- Real Estate
How to be a Successful, Six Figure Real Estate Agent
Real Estate is a High Dollar Career
Find a Real Estate Office that Offers Training
The very first thing you will do after earning your Real Estate license is find an office to work in. This move is critical to your success or failure as an agent. If you find an office that is full of enthusiasm, and good, solid training, you stand the chance of becoming an instant success. However, if you sign with a failing office, you are setting yourself up for failure too.
Look into how well the company handles the two major areas of training: Initial training, so that you can start earning an income as soon as possible, and ongoing training, so that you can build and grow your business.
It seems to me that when selecting an agency, most new agents don't focus enough on the company's training programs because they get wrapped up in the "what is my split" question. If, through good training, you are able to master the skills you need to excel, your income is unlimited. However, if you don't, you have no chance.
Every company says it offers good training. It's up to you to examine the facts.
After jumping the gun and signing with a small company I interviewed several companies that all looked great, before I followed my instincts by signing with Keller Williams. I have never looked back.
Millionaire Real Estate Agent
Prospecting is the name of the game for the new agent. Prospecting in the world of Real Estate means contacting potential clients with one purpose in mind: to see if you can assist them.
Finding a good place to begin prospecting is the foundation to your six figure Real Estate income.
Two effective ways of prospecting in real estate are contacting expired listings and FSBOs. These are excellent places to start because we already know they are in need of help. They have a property they want to sell and they don't have anyone to assist them. When contacting FSBO's be sure to ask them why they are selling their own home. Be supportive of their decision and build a rapport. Listen to what they have to say, and leave your information.
If the conversation was comfortable,and they liked you, they may lighten up and decide to trust you. I have seen numerous success stories from agents who have used this strategy. In fact, during my career, I would say that this is the number one method that I had success with. Expired listings are another great prospect. These are people who have had an agent and their property did not sell. They can be great prospects because you would be just continuing where the other agent left off, however, if this client felt misled or let down by their former Real Estate agent, they may not trust any agents and be difficult to persuade. In that case you should have a few speeches written out and practiced so that you are prepared for their negative or cold demeanor.
Tell the World you are a Real Estate Agent
Make sure you tell all your friends that you are a Real Estate Agent. You would be surprised how many leads this will bring you. Your friends have friends, and when the subject of buying or selling real Estate comes up, your name will be mentioned. It could be several months or years, but, people will remember, and will ask, "don't you know an agent?" By not broadcasting your new profession you may miss out on many opportunities. Don't be shy! It's time to pass out business cards and have a professional photo taken. If you can't handle the spotlight, this may not be the place for you. I know of actors who never made it big, but they still ride those few episodes of Cagney and Lacey back in the 1980's like it was Gone with the Wind, and they were Rhett Butler. People like to say, "I bought my house from the guy on Cagney and Lacey." If you were once a star athlete, dancer, radio announcer, ect, Use it to your advantage
Find Real Estate Investors
Many people invest in Real Estate and achieve great wealth. One of the benefits of finding investors instead of families buying a home is that investors tend to buy often. Once someone has mad quick and easy money after having learned how to invest, they are hooked. That means you stand to many a fortune on commissions. Some ways to find investors is on the internet or attending Real Estate Investor seminars.
Get to know the market
Check out the MLS, and tour homes. The MLS has caravans that go out weekly. A group of agents who are listing homes will pitch their properties to each other and take tours of the homes. This is a great way to learn. You will see and hear other agents talk about property. Some of them will be very accomplished at their trade and this is by far the best way to get tips on how to present property and learn what to say when you think you have run out of things to say.
Some Rel Estate offices will make its real estate agents put their logo and brand on their business cards and on the lawn signs. That is okay for adequate agents, but for a six figure real estate agent, branding is king. You should create an image for yourself. Have a logo, name and or design that represents you. That way people will see YOUR sign and call YOU rather than see the Centruy 21, or Coldwell Banker sign and then call that business. A few offices have recognized the value in letting their agents brand themselves and it is a good idea to go with an office that allows you freedom and flexibility.
Some agents have hired artists to design a catchy logo with colors that will stand out from a distance and contain a memorable slogan. One of the benefits to this is that if you should leave your office and move to another franchise or start up your own real estate business, you can take your brand with you and people in your neighborhood with already be familiar with your signs.
Commercial Real Estate
If you are new to Real Estate you must begin with residential property. To embark on an intense commercial project in your early career would only make you look foolish and scare the hell out of you. The people you will deal with will be intense and the schmoozing skills that make residential sales so pleasant, will be out of place in the hard and serious commercial game.
Find an office that had at least one agent who is a commercial real estate specialist, read all you can about commercial property and investing, and plan to work your way into the circles of the big dogs. There are thousands to be made in high end residential real estate, but there are billions to be made in commercial property. Keep your eye on the prize.