Real estate is a weird business. Nearly 87% of real estate agents fail and exit the industry within their first 5 years of obtaining their real estate salesperson license, yet so many people continue to pursue real estate as a career.
The most interesting part of that statistic is that it’s not entirely a REALTOR® problem. It’s a leadership problem. Over the last 10 years, technology has dramatically altered the way that we see the world and how the world sees us, as business owners and individuals alike. Despite that, residential real estate brokers continue to rely on the same strategies that were prevalent decades ago with very little innovation in their business models.
It’s time for real estate agents to stop relying on their broker and take accountability for their own success. Here are the first 5 things that you should do when becoming a real estate agent.
Create structure for yourself
What should I be doing every day? Where is my time best spent? How do I know that I’m doing the right activities? Whether you’re a new or experienced real estate agent, staying productive is a constant battle. Creating daily structure is vital to your success as a real estate agent to ensure that you’re taking small steps forward each day. Structure fuels accountability and accountability breeds results.
Create structure. No shit, right? Easier said than done. So how do I fill my time to create the structure to help me achieve my goals as a real estate agent? Keep reading and find out.
Identify a realistic marketing budget
Don’t confuse the word budget with money. When thinking about a budget as it pertains to business, it can mean two things: money or time. If you don’t have one, you should have a sufficient amount of the other. Ideally, you’ll be able to leverage a bit of both.
When determining the structure of your day, identify a realistic amount of time and money that you will invest into your business over the next 90 days. Once you’ve determined the available inventory of each, you can start allocating that time and money accordingly.
Invest in your brand
Marketing is not an expense, it’s an investment. The first piece of equipment that you should invest in is a stabilizer to help you create quality content. If your budget allows for it, grab a mic, as well. Audio is arguably the most crucial element of successfully curated social media content. With these two items alone, you can build a successful business.
Video content is key and it’s not going anywhere. With an iPhone, stabilizer and quality mic, you can quickly become an influential voice in your local community. After all, local visibility is all we’re aiming for as real estate agents.
One of the most important things to understand about building a real estate business is that you don’t actually have to talk about real estate 75% of the time. Real estate is only as sexy as it is prevalent, so don’t get lost in the hamster wheel of trying to come up with original real estate content 24/7. Most people won’t care, won’t watch and won’t engage. Focus on what your target audience is likely searching for on a daily basis. Things to do, places to eat, most desirable areas to live, interesting facts about your community, etc. The list doesn’t end.
So, what kind of content should you be creating? Find out here.
Take accountability for your own education
The quickest way to fail as a real estate agent is to rely on your broker for your own success. By all means, your broker should be a key resource for your education, but it’s unrealistic to expect your brokerage to be the best source of knowledge for everything. Virtually every necessary skill to build a lucrative business can be learned online through YouTube, free online courses or simply reading books written by entrepreneurs that have done it before. Invest in your education and make an effort to learn something new every day.
Believe in yourself
It seems simple, right? It’s not. Success in any business does not happen overnight. It doesn’t happen in a month or sometimes even after a year. The key to becoming a successful real estate agent is patience and self-belief. If you do the right things consistently, success will follow.
If you’re a real estate agent in Southeast Michigan and looking for a new brokerage, check out Social House Group. Our team would love to have you!
