The real estate industry is a siren call for job seekers who want autonomy and a clear connection between effort and reward. Yes, this is an industry where you can enjoy the finer things, but it’s also known as a bit of a revolving door. New agents begin and just as quickly find themselves on the way out after experiencing adversity.
The ones who stick around are those who have a plan going in. They are ready to weather challenges and overcome the hardships of starting a new business from scratch. They are the ones who seek out guidance and develop the skills needed to excel as a real estate professional.
Do you want to sell more listings and become a real estate professional with staying power? Here are seven tips for making it in this industry:
Invest in Your Listing
You can try to do things on the cheap, but you’ll often find that selling a property requires an — often substantial — upfront investment. One of the best investments you can make is in professional real estate photography.
Agents who choose to take their own listing photos without the proper equipment and experience are doing their clients a disservice. Research shows unprofessional photos undercut the perceived value and quality of the listing and greatly reduce traffic at open houses and general showings. And if you think homeowners aren’t taking notice, think again. It’s not surprising to lose a listing over poor marketing. Going the professional route from the beginning sets a tone for the sellers, and begets faith in your talents as a Realtor.
And it’s not just still photography that matters. Many talented photographers are now offering Interactive, Matterport 3D Tours — the latest technology in the bag of real estate marketing of tricks.
This is especially important in the hotbed mid-Atlantic region where competition is fierce. Find a talented real estate photographer in Maryland or the Washington, D.C. areas that can offer multiple services, and expect to reap the benefits that will elevate your listing well above competitors.
Choose to be Selective
It’s always a good idea to be intentional about entering the real estate industry. Make sure you have some savings set aside to provide a solid runway for accelerating your business. If not, you’ll find that you need to take on poorer quality homes that tend to be more difficult to sell. This can lead to an uphill battle: poor quality listings are hard to sell, so you have to work harder to sell them — resulting in longer days on market, making you less attractive to future clients.
If you can be selective from the start, it makes all the difference in how quickly you can ramp up your business and start earning the money you dreamed of when you first thought of getting into real estate.
Know Your Market
Residential real estate is one of the most hyper-localized fields you can get into. Give yourself a clear advantage over your competition by knowing your local market better than they do.
Spend the time needed to get to know neighborhoods, school districts, job markets and commuting times inside and out. In time, this knowledge will naturally emerge as you speak to prospective clients and that knowledge can make the difference in securing the quality listings you want. Know what the area buyers are looking for as well. If the appeal of your specialized area is older character homes with original details, know everything you can about different moldings, ceilings, materials, and the fun facts that make you the all around expert.
A big part of knowing the market is also knowing the service providers who can help you create dynamic listings with an offering of comprehensive services. Make sure you can secure videography and photography for real estate that will set your listing apart. And develop relationships with title companies, mortgage lenders, appraisers, inspectors and others who are an important part of closing home sales.
Offer Your Expertise
Share your knowledge with the community. Start a blog, record a regular podcast, mail or email a monthly newsletter to prospective clients or try other channels for connecting with your market and set yourself up as the authority on local real estate. Don’t worry. It’s not as daunting as it sounds.
Sharing your expertise through these channels could be as easy as sharing success stories or interviewing an expert in your field. Connecting with your community in this way can help solidify your brand and create a pipeline of customers who turn to you for all of their real estate needs.
Many, if not all of today’s homebuyers start their search online. Get your listings in front of the greatest pool of viewers possible by developing an understanding of how technology affects your work. Working with a reputable real estate marketing service can give you peace of mind. A good company can often help you with the tough stuff like your brand development, including logo creation, brochures, pamphlets, and mailers. Enhance your social media presence by sharing high-quality virtual tours. Let a reputable real estate marketing service do the heavy lifting so you can focus on closing deals.
Find a Mentor
There’s nothing quite like learning from experience. Unfortunately, you don’t have experience to draw on when you’re just starting out. Take advantage of having experts in your office and ideally, find a mentor who can help you avoid first-time mistakes that could be detrimental. Many brokerages even have mentorship programs you can take part in, and classes to help you along the way.
Commit to the Industry
The easiest thing to do when life gets tough in real estate is to give up. The market can be volatile, as we’ve seen in the past 10 years, and drop off rates are astounding. But, if you develop and implement a plan and truly commit to becoming the best possible real estate professional, the benefits of this line of work are yours for the taking.
Are you ready to build your business by working with talented service providers? Start a plan and get on track today!
Published by Hometrack Real Estate Marketing
Copyright October 2016