According to NAR, only 20 percent of real estate agents handle 80 percent of all closings. And 87% of agents fail within 5 years. How do you manage to not only stay afloat, but succeed?
Start with your personality strengths, set up your plans and processes, and be prepared to work hard and continue learning every day.
1Play To Your Personality Strengths
People assume that if you’re an introvert, you are not a “people person,” and that extroverts make better salespeople than introverts. In fact, some may try to deter you from entering the real estate industry if you are not extroverted.
However, the numbers show that extroverts perform only slightly better in sales than introverts. Ambiverts, people with traits from both personalities, actually outperform the rest by a large margin.
While people skills are definitely a necessity in an often referral-based business, some people can be put off by extreme extroverts who can come off as too aggressive or “salesy.” A good agent needs to know when to speak, and when to listen.
Evaluate your personality, then play to your strengths. The only real “necessities” of personality are a likeable friendly nature, trustworthiness, honesty, and determination. The best real estate agents are the ones who focus on educating clients and helping them achieve their dreams.
2Be An Expert In Your Market
Today, the measure of a good agent is marked by responsiveness, expert knowledge, and service. What do we mean by expert knowledge?
With technology becoming more advanced by the hour, it’s no longer enough for a real estate agent to simply be an information broker who shows homes. Consumers can find plenty of information themselves just by searching online. And high quality videos and realistic 3D virtual tours are opening new doors for consumers, without the need for lockbox access.
What consumers need is for agents to take all that information and connect the dots. Great agents not only educate clients on current market stats and trends, but they translate that data into useful insights to help clients feel secure and confident in their decision. Stay competitive by staying on top of market trends and having the smarts to put it all together.
Being an expert in your area also means having deeper local knowledge than your average joe. We’re not just talking about crime rates and school rates (which are also available online), but knowing the ins and outs of your local community. Is a certain up-and-coming area more affordable, but is bound to triple in value in the first few years? How is that new restaurant or shopping development going to affect home price in a particular area? Don’t just know common facts. Be able to explain why it’s relevant to your clients.
3Continue Learning & Keep Up With The Industry
You can’t educate your clients if you’re not educating yourself. Make a point to keep up to date on trends and issues in real estate. Are the mortgage rates going to increase or stay consistent? Why? Don’t just tell clients “it’s a good time to sell.” Explain to them why it’s a good time to sell. The most successful agents stay competitive by keeping tabs on what’s going on in real estate.
Also, just because someone once told you that you’re a natural born salesperson doesn’t mean you don’t need to keep honing your skills. Everyone has room to improve and grow, and even the top salespeople can benefit from advice from different perspective. Continue to study, practice, and learn your craft.
4Create Plans That Work
Before spending money on fancy technology or shiny new gadgets, you’ve got to start out by developing an underlying plan for your business. Set strategic goals, then create action plans around those goals.
Don’t just say “I want to close X number of deals a month.” How are you going to do that? What is your lead generation strategy? What is your follow-up process? What systems do you have in place to track and measure your results to keep in line with your goals?
Successful people don’t cut corners. You may need to do some trial and error with your processes to find what works, but you’ve got to stick to it to run your business like a well-oiled machine.
Whether for prospecting, lead nurturing, agent accountability, or listing homes, establish a schedule and process. Put time blocks on your calendar or set up to-do tasks, and actually get it done.
5Maximize Your Technology
Technology has become a necessary piece of the real estate pie. Even the most tech-phobic of agents have come to accept and adopt technology. Real estate agents who don’t keep up with technological advances will continually lose market share in an increasingly Internet-driven world.
Learn to use the right tools and technology to maximize your impact and save time and money. Investing in a good CRM system will help you stay in touch with past clients, monitor current contacts, and nurture leads into future clients.
Technology can also help you stick to your goals. You can only improve what you measure. A CRM like BoomTown also has accountability tools to help you gauge your progress and course-correct your processes if needed.
6Be Patient and Persistent
Even after you have all your plans, systems, and technology in place, it can take several weeks or months before you see a return on your investments. Be patient and persistent! It may sound like a no-brainer, but consistent follow-up is the best way get more deals. With the right plans and systems, you can work smarter not harder with smart prospecting.
In this line of work, you’re bound to face a lot of rejection. Don’t take it personally. Stay the course and stay persistent. The key to success is the ability to bounce back fast, even after facing several rejections or “failures.” That’s why they say to “fail forward,” right?
“The difference between average people and achieving people is their perception of and response to failure.”
― John C. Maxwell, Failing Forward
It may seem like there are a lot of moving parts to becoming a successful real estate agent. BoomTown aims to simplify the business of real estate by helping you focus on providing your clients with amazing experiences. See how you can succeed with BoomTown’s comprehensive system.