We live in an era of the entrepreneur. Many people are creating their own companies and brand names. Influencers are making money through social media outlets like Instagram, while companies like Uber have changed the way we think of cab services forever. For many people, they’re tired of the 9-to-5 grind and find freedom in being their own boss. One way in which you can become your own boss is by creating a career in the real estate industry.
Dreaming of having a successful real estate career is only the beginning. It is a difficult path, but with determination, the dream can become a reality. Here’s how.
Patience Is a Virtue
Starting out new is never easy, especially in a work field as saturated as real estate. There are as many opportunities as there are pitfalls. It’s easy to feel overwhelmed when starting out independently. That’s why it’s important to latch onto and follow through on opportunities that arise. It can take generally up to eighteen months to see business coming your way.
Look for opportunities. For instance, those interested in becoming a real estate agent may consider helping other established agents. Check their listings and see if they have a longer list of “For Sale” houses. Reach out to them asking if you can help them with events like hosting an open house. The beauty of this is that it gives you firsthand experience with potential clients. It also gives you the chance to discuss things like the current market, which is one of the most important components of being successful. It can be the opportunity to see the board application process, negotiation stages, and the beginning process in person. You may even find yourself a mentor!
Become Intimate with a Customer Relationship Management (CRM)
One of the key components to being successful in the real estate market is maintaining contacts and leads. It has been suggested by other entrepreneurs that beginners start with a Real Estate CRM to streamline the process. The beauty of these systems is that they tend to have free trials, so as you’re starting out, expenses stay low. However, as you gain marketing traction, you can add more and more features to the base product.
This leads to a discussion about maintaining contacts, which will come with the understanding that with freedom comes responsibility. Your weekend, for instance, may be the time when (as an agent) you nab a client because that’s when they’re free and far more willing to rent or buy a home. (And of course, that’s your paycheck.)
Research and Familiarize Yourself with Real Estate Websites
Like anyone new to a field, you’re going to have to do some homework. This is why it’s paramount that you familiarize yourself with online tools and real estate websites. Many established agents point to sites like Placester as a good starting point. Going back to the idea of keeping costs down, the site is free to those who become National Association of Realtors members (also known as NAR).
These websites are also where you’ll find features like lead generations, email tools, and an Internet Data Exchange (also known as IDX).
Reputation and Timely Follow-ups Are Key.
You’re only as good as your reputation when it comes to the real estate market. Just as you’re reaching out for information about clients and other real estate marketers, they too will be investigating you. Social media platforms are both a blessing and a curse, as a negative review can bring an end to your business quickly. Consider this a warning for even privatized accounts. Once it’s online, it can (and most likely will) be public record. Perform Google searches of yourself on a regular basis to keep up with what’s being said about you.
Part of this process is making sure that you respond in a timely manner to any and all inquiries. As the saying goes, answer that phone even if it seems like a strange call. Many established real estate marketers advise responding to inquiries within minutes of when you’ve received it!
Keep Your Marketing Materials Up-to-date.
Getting your name out there is one of the most important things you can do. Shaking hands and reaching out to others is key to success but so is having the proper marketing materials. Many real estate marketers have considered services like ProspectsPLUS to be integral to their business development. As an administrative assistant of sorts, they help you by making newsletters, flyers and other marketing materials.
Never Stop Learning and Prepare to Take Risks.
Stepping out into a more independent business structure is an ongoing learning process. The real estate market goes up and down all the time. This is why it is important to keep yourself educated on how the processes change. We live in an era where technology changes every two to five years and social media has become integral to getting noticed. Be prepared to shift with it.
Stepping out into the world of entrepreneurship is also a big risk in itself. You’re leaving behind the solidarity of the standard nine-to-five to become your own boss. That’s why taking risks can be beneficial. It can make you stand out in a market saturated with other entrepreneurs.
