Sales is a great career choice for ambitious people. It offers opportunities for growth and financial stability, which can be very rewarding. Real estate sales are one of the most lucrative careers in sales today. Real estate agents earn commission on the sale of properties.
The average commission is about five percent of the sale price, but it can range from two to seven percent. Real estate agents also earn bonuses and override. An override is a percentage of the commission that goes to the broker of the agent’s firm.
Bonuses are typically given for meeting sales goals or for selling high-priced properties. There is no question that real estate can be a very lucrative career, but most agents fail to make it to the top.
There are many reasons for this, but one of the main ones is that most agents don’t know what it takes to succeed. Here are three keys to finding success as a real estate agent.
Will You Be a Solo Agent or Join a Team?
If you are thinking about becoming a real estate agent, one of the decisions you will have to make is whether to go it alone or join an established team. There are pros and cons to both options, and it is essential to understand them before making a decision.
The first thing to consider is the amount of support you will have. As a solo agent, you will be responsible for everything from finding leads to marketing your listings. It can be a lot of work, and it can be challenging to stay organized and motivated.
Joining an established team can give you the support you need to succeed. You will have access to experienced agents who can help you with leads, marketing, and paperwork.
Another thing to consider is your commission split. You will keep 100% of your commissions when you are a solo agent. When you join a team, you will usually have to split your commissions with the team leader and other team members.
It can be a downside if you are not making many sales, but it can also be a benefit if you are making a lot of sales.
Career Growth Potential
The last thing to consider is your career growth potential. When you are a solo agent, you are limited by the number of clients you can work with at one time. When you join a team, your career growth potential is unlimited. You will have access to new leads and clients that you would not have had as a solo agent.
Three pros of joining a team
- Having immediate access to a more extensive network of potential clients.
- Having more support from your teammates.
- Ability to learn from more experienced agents
Three pros of being a solo agent
- You are in control of your own business.
- You get to keep 100% of your commissions
- You can build your brand and be recognized as a real estate expert in your community.
Establish a Marketing Strategy Early
As a new real estate agent, it’s essential to establish a marketing strategy early on. It will help you focus your efforts and make the most of your time and resources.
Real Estate Farming
Real estate farming is cultivating relationships with potential clients to generate leads and do more business. If you are new to real estate farming, you first need to choose your farm area.
It is the geographic area where you will focus your marketing efforts. Once you have chosen your farm area, it is time to start cultivating relationships. There are a few different ways to go about this. You can host events, send direct mailings, or even door-knock.
By sending postcards to potential leads, you can generate more interest in your properties and land for sale.
Door knocking is a great way to contact potential sellers, landlords, and buyers. It is an excellent way to prospect for new business, generate leads, and build relationships.
Hosting Neighborhood Events
It will help you get to know your neighbors and let them know you. It can also be a great way to market your business or products.
To be successful as a real estate agent, you need a solid online presence. A blog can help you connect with potential clients, build your brand, and establish yourself as an expert in your field. If you want to find success as a real estate agent through blogging, you need to do a few key things.
Find your niche
What are you passionate about when it comes to real estate? Whether helping first-time home buyers, working with luxury properties or anything in between, find your niche and focus your blog around that.
Provide value for your readers
Your blog should be full of helpful information to help your readers with their own real estate needs. If you can provide valuable content, your readers will be more likely to come back for more and recommend your blog to others.
One of the most important things when it comes to blogging is consistency. Try to post at least once a week, if not more often. It will help keep your readers engaged and coming back for more.
Google Search Ads
Google Search Ads are a fantastic way to get your name and face in front of potential clients actively searching for an agent in your area. You can target specific keywords related to your business, and your ad will appear in the search results whenever someone enters one of those keywords.
Focus on Improving Constantly
It’s no secret that the real estate industry is constantly changing. If you want to stay ahead of the curve, you need to learn and grow as an agent constantly.
If you want to be a great real estate agent, start reading books about the industry, psychology, and sales. By constantly exposing yourself to new information, you’ll be able to think more critically and come up with innovative solutions to problems. Here are some must-read books for real estate agents:
- “The Millionaire Real Estate Investor” by Gary Keller
- “The Book on Rental Property Investing” by Brandon Turner
- “The Real Estate Encyclopedia” by Jack Cummings
Invest in Real Estate Coaching
Another way to improve constantly is to make use of technology. Many great resources are available online that can help you learn new things about real estate.
Several apps and software programs can help you streamline your business and make your life easier as an agent. By taking advantage of these tools, you can work smarter and more efficiently.
Networking with Top-Producing Agents
Get connected with other real estate professionals and start building relationships. These connections can provide you with valuable referrals, leads, and advice. By networking with other agents, you can learn from their experiences and grow your business.
If you can focus on these three keys, you’ll be well to find success as a real estate agent. Having a market strategy, building solid relationships, staying informed about the latest industry news and trends, and improving yourself will set you on the radar for success as a real estate agent.