7 Tips Every Realtor Needs To Survive Whether You’re Starting Or Nearing Retirement
The 7 things realtors need to survive on a daily basis. There are so many ways to grow your business and things to focus on. I break down what realtors need
Real Estate is a tough business. You have stiff competition in almost every niche, and the number of things required to market yourself well in 2015 can be intimidating!
So today, I’m going to break down the 7 things every Realtor needs to survive. These tips can be applied to every aspect of your business. They should help you increase productivity and profitability.
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The biggest piece of advice I can give to you about running your own business is: “Don’t try to be perfect.” I think that growth in business is almost always tied to something messy. Think of your current real estate market as a big pie. There is plenty of it to go around, but people have their sections of the pie they are trying to defend. You need to disrupt the current distribution. And when you do that, there is bound to be a mess. I’ve never seen a pie get cut without a lot of messy crumbs along the way.
The crumbs don’t ruin your business, however! They make you stronger and better as a Realtor. Realtors need to push their boundaries and in order to do this, perfection needs to fall by the wayside.
Mistakes will happen during any growth phase in your business. And it is your job to monitor, adjust to, and grow from them. But the biggest mistake I see Realtors make is letting perfectionism stop them from taking massive action. Don’t worry if your blog post isn’t perfect, go ahead and post it! (I know I have.) Perfection comes from consistent work. It is never the sum of one action.
You will need to work long hours during the initial grind of your career. There is no way around this. The world of 9-5 does not apply to Realtors looking to get ahead in life. Most of us got into our business to experience success that a regular job could not offer. In order for that to happen, you’ll have to work from 8am – 8pm some days. There will be days where this simply doesn’t seem worth it. But don’t worry. If you persist, you will be rewarded.
The long hours needed during the first year of business or any growth phases (adding new real estate team members) will pay off down the road. The hours you spend now will earn you certain luxuries in the future as long as you focus on activities that build equity and leads for your business.
Need a Real Estate Logo your first year in business? You’ll probably have to make it yourself. You will have to learn how to properly track your Realtor tax deductions. And will need to become an expert at Real Estate Marketing. The key of being a Realtor is focusing on consistent growth. Set goals for your business. And make sure you hit your goals. You will need multiple hats to do this.
Becoming A real estate agent is a particularly isolating event. You are starting a business where, for the first year, you’ll probably be the only worker. Maybe you left a corporate job where there were friends and people you could socialize with? I know that my first year as an entrepreneur was an incredibly hard one for social reasons. You have to manufacture social interactions. Things like cold calling and real estate marketing may lead you to withdraw further into your own world.
This is a bad thing as a Realtor, because most of your business will come from social referrals. To prevent becoming a recluse, I recommend integrating a solid Starbucks routine into your weekly schedule and frequenting events. You can find some pretty cool events for prospecting and fun on Meetup.com.
The key towards repeatable success in business is having systems. The most basic system of all is a personal schedule. You’ll never be able to have consistent success unless you adopt one. When are you going to prospect FSOB’s? When are you going to blog? When is social media going to be done? These are all things you need to address with a schedule. Real Estate Marketing is null and void unless you do it consistently. There is no marketing tactic in the world that will work if you only execute it once. The key to success is following through time after time.
I’ve outlined a starting guide for Realtors here in my article on: “how to get started in real estate” and “Real Estate License: Obtain & Profit.” This is a good starting point if you are looking to adopt a personal schedule.
No one likes paying bills or reviewing monthly budgets. But a backup fund is required in real estate. What percentage of your earnings is going to go towards retirement? What percentage of your earnings is going into semi-longterm savings?
It’s fun to celebrate a big closing in real estate. However, it’s important to remember that there will be times when you need that money. Create a backup fund. It will help you down the road.
The biggest growth for me always happens when I’m focused on one number. With Easy Agent Pro, that number is our email list. I used to worry about all sorts of things! How much money are we making? Can I optimize for that? How is our process for creating websites going? There are so many things to worry about in real estate that sometimes we get distracted. What is your #1 priority?
The other thing I’ve learned here is that you can only have one priority. The moment I claim to have two priorities, I lose all sense of exponential growth effect towards both goals. And two aspects of my business suffer. Try focusing on only one number this month (or year). I promise it will positively impact your business!
Do any of these tips apply to you in your business? I honestly think that being a Realtor not only creates wealth, but also makes you a better person. All of these issues force you to become a better individual and business owner.
Leave your comments below and consider sharing this piece with your friends if you found it helpful! – Tyler
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