Just like every other work out there, you get back what you put in there. According to the national association of realtors, 5.34 million houses were sold in 2019 and majority of the sales involved the work of a real estate agent as 89% of buyers were helped by real estate agents.
Becoming a real estate agent is one of the best ways to make cool cash, either as a full time or part time agent.
This article will guide you on how to make money as a real estate agent.
Below are 6 tips to get you started:
- Control Your Destiny
Don’t wait to get called by clients, go all in and make that phone call. This strategy works, don’t wait for prospects. Maximize the advantages of your phone and data, make use of the internet. Design a virtual office with your phone and emails.
2. Know Your Niche
This involves studying your environment and asking questions about what potential clients around you need. Here are some questions that can help you find areas of opportunities in your market.
Are short term or long-term rentals popular in your area?
Rentals are popularly dominating the real estate landscape. A great way to secure buyer clients is by helping investors find properties they can turn into Airbnb hotspots, vacation rentals or shortlet apartments. Get an understanding of the risks involved and the factors that dictate them. Do your best to give better recommendations and clients will use you again and also refer you to prospects.
Is there a housing shortage in your community?
If your community has less housing than what is needed, now is the time to start focusing on vacant lands. Housing shortages deter the growth and development of a community, so, builders are going to need to buy land. Just get ready to become the go-to agent for land deals.
Does your community have a college or university?
Housing in a college or a university area can be a very lucrative niche for real estate agents who know how to work it. Off-campus students will need rental agents to help them secure housing for the period of years they will spend in school. Although, agenting fee for students is considerably less than a commission for residential sale, these transactions are much simpler and faster, the income earned are roughly the same.
3. Build a Relationship with Developers.
Research the major developers in town and get familiar with the projects they do. Next, strategize ways to move close to these developers and build a relationship with them. Advocate to be their listing agent, being a listing agent is an exciting way to make extra income, additionally, it offers security, guaranteed inventory and usually handles marketing and scheduling, so your job is secured.
According to Ben Caballero, the most successful real estate agent in the world in terms of closed sales for the last decade, works exclusively with developers on new construction projects.
4. Regular Communication
Stay top of mind by maintaining regular communication, even if it has to be automated. Your previous clients know you and they know that you are an expert who can give them what they want. There are great chances that these people will buy and sell again, so it is nice to keep in close contact with them; keeping in close contact with them is key to making more money as a real estate pro.
5. Invest in Real Estate
Translate your knowledge into investment profit. The easiest way to do this is by forming an investment club by coming together with a small group of people that are interested in the same idea and pulling resources together, rather than putting up all the money to invest in a property all by yourself. Ideally, form a team that involves a real estate agent, an attorney, a contractor and a banker, this will help you make more money, and you can demonstrate to real estate investor clients that you know what you are doing.
6. Become an Expert for Other Agents.
Agents lean on each other for advice and motivation, figure out your greatest asset as an agent and your contribution to the industry, here you can make more money as a real estate professional. A great number of real estate agents earn a living by coaching their peers on how to succeed in the field as well as aspiring real estate agents. You can build a branch around coaching others on becoming a real estate agent.
Lastly, those who have made it to the top in real estate will boast to you that they hustled their way to the top, we agree quite alright but remember to put in the work and stay consistent. Control your destiny; get your name out there, know your niche; is your community marketable? be influential, use your experience to your advantage by coaching others and making money doing it.
Whether you are looking to supplement your income or become a professional real estate agent, we hope the tips in this article inspire and encourage you.
You can ask us questions on any of these strategies, just leave a comment in our inbox: info@sterlinghomesltd.com