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By Ryan Pauline
There are now millions of real estate agents that are working across the property industry. In the United States alone, it is estimated that there are now up to two million property agents. Needless to say, competition among such professionals is much more intense. All of them are logically intending to close property deals with as many buyers and sellers.
Becoming a successful real estate agent could be a real challenge. It would take more than training, experience, and license to succeed in this industry. To be successful, any agent should be very familiar about the effective regulations and property laws within the market. Not all agents could succeed based on such factors.
According to US-based National Association of Realtors, about 40% to 80% of new property agents drop out from the profession within their first year. Nine out of 10 of them tend to give up after about three years of failure in the industry. Here are several tips that could help real estate agents succeed in their profession.
First, the agent should treat himself as a business. The profession is actually a business. He could be working under a broker. But in general, he remains independent and his income depends on his commissions from sales. Property agents should run the practice as real businesses.
Second, the agent should set a definite and workable plan, whether for marketing or for strategies. A real estate agent is logically responsible for his own marketing expenses. Thus, he should develop a marketing plan within his strategic plan. Marketing plan is driven by information while strategic plan should identify specific action takers and time frame.
Third, there should be effective sales goals. New agents should expect their sale within their first six months in the business. However, that should not affect their sales targets. Such goals could make any professional more determined and driven.
Fourth, set a financial budget. In general budgeting is important given the current volatility of the marketplace. The financial budget of every property agent should cover marketing costs and additional expenses like education, further training, and advertising. Consider the sales targets and the forecast income when setting the budget.
Fifth, prioritize self management. Success comes to agents that could manage their selves better. Time management is essential in balancing personal and professional life. Property agents should set their priorities. They should always find time to spend with their family, health, and social life to attain professional boost.
Lastly, a property agent should find a good and reliable mentor or real estate coach. New agents should take note. A mentor could serve as a guide that would help an agent overcome professional obstacles and challenges. Agents should hire mentors or coaches especially if they have the resources.
Being an incredible sales person is not an assurance that one could be an effective agent. Observing the right attitude and being adequately equipped to operate in the industry would be crucial. These tips could lead real estate agents to real and lasting success.
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