If you are like most people, you know at least one successful real estate agent. From the outside looking in, a top real estate agent’s job seems exciting and enjoyable. After all, top agents easily earn a six-figure income, drive luxury vehicles and enjoy time getting out of the office and touring lovely homes all day. However, real estate agents work hard for their money, and getting from a starting point to a successful pinnacle in this field can be challenging. In fact, many new real estate agents give up within a few years. If you want to be one of the successful few who achieve great things in this industry, you need to hit the ground running. As you prepare to start your real estate business, think about these points carefully.
Consider Your Marketing Strategy
Many top real estate agents get a great deal of their new leads from word-of-mouth referrals or even from name recognition in the community. When you are starting out, you typically do not have either of these two sources established, and you must find a different way to generate leads on a regular basis. Consider which steps you will take to regularly locate new leads. For example, one idea is to place flyers on residential doors for communities you want to target.
Develop a Budget
Most new real estate agents will operate in the red for a few months or longer, and you need to have enough available capital to pay your personal bills as well as your business expenses during this time. Your business budget may include office expenses, vehicle expenses, marketing expenses, website hosting fees and more. Carefully review your budget and personal finances to ensure that you have enough funds available to support yourself and your business until you start generating a profit from real estate on a regular basis.
Start Your Own Website
Successful real estate agents use their website for various purposes. Many will place their own listings on their website, and they will drive traffic to their listings through their marketing efforts. They may also include a detailed bio that sells their services and experience to potential clients. Take time to review the websites of top agents in your area. Pay attention to the features they have in common. Explore the ways they are driving traffic to their website. Then, try to emulate these steps with the development of our own website.
Prepare Your Home Office
Many real estate agents will spend at least a small portion of their time in their broker’s office, such as to answer phones and get leads. However, you also may need to work from home quite a bit. It is wise to set up an effective home office before you begin working. Consider using your home warranty to make any repairs needed on the property. Purchase a desk and chair, office machines and more so that you are able to get off on the right foot.
Get the Word Out
When you are ready to launch your business, get a jump start on your marketing efforts by spreading the word about your change of careers to friends and family members. Talk to your closest friends and family members about your venture, and ask them to pass along your name as a referral to their contacts who may be in the market to buy or sell soon. Use social media to reach potentially hundreds of contacts in your local area, and ask them to send you referrals as well.
For most new real estate agents, launching their business is a slow and often even painful process. It may require a regular infusion of your personal capital to pay for marketing and other business expenses. However, with proper effort and the right strategy, you may be able to create a successful real estate career and to live the lifestyle that you have been dreaming about.
By: Sia Hasan