Success as a Real Estate Agent
Aug.06, 2010 in
Real Estate Agents
According to the National Association of Realtors (NAR), there are over 2 million real estate agents working in the USA. With so much competition, sucess can’t be a shot in the dark. The first year drop out range estimated to be from 40% to 80% demonstrates that many real estate agents are not as successful as they could be and research suggests that 90% give up after 3 years.
- First, remember you are a business. Real estate agents work for a broker, but are independent, commissioned sales people. This means that you are a small business and must run your practice as a business.
- You have to have a plan for your business. If you don’t have a plan then you are on someone else’s plan – usually the successful real estate agent’s.
- Research and know 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 in constructing your marketing plan is definitely well spent.
- 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.
- Budgeting is critical given the ups and downs of this volatile market place. Your financial budget should plan for your marketing costs, any additional costs such as education and your forecasted income.
- Building a business is not easy. You must learn how to manage yourself, especially in the area of time management, ongoing real estate business training, coaching, continuing education units, and personal life balance. Real estate is said to be a 24/7 business much like any small business.
- Going it alone is not easy. Take the time to find a mentor who can help you steer 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.
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