There are over 2 million real estate agents according to the National Association of Realtors (NAR). With such a huge number of realtors, becoming a successful in this crowded field takes more than just a license.
In fact, on average about 40% to 80% of agents drop out during the first year, rising to 90% after just 3 years in the field. To avoid becoming part of the percentage, heed the following tips:
Agents who don’t have a plan end up being on someone else’s plan. Most people place more value in planning a vacation, than planning their lives either professionally or personally.
Tailor your research to be specific to your marketing plan, which itself should fit within your strategic plan. In doing so, keep in mind that a business plan usually is data-driven, while an overarching strategic plan identifies who does what by when.
Establish sales goals
Armed with your strategic action plan, establish sales goals to meet within a certain realistic period. For new agents within the industry, it may take up to 6 months before the first sale. So don’t be disheartened or go into the business thinking a sale is always around every corner.
Plan a budget and follow it
Budgeting is highly, given the volatile nature of real estate. As such, your financial budget should allow for flexibility. Map out your marketing costs and any additional expenses such as education.
Managers manage themselves
If you are to be your own boss, you must learn how to manage yourself especially when it comes to important field-related activities. Time management, real estate business training, coaching units, and others should be planned and followed.