Many real estate agents rarely make it through their first 2-3 years. Reason being, they either underestimate or overestimate what to charge for their services. Also, just because a person has just decided to be a property agent doesn’t mean he or she will hit the ground running and earn business commissions immediately.
If you want to consider real estate as a career, the following few tips might ensure you survive the first tricky three years.
1. Develop a Budget and Follow it
You have to table your living expenses one by one and resist omitting anything including cash taken out for refreshments or transport expenses. Ensure that you consider covering your property expenses too. Cover all your costs as much as possible and plan for any unexpected expenses. Managing your finances is one of the most important aspects of being a successful entrepreneur. Check out this blog from the University of Alabama Birmingham for an overview of the accounting trends that can help to boost your business.
2. Develop a Plan and Stick to it
Long-lasting success depends on many elements, but a good business plan is one the most paramount things to put in mind. Starting a new career as a real estate agent is exciting but don’t let your excitement to get a customer right away keep you from the all essential business budgeting tasks. Avoid wasting a lot of money and instead, focus on the vital aspects of your business practices and begin on building the viewpoint base of your business.
3. Think Small
Thinking small means understanding your status, setting up your business practice and marketing as an independent contractor. This planning for growth and success will allow you to maintain your business as your own.
4. Keep up with the Times
Nowadays, very few people walk into a real estate agent and ask to browse the listings. More often than not they look online before they even think about stepping foot in a brick and mortar real estate agents. For this reason, you should make sure that your agency has a functional website and all forms of social media. Each social media platform serves its own purpose: Facebook allows businesses to answer the questions of clients quickly online, Twitter allows you to determine the personality of your agency and Instagram allows you determine the aesthetic of your business. Obviously, just creating a site and social media profiles isn’t enough. They will all need to be updated and maintained regularly to attract followers. Fortunately, there are tools, such as socialfollow, that you can use to give your following a little boost on sites like Instagram to start with.
5. You have to List to Last
As a new agent you must list your properties to survive in real estate. Through listing your properties, you will know how the market and business has changed and how you can be successful in your entire career. You can thus be able to work freely with buyers hence giving them more respect and balance your business a little better.
6. You don’t have to be the Best in Sales
If you are the best that is nice but it is not required for you to succeed to be a real and successful estate agent. You have to handle your business in a unique way that will separate you from the pushy home selling dealer impression. Consider being a consultant and try to put off the sales idea, even if you have a lot of deals at your disposal.