New Real Estate Agent? Build Your Business With These 12 Strategies
A new real estate agent faces an uphill battle. Not only are they unknown, but they now are competing against more established agents who have been in the field longer, meaning they need to be creative and look at things from a different angle in order to set themselves apart.
Building interest is where the journey toward becoming a successful real estate agent starts. Even if clients are already familiar with their name, agents have to demonstrate why they perform better than their competitors if they want to get noticed and earn client business.
Here are 12 strategies that new real estate agents can implement to help build their business and start their careers off on the right note.
- Understand Yourself And Your Specialty
Identifying your strongest attributes and comprehending what your value proposition will be are both crucial at the origin of your real estate career. Building your business on a solid foundation is paramount to a successful practice, and it is significantly easier to accomplish once you understand yourself and how you can create the most value for your future clients.
- Plan, Strategize, Execute
Many new ambitious agents start by jumping right in. The problem is that it is challenging to execute without a strategy, and it is impossible to have a strategy without having a plan. Just as with a house, having a solid foundation is necessary — otherwise repairs might be expensive! New agents should think about their objectives and create a great plan focusing on what makes them unique.
- Get A Mentor
If I were to do this all over again, I would start out either on a real estate team, or I would get a good strong mentor that would push me, hold me accountable and make me work. It is so easy to not work when you are self-employed.
- Do Front Desk Duty
New agents should to take the opportunity to do front office desk duty whenever possible. You meet and greet new customers as they walk in, and you never know what might transpire from that initial handshake. You get a sense of what people are looking for, and it’s an easy way to trade contact information. After all, you’re dealing with people actively seeking real estate advice; all you have to do is show up.
- Work Hard, Serve Others
In my opinion, the key for young people is to work extremely hard, be disciplined and have a plan, invest in self-improvement, not be afraid to fail and try to help as many people as possible. Service leads to trusted relationships and that is the key to long-lasting, profitable client relationships.
- Get Out And Network
Find the trade associations most relevant to your niche, go to all of the networking events and/or panels they put together in your area and ask about joining the committee that helps plan the events and/or panels. If you want longevity in your career, focus on building genuine relationships with your peers, not just based around work.
- Avoid A ‘One-Size-Fits-All’ Approach
You may want to work with “everyone,” but “everyone” may not want to work with you. Whether marketing, geo farming or working your sphere of influence, know who you want to serve and what value you bring to the table. When you can identify a specific target market, you will understand their needs and create value that is meaningful to them. Create a client-centric business and the results will follow.
- Connect With The Community
Building a real estate business takes time, trust and an abundance of effort. Take time to explore neighborhoods and make connections with the community. When a property becomes available, you might be in the right place at the right time. Connecting with the community gives you the insight you might not otherwise gain.
- Build Your Database
Your top 150 contacts is a great place to start. The best initial approach is to ask them for referrals and not their own business. This way you keep the lines of communication open. Prepare your 30-second elevator pitch that shows your commitment and passion for business. Remember, to make money, you must meet a person face-to-face and get them in contract. It’s that simple.
- Take Advantage Of Every Education Opportunity
Take every real estate continuing education course available — you will quickly expand your knowledge base and be more prepared to answer a myriad of buyer and seller questions. Beyond classes, go to an event at least once a week, join the flow of conversation, let people know what you do. Everyone knows someone ready to buy, sell or lease a home. In fact, leases are an often-overlooked avenue for building a referral base.
- Leverage Video To Build Your Brand
By creating short videos about businesses, events and notable people in your town, you can begin to gain a reputation as the local expert. Branding the videos with your logo lets viewers know you’re a broker without asking for referrals in every video. Be sure to include real estate-focused videos such as buyer and/or seller tips and property tours. With consistency and patience, your business will grow.
- Provide Social Proof
Provide social proof by posting pictures and experiences for others to see how you helped someone else buy or sell a home and the benefits the homebuyer or home seller experienced by working with you. If you have no experience and are just starting out, you can follow the same idea by borrowing that social proof from your broker or team’s experience.