The allure of being your own boss in an industry with limitless income potential is overwhelming to most. But why is it then that 86% of new agents fail in their very first year in business? Because they fail to understand the following tips for success as a Realtor.
- Find a mentor. In American education you are taught not to cheat. But that is complete bullshit because someone has already done what you are trying to accomplish and you should mimic them until you are at their level and then innovate to surpass them.
- Knowing your market is crucial. I can’t tell you how many deals I’ve taken away from mediocre agents because they failed to be market experts and sent their clients through my open houses. Even listings I have taken away from other agents in my market by knowing the trends going on at the time and passing that knowledge along to buyers. Don’t be an office rat. Get out in the streets drive the neighborhoods and knock on doors to talk to the neighbors.
- Real estate isn’t a job! Your income is in direct proportion to your education. So knowing how to run a business is crucial. Failure to understand how to run a business will result in a failure to operate your real estate business. This is why there is such a huge failure rate in the industry.
- The saying your network is your net worth is an absolute truth as a Realtor. The more people you know the more people you can help. As a new agent anytime you have down time you should be out networking or holding open houses for other realtors. The more people you can add to your database the better. And it’s good to have a presence in the office you work in but when you have an opportunity to work in a public place go sit and work at a Starbucks and mingle with the crowd. Everyone around you should know that you’re a real estate agent.
- Putting in the work means living broke for a couple of years. It cost money to make money in this business. So unless you start with a bundle of cash you are going to have to invest at least 50% of your profits back into your business to be successful within a short period of time. And once you have a deal doesn’t mean you get to relax. You must take consistent action every day to feed your marketing machine and keep deals coming in.
- Clients want you to bring them value! So be different from the majority of other agents out there. There is a million ways to separate yourself so be the most knowledgeable agent out there and do things different than your competition. For young agents technology is your ally. The industry is full of senior citizens who don’t understand the tools these young new agents have been using since birth.
- You create the most value and credibility behind your name by developing a strong team that can take a client from start to finish with no issues. And keep them informed throughout the entire process. Keep your circle full of quality. When you refer a vendor they represent you so if they drop the ball for your client it’s going to reflect poorly on you.
- Failure to understand the power of social media will limit you to a mediocre product. The internet especially mobile is the way of the future. Each media outlet has a distinct language you must understand in order to communicate with your demographic appropriately. There is no faster way to market than the appropriate use of social media.
- It doesn’t matter if you sell $100K dollar homes or $1M dollar homes, you should bring the same value to each client. Doing so creates a reputation of phenomenal service to which clients will refer you to their friends.
- Having systems in place is the key to creating the freedom you desire. Doing minimum wage tasks is stupid so creating systems so that you no longer have to do those tasks is a pivotal part of success. Having the extra time to focus on your strengths will catapult you ahead of your peers.
It’s definitely not easy to run a successful Real Estate business. But I can promise you if you implement these tips every day and hold yourself accountable you will succeed. I and the rest of the Dickerson & Johanneson team are the result of this. We have over 30 years combined experience learning through trial and error, that’s driven us to over 300 million dollars in career sales.