22 Apr 10 Habits of the World’s Richest Agents
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Real estate is a lucrative industry, but your chances of financial success are strongly tied to your daily habits. Just being licensed isn’t enough – you have to market, build relationships, monitor real estate news and statistics, and keep up with industry trends.
More than 21% of agents make over $100,000 per year, and not all of those agents work 80 hour weeks. The bigger factors in success are time management and effective strategies. What can you do to increase not only your sales but your income as well? Try implementing some of these habits of the world’s richest agents to supercharge your real estate business:
1. They Build a Team
Let’s say an agent named “John” makes well over 100k per year. To keep growing he needs to start building his team immediately. But it doesn’t end there… to keep John’s team successful, he has to assist them by paying some of their expenses, helping them find leads, and providing manpower for things like paperwork.
As a result, correctly utilizing a team of agents allows John to make a cut of commissions while doing little to no work on the sales.
2. They Utilize Digital Marketing Tools
Agents making more than 35K per year are 54% more likely to have an e-newsletter. This is a great way to connect with potential clients and build a network of people with whom you can have a mutually beneficial relationship. In this era of everyone being connected all the time, Facebook, LinkedIn, Twitter, and Instagram presences are crucial. The more present you are, the wider your exposure to potential clients.
In this era of everyone being connected all the time, Facebook, LinkedIn, Twitter, and Instagram presences are crucial. The more present you are, the wider your exposure to potential clients.
3. The Have a CRM
Having a solid Customer Relationship Management system in place helps keep you on track, cover all your bases, and implement effective follow-up. In fact, agents who make over $35,000/year are 87% more likely to be using a CRM strategy than those who make under that threshold.
If you don’t feel confident in designing your own, there are pre-made systems made just for real estate agents. Some, like Seize the Market, specialize in focusing exposure across social media, while others, such as Kunversion, facilitate excellent mobile optimization. Investigate your options and choose one that is geared best toward your overall goals.
4. They Focus on a Niche
The old adage may be corny, but “it’s better to do one thing well than dozens of things poorly” has guided many entrepreneurs – including the likes of Steve Jobs of Apple – to great success.
Whether you’re in commercial real estate or wholesale, farm property, or a specific architectural type, learn everything you can about your specialty so you can market yourself as the go-to expert in that field.
5. They Set Goals – and Write Them Down
Successful entrepreneurs – and that’s exactly what an agent is, a business owner – regularly visualize their goals and write them down on paper in order to have a physical reminder to keep them on track. Doing this daily can also keep your mind on task – make a list each morning of the things you need to accomplish that day.
From checking out recent MLS activity to informing clients of any new information, a well-planned day typically translates to a more successful day. In fact, according to Breffni McGeough, a Seattle agent who has sold multi-million dollar properties, being task-oriented can be marketing collateral – “…you don’t have to worry about commission because people come to you.”
6. Let Clients Make Their Own Decision.
Mirce Curkoski, a high-end agent in Miami, FL, advocates giving all available information to clients and then letting them make the decisions without undue pressure from you. Your clients know their own needs best, so when their gut instinct tells them what to do, respect that and then work with them to regroup and formulate a new plan for success.
7. They Don’t Underestimate the Power of Video
Using video to showcase your listings can make an enormous impact on the property’s exposure. High-end San Francisco agent Rick Teed claims that his listings with just photos and text get up to 300 hits, while those that include video garner roughly 14,000.
That’s a significant jump that could mean the difference between a quick sale and a slow or non-existent one.
8. They Build Their Network
The word “networking” tends to be associated with lead generation and client email lists, but it’s so much more than that. Make it your business to maintain connections with competent, trustworthy appraisers, insurance agents, contractors, and mortgage lenders. If someone in your network doesn’t give your clients the best possible service and care, cut them out. This is how you build and sustain an impeccable reputation.
If someone in your network doesn’t give your clients the best possible service and care, cut them out. This is how you build and sustain an impeccable reputation.
9. They Become Neighborhood Experts
Know your selling areas as well as possible – the history, local hangouts, food, every bit of trivia and statistical information you possibly can. The more detail you can offer clients, the better. Being a wealth of interesting and useful facts on your neighborhoods establishes you as the local go-to.
10. They Are Prompt and Adaptable.
The early bird really does catch the worm. Successful agents don’t waste time waiting to return phone calls and follow up on leads. Immediate action puts you ahead of the competition and makes a big impression on prospective clients.
You can sharpen this edge even further by adjusting to whatever communication style the lead prefers. Some people hate to text, so call them instead. Some people only text and avoid phone calls like the plague – be willing to communicate via whatever method makes your client or lead the most comfortable.
It’s a small touch that leaves a lasting impression.
There’s no one strategy that can guarantee you success as an agent, but if you implement these tips and be consistent about carrying them out, you will certainly tip the scales in your favor. Utilize a multi-directional approach not only to marketing but to networking, CRM, and every other aspect of your business. Choose a focus and position yourself as the expert, then design your marketing collateral to match your specialty.
Persistence, consistency, and competence will pay off in success.
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