A successful real estate career doesn’t necessarily equate to the number of years you’ve worked in the industry. Instead, it’s usually a blend of personal skills, determination and passion for helping people that sets you apart. If you’re on a mission to become a successful agent sooner than later, then these strategies are a great place to start.
1. Have A Vision
We cannot stress enough how important it is that you have a clear vision for your real estate career. If you have no clue where you’re heading in life, then how can you expect to get there?
Begin by creating a long-term ‘big vision’ goal for 10 years into the future. Who are you with? Where do you live? What have you achieved in business and life? Make sure you also include “why” you want to achieve these things.
Next, create your short-term 5-year and 1-year goals. These will provide the goal posts to keep you moving towards your big vision. Include things like how many properties you need to list annually, your average sale price, and how many satisfied vendors you help.
2. Create A Plan
Failing to plan is planning to fail. That’s why having a business plan with clear direction is the quickest way for you to progress in your real estate career. Your business plan should include strategic questions such as; Who is your ideal client? How much can you expect to earn? What marketing budget do you need? What are your expenses? Your business plan should also be flexible enough so you can pivot when unexpected changes happen.
3. Work On Your Limitations
Every agent has certain aspects in their career progress that need attention along the way. If you’re not moving as quickly as you would like, then honestly assess what is holding you back. Do you lack certain skills, time management, personal development, or do you need extra support?
Working with a real estate mentor is a great way to ensure you navigate the different stages of your career smoothly. They can also recommended courses, books and resources to help fast-track your success.
4. Grow Your Database
Building a quality database that generates listings and sales for you well into the future, is integral to your career progression. When you focus on building a quality database, you’re then in a position to continually attract prospective clients.
When marketing to your database you could aim to prioritize buyers. There will always be more of them and they can still become a vendor in the future. Remember to stay consistent with your marketing efforts and build quality relationships. You never know when someone is ready for your services or will refer a friend to you.
5. Become Your Own Agent
If you’ve been in real estate for 5 years or more, then it’s probably time to establish yourself as your own agent.
6. Build Your Team
Another great stepping stone in your real estate career progression, is to build a team. Building a great team is a necessary step to scale your business because there’s often a limit to what you can accomplish alone. Start by hiring an assistant to take over your administrative work. Once you get to 6-7 listings per month, then you’ll be ready to hire a second person who can manage your prospecting overflow work. Eventually, with a solid team around you, you can step into a partnership or directorship with your existing agency, or alternatively start your own agency.
7. Key Performance Indicators
A key indicator to ongoing success is to be continually increasing what you write in fees year-upon-year. If you’re correctly nurturing your database, then past clients and referrals should make up a good proportion of these transactions.
8. Monitor & Reassess Your Progress
Monitor your results at the end of each year and also at each financial year. Review the number of listings, sales and total income generated. If you find your off target, then set a new goal and strive to reach it.
Ultimately the speed at which you progress in your real estate career, comes down to your commitment. It’s what you do today, that determines the level of success you will enjoy 3 years from now!