Building your Real Estate Business
In this business, “the harder you work, the more money you’ll make,” says Kenneth W. Edwards, author of Your Successful Real Estate Career (AMACOM Books, 2003).
Structure your Days
Real estate is notoriously unstructured. As opposed to other businesses you’re not punching a clock, but you still need to follow some basic rules – remember, success requires discipline.
It is important to get the edge that puts you in front of people. In today’s competitive market, you can’t solely rely on one marketing technique, you need to step out of your comfort traditional marketing zone, and integrate all marketing techniques available in the market. Use internet technologies such as paid ads or websites to promote your services, use different visual mediums such as videos and photos. Other competitors take a step further by using 3D Tour techniques which puts them at the top of mind the instant people decide to sell.
Another must: Know your product. “Drive around your market,” says Conlon. “Find out where the schools and parks are; look at what’s being built in the neighborhood. You have to educate yourself.” Says Edwards: “Talk to builders; accompany a home inspector for a day. However you do it, you need to know what you’re selling.”
Have a Plan
“A detailed plan is the first step to being successful in any business,” says Beggins.
Many experts suggest to start with a goal (usually in terms of income) – then work backwards by figuring how many transactions would you require to meet your goal. If your goal is to earn $200,000 a year, and your commission is $1000. You need to ask yourself, if the goal is attainable with your current business infrastructure, and adjust your plan accordingly. Be sure to make it challenging but achievable at the same time.
Never stop learning
It is very difficult to predict when exactly you’ll sell any house, whether its your first or your 100th. It could take days, weeks or even months, but till you gain a sense of movement or achievement, you’re on the right direction.
The fact is, rejection is going to be a big part of your life in the early days. “On average, 20 percent of the population moves in a given year,” says Beggins. “So going in, you know eight out of 10 people are not going to be your clients.”
Never underestimate the power of scripts when dealing with customers. At this point, its also a good idea to start investigating alternative sources for leads. You can start investigating alternative sources for leads. You can look into FSBOs and expired listings, check out previous transaction files. “Go back through all the files of salespeople who’ve left the business, and adopt those clients,” says Quintin. “If someone bought a house five years ago, the person may be thinking about moving or know somebody who is.”
Having a more experienced salesperson be a mentor can be a blessing. You can use their experience, their success techniques and make it work for yourself. This can also be a great networking opportunity to put down some roots within the industry!
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