So you’ve been in the business a while or maybe you’ve just passed the real estate exam and now you have your real estate license, but what do you do each day to ensure you have closings (and paychecks) each and every month?
If you want success in your new career as a real estate professional, you have to remember you are a small business owner and your business success falls squarely on your shoulders. You have to run your business in the same way as if you were opening a storefront for the public. Here are just a few strategies to get off to a successful start;
Get to your office or home office first thing in the morning just as you would with any other job. Even if you don’t have any clients to work with today, there are always presentations or marketing ideas to work on, or better yet you can always PROSPECT for new clients!
You can’t make any money selling homes if you don’t have any clients. Get on the phone, talk to people, create marketing mailers or postcards with a “call to action” message to entice people to call you about their real estate needs or work on perfecting your plan for expired listings or for sale owner properties. Another way to build your business is to visit social events or networking groups where you can meet new people and talk about what you do for a living.
You broker may ask you to prepare a business plan and set goals each year, but do you actually do it? If you know how much money you need to make this year, then divide that down in to how many buyer and seller clients you need to work with each month, then divide that down again into how many people you have to meet with each week to reach that goal, you will be surprised how easy these smaller goals can be reached. (I have an awesome Excel spreadsheet to help you find these short time goals, just ask me and I might share it)
Where are your marketing dollars going? Develop internal forms or methods for your small business to track what marketing is working by tracking where clients are coming from. If you’re spending money on advertising and find after 4-6 months that expense isn’t generating any income, stop it! If it doesn’t bring in more income than it costs, don’t waste money on it.
You will never know everything to know about real estate. When you aren’t sure what you should be working on next, read a great real estate or sales book. Search the web for real estate training videos, articles, or podcasts. Learn from others that have been there and find out what makes others successful in their business.
WHEW! And you weren’t sure what you were going to do today! Looks like you have a lot to do. If you’re a new agent, check out this NEW AGENT GUIDEBOOK from my friends at Breakthrough Broker! It has more awesome tips for getting your business off to a running start including;
- understanding your expenses
- how to choose a brokerage
- creating a good foundation for your business
- finding a mentor
- announcing your new career to your friends
- staying informed
- and, getting involved in your industry
By running your real estate business like a business, you will find your income will grow faster and you’ll have less stress.
Source: Real Estate Business Resources by Kansas Association of REALTORS®