Real estate is a tricky business to get into. Many people with dreams of success get their license and sign up with an agency, only to discover that selling houses is far harder than they anticipated.
But it doesn’t have to be that way. With a little planning and care — and these tips — you’ll get your name out there as a star realtor in your area.
Work Through an Agency
Yes, if you’re fully licensed as a real estate agent in your area, you can work solo. But especially if you’re starting out or if you’re new to an area, working through a real estate office is one of the best ways to get started.
When you work with an agency, you’ll typically have to pay some money to them — say, a percentage of each sale.. But with their assistance, you’ll network with people around the area. Once you feel confident, you can amicably cut ties and head out on your own.
Understand Your Market
What kinds of homes are hot in your market? What demographics are most interested in buying homes near you? Can you figure out what kind of a home a given customer wants? If you can’t answer these questions, you won’t meet your full potential as a realtor.
Some of these questions you’ll figure out from experience. But you can get a leg up by researching your local real estate market. Browse listings and see what kinds of homes other realtors are showing. Keep your eyes open, and watch for changes in the market over time. As you grow in understanding, you’ll get a reputation as a savvy operator — and that’s someone everyone wants to do business with.
As you work, your primary goal is to build a network of contacts. Sometimes this will consist of finding people in the industry who will work with you. But often, building this network of contacts involves getting to know ordinary people.
Make sure everyone in your social circle knows what you do. Don’t be afraid to bring it up to people, and make sure to carry business cards on you so they have your information. Even if you don’t like being pigeonholed, don’t be afraid to become “the realtor friend”!
Your friend may not plan to buy or sell a home. But they’ll think of you every time the subject comes up. If they’re buying or selling further down the line, or if they have a friend or co-worker who’s putting a home on the market, you’re bound to get a phone call.
In the same way, you should strive to maintain positive relationships with clients and contacts. Many people only buy a home once in their life, but if the experience was positive enough, they’ll gladly refer you to anyone else they know who needs a realtor.
Many homeowners don’t want to deal with a real estate agency, especially because the agency usually takes a fee. But FSBO is a difficult process, because the owner doesn’t have the knowledge or contacts to find buyers. FSBO houses often sit on the market for a long time.
Savvy realtors know they can contact owners of FSBO houses and offer to partner with them. If the owner’s frustrated and the house isn’t selling, you’ll be doing them a favor. Calling large numbers of owners of FSBO houses, through SalesDialers or a comparable service, is one of the best ways to make these contacts.
Real estate has a reputation as a business where people make it big, but many realtors struggle. By building up a network of contacts, researching your market and looking into assisting FSBO owners, you’ll build yourself into a real estate rock star in no time.
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