ingredient you need is the right new real estate agent training. And you don’t just need any training; you need training from someone who knows the industry inside and out.
When it comes to knowing the ins and outs of the real estate industry, there’s no better place to find information than agentmarketingtips.org, one of the leading providers of training and help for real estate agents online.
By signing up for the Agent Marketing Tips email list, you’ll get professional real estate training tips sent straight to your inbox, so you can master the skills you need to succeed.
And, when you sign up for our email list, we’ll also send you a free chapter from our eBook, which offers tips on the exact skills mentioned here as well as other helpful tips for new agents.
By taking advantage of this offer you’ll get the inside track on some of the hottest tips in the real estate business, and get access to the tools you need to become a top selling real estate agent and build a real estate career that lasts.
News Source: (Michael Soros)