Although the real estate market may never again reach the heights it hit in the mid-2000’s it is still a hugely viable industry. Investors continue to focus on the housing market, and realtors can make a very comfortable living if they do their jobs well. But for every successful real estate agent driving a nice car and setting his own hours there are dozens who are just scraping by or are forced to work second or third jobs to make ends meet. Even if you are passionate about design, architecture or contract negotiation you would never choose this line of work to struggle. So follow a few of these tips and hopefully you’ll find an easier path towards becoming a successful real estate agent.
First of all, you must set some goals. As in any endeavor if you don’t actually have a benchmark of success you won’t know if you’ve hit it, or if you’re falling short of the mark. You could start by coming up with a yearly income goal and then working backwards to figure out how many homes at what level of price tag you must sell to make that income in commission checks. Do some research to find average housing prices in your area and the average commission percentage local realtors are drawing. Put it all together and you’ll know what your goal should be.
Next, take the time to become as familiar as possible with the important big picture and small picture data inside your industry. You’ll need to understand market trends on a national level, and keep your finger on the pulse of what is selling and renting overall, and what types of properties are sitting on the market for an inordinate amount of time. But you also have to understand how your region either goes along with or bucks these national trends. There will always be some amount of crossover, but probably some serious differences as well. Perhaps the local unemployment rate is better than the national average and more people are buying. Perhaps the schools in your neighborhoods are particularly good, drawing families from all over the place. Or maybe the downtown is being revitalized, and many young professionals are expected to relocate. You must have a base understanding of all these issues and stay completely current if you want to be successful.
Before trying to get started on your own, try to find a mentor in another real estate agent who is already successful. That means potentially starting off as that person’s assistant or junior agent. But the knowledge you’ll receive should prove invaluable. You may think you have what it takes, but someone who is successful in this down economy will have a lot to teach you about salesmanship, about the art of negotiation, how to pick a winning property and how to make sure the paperwork is all in order. If you can find this person, stick with them for a good six months and you’ll be far more prepared for your own success.
When you do go out on your own, set yourself up for a big win. Create a structure to each day and follow it down to the smallest detail. Come up with small goals for the week and work them until they come to fruition. Become well known in the community, both through advertising on area vibes and the social networks and by getting involved with charities and community organizations. Put time and energy into launching a quality website, and branding yourself with logos and slogans that catch the eye. If you take every step seriously no matter how minute, you’ll greatly increase your chances of success.