Across the country, real estate values have continued to increase despite the effects of the COVID-19 pandemic. A growing number of people have opted into real estate in the hopes of making hundreds of thousands of dollars off the rise in property values.
Any newly licensed real estate agent should understand there is no guarantee you will be successful. Many aren’t struggling to make money, eventually leaving the industry. Despite the challenges, there are some basics any successful real estate agent will have put together and ready to deploy:
- A website
- A set of social media pages
- Business cards
- Business phone number and email
- Availability to receive those messages.
In addition to these marketing materials, a real estate agent can use other techniques to thrive in their careers. Here is your guide on how to make money as a real estate agent, navigating a very busy industry with lots of competition.
Build Real Estate Client Relationships
Many real estate agents get most of their income from referrals, i.e. family, friends, and past customers. Get the word out that you’re a licensed real estate agent if you are just starting. With this, you don’t necessarily need to go hard on the sell, either. Simply let your acquaintances know what you’re up to.
If they need you or know someone who might, they’ll contact you. Afterwards, nurture this relationship using CRM for real estate agents. It will organize and manage your contacts efficiently, keeping you at the top of your game.
Real Estate Networking
The best relationships are built in person. There’s nothing like seeing someone face-to-face. A human connection through email or phone strengthens the likelihood of staying connected. You may want to strategically look at local in-person networking events or opportunities. Talk to home builders, new families to the area, lenders, and any business that’s operating on the periphery of real estate.
Differentiate Your Real Estate Identity
Many real estate agents compete for a limited number of available properties. Differentiating yourself from other agents can help narrow things down for you by specializing in selling a certain property type (i.e. condos, townhouses, semi-detached homes, commercial, industrial, etc.) or a certain agent. It will be a faster route to generating income and easier to become the most successful real estate agent in a specific category than becoming the best in a whole city.
Don’t Fear Rejection
The majority of people who see you will reject you. They’re people who aren’t selling or buying, and there’s nothing you can do to change that. A successful realtor doesn’t let that phase them. Rejection is a part of the game. All you need annually are a handful of listings to make a successful income well above average. Remember that. To get there, you’re going to get a lot of ‘nos.’
Cold calling is looking outside your network for prospects and seeing what’s there. It is unsolicited. It is time-consuming. There’s a lot of rejection. It can be as easy as leaving a note with your business card in someone’s mailbox, can involve going door-to-door in your jurisdiction, assuming that’s permitted, or making phone calls.
Once you get some momentum behind you, you can do a lot less cold calling as you’ll have relationships and referrals to nurture. This can be a good way to start when you don’t have those things.
Real Estate Company
A new real estate agent can start to make money fast by signing on with an existing real estate company in their region. They are instantly handed business through this affiliation, and with it comes references and experience. You also have the chance to meet and work with other agents, learning how to be the best agent you’re capable of being.
If you don’t want to work directly within a real estate company, you can network with real estate agents in your area, offering to take on the properties they don’t have time for or don’t want to take for whatever reason they may have.
Social Media Marketing
More people are going online to find their realtors and real estate agents. Set up a Facebook, Instagram, YouTube, and more. Post regularly. At a certain point, you can use it as an opportunity to build out a website as well. Launch social media marketing campaigns. Learn precisely what works and doesn’t work in real estate social media marketing.
This is a way to ultimately reach people you might not ever otherwise encounter. You can nurture leads, build brand recognition, and more. This translates to more business and more money at the end of the day.
Online Ads and Offline Ads
Brand-building doesn’t just happen on social media. Online ads via Google, for example, are affordable, easy to manage, and can yield a strong return if you launch a targeted digital campaign. You should focus offline, too. You are buying ads in local classifieds and newspapers. Also, set up some business cards at local businesses, such as pharmacies, gyms, independent grocery stores, and others.
In addition, attend local events and offering sponsorships if you have the budget to do so. Anything to ingrain you in the local community is a smart move to getting your brand recognized and in front of people.