A lot of people get into the real estate industry and never make the money they expected as a real estate agent. They don’t realize the success others have achieved has been possible because of specific strategies. Take a look at Mike Putnam as a prime example of what it takes to be successful in this business.
Focus on Marketing
Marketing is a key component for any agent to grow their business. They must get their name out there, and let people know what they can do for them. While a great deal of business comes from referrals, you have to make sure your name is in front of those you’ve done business with and those who are interested in working with you in the future. This is one reason establishing a social media presence is vital.
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Statistics show that real estate agents spend about 10 percent of their money on marketing and various advertising campaigns. This includes both online and offline marketing strategies, which should work together.
Related: Buying Investment Property: What To Look For In A Realtor
Analyze and Track Results
Not every marketing avenue is going to yield the same results. It’s important to track your results and analyze the data to see which components are providing the best results. If you’ve spent a lot of money on your website but are really getting most of your clients through your Facebook page, you may want to re-think your strategy going forward.
For others, you may spend a large amount of money creating attractive brochures only to discover more of your clients come through open houses. While you don’t want to cut your overall marketing budget, you may find it’s advantageous to move it from one aspect of your strategy to another.
Set Clear Goals
As a real estate agent, you must set clear goals for your marketing. You can choose to either focus on your efforts or the results. For instance, you may decide you will work on creating four posts per day on your Facebook page. Or you may decide you want to get five or 10 new inquiries a week or one new client.
There are pros and cons with each method. You don’t have total control over the results, but they are what drive your business. On the other hand, you do have control over the tasks you set for yourself in marketing, but they may not yield the results you want. You want your efforts to have a purpose and to help your business to grow.
Related: How To Get Into Real Estate
Be Willing to Think Outside the Box
The most successful real estate agents are innovators. They don’t follow the crowd; they set the trends. They are willing to try something new – even if it fails. This may include using new technology or trying a new marketing strategy. At the same time, they don’t abandon what has been working for them. Instead, they find ways to incorporate the old with the new to keep their message cohesive.
Thinking outside the box doesn’t necessarily mean doing something no one has ever tried. It just may mean moving outside your comfort zone and trying a strategy that’s new for you. See what your competition is doing that you aren’t and be willing to give it a try.
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Seek Advice
If you want to grow your business as a real estate agent, you must learn from those who have already achieved what you want to do. Don’t be afraid to ask for advice or to look for a mentor. While the real estate industry is highly competitive, most agents are willing to help those who are struggling or new to the business. Why learn from your mistakes when you can learn from someone else’s?
Real estate agents know there’s room enough for everybody, and making connections within the business is essential for long-term success. The key is to find people who are knowledgeable in the area where you lack. Maybe they focus on investment buyers and sellers or they have a tremendous marketing campaign that brings in new clients on a weekly basis.
As you compare yourself to other agents in your market or even in other markets, you will see a few who stand out from the crowd. They are recognized as industry leaders, the people who receive the acclaim and the experts others go to when they need advice or information. To become one of those people, you must do what they have done. Be willing to market, study the results of your marketing and find others you can learn from. Take these steps and you will become a successful real estate agent.
Related: Becoming a Successful Real Estate Investor
What is your niche in real estate? Are you an agent with a concentration in investment properties? Let us know and let’s chat!