Being a successful real estate agent is not as easy as it seems.
It is a career that offers flexibility and can generate substantial income, but it is hard work. Some underestimate the work that needs to be put in, and overestimate the income. Others might rely on older industry practices, that in today’s real estate market are no longer applicable. There must be a balance as to when applying conventional practices and when to pursue new practices that will help you create a successful real estate from the beginning of your career.
1. Focusing always on Sales only, is not always the best way to go
Being a good salesperson is a must-have trait if you would like to start a successful career as a real estate agent.
However, distinguishing yourself from the typical salesperson will make you stand out and help your career. In an era where people are searching for properties online, it is a must to have excellent photography skills and the ability to write exceptional descriptions about the listings. Think of yourself as a consultant rather than a salesperson. Give people advice, help whenever you can.
It is also very important to have soft skills such as people skills, self-motivation and problem-solving. Hard-selling doesn’t work in Real Estate. Client needs to know benefits and be happy with his decision before signing purchase of the most valuable asset in his life!
2. Consider yourself as having a small business
Real estate agents are all self-employed.
This means that you are in control of your growth, therefore you must think like a small business and not as an employee. Forget those 8-5 working day hours and closing the doors of a company and forgetting everything till tomorrow.
That doesn’t happen when you have your own business. You live your business 24h a day, every day!
Have long-term goals and clear plan how to achieve them…have a business that is flexible and make it your own.
3. Business Plan
If you are considering yourself as a small business owner, then you must have a business plan.
It is easy to get carried away with enthusiasm to just get a client right away, which would keep you away from important tasks such as organizing and planning tasks that will create future business for you.
You have to manage your time very efficiently and balance between serving existing clients and attracting future ones.
Make sure you are understanding the market and your customers. Whilst serving your clients, you must as well develop your skills, and educate yourself. Time is of essence in this job. Good plan will make you move through your day smoothly and day by day make it into months, years, until you achieve all that you have planned.
4. Set a Budget and take good care of it
Keep your spending at bay. Make sure you have your personal and business expenses on a spreadsheet, possibly even before you embark on your real estate career.
Include expenses such as rent or loan repayment. Never forget tax. Open savings account where you will put tax money as soon as you get your commissions. That way, you won’t get unpleasantly surprised when tax comes due to be paid. Your income target should cover all those expenses in addition to any business costs, and it should leave a margin for growth and emergencies. Never go on a shopping spree before you have even cashed your commissions. I know – now you are saying – “Mhux ovja!”, but many agents spend their money quicker than they earned them! There are always ways to manage your earned money so that it works the best for you in achieving your plans. Stay disciplined.
5. Nurture your client
It may sound obvious, but each client should be treated the same and respectfully. Your clients are the most important aspect of your business, whether they are buying a €1 million property or whether they are buying a €100k property. If you deliver an exceptional customer service, they can only recommend you and generate more leads for you.
Malta is a small place and a happy client can bring you numerous referrals.
6. BONUS Tip – Join us, at Owners Best we will help you grow throughout the whole process and whole your real estate career!