As a new Realtor, you already know the learning curve on the ins and outs of real estate can be steep. But there are a handful of things you simply must know — specifics that will help you quickly gain your footing and be successful in your new career. That’s why we’re distilling the many aspects of a new career in real estate down to six essentials. With this knowledge we’ve assembled, we’re setting you up for success. In fact, if there were a master class on how to succeed as a new real estate agent, it would have all of the following information.
Yeah, we oversimplified that subhead for a reason. The technical aspects of real estate and understanding how to navigate all of its complexities, well, that’s your job. So be sure you know to complete all of the forms and contracts, gain full understanding of the financial transactions, get in-depth knowledge of the legalities and every little detail. If you’re not there yet, it’s time to seek out training.
To be successful as a new real estate agent, you have to know your market inside and out, and that includes both the inventory that’s available and how quickly it’s moving. Whether your region is in a buyer’s market with prices trending downward, a seller’s market with prices trending up or in a flat market with plenty of inventory, this knowledge will have a huge impact on your clients and your ability to manage expectations.
There are nearly infinite ways to track your contacts and leads, but you will definitely want to know how to operate a system that works for you. Whether you’re using something as simple as a spreadsheet or as detailed as customer relationship management (CRM) software, you need to track all of your customers and prospects in one place. Find one that works for you, and know how to use it.
Real estate is all about relationships. It’s great if you have and use a CRM, but if you’re not following up with people and staying connected on a regular basis, those relationships fizzle out, and your leads will follow suit. Stay in contact with the people on your list, and do it on a personal level, not just through traditional marketing. Invite them out for coffee, or just call to catch up. And be sure to remind them how much you appreciate them — and their referrals.
The early bird gets the worm, but the fastest responding Realtor gets the leads. If someone takes time to respond to an ad or to email you, you’d better follow up fast. Experts say as many as 75% of internet leads go unanswered. Imagine a 75% increase in leads…that should be motivation enough to get on it.
We touched on referrals earlier; that’s because referrals are often a Realtor’s bread and butter. But many clients never think about it, so it’s up to the real estate agent to remind them. Sure, you could put all of your energies into generating new leads with paid advertising and social media, but when someone is thanking you for getting them into their dream home, they’re usually pretty happy to help you out in return with referrals.
There you have it: six essential aspects of the real estate world that you simply must know to succeed. Do the legwork on each of these, and you’re likely to earn and maintain the respect of your clients, generate additional leads, gain referrals and achieve more in your career than you ever dreamed possible.