Sounds astonishing but true.. Most agents try real estate but not many succeed. Here are the exact hitches you want to avoid to survive and hit success, if real estate consulting is the profession you have made out of choice and wish to earn livelihood out of it.
This game requires to stay up to date with the market trends, rates and what’s new! You shall be out of the game soon if you are not well-versed in front of the clients because they are already dealing with other agents in the market and you need to stand out with the knowledge and expertise amongst them.
Administrative tasks are countless and needs to be done day in and day out. If that is where you put in your time and energy instead of being in front of the client, you will end up finishing your day with no results and months without crunching numbers. Money comes in when you are talking to the client, fixing an appointment and negotiating with them. Put in your time wisely and hire an admin instead to accomplish the daily administrative tasks which are by no means less important.
This profession needs a lot of actions to be taken and needs commitment. If you are just interested and doing out of passion, you would do the actions when it is convenient to you. But to survive and succeed, this business needs a whole lot of your commitment to do the right things at the right time to achieve the goals.
Buying and selling on behalf of clients requires connections with other agents whom you can deal with and trust. Trust comes in dealing with agents if you belong to the same network and have established rapport. May it be sharing inventory or showing homes, with trusted professionals the process gets far more easier. If you are the only agent running without a network, real estate consulting as a profession will not work for you in a longer run.
To do this business consistently, you need to consistently attract customers. If you are thinking of marketing once in a while and sit back to wait for the phone to ring, then you will land into trouble. This business requires constant lead generation and conversion with a strategic plan. Most agents fail at this one.
Database is your goldmine and you ought to keep it organised and updated. If you are yourself unorganised and so is your database, the chance of your failing in this industry is high. You shall be able to optimise your marketing activities and see the numbers going up drastically with a well-managed and up to date database manifold times more.
Real estate business offers a lot of flexibility in working hours but that doesn’t mean not giving time when required for it. Your clients would prefer an inspection of home showing early in the morning or late in the evening and on a weekend too. You shall get results as much as the time you put in productively. If you are taking this career as a part-time job and not as your own business, it will fall down upon you. You will have to put in your time, energy and effort especially if you are new to the industry.
You got to get your goals penned down. If you break that into an action plan, you would know the number of leads you need to generate, clients you need to meet, deals you need to close and numbers you need to crunch. Having no goal means you would have no plans and you will not make the money you want.
This business can be started undoubtedly with minimal investment but fuelling it is mandatory and not optional. Advertising and marketing should not be infused like a medicine but instead should be infused as food is to the body. This is how your business will show continuous growth. Surviving in this business and growing, both needs money to be pumped in and gets built efficiently. Manage your funds smartly to stay in the game and not get flushed out.
Real estate business is not like selling pens or phones. It is a transaction to be done between a buyer and seller, wherein most of the times you would be representing either of the side. It is practically impossible for you to memorise and manage all the listings and leads that you have. Without an adequate property software or portal that manages the inventory and helps you match suitable options for your clients, you shall end up exhausted and helpless. Make best use of technology and see what can help you increase the possibility of doing more transactions as that means more money.
Real estate consulting requires motivation and inspiration most often than not. Working in a network with someone you can look upto will help you stay geared up and for longer into the game. Choose your environment wisely that encourages you in your daily affairs to take you to the next level as this business is a tricky one and negativity can kill you. It is surely a high income potential business if done systematically and strategically.