The National Association of Realtors, or NAR, shows that there are more than 2 million real estate agents currently working to move houses from one owner to another. Something to remember is that just because you’ve got a real estate license and you know the regulations and laws doesn’t insure that you’ll be a successful real estate agent.
In fact, 40 to 80 percent of agents quit in the first year alone followed by 90 percent throwing in the towel after 3 years. Following are some tips that might put you on the road to success and keep you there:
- Remember that you are a business: While real estate agents work for brokers, they’re still independent sales people working for commission. This translates into you being a small business and needing to operate as such. You’re considered a small business owner.
- Be a planner: When you don’t have a plan that means you’re working someone else’s plan. You must make your own plan for your business.
- Research your marketing plan: As a real estate agent, you’re liable for your own expenses. That’s why it’s vital that you perform research that’s specific to your marketing plan. Keep in mind that a business plan is typically created from data and use that data to your advantage.
- Set your sales goals: Use your strategic action plan to set sales goals. New real estate agents should plan for at least 6 months before making a first sale.
- Draw up a financial budget: Your budget is essential to keeping up with this volatile market. Plan costs for marketing, education, and your income forecast.
- Set managing yourself as Priority One: It’s never easy to build a business. You have to learn time management, ongoing real estate education, and balancing your personal life.
- Locate a real estate coach or mentor: It’s not easy doing things alone. For example, if you’re one of the real estate agents Gravesend, you would look in that area for someone to mentor you. This mentor will guide you through the ups and downs of running your real estate business.
The real estate field can be a very exciting and profitable one. Using these tips may help put you on the path to success.