Tips For Real Estate Agents
#1 Treat It Like a Real Business
Obtaining a license to practice real estate can take as little as one month. Therefore, so many people are getting it without any trouble. This is one reason why 87% of all new agents fail after five years, according to the National Association of Realtors.
Also, this career is misrepresented by popular TV shows like Million Dollar Listing and others that portray the real estate business as something misleadingly easy and effortless.
All this inevitably causes Realtors, especially newbies, to not treat their business as a real one. Many agents don’t even treat it as a business. If one doesn’t think of their real estate career as a real business, it is very unrealistic they will succeed in it.
So, the first secret to becoming a successful Realtor is to simply treat your real estate business as a real business and not as a part-time job or something in that fashion. As soon as you change your attitude towards your real estate business, you’ll dramatically increase your odds of success.
#2 Never Stop Learning
So many people stop learning when they are done with their formal education. However, this is one of the most devastating mistakes they can ever make. This approach directly hinders one’s ability to succeed in business. To become successful in any area, not just in real estate, requires continuous, never-ending learning.
Darren Robertson, Realtor, and Founder of Northern Virginia Home Pro says, "To be successful as a Realtor, you have to embrace a constantly-learning lifestyle. Currently, tech is disrupting the industry, so the winners in real estate will be those who are embracing the adoption of technology but keeping the process humane and personal for clients."
Nowadays it is very easy to get your dose of a daily education right in the comfort of your home. There are so many online sources for quality, industry-centered information for real estate agents. To mention just a few are Inman, TheClose, TheRealDeal, RealEstateWords, and much more.
#3 Get a Coach
Nowadays there is a coach for everything. If you want to start working out, there is a coach. You want to learn singing, there is also a coach for that. If you want to learn dancing, driving, swimming, or mastering anything new, there is a coach for that.
It is no different for a real estate career. If you want to learn how to do real estate, get yourself a coach that specializes in real estate. It is an investment. But having a coach can be transformative to your business.
According to the National Association of Realtors, the median gross income of Realtors was $49,700 in 2019. This is not that exciting. Is it? But what if you could 10x it? Tom Ferry, one of the most famous real estate coaches in the US says agents who are part of his program earn $372,578 while his top producing ones average a $690,568 gross commission income!
These numbers are much more exciting. It is possible to achieve such results. There are hundreds of agents in my network who make similar income. And, knowing those people personally, one thing most of them have in common is they either had used in the past or currently work with a coach.
That said, there are probably thousands of coaches out there. How do you know who will be able to take you to the next level? Well, we have done the heavy lifting for you. My team ran a massive survey asking Realtors from our network to recommend the best coach they used and it allowed us to narrow it down to a list of 25 best real estate coaches in the US.
#4 Understand the Process
I can’t stress enough how crucial it is to simply understand how real estate works. People who have never been in sales before and have no concept of how the sales pipeline works, get surprised when they get into real estate and after about a month of doing the business receive no paycheck.
By the end of the second month, they usually don’t get any paycheck either. Very often a similar scenario takes place at months three and four. Many successful agents say that they didn’t receive their first paycheck until after their sixth month in business.
Well, nobody in those TV shows talks about this harsh reality. This is not uncommon in this industry; it happens to the vast majority of the new agents, which is why so many of them don’t make it and leave the business for good.
If only they knew that real estate is not different from any other sales career. The sales pipeline building for real estate business works here the same way - by consistently taking specific actions over time you will receive a consistent and predictable revenue.
In other words, if you keep prospecting, booking appointments, showing homes, and other required actions you will create a sales pipeline that will start generating consistent and predictable income for you.
But you need to realize that this process takes time, which often can take from a few months to an entire year. If you understand how this process works, trust it, and are willing to do the work, you’ll most likely be able to make it in this incredibly rewarding business.