Earning your real estate license does not guarantee success. In fact, most real estate agents don’t succeed. Nearly 80 percent of closings are handled by just 20 percent of real estate agents. The rest see little to no business. While the odds may not be in your favor, success is not out of your reach. Playing on your strengths, dedicating yourself to your work, and continuing your education can help you become a top Successful Real Estate Agent.
Re-Evaluate Your Personality
Real estate is not a career for everyone. Agents essentially work as independent contractors and work on commission. You must be motivated, ambitious and a go-getter to really succeed. You have to be comfortable taking risks and making changes. The real estate market has its busy season and its seasonal slowdowns, so you must be prepared for highs and lows. Take a second look at your personality to make sure that you are a good fit for this career.
Focus on Expanding Your Network
Successful real estate agents rely on their networks to gain new contacts and leads. Their networks also consist of the top appraisers, contractors, lenders, and insurers in the industry. The top agents take their time to build and nurture their network. They are more than happy to refer their clients to any one of the professionals they know. Having a large network of professional contacts can also generate new and unexpected leads. As the saying goes, “It’s not what you know, but who you know.”
Use Every Avenue to Generate New Leads
Leads are how many agents gain new clients, and the top agents experiment with different lead sources. They make use of different types of ad campaigns, and they also make note of what works and what doesn’t work. Below are just a few of the many sources a successful real estate agent will use to gain new leads.
- Social Media: Top agents will use social networks like Facebook, Twitter, and LinkedIn to gain new leads. The top agents are active on their social accounts so that their name stays fresh in their potential client’s mind.
- Advertising: Many real estate agents still use traditional advertising to bring in new leads. This includes postcard mailings, newspaper advertisements, flyers, and even bus stop bench ads.
Improve Your Communication Skills
Communication and interpersonal skills are essential in the real estate industry. As an agent, you will be working with clients face-to-face. Top agents have impeccable people skills and explain every step of the process to their clients. For instance, they let their clients know that they are negotiating, or they will discuss adjustments to their strategy. Sellers have stated that they were most satisfied with agents that communicated with them on a regular basis.
Perfect the Art of Negotiation
A successful real estate agent will use the power of persuasion and negotiation to encourage their clients to make or accept offers. In order to really master the art of negotiation, you must understand your client’s wants and needs. Top agents are also open to new options and will be prepared for counteroffers in advance. So, consider taking a class or a workshop that can help you improve your negotiation skills.
Find a Mentor
For first-time real estate agents, finding a mentor can really help you get on the path to success. A mentor will guide you towards contacts and potential buyers/sellers. A good mentor can provide you with new insight and help you find new leads. Look for an experienced agent or broker that has integrity, character, and a reputation for success.
Be Prepared to Work Long Hours
A successful real estate agent is driven and dedicated. By nature, agents have unpredictable schedules, and top agents understand that they need to be available to their clients at all times. If a potential buyer wants to meet on Saturday or Sunday afternoon, be prepared to drop everything and meet with them.
Becoming a successful real estate agent will take time and persistence, but the rewards are well worth the effort. The top 10 percent of agents in the industry earn more than $100,000 per year. Finding new ways to generate leads and providing impeccable service to your clients will help you climb the ladder of success.