You’ve decided to make it big in real estate. But saying it and doing it are two entirely different things. Don’t worry. We’ll show you how to succeed in real estate with these 12 tips to grow your business.
Making it big in any industry isn’t something that happens overnight. You have to work hard and always keep your eyes on the prize if you want to do well.
However, there are certain industry-specific tips and tricks that can help you get ahead. This goes for all kinds of careers, whether you’re a travel blogger, a lawyer, or a real estate agent.
If you’re interested in learning about how to succeed in real estate, keep reading.
1. Find a Mentor
Real estate can be kind of a cut-throat industry. Everyone is always trying to make the next big sale or find a new, expensive listing to be contracted for. This goes for whether you work alone or you’re part of a large real estate company.
As such, it pays to have a mentor in your corner. This is someone who will train you on the best practices of real estate and give you the inside knowledge that people don’t always talk about.
He or she will show you how to improve and push you to develop more and more until you reach your best. Then, they’ll continue to challenge you and take you beyond the limits you’ve set for yourself.
2. Work on Your Personal Brand
Having a mentor you can lean on doesn’t mean that you don’t have to work hard. If anything, the right mentor will make you work harder than you otherwise would on your own.
Sometimes, working hard as a real estate agent means working on yourself. Make sure you’re always presenting your personal brand in the best light possible.
This means dressing well and acting with the utmost professionalism. It also means working on your soft skills like communication and time management as well as your real estate abilities like property research and negotiation.
3. Know Your Niche
The next tip for building a real estate business from scratch is to choose your niche from the get-go. Do you want to sell houses or apartments? Are you interested in eventually becoming a landlord/property manager or do you just want to stick to helping clients buy, sell, and rent?
There may be moments when your career shifts its course a bit, but you can’t just be all over the place. You’ll stretch yourself thin if you’re showing apartments for rent one day then trying to sell large agricultural properties or commercial buildings the next. This gives your track record no consistency; focus on one thing at a time instead so that you can be really good at everything you do.
4. Grow Your Knowledge of the Area
Once you have your niche figured out, research all the real estate opportunities your local area offers in that realm. Not all cities/towns have a bunch of high-rise apartments ready to show to tenants. They don’t all have the two-story house with a white picket fence that some families want, either.
As such, it’s best to know what you’re working with before the clients start rolling in. This makes you well-suited to hit the ground running when someone comes to you looking for a 2/1 apartment at $1,300/month or a brand-new 3/2 home with a garage and a yard.
When you get into conversations like these with potential clients, you want to have an answer ready for them. Not that you have to be some sort of walking encyclopedia about all the area’s listings. But you do need to have a good understanding of the average prices and buyer/seller behavior.
5. Build Your Business Network
One way you can start expanding your knowledge of the area is to increase the amount of other real estate-related professionals you know. It’s good to start forming strong professional relationships with brokers, home appraisers, and even contractors.
These are resources you and your clients will need down the line. They’re good to have on hand instead of having to scramble for them every time they get brought up.
Plus, when you’re loyal to one contractor or broker, you may end up being able to provide your clients with deals or partnering with these people. This creates more value for everyone, and who doesn’t enjoy that?
6. Join Professional Real Estate Groups
While it’s nice to have other property professionals you can call on for help, it’s good to get to know other real estate agents, too.
These are people you can contact about a listing that you need to sell right away or for help finding the perfect property for your buyer. They’re friends you can bounce ideas off of, not people you have to compete with.
If you’re not sure how to turn your local competitors into people you can have a good professional relationship with, join real estate groups. There are all kinds of associations and networking opportunities that will help you break the ice. Who knows, you may even get some lifelong friends out of this!
7. Get Creative with Lead Generation
Here’s something to think about: you can’t figure out how to make it in real estate if you don’t know how to get leads. How else are you supposed to find new clients?
Don’t wait for a buyer or seller to come knocking on your door or get handed down to you by the agency you’re working for. Go out and find them yourself!
Strike up a conversation with people you interact with in everyday life. Tell your friends and family to spread the word that you’re trying to make it big in real estate. Put all the feelers out there that you can – you’ll be surprised how many of them turn into commissions.
8. Market Yourself Online
If you’re having trouble getting more leads, it’s time to work on your marketing approach. Build a website for your real estate services and open business social media accounts if you haven’t already. These will make you easier to find as people are searching for the real estate solutions they need in the area.
Consider jumping onto third-party listing sites, too. These are becoming increasingly popular among buyers and renters. They’re going to places like Zillow, Zumper, and Trulia for all of their property-searching needs instead of having one realtor do it for them.
These apps may sound like more competition, but they can be great resources when you learn how to leverage them. Start engaging in these communities and watch how the success of your business significantly multiplies.
9. Always Keep a Business Card Handy
Another way to grow your leads is to order a pack of business cards. These are anything but old school. They work when you put them into the hands of people who are genuinely interested in what you have to offer.
The last thing you want is to hear someone behind you in line at the coffee shop talk about moving to the area, and not have a business card on you. Other situations when this tool comes in handy include when you’re on a plane or when you’re getting groceries.
Bottom line: you never know when a potential client could come your way! But, you have to be prepared to make them interested when your paths do cross.
10. Separate Work and Life
This tip on how to succeed in real estate is a bit unconventional, but it’s worth mentioning. You have to learn when to separate work and life.
This is hard for real estate agents because some clients want to show/see properties on the weekend or after regular business hours. It’s also difficult because as a real estate agent, you do have the option to work from home.
Still, you have to find the work/life balance that makes sense for you and stick to it. Set certain times in the day when you do anything but work. Also, establish places in your own home where you don’t do work – like the bedroom or the kitchen.
11. Continue Your Real Estate Education
Maybe you’ve already achieved a good level of success in real estate and you’re interested in taking things one step further. If that’s the case, you need to continue your education.
The basic expectation of all real estate agents is to renew their license as needed. But, what about becoming a realtor or a broker? Why not look into property management or expanding your one-man (or woman) show of selling real estate into a large business of your own?
These are amazing opportunities for your career. You just have to be willing to push your limits and learn the ropes, and BrokerBreakUp can help you!
12. Recognize When You Need Help
The final tip to keep in mind is to recognize when you need help. This goes for all aspects of your real estate business.
It might be time to hire an assistant to handle your schedule and client communications. Or, maybe this your chance to improve how you market yourself or finally join a real estate networking organization. If you’ve got all of the practical stuff under control, what you need might be more time for yourself and your personal life.
There’s no shame in admitting these things and having other people jump in when they can. If anything, it makes you a much better real estate agent and a significantly less-stressed individual.
How to Succeed in Real Estate: Work Hard!
At the end of the day, nothing in life comes for free. It doesn’t matter whether you want to learn how to succeed in real estate, medicine, entertainment, and leisure, or anything else – you’re going to have to work hard.
If you want to start your own real estate business, click here for more insights.