Real estate school is great, but it cannot teach you everything. If you want to gain real estate success, it takes more than just attending school. Let’s look at seven incredible real estate agent tips you didn’t learn in school.
Top 7 Real Estate Agent Tips Not Taught In School
1. Choose the Right Brokerage for You
Real estate brokers are very different from each other. Finding the right broker for you isn’t just about the compensation or the tools they offer. Your broker needs to be a good fit for you and the location you want to work within.
Before you choose a real estate broker, you want to make sure you interview multiple options. You should know what you’re getting into and come prepared with questions for your potential employer.
2. Create an Emergency Fund
Every business owner should have an emergency fund. When you go into real estate, you will likely have good years and not as good years. An emergency fund will help get you through those lean years, or even lean months.
Along with creating an emergency fund for the lean years, it’s important to have an emergency fund for your first few months, if you’re a new agent. It might take a little time to earn your first commission check.
3. Consistently Ask for Referrals, From Everybody
One of the best ways to get new leads is through referrals. For many, real estate agent referrals make up a large percentage of overall business. In fact, the NAR shows 39% of sellers found an agent from a referral from family and friends. The same report showed many buyers and sellers use the same agent more than once.
You should always ask friends and family for referrals. Let them know you’re licensed and seeking clients. It’s also a good idea to ask your clients for referrals, too.
4. Be Prepared to Work Nights and Weekends
Real estate agents have to cater to everybody else. Clients typically work 9-to-5 jobs and don’t have free time to see homes during the day. In real estate, you have to be prepared to work nights and weekends.
If you’ve been an agent for a few years without finding the real estate success you desire, this real estate agent tip is for you. Embracing working nights and weekends is necessary to achieve true real estate success.
The best agents will actually design their life around working nights and weekends. Some even go as far as to take off other days of the week, such as Mondays and Tuesdays since they are slower days compared to Saturdays and Sundays.
Most open houses and showings happen on the weekends. The showings that don’t happen on the weekends tend to happen at night, or at least later in the day.
If you want to achieve real estate success, you want to cater to each and every client. When they are available, you need to be available. If not, you’ll miss out on plenty of business.
5. Set Goals & Create a Plan
The most successful real estate agents set goals and create a plan to achieve their goals. When it comes to real estate agent tips, this is one you simply cannot ignore.
As a real estate agent, you need to know what you want out of your career. Set goals and create a plan to ensure you achieve those goals. It’s best to put the goals in writing and make your goals SMART.
Along with your goals, your plan should include a budget and the right marketing. You’ll want to have a full plan to help you achieve the real estate success you desire.
6. Discover Your Target Customer & Know them In & Out
When it comes to real estate, there are multiple types of target customers. When you specialize, you need to learn your target customer inside and out. For example, if you decide to specialize in historic properties, you’ll want to learn the ins and outs of the regulations and what your clients will be looking for.
As a real estate agent, you will achieve success when you become an expert in your specialty. No matter the type of real estate you want to help buyers and sellers with, understanding your target customer and their needs will go a very long way to achieving real estate success.
7. Follow Up, Follow Up, Follow Up
No matter how interested the prospect was, always follow up. The best real estate agents follow up and follow up again until they either receive a solid NO or they gain a new client.
If you’ve recently shown a client around a property, it’s best to contact them about two days after the showing. From there, follow up every few days until you get an answer.
The follow up is one of the most powerful ways to gain new business and earn commissions. Successful real estate agents master the art of the follow-up.
These seven real estate agent tips will help you become a successful agent. With the right real estate broker and the right plan, you’ll be on the path towards real estate success.