Steps in Becoming a Successful Real Estate Agent
How to Plan for a Winning Career in Real Estate
• Have a Backup Source of Income
• Find a Mentor
• Make Use of Your Team
• Build Your “Book of Business”
• Start Right With Technology
• Plan Ahead for Challenges
A lot of people stress out over passing the real estate agent test, but their focus might be on the wrong end of the problem. The truth is, you will pass the test if you study well and if you are well prepared but you might still fail to make it in the business if you don’t have a plan in place for when you are actually performing the job.
Some common-sense steps which ranges from finding a mentor to creating a web presence can help you avoid failure and become a successful real estate agent.
Below are a few points that will help you have a good carrier in the real estate and to become a successful real estate agent.
Have a Backup Source of Income
There is a high need to have enough money saved up somewhere or invested in some other business for a short period of time so you could make it through at least the first six months without a commission.
Otherwise, you might want to keep your day or monthly job for a while till you could make a sale.
Becoming a part-time real estate agent may not be your original plan, In reality, you still have to be able to pay your bills while you’re getting started in the business. You can realistically expect to go many months without an income unless you have some family members or friends who are eager and ready to buy a home.
Find a Mentor
Find a successful real estate agent or broker who is willing to mentor you, or simply offer to assist them in their deals. There’s much to learn about the real estate process, and it’s not all about the commission or selling.
You have to understand and be able to explain the documents and terms used in the real estate business such as contracts of sales, surveys, title insurance, deeds of assignment, liens, encumbrances, and much more.
With practical knowledge, you will feel much more capable if you have at least seen these documents in the course of a few real estate deals.
You do not want to be asked basic buyer or seller questions that you can not answer.
Ask for past transaction folders and study the documents, or ask to assist an experienced agent in their next transaction.
Consider looking for a broker who offers a good training program if you’re not comfortable working with a mentor or you can’t find anyone who is willing.
Make Use of Your Team
To become a successful real estate agent you need to ensure that whichever agency you choose is topnotch with a great reputation. Your agency’s credentials are your credentials as too, and this can be particularly valuable when you are first starting out.
Invariably, someone on the team will be better at certain things than you are, whether it’s marketing, technology, or simply paperwork efficiency.
You need to ask for their help. Learn from them. Try to tap into their resources.
This can also be seen as mentoring.
Build Your “Book of Business”
Some people call this working your “sphere of influence.” Becoming a real estate agent is just the first step in a long career of working with prospects, buyers, sellers, investors, appraisers, loan officers, mortgage brokers, inspectors, title companies, and others.
Don’t in any way overlook vendors as they are also very important. Their word of mouth and tips can go a long way. Host open houses, and volunteer to host some for your fellow agents as well. Open houses provide a great way to meet buyers and other agents.
Find a good contact management system into which you will enter all these contacts and prospects as you meet them. You’ll want to follow up with them over time, you can group their contacts so as to easily find the one to follow up at a particular period so you need an efficient way to locate their information.
Start with the right Technology.
The internet is a very important part of any business, and you will need it if you are going to market in the real estate world.
Some agents with many years in the business continue to succeed due to referrals and past business they have gathered over the years, but new agents need websites and social networking to get a foothold with today’s buyers and sellers and digital marketing in real estate is a must learn if you want to succeed in the real estate business.
Budget for a good web presence and consider hiring an expert. It doesn’t have to be prohibitively expensive, and having a professional-looking website can be invaluable.
In the meantime, contacting people and beginning your prospects list by the old methods will help you to get started while you grow and build your online process slowly or intentionally gearing towards success.
You can place calls and email every person you know, and you might land a deal sooner than expected.
This will keep you in the game while you build your marketing efforts and business.
You can go through our post on real estate digital marketing strategy to help you with a guide on being a successful real estate agent.
Plan Ahead for Challenges
There are a lot of challenges that may weigh you down if you are not strong enough or your shock absorber is not solid to hold on.
The courses and test for licensing are less scary than most would-be real estate agents expect. The rude awakening reality comes later when they don’t find that easy income in the first few months.
The real estate business can be fun, exciting, and a very satisfying career, but you have to be determined enough in order to survive that first year or two to make it all come together down the road.
Have a plan, build a database of prospects, and work hard to find the keys to success as a real estate agent.
I hope you take that move TODAY in becoming a successful real estate agent.
Thank you for reading, we can continue our conversation in the comment section as questions are welcome.