When a person chooses a real estate career, the first goal is to earn enough to cover their living expenses. With experience and effort, a real estate agent starts to earn enough for some extras, and a few luxuries. But the real pros make six-figure incomes and may enjoy a lifestyle as lavish as their high-profile clients. Discover how top earners keep making money in real estate and how you can do it, too.
It Takes Money to Make Money
The adage that it takes money to make money applies to being a successful real estate professional. Clients may prefer to work with real estate agents who are well-versed with the latest industry developments and marketing technologies. Top earners harness the power of technology before everyone else. A top earner may use a 360 camera to create virtual tours while other real estate agents are buying their first digital cameras. They are willing to buy smartphones, software, and take relevant courses to stay ahead of the curve.
Invest in Networking
Top earners also recognize the need to network with people to create opportunities. And savvy networking never involves selling yourself and being aggressive. The pros spend time at places where they can interact with the type of people they want in their social circle. For example, a real estate agent who sells waterfront properties might join the local yacht club or attend regional boat shows. Other boaters who are looking to buy or sell homes are more likely to trust a familiar face. And smart real estate agents also interact with lawyers, accountants, mortgage bankers, engineers, developers, and other key players in the real estate process. Connecting with other professionals creates opportunities for reciprocal referrals.
Don’t Watch the Clock
Many people choose real estate as a profession so they can enjoy flexible hours. The best people in the industry never watch the clock. They are not available strictly between nine to five on weekdays. Profitable real estate agents show properties at night and on weekends, which might be the only time buyers have to view properties. Real estate professionals often have the opportunity to take off a few hours to go on a school trip with their children or spend an afternoon golfing with old friends. But with that convenience comes a need to be available for clients when they have the time.
Become a Dedicated Closer
Working in real estate means becoming a dedicated closer. There are multiple times a real estate agent needs to close the deal. The first step is to attract attention and get people to schedule a meeting. After the initial meeting, a real estate agent must encourage the prospects to choose them as their agent. Then agents need to show the clients viable properties, so they want to make an offer on one. Other closing opportunities include contract and inspection negotiations. The ultimate closing moment happens when everyone sits down at the table to officially close on the property. And top earners continue to be closers by asking clients to refer them to others.
Top earners are well-organized and have a definitive plan. Maintain a clean workspace, free of trash and scattered papers. Organize paper and digital files, so everything is easily accessible. Keep all the information about each client in one convenient place. Create a daily to-do list. Prioritize tasks related to closing real estate deals and attracting new clients. Keep track of deadlines and continuously update a master calendar. Use a tickler and reminder system to stay on-task at all times. Assign routine tasks to an assistant or virtual assistant. Outsourcing time-consuming projects to a professional, such as blog updates to a writer or house photos to a photographer.
Generate Leads from Multiple Sources
It takes more than a website and some business cards to generate leads. The biggest earners recognize the importance of leveraging their current connections and cold-calling for new ones. Host seminars for various target markets, such as first-time homebuyers and veterans. Cold call expired listings and homes for sale by owners. Knock on doors throughout the community to chat with the locals and distribute business cards. And make sure everyone on your contact list knows you are a real estate agent.
The majority of top earners have been in the industry for a decade or longer. The exceptions are people from related professions, such as law, mortgage banking, and architecture. Real estate agents must have a reliable and authoritative reputation to get referrals and repeat clients. Building a profitable network of trust requires time, patience, and ongoing effort. The process is accelerated by investing in yourself, networking frequently, and continually exploring educational and investment opportunities.
The real estate professionals making money in real estate are willing to work hard. Top earners are dedicated to providing the highest level of service and continually honing their approach. Focus on developing yourself to join this elite group.