Expert’s Tips to Earn More as a Real Estate Agent
The real estate sector is quite glamorous and promises a dynamic work environment with a focus on communication and increased earnings for the realtor (if you work hard enough). That’s why anyone who isn’t happy to sit in front of a computer all day has a chance to find a thrilling experience as a real estate agent.
Plus, the fact that you work on commission means you get to decide when to get a raise or how much you earn in a month. Of course, there are a few external factors that influence a realtor’s earnings (like the economy, your location, and the housing market) but a real estate agent can still make a nice living.
In fact, real estate agents can make anywhere between under $25,000 and $1+ million. The average pay in 2020 was around $49,000 but top producers easily went over the $110,000 threshold.
As you can see, not all realtors are high-earners (which is only natural). Still, with the right dedication and a few tricks up your sleeve, you should be able to join the top tier of your profession. We even prepared a few tips for you, coming in hot from successful real estate agents.
Focus on Education
To become a real estate agent you don’t need a fancy diploma (only high school), but college graduates have a slight advantage. In college, students learn at least a few notions of communication, business administration, marketing, and business language. Successful real estate agents need all those skills and more to be well-presented and convincing in front of their clients.
Plus, to start in this profession you first need to take a state-approved real estate course and pass the exam to get your license. But you shouldn’t limit your education to the materials you need for the exam (which are a bit basic). Selling homes is a true art and the market is highly competitive. So anyone who wants to the top needs a lot of extra knowledge in the field.
Luckily, there are several professional online real estate schools that help you keep your work hours and get better at your job. Also, as you gain experience, you should get new certifications that prove your skills and help you grow.
Work with Buyers (as well)
As a real estate agent, you represent sellers. Your job is to prepare the property for sale, list it, and then find interested buyers. However, you can also represent buyers and help them find the home of their dreams. While both jobs are time-consuming, the experience is different and teaches you a lot about both sides. Plus, the experience as a seller representative will come in handy as a buyer’s agent (and vice versa).
The buyer’s agent also works on commission, so the more buyers you can help find a home, the bigger your earnings will be.
Start Managing Properties
Your training, knowledge, and connections make you a great property manager. This is a person hired by homeowners to maintain, repair, and find renters for properties they own but don’t use. The list of tasks can be longer (depending on the contract), but it can be an additional line of income for someone used to assess properties and identify hidden risks in homes.
Be Proactive in Seeking New Clients
While finding new lines of income is a good idea, the best way to make sure your income grows is to find new clients. However, this is not as easy as it sounds – the real estate market is highly competitive so you have to be proactive about it.
Nowadays you can do so by promoting yourself online (via social media, blogging, or online marketing) and making sure your website is in top shape. Next, work hard on building your professional network by attending events and any networking opportunities.
Also, a realtor must be involved with the local community and show they care about it. Participate in community activities and make time to walk the neighborhoods where you’re selling houses. Talk to the people you meet and be as friendly and helpful as possible.
You should also be helpful and friendly with your customers. For instance, you can teach them a few tricks of the trade that help speed up the sale (nothing that’ll damage your career though). This way, you earn their trust and make sure they’ll recommend you to friends and family.
Find your Niche
In such a crowded market, like real estate, it can be difficult to stand out. That’s why every successful realtor is an expert in their niche. They don’t take any client they can find, but focus on properties and scenarios they know well.
For instance, you could be an expert in finding first-time buyers to find the home of their dreams. Or, you may be a specialist in luxurious properties (you can sell them quickly and at a fantastic price). To identify this special skill take a look at your portfolio – which sales you loved the most and why?
Life as a real estate agent is adventurous and challenging, but it can also be rewarding. You just have to find your niche and learn how to work smart while attracting more customers.
Be sure to check out our post on How to Choose a Good Realtor: Major Client Misconceptions for more great tips!