Success as a Real Estate Agent For Dummies
Your success as a real estate agent is dictated by a few fundamental rules for the profession. Keep an eye on real estate market trend indicators and the ratios that demonstrate your success as a realtor to stay competitive. Successful realtors have a variety of skills, including prospecting, closing a sale, hosting a successful open house, and managing time wisely.
Rules for Real Estate Success
Whatever your reasons for becoming a real estate agent and however you stay motivated in your profession, practice these basic principles for achieving success in the real estate market:
Show up. Show up early and consistently. Make real estate your full-time profession and put in the hours it takes to achieve success.
Focus mentally. Whether prospecting, following up, selling, or closing, continuously improve your focus, philosophy, and intent to succeed.
Tell the truth. Be upfront and realistic with sellers who want to overprice and with buyers who want to underbid.
Don’t be attached to the outcome. If you lose a listing, a transaction collapses, or a client you thought was loyal buys from another agent, yell out the four-letter word, Next!, and move on quickly.
Guidelines for Real Estate Prospecting
The whole point of prospecting is to develop potential clients for your real estate business. As a real estate agent you need to apply the following prospecting fundamentals to your work schedule:
Set a daily time and place for prospecting. Don’t work your prospecting around your day. Instead, work your day around your prospecting.
Fight off distractions. Turn off your e-mail, cell phone, and pager. Hold calls and bar visitors from your office. Say you’re in a meeting with a prospect.
Follow your plan. Know which calls you’re going to make and set a goal for each call. Rehearse scripts, dialogues, and objection-handling techniques and then recite a few affirmations. Finally, smile and make the call.
Be faithful and finish what you start. Don’t quit until you complete all the prospecting calls you set out to make — down to the very last one.
How to Identify Real Estate Market Trends
Get a leg up in the real estate market by researching and understanding the trends in the marketplace. Keep an eye out for these market trend deciders:
Number of home sales and total sales volume this year versus last year
Number of listings this year versus last year
Average sale price this year versus last year
Percentage of increase or decrease in average sale price year to year
Ratios That Demonstrate Your Success as a Real Estate Agent
How do you make your performance as a real estate agent stand out? These points are gauges that demonstrate your success and stake your competitive place in the real estate world:
Average list price to sales price. This ratio exhibits your effectiveness at achieving the result that your client expects when you price a home and place it on the market.
Average days on the market. This ratio shows your ability to sell a home quickly. It conveys your skill and success level and also indicates your knowledge of competitive pricing.
Average listings taken versus listings sold. The higher the percentage of listings sold, the lower the risk a seller assumes when choosing to work with you to sell a home.
Tips for Making a Sale in Real Estate
Until a real estate sale is final and the deal is closed, no money exchanges hands. To get the process of a home sale completed — and your commission check — use these suggestions:
Be alert and on time.
Ask for the business.
Sell to the head decision maker.
Know your prospect’s expectations.
Tell the truth.
Position and sell yourself competitively.
Be stellar in your follow-up.
Demonstrate your market knowledge.
Know and maintain your standards.
Be willing to walk way when you have to.
Doing More with Less Time in Real Estate
As a real estate agent you may struggle with getting the most out of your day. So to maximize your time in the real estate world use these tips when you’re planning your workweek:
Increase productivity by increasing intensity. Establish and meet deadlines with no option for procrastination.
Devote most of your time to your most productive activities, including prospecting, lead follow-up, listing presentations, buyer interviews, showing property, and writing and negotiating contracts.
Set an 11 a.m. rule. Get into the office early and complete your prospecting and lead follow-up before 11 a.m., which is when the world around a real estate office gears up and the distractions begin.
Time block your way to success. Schedule your week, reserving and protecting blocks of time for the following activities: personal activities, direct income-producing activities, appointments, administrative tasks, and flextime, which you can use to put out fires, make emergency calls, and handle unscheduled tasks without losing control of your overall schedule.
Turn your car into an auto-university. Unless you’re with clients, don’t turn on the engine without tuning into a personal-development program.
Five Tips for a Successful Open House
If you’re a real estate agent and you decide to have an open house, be sure to use the following techniques (and a follow-up plan) so your open house is a success:
Feature an attractive home in a high-demand area.
Choose a home with great street appeal.
Market to the neighbors.
Select a home in the upper-middle price range.
Lead prospects to the home with easy-to-follow signage.