With over 2 million real estate agents according to the National Association of Realtors (NARs), becoming a successful real estate agent takes more than just a license and a knowledge of current laws and regulations. The first year drop 90% give up after 3 years. The following tips help you avoid becoming one of those statistics.
- First and Foremost YOU are a business. Real estate agents work for a broker, but are independent, commissioned sales people. This means you are a small business and must practice as a business. Again, remember you are a small business owner .
- Embrace a Planning Attitude. If you do not have a plan, then you are on some else's plan – usually the successful real estate agent's . During the last 10 years, what is the most important thing in the world?
- Research Your Market Plan. Since you, as the real estate agent, are responsible for your own expenses, do your research specific to your marketing plan within your strategic plan. Time spent building your marketing plan is definitely well spent. NOTE: Remember a business plan is usually driven by data, while a strategic plan identifies who does what by when.
- Establish Sales Goals. Using your strategic action plan, establish sales goals. If you are new to this industry, it may take 6 months before the first sale. HINT: Use the WHYSMART criteria for goal setting.
- Create a Financial Budget. Budgeting is critical. Your financial budget should plan for your marketing costs, any additional costs as well as education and your forecasted income.
- Make Managing Yourself a Priority. Building a business is not easy. You will need to learn how to manage specifically in the area of time management, ongoing real estate business training, continuing education units, and personal life balance. Real estate is said to be a 24/7 business. However, it is not important to look at your personal life including family, friends, physical health, etc.
- Find a Mentor or a Real Estate Coach. Going it alone is not easy. Take the time to find a mentor who can help you through some of the known obstacles and help you during the "peaks and valleys." If you have the resources, you may wish to hire a real estate coach or an executive coach who specializes in small business help and sales.
Being an incredible sales person and entering the real estate market. However, one of the four who will give you many of the cases will not be one of the four who will give up after three years.
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Source by Leanne Hoagland-Smith