When most real estate investors go about buying or selling investment properties, real estate agents and realtors manage to come up. A realtor is needed to aid in facilitating any property’s purchase as he/she has extensive knowledge of real estate transactions. If you’ve taken that first step into becoming a real estate agent or realtor, then you’ll find great value in the following tips.
10 Tips to Becoming a Successful Realtor:
Partner up
This strategy has worked for many real estate investors, why? Simply because partnering up with another real estate agent can broaden your horizon and ensure that you don’t lose any real estate business to another realtor.
In another case, a realtor might not have what it takes to find real estate properties for sale or to even finish a sale. Meanwhile, another might have what he/she lacks. In this case, a real estate partnership is a must to ensure you’re making money in real estate.
Invest time in generating leads
Generating leads may be hard for a novice realtor. It’s not an easy one to accomplish. However, if you invest the time and spread the word about your services, you will find leads. Subsequently, some of these leads can turn into sales.
Another great method to generate leads is online platforms. It may not be a very common one for real estate investors, which is great! It’s an untapped real estate market opportunity that you can capitalize on. With Mashvisor’s investment property calculator, you can claim your free agent account and use it as a lead generation service.
To go deeper into online generation services, Mashvisor allows real estate agents or realtors to sign up and choose a plan that will decide on the number of quality leads they can receive. Looking for a way to attract new clients? Click here to claim your profile.
Don’t underestimate the power of open houses
When the real estate market is slow, real estate agents and realtors tend to get demotivated and slow down their effort. Big mistake! The best thing to do when you already have a property for sale is to hold an open house, why? First of all, you’re going to get publicity for free. Second of all, you’re going to generate leads and make connections- a pretty good thing for realtors and real estate investors.
Maintain connections with clients
Whether you’re running a real estate business or an automobile business, maintaining relationships with past clients is a must. Why is that? Mainly because past business can turn into future business. Moreover, encouraging referrals is a must in the real estate market. If you’ve managed to complete a sale with a client, encourage referrals to friends or family. You never know when someone might need a realtor.
Successful realtors don’t shy away from maintaining friendly relationships with clients and may even go to the extent of buying them lunches and sending birthday cards.
Take on an expert realtor as a mentor
There’s plenty of value to find in more experienced individuals in any field. That also applies to the real estate business. Many real estate agents and realtors have gone under the wing of an experienced realtor and even went as far as paying money for it. For those who tried it, the expert real estate agent acted like a coach to tell them about common practices. Additionally, the mentor would give them the practical knowledge to use in their day to day operations.
Don’t hesitate to invest in your online image
With today’s technological advances, it makes perfect sense to stay active online with your real estate business operation. Moreover, many real estate agents spend money on making a worthy website. Yes, you might say it’s unnecessary, but it can have a measurable effect on your real estate business.
Try not to turn away clients
Let’s say a client came to you looking for a commercial real estate investment; you simply can’t turn him/her away. However, you can connect this client with a real estate agent or realtor that specializes in commercial real estate investments. Accordingly, you can benefit from this transaction either through a referral or by partnering up with the other commercial property realtor.
Use social media
While this can be grouped with the online image tip, it can be a solid tip on its own. Having a presence on Instagram, Twitter, Facebook, and even Snapchat can have a big impact on your real estate business. This can ultimately increase your numbers and diversify the methods you use to make money in real estate.
Develop a business plan
This is a must for success in the real estate market and other markets as well. Having a business plan can help focus you on your target as a realtor and can restrain you from wandering off of your short-term goals.
Of course, a business plan is not meant to be set in stone. You can tweak it every once in a while to make sure you’re meeting your local real estate market trends and keeping an eye on traditional and Airbnb data.
Give equal attention to real estate investors as home buyers
Yes, with a real estate investor, you’ll have to work harder to find exactly what return on investment they’re looking for. On the other hand, with real estate investors, you know that if the first investment property does well, they’re coming back for more. Another point to keep in mind when presenting a property to real estate investors is to stress on positive cash flow properties. Accordingly, you give the investors an idea that you understand that they’re looking for rental properties. Don’t hesitate to ask them what their needs are.
Being a realtor doesn’t limit you to a specific type of real estate. You can venture into commercial real estate or residential real estate. However, finding a middle ground can make sure you don’t lose business and constantly attract clients.
There are many angles to look at a realtor’s success, you have to be reliable, on point, and never guess with clients. Follow the previous tips religiously and make the most out of them for your successful real estate business.
If you have more insights on becoming a successful realtor, don’t hesitate to share them in the comments section.