New real estate agent advice is easy to come by… just ask any agent and you’re sure to be bombarded with all types of suggestions. But how do you filter the good advice from the bad? Successful Denver real estate agent, and Your Castle Real Estate Employing Broker, Eric Romero, has new real estate agent advice worth listening to. His suggestions are based on statistics and proven techniques. And best of all, he loves to share his knowledge!
Becoming a real estate agent fills most with both excitement and trepidation. You get to be your own boss – work when you’d like, relax when you’d like, utilize your social skills to build a client base, and organize your life the way you’d like it! On the other hand, your income is unknown and if you make the wrong choices, it may become difficult to make ends meet. The good news is that you’re reading this article, which means your taking the time to plan ahead or to make changes in your real estate process. Take this new real estate agent advice early in the game and watch your income grow as your career hits a running start.
Most Real Estate Agents Never Make it Big
Whether new to the game or a 10-year veteran, the average real estate agent makes only $42,500 per year. Years of experience play far less of a role in the productivity of an agent than the approach the agent uses.
The real estate agent who’s just scraping by typically shares qualities with others in the same situation. This agent plays “not to lose”. Their fear of loss – fear of losing a client or not making a deal – drives most of their business decisions. These agents focus on limitations, creating false barriers for themselves and breading jealousy of those who succeed. If you hear yourself describing why you couldn’t accomplish a certain home selling or buying task based on external factors, you may be focusing on limitations. An interesting component of the “struggling” agent is a negative view of selling and promoting, which actually falls into the limitation bucket. This negativity around promoting oneself creates false limitations around building a clientele base, and prohibits upward growth. Agents, you simply must promote yourself! It’s just part of the gig.
Now that we’ve explored what not to do, let’s take a look at the characteristics that drive successful agents. One important aspect of the successful agent is that they look up to and admire other successful agents – even if those agents make more money than they do. It just makes sense; you’re much more likely to adopt the successful practices of those you admire! These successful agents monitor their wealth, track their expenditures and act even when afraid. If the struggling agent is an ostrich with its head buried in the ground, the successful agent is an eagle – taking advantage of its birds-eye view and evaluating all it can see. This agent isn’t fearful of making mistakes, but actively evaluates and learns from her/his mistakes, creating a continuing cycle of improvement and skill development. And – you guessed it- successful real estate agents sell themselves!
Spend Money to Make Money
Speaking of selling yourself, it’s not free. There is a strong correlation between agents who invest in marketing and those who make over $100,000 of yearly income. Consider both traditional marketing (farming postcards, holiday gifts, event hosting, etc.) and digital marketing (Google Adwords, Facebook boosting, email marketing, ect.). But, remember that successful agents monitor their wealth. Select one or two marketing techniques, try them out and see how it goes. The strategies that get you clients are ones you should put more money into! The marketing that produces little or no return should be replaced with a different tactic. Don’t throw money at marketing with your head in the sand… when it comes to your money, use those eagle eyes and reevaluate, reevaluate, reevaluate!
Focus is the Key
A learned ability, focus may be the most important skill you can acquire as a new real estate agent. Successful real estate agents actually tend to “work” less hours than struggling agents and focus is what makes the difference. A new real estate agent and an old-hat alike can work 60+ hours per week without results, while a successful agent has honed-in on what’s important and streamlined their work process. Follow the steps below to strengthen your focusing and time-management skills:
- Identify your highest priority goals.
- Track your time spent working in 15 minute intervals.
- Evaluate the tasks you tracked and identify time that was spent on anything other than attaining those high priority goals. Eliminate these tasks from your work week.
- Utilize an accountability partner (co-worker, mentor, spouse, child) to keep you on track.
- Utilize this strategy as an ongoing hub of focus and fine-tuning
Things to Avoid Spending Time On:
Working a database without making calls, “chasing” a deal, going to every single real estate class (stick with the ones that support your goal[s]), becoming stuck on social media, spending too much time on difficult clients
Things to Focus Your Time On:
Phone calls, meeting with clients and potential clients, following up on leads (which take about 8 months to convert), building systems to accomplish repeated tasks more quickly, writing contracts, listing appointments, building your prospect list, honing your craft (delivering your listing presentation, for example)
New Real Estate Agent Advice – A Final Tip
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In a nutshell, becoming a successful real estate agent hinges on two things – focus and mindset. Continue working on these two abilities and your real estate business is sure to grow! But first, one last word from the wise:
Let go of the potential clients who only care about what you charge. You’ll never change their mind and they’ll take up a lot of your precious, money-making time.