In the real estate industry, a small number of real estate agents (20%) handle the vast majority of all closings (80%), according to the National Association of Realtors (NAR). An overwhelming 87% of real estate agents who enter the field fail out within five years. The odds aren’t ideal, so what’s the trick to becoming a strong, successful real estate agent?
While there’s no one-size-fits-all suggestion, these tips might just help you get a leg up on the competition:
Know Your Market
Be the top expert in whatever market you want to work in, whether that’s commercial retail, industrial, or residential, knowing your market puts you at an advantage and makes you the most valuable resource there. With technology advancing continually, real estate agents need to do more than supply potential clients with information and show homes, because a lot of that doesn’t even require a person anymore. With high-quality online video tours and a full rundown of a property’s features, a great real estate agent will take all of that information and present it in front of a client in a way that makes sense.
Knowing your market also extends to knowing your local community better than the competition. Staying on top of new developments and explaining how those developments have the impact to affect your clients will only continue to paint you as the ideal real estate agent to suit their needs.
Although this might be obvious to some, it’s crucial to keep learning. There’s no such thing as ever knowing “too much,” and with technology changing as frequently as it does, there will always be something new to learn. By remaining knowledgeable about trends and issues in real estate, and in turn being able to explain those trends and issues to clients make you a more valuable resource than a real estate who merely says, “It’s a good time to sell.”
That’s a quick and easy way to fall behind, or even put you out of business. No matter how good you are, you can always find something to improve.
Don’t Lose Heart
Understandably, people are eager to see results as soon as possible, but with the nature of the real estate industry, that’s not always how it plays out. Depending on the sale and clients, you might be waiting weeks or even months to see a return on investments. Continue to follow up with clients, and try not to take rejection personally. As long as you bounce back and keep working, you can still be successful.