Pro tips that can pave the road to success
As a third-generation REALTOR®, I grew up in the real estate business and learned plenty of invaluable lessons along the way. One of my bedrock beliefs is that you must engage in proper planning when managing a real estate business and your career as a REALTOR®. I have seen many agents who are new to the field.
Some people jump into real estate from other careers. Sometimes these rookies can be haphazard in their approach to their careers instead of adopting a proven and systematic action plan for success when, with a little effort, they can learn this field’s unique ins and outs.
If you want to achieve sustainable success, first you need to have an appropriate business plan. Building a strategic plan for your business involves writing vision and mission statements, and setting goals for earnings and expenses, client acquisition and retention, and contingency plans for sudden market change.
You should also set milestones to assess what stage your career or business is in, and if that is different than what you want it to be, learn what you need to do to achieve the next stage. Knowing your career trajectory helps keep you focused on the level of success you want to achieve.
Measuring success
It’s my experience that at least part of your success should be measurable—and one way to measure it is to use a business budget. And personal and business budgets should be separate. In real estate, it’s easy to generate a lot of revenue, but if all funds are coming out of one pot and the expense line starts to trend toward the income line, you need to address that.
A vital part of your budgeting should include retirement planning. Some people find it challenging to allocate money to savings/retirement as an independent business owner, especially if they came from a corporate career where that was handled automatically. Make an investment plan and decide if you want to invest in real estate.
Many REALTORS® do, but more could. I think it’s ideal to invest in what you know, and long-term, real estate is an appreciating asset.
Marketing tools
You should also develop a marketing plan. To do that effectively, you should understand marketing principles, such as “hi-tech versus hi-touch.” Knowing what constitutes an effective online presence versus using traditional methods, like open houses and sending handwritten notes, will ensure you are using the best tools for your market. Be sure your marketing is geographically relevant, speaks to your clientele and suits your personality. There are CRS-approved tools you can use to automate some marketing processes, leaving you free for in-person interactions and customized marketing efforts.
REALTORS® should explore new ways of thinking and learn about possible pitfalls, especially around contact with possible clients. People will work with whomever they are in communication with. If a past client has real estate on their mind and sits next to an agent at their kid’s soccer game, if you haven’t had frequent contact with them, they will likely work with that agent. Learn how to create that top-of-mind awareness. NAR reports that last year the average person knew about 10 REALTORS®. This year, they know 12. Will you be the one who ends up on top?
