re’tonsBeing a new real estate agent can be scary. You’re in a new industry with no salary, filled with competition and challenges. From obtaining your real estate license to understanding the market, there are some things every new agent simply must do to succeed. In this article, we’re breaking down the new real estate agent cheat code: 6 tips that will help pave your way to success.
The first and most essential step in the new real estate agent cheat code is to obtain your real estate license (if your state requires it). In some states, like Illinois for example, a new agents must work under a managing broker for 2 years before being licensed to work on their own. If you are seeking a license, there are a few steps you must take. Start by researching your state’s requirements, then complete a pre-licensing course, pass your real estate licensing exam and activate your real estate license. Once you’re licensed, you can choose to join a team or enter the industry as a solo agent. Being part of a real estate team can be beneficial in that it will connect you with experienced agents and make lead generation easier.
Understand the Market
One of the quickest ways to build confidence is to know your market inside and out. Study the market on a daily basis so you can develop talking points to share with your network. Know what’s selling and what’s not, the status of interest rates and more. Be aware of your market’s schools, crime rate, HOAs and public transportation. Make sure you’re able to identify trends so that you can be a source of knowledge for your clients and guide them to success.
As a real estate professional, one question you’ll receive often is “how’s the market?” From this point, it’s best to determine what the client’s intentions are (buying, selling, investing, or renting). Make the effort to engage with clients who are on the fence or just curious about the market. Asking them why they’re interested can lead them to open up about their own motivations or someone they know who may be making a move in the near future. Finally, when clients ask about the state of the market, be honest. It’s a great way to build a solid relationship based on trust that can put you on the road to success as an agent.
In your real estate journey, one habit you’ll want to adopt from the beginning is to track and measure everything you do. Collecting, analyzing, and understanding data allows you to make informed decisions based on proof. Take note of how many leads are converting to sales and whether your marketing efforts are reaching the right audience. Through data and analytics, you can determine your progress and whether your lead conversion or marketing efforts are effective or in need of change. The better you know your numbers, the more certainty you can bring to your business.
Organization should not be overlooked either. Use CRM as a tool to start building your master database. Upload every contact in your phone, consider your network, (family, acquaintances, service providers, former coworkers, etc) and add them as well. Having a vast list of contacts will help you acquire referrals and grow your business organically.
Play the Long Game
Another crucial tip in the new real estate agent cheat code is to realize that there is no overnight success in this business. This is a marathon, not a sprint, and success requires disciplined action. Basically, you should be in it for the long run – not a quick buck. With that being said, it’s important to know your story… your reason for being a real estate agent. Knowing why you’re getting into real estate can help you stay focused and work toward your goals. Why are you going to hustle in this industry beyond making money? What does real estate success mean to you personally? What makes you different from the rest? Why should someone choose you over the competition? What motivates you every day and what are you trying to accomplish? Answering these questions will help you build confidence and make you a stronger contender.
Every agent should also own their own business and content. This includes having your own website, social media accounts, email and phone. When agents assume the identity of their company, they stand to lose everything they have built, so maintaining independence is key.
Before you can sell homes, you must be able to sell yourself. This real estate agent tip should be a no-brainer, but make sure you’re active on social media. Beyond that, make sure to be comfortable and be yourself! On social media platforms like Facebook, Instagram, Twitter, TikTok, and Youtube, you can show people your business side as well as your personal side. Give them behind-the-scenes access, educate them, reveal your personality and sense of humor. Engaging with your audience and being personable is key to building your brand. That being said, nothing connects with today’s consumers faster and more effectively than video marketing. If you’re not comfortable on camera, practice and get to that point. Over time, speaking in front of a camera will become second nature.
Another crucial element of a strong sales and marketing presentation is knowing your audience. Match your presentation to each individual homeowner – whether they’re the analytical type and like to see data, or care more about neighborhood amenities and lifestyle. If you have yet to establish your own statistics to present, use those of your company. Once you’ve finalized your presentation, memorize and practice it for a more confident and effective delivery.
Be a sponge. Reading books, attending events and shadowing a mentor are just some of the ways you can be a lifelong student. You can never learn too much, so take note of how different people do things differently. Learn it all and apply only the aspects that resonate with you. As a new agent, you can learn from every transaction, showing, renter or buyer, investor and seller. Even meetings that don’t lead to sales are learning experiences not to be taken for granted.
How much of our real estate agent cheat code have you already implemented in your business? Are there some steps not mentioned that have helped you? Share your thoughts in the comments below!
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