Develop a solid financial plan
Make a realistic budget to hold you until you receive your first commission check. You must not rely on your broker to provide all your leads. You must also budget for marketing expenses. It is advisable to have another source of income for your first year. It is imperative that you also develop an emergency budget.
The Value of a Good Mentor
The old adage of “who you know” is important in real estate. There are 1.8 million members of the National Board of Realtors, or three times the population of Seattle. For this reason it is important to align yourself with someone who is already successful. The best way to do this is to do your research. Which deals are they most proud of? Which deals would they rather not discuss? The more that you can get someone to open up,
the more willing they are to give you the keys to the city.
Develop Relationships With Industry Professionals
There is a lot of work that goes into selling a house. A Realtor should have a working relationship with loan officers, mortgage brokers, title companies, inspectors, and investors. The better the relationship the easier it is to close deals.
First time home buyers are new to the entire process and can be a little intimidated.They need someone to help them through financing, inspections,and almost every aspect of closing.
There has also been a surge in condominium sales particularly in resort and vacation areas. Another growing sector is singles. Singles can no longer be ignored.With almost 90 million singles in the U.S, this is a huge market.
Become an active part of your community
To be a successful Realtor people have to know who you are. Attend local meetings, coach a little league team, join community organizations such as the chamber of commerce and the Jaycees.
Anything you do to get your name out will help in your success. Try to develop relationships with people of similar interest to your own. The more common ground you share the easier it will be to generate leads.
Be willing to hustle
Ask any successful person in any industry the secret of their success and they will say hard work. You can not sit back and wait for leads to come to you. You must put in your due diligence.
Sometimes this may require cold calling prospects, having lunch with potential clients, e-mailing a former client, and showing properties. The harder you work the more you will stand out from the competition.
Develop a good reputation
Real Estate is a business where a dissatisfied customer can hurt you business. For this reason it is important not to make promises that you can not keep. Learn your business as well as financing requirements.Learn any aspects that may have a potentially negative impact on your sale. Be proactive when it comes to your business and your reputation.