Real Estate Tips from the Pros
Becoming a real estate agent is still one of the hottest job markets in the nation. People enjoy the flexibility of the workday, the interaction with people, and the ability to grow a business from the ground up. The truth is, real estate isn’t for everyone.
In fact, in order to have real staying power in the field, you should be willing to learn and grow from the best. What do the experts say will lead you to longevity in the marketplace?
Here are some tips for succeeding in real estate.
Get Engaged & Network With Other Agents
The field of real estate can change rapidly, and knowing how to navigate those changes takes time and energy. It’s one thing to read something in a book, it’s quite another to get out there and put into practice what you’ve read!
Finding a good mentor who can help you put things in perspective is really critical to the long-term success of your business. A great mentor can really help you determine when to take a leap into a new market and when to hold back. Learn from other people’s attempts and failures!
Don’t try to do it all.
You cannot be everything to everyone, and you shouldn’t even try. Think of it this way – the more energy you scatter into every possible real estate niche, the less energy you have to really focus and become good in a particular niche.
Would you trust someone who claimed they could do it all? Start by getting to know your own markets really well. Get into your local data and know it inside and out. Think about the demographics buying into that neighborhood and focus on understanding what motivates them.
Put the work into a client.
While you might see and sell multiple homes in a month, for your client, this may be the first and only home they ever buy. The event is special to them and they don’t want to be seen as just one more client on your books. Take the time to actually get to know them. What are they hoping to achieve in this purchase? How does this fit in with their plans for the future? Be observant and listen to really understand. This is not just about how many bedrooms they may need. This is about far more than just ensuring your client finds the perfect home. The number one way that leads are generated in real estate is through word of mouth. Satisfied clients will pass on a real estate agent’s name the same way they carefully guard information for a roofing contractor or other sought-after home services. You are building a brand reputation every time you interact with a client.
Be honest about problems.
Clients come into showings assuming that the original homeowner has something to hide. You can allay those concerns by being transparent throughout the process and explaining any problems upfront.
After all, the problems are going to be discovered eventually by an appraiser or home inspector, and if that is the first time the client discovers the problem, you not only lose the trust of the client, but credibility as an agent. Be upfront not only about the problem itself, but what it will take to solve the problem. Be careful to not underestimate the costs of repairs.
Have referrals for reliable contractors at the ready so a client can explore their options. Explain how this may or may not affect the mortgage or insurance. Don’t just point out the flaws, but help your client through the process.
Prepare, prepare, prepare.
Something an experienced agent will tell you is that you can predict the typical questions a client may ask about a home, but you should always expect the unexpected.
Think about the possible questions each client may have and what the typical objects or worries might be. Be prepared to speak about how the neighborhood is doing generally on the market, both now and historically. Know the details of this particular piece of property, when certain features were put in or renovated, and the unique characteristics that separate it from other properties on the market.
Make sure you have access to the property when needed and that it is staged to show its best features. What is your backup plan if something goes wrong during a showing? Expecting the best but preparing for the worst will ensure you’re well prepared all the time.
TIP: Remember, success is often determined on your ability to ride the markets out emotionally. Can you handle when a lucrative deal unexpectedly falls through? Can you watch your income rise and fall through the seasons and hold fast to your plan? Being successful in real estate means having a strong inner resolve to emotionally withstand the challenges that inevitably come with selling real estate.
Learning from the professionals will enable you to stick around in a job field with notoriously high turnover. That turnover, however, is mostly self-created by agents who don’t realize what they’re getting into when they become real estate agents.
Take in all the tips for succeeding in real estate that you can and always consider real estate tips from the pros. Preparation and mentoring can help you weather the cycles of real estate and be a resource in your community for a long time to come.
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