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6 Tips to Succeed in Real Estate

1. Choose a Broker that is Team-Oriented

When you become a real estate agent, you are essentially your own CEO. This can feel empowering, but when you are new to real estate, this can be feel more overwhelming. It’s important to find a broker that has a formal mentorship program in place to help you build your business, even at the expense of giving up some more of your commission split. After all, it’s better to get 30% of something rather than 100% of nothing.

There are some red flags you should be aware of as well. If a broker tells you everything you want to hear and asks for more than 50% of the split, then that should raise some alarm bells. If they truly are focused on building a team environment and value you as a person, they will never try to take advantage of you by asking for more than half of the commission split.

But being on a team goes both ways. You can just sit there and expect people to do everything for you. You’ve got to help out too. Offer to help other agents with their listings, show open houses, or help them close deals. This will not only provide you with invaluable experience, but they will be more inclined to help you on your deals in the future.

2. Meet as Many People as You Can

The real estate market is a people business. It’s really an outbound sales position. There are only two metrics that matter: the number of people you talk to and the quality of those conversations. The more people you reach out to, the more practice you will get to sharpen your social skills to close deals.

The great thing about working in the real estate market today is that it is incredibly easy to find ways to meet new people. The internet and social media give you so many options to choose from. You can hop on Facebook, Instagram, LinkedIn, and many other online resources that are just a click away.

Your sales skills are the most important part of real estate business. It’s not marketing or even how many listings you have, people will do business with you because of how you make them feel. What’s great about this is that this means, especially if you are new agent, you can quickly catch up and even beat the top agents. Your potential is unlimited.

3. Practice

What will set you apart from every other real estate agent are your people skills. If you are new and are not confident with your skills, that is okay. The great thing is that skills are learned and acquired with practice. Once you master these skills, you will automatically become more confident, and your clients will take notice. They will feel more comfortable entrusting you with the biggest financial decision of their lives. After you do a great job, they will even want to refer their friends and family over to you.

The first step will be to identify your weaknesses because the areas you are already strong in, you probably don’t need to spend any time on. If you can’t give yourself a fair self-evaluation, find a team member who is willing to give you some constructive criticism.

Once you have those weak areas identified, formulate a plan of action. For example, if cold calling is your weak area, then draft a few scripts to read from until it flows from your mouth. If your presentation skills are lacking, try to role play at home and rehearse it as many times as you need to perfect your presentation.

4. Get a Coach

If you are worried about the cost of hiring a coach, then try to think of it this way: you can’t afford not to have a coach. Your broker may already have you assigned to a mentor, but if you really want to take your game to the next level, it’s going to require a financial investment of your own. 

Think of professional athletes, they have coaches for all aspects of the sports. In fact, there is so much coaching to be done that coaches typically have their own assistants to help them. If the best athletes in the world benefit from having coaches, then the same would apply for a real estate agent, especially someone that is new to the industry.

5. Build a Plan to Schedule Your Days

Build a plan of action as to how you will reach your income goals. This could mean setting tangible goals that you can hit on a daily, weekly, or monthly basis. For example, you could set the number of cold calls per day, number of open houses you hold, or number of transactions per month.

Having a detailed schedule of your week will save you time and money. Rather than driving back and forth around the city, try to map out your appointments beforehand so you can take the most efficient routes.

No matter what your schedule looks like, the most important thing is to stay consistent. This will allow you to see what works and what doesn’t. Eventually this will turn into lessons learned, which will allow you to maximize every second of every day. Ultimately, this higher productivity results in higher income.

6. Follow up

Everyone you meet is a potential lead or at the very least, can refer you over to one of their friends and family members who may be a potential lead. They may not be in the market to buy or sell a home right this second, but given enough time, everyone will eventually know someone who wants to own a home.

This is why it is important to maintain contact with everyone you meet on a regular basis. You want them to associate “real estate” with your name. There are a variety of ways to accomplish this. You can follow them on social media, send out Christmas or other holiday cards, publish newsletters, or go the old-fashioned route with a simple phone call.

Focus on your own sphere of influence. This involves your friends, family, and acquaintances. After you’ve hit up your sphere of influence, there is a temptation to neglect giving them your attention and focus on easier leads such as Zillow leads. However, you would be best to check in with all of them every once in a while. It could be as little as once a year, but the key is to not write them off forever and to keep in contact with them.

No matter how you do it, it’s important to always keep your brand in mind and say what you are going to do. Because you probably won’t be in contact with them for months, they will remember your last interaction with them, and you want them to have good memories of you. You want them to remember you as a solid, reliable, and personable person.

4 Tips to Become a Better Real Estate Agent in 2022

The real estate market can be very competitive and it’s important to constantly work on yourself to gain an edge on the competition. This will set you apart from other real estate agents and your clients will notice the difference. Here are four tips that you can use for your own personal development that will help your game to become a better real estate agent in 2022.

Know Your Audience

You can’t just pick up the phone and act like yourself the same way with everybody. You want to mirror your audience and speak their language. Every person has their own personality and way they prefer to communicate. If your client talks softly and in a quiet tone, then it’s not a good idea to speak to them in a loud, forceful way. If they are older and talk slow, then it’s a good idea to match their pace and take it down a notch.

A great tool that you can use to break this down very quickly is to use the tried-and-true Myers-Briggs personality type test. There are four criteria, which will later combine into 16 different types of personalities.

Criterion #1: Extraversion or Introversion
Extraverts get their energy from other people and the world around them. Meanwhile, introverts prefer solitude and keep to themselves.

Criterion #2: Sensing or Intuition
Sensing means that a person goes mainly off of their own five senses of touch, taste, smell, hear, or see to perceive the external world. People with Intuition are thinkers. They prefer to analyze the situation first, and think about abstract concepts or theories.

Criterion #3: Thinking or Feeling
A Thinking person is someone who makes their decisions based on logic and objectivity. On the other hand, a person who feels makes their decisions based on emotion and gut instinct.

Criterion #4: Judging or Perceiving
This criterion deals with how a person processes and executes information. Someone who is Judging is organized, sticks to a schedule, and detail oriented. Someone who is Perceiving shoots from the hip and prefers to be spontaneous.

When you pick one trait from each criterion, there will be 16 different possible permutations of personality types. You can use this tool to quickly assess the type of person you are dealing with and make any necessary adjustments to your conversation skills.

If you are curious about your own results, you can take the test for free yourself here.

Establish a Routine

As a real estate agent, you are running your own business. You are the CEO. You don’t sit at the desk and wait for business to come to you, especially as a new agent. Maybe after you’ve spent some time in the industry and built up your network, at that point, you will get some referral business and easy deals.

In the meantime, it’s important to stay disciplined and establish a routine. This means outlining your entire day from prospecting and making calls, to maintaining your calendar, booking appointments, and closing deals. By setting aside and making time for each of these activities, you will find yourself with more time throughout the day. And little by little, being productive with these small day-to-day activities, your productivity and income will increase.

It’s important to be proactive and set goals that are attainable. Things like number of calls, number of open houses, asking for referrals on every call are small goals that you can set for yourself every day.

Understand the Needs of Buyers vs Sellers

There are similarities but there are also differences. You need to make sure you know which side of the deal you are on and pay attention to the needs of your client. This is probably the biggest financial decision of their lives, and they will be very emotional. So, you will have to take extra care to make them feel comfortable the whole way. They will be looking at you to be their guide and expect you to know all the answers.  If you are a new agent, don’t worry. If they ask you a question that you aren’t sure about, just be confident and let them know that you will find the answer and follow up with them later.

When you become more experienced and start to feel overwhelmed, you may even want to hire a transaction coordinator to help you manage all the paperwork. Their job is to make sure all the documents and contracts are filled out correctly and sent to the appropriate party. This will save you time and give you the ability to focus more on the needs of your client.

Never Stop Marketing

In real estate, in order to get business, people need to know you exist. Fortunately, we live in a time where social media has made it extremely easy to make your presence known. All you have to do is pull out your phone and start taking photos and videos to make content. It’s never been easier and more accessible for people to market themselves.

And you don’t have to just focus on drumming up new business, you can also use social media as a platform to help other agents by sharing any lessons you’ve learned. In a nutshell, this is allowing you to build your brand so that when someone eventually Googles you, they can find a wealth of information about you that you want them to see. This helps build trust and more people will feel more confident to give you their business.

The key to successful social media marketing is consistency. It doesn’t really even matter what you post as long as you stick to a schedule and post regularly. Ideally, you want to try to post something once a day. The big social media companies are now emphasizing video over photography, so getting comfortable filming short videos is going to give your business the most success.