Are you a real estate professional looking to better your business?
Today, there are greater than 2 million active real estate agents in America. While buyers and sellers certainly have their pick for representation, this makes for increased competition between real estate professionals.
For those in the real estate business, it’s common knowledge that the competition is incredibly strong. In order to find success in the business, it’s essential to differentiate yourself from the crowd and ensure that your business is standing out.
If you find yourself wondering how to make money as a real estate agent, you’ve come to the right place. We’re sharing seven of our top tips on how to maximize your profits and become the best real estate agent possible.
Whether you’re new to the business or a seasoned vet, these tips are sure to better your better and increase profits.
1. Find a Mentor or Team
First things first, it’s essential to establish an individual mentor or support team in your business.
This is especially important for those relatively new to the business. Having a mentor is the best way to learn about the market, ensure proper paperwork and establish a solid support network.
This mentor may also come in the form of a real estate team. Many new agents like to join a team in their first few years for added support as well as the potential for new business. While this may entail sharing profits at first, it’s one of the best ways to learn about the business.
2. Attend Networking Events
Some of the best real estate agents in the business are those that are the most active in their social life.
Real estate is certainly a unique career in that higher degrees of socialization typically lead to a better network and maximized profits. Remember, the more people that you have in your personal network, the more people that will utilize your services for buying or selling.
This doesn’t mean that you have to attend a long list of corporate networking events. Instead, everyday activities such as joining a sporting league, town council or a club are great ways to naturally expand your network.
3. Never Stop Learning
Anyone in real estate is well aware that a career in real estate entails continued learning.
The market is constantly evolving, mortgage lending rules continue to change and general real estate rules are always being revised. That being said, it’s essential to administer self-learning continually throughout your career. This is the best way to ensure that you’re best serving your clients and that your knowledge is current.
Because the market is always evolving, it’s also beneficial to learn more about how to be the best agent possible. Taking advice from seasoned agents is one of the best ways to better your personal business.
4. Utilize Your Office
If your brokerage has a local real estate office, be sure to use it! While many real estate professionals choose to work from home, there are advantages to being present at your brokerage office.
This is where your co-workers will “talk shop” and engage with one another about the market. Simple communication is the best way to stay on top of an ever-changing market.
5. Use Social Media Marketing
Digital marketing is one of the most inexpensive yet powerful ways to market yourself and your business.
As compared to your business website, your audience is much more likely to browse your social media page on a continual basis. This is especially the case if you make an effort to remain active on your social platforms and engage with your audience.
Between social media platforms such as Facebook and Instagram, these platforms are some of the best ways to reach and connect with your audience today. This is also an incredible place to advertise properties, gain buyers and promote yourself as a viable real estate agent.
6. Send a Newsletter
For any real estate professional today, it’s essential to have an online database of email addresses. These are typically email addresses of your network, past clients, current clients and any leads.
Remember, this is valuable information to your business and should be utilized accordingly. Be sure to contact this network on at least a monthly basis to establish communication and provide information.
Many real estate professionals conduct this in terms of a digital newsletter to their network. This may entail properties for sale, market updates or simple real estate information.
7. Ask for Referrals
Last but certainly not least, don’t forget to ask your clients and your network for referrals!
This is something that is often overlooked by the majority of real estate professionals. For many, this is because they feel uncomfortable directly asking their network for business.
Remember, after best serving your clients, this is only a small task that you are asking of them. Also, some clients may mistakingly be under the impression that you are too busy to accept new clients. Do yourself a favor and let your clients know that you always have time for their referrals.
How to Make Money as a Real Estate Agent
According to studies, the median real estate salary in America is approximately $33,000.
While this number may first appear low to some, it’s important to remember that many real estate agents operate on a part-time basis. In doing so, these individuals perform only a few transactions annually.
On the other hand, the top real estate agents are those that strive to maximize their profits and operate on a full-time basis. These are the agents that find the utmost success in their business and earn an exceptional salary.
If you’re serious about your career and becoming a top agent, there are strict rules that should be followed. For those wondering how to make money as a real estate agent, these tips are sure to point your career in the right direction.
Are you new to the world of real estate? If so, start here to learn all about the ins and outs of the business and to locate the resources necessary for success.