It is true that when it comes to money, the real estate industry offers you a huge potential to maximize your income, but it is also equally true that not all real estate agents earn those dizzyingly high commissions. So what is it that sets apart a successful real estate agent from all of the others? What are those secrets that help these agents buck the trend and take home huge paychecks?
We went to a large and mixed group of real estate agents, realtors, and brokers and asked them how was it that they managed to scale the income ladder? What were their secrets? And what advice would they offer to those who are about to begin their real estate career?
Make Money As A Real Estate Agent By Doing These
If you want to start earning the kind of income that you see the top realtors earning, then try to incorporate these points in your business strategy:
1. Actively Search For New Leads
Acquiring new leads is the core of any real estate business, and all real estate agents are aware of this fact. Now, in the initial years, a real estate agent may be entirely engaged in setting up and running their day-to-day business. Due to this, they may not have time to pursue new buyers and sellers and might rely on the prospects that they are getting from their brokers. However, all of the real estate agents who participated in our survey did the exact opposite.
They followed the following methods and sought out prospects:
A. Online Seller And Buyer Leads Aggregating Platform
For a real estate agent, an online lead generation platform can help acquire new and quality leads without expending any additional time. What many agents did was that they created an account and built their profile on Dorrmat, a leading seller lead-generating platform. Through Dorrmat, they got a continuous supply of quality seller leads and a host of other benefits as well.
B. Prospecting For Leads Through Cold Calling
We do understand that no real estate agent likes to prospect through cold calling, but it is a way that is surely going to fetch you an additional listing or referral. You can create a fixed duration and fixed number of people to contact. Keep doing it every day and see how you find new leads.
C. Soliciting And Following Up Referrals
It is highly necessary to solicit referrals from your social and professional circle. Have a script ready to ask your clients and other people for referrals. Create a system to approach the referrals at the earliest. If necessary, try to keep up the contact for months, as at times it takes time to convert a referral.
2. Identify Your Real Estate Area Of Expertise
The real estate market is highly segmented. From property types to neighborhoods. From Family types to income brackets. Therefore, in order to make your marketing efforts more effective, you need to identify your niche. There is an over-abundance of information available in both the online and offline channels. This at many times confuses the clients.
In order to boost your salary, you need to distinguish yourself from all of the other real estate agents in your city. For this, follow a simple 3-step plan:
• Identify the most profitable real estate market segments in your city.
• Cross-reference that with the kind of clients you usually get or the kind of buyers and sellers you want to attract.
• Market yourself to that particular segment. Everything from your brand to your marketing material should remind people that you are the best real estate agent for a particular type of property. Is it luxury, residential, suburban? You need to define the market so that you can become synonymous with that segment and have a higher recall value in people’s minds.
3. Invest In Professional Development
In order to be a part of the higher salary bracket, you must invest in developing your professional skills. From undergoing courses to enhancing your certification by undertaking additional exams, there are many ways in which you can enhance your personal knowledge and skill set.
You should also join the National Association of REALTORS®. Becoming a realtor would give you multiple benefits. You would get the opportunity for networking with realtors across the country, get to attend training and seminars, and access real estate data. All of this can translate into a higher commission for you.
4. Running Your Own Real Estate Brokerage
One way to maximize both listings and benefit from all listings is to set up your own brokerage. Once you get started, you can focus more on the process of getting more clients, and you will still get a percentage of the commissions from all the transactions completed by the real estate agents who work for you.
This is the next step in your career as a real estate professional. If you are not entirely sure about being able to brokerage on your own, then you can join a partnership with another broker. In this manner, you will get to learn from someone with more experience and also get the benefit of high income.
5. Consider Investment In Real Estate
Once you have got enough expertise, then you can consider becoming a real estate investor. You would be able to invest in properties and oversee their development, and then sell them for a good profit. This strategy can pay off with diligence because all the years that you have worked as a real estate agent would give you skills and knowledge to communicate with clients in a more effective manner. You could achieve more success and make more money.
As real estate agents, it is easy to imagine that you would make money from the start. And yes, it is very much possible, but in order to start earning a high income, you need to follow some or even all the methods that the professionals utilize. There is more to this industry than to simply help a client buy or sell a property. If you plan properly and devote time and efforts in the right direction, then you can definitely enhance the level of your income.