If you take a look around you, you will find that there are dozens of real estate agents working in your area. Being a real estate agent is a profitable business where one gets a decent commission for helping in the sale of the property of his client.
However, if you ask an industry insider, you will find that there is cutthroat competition among the agents and the major share of the pie is taken away by the topmost real estate agents in the area. It is a fact that more than 90% of the individuals who enter this profession do not become successful and give up within the first year of operation.
Let us find out how long it will take to succeed in real estate for a new agent.
It is Difficult to Tell
Hundreds of thousands of men and women feel attracted to the profession of a real estate agent and join the bandwagon in the hope they will earn a good amount of money helping their clients.
But dreaming to strike it rich or to emulate the success of most popular real estate agents is not possible for most of these newbie agents. It is like an aspiring actor dreaming to become a Marlon Brando or a Marylyn Monroe one day.
The real estate agent is a people-centric business and your success depends upon not just your knowledge and skills but also on how you manage your clients. If you are honest and reliable and clients feel good working with you, they will recommend you to their friends and relatives.
This is how you start to get clients and achieve success in your profession. If anyone says you will succeed in 3 months or 6 months, he is clearly lying to you.
For Most Agents, the Time Taken for the First Sale is 6 Months
If you look at the highly successful real estate agents in your town, you will find that most people desirous of selling (or buying) their properties want to hire their services.
These professionals are so busy that they do not have the time to listen to the queries of new clients. They hire other agents to deal with their new clients. But the same successful agents had to wait for months before landing their first client at the beginning of their careers. A vast majority of agents complete their first sale after 3 months while many do it after 6 months.
It means that you will not earn anything for the first few months when starting as a real estate agent. You should be prepared to use your own money to survive in this profession in the early phase.
Gather as Much Knowledge and Experience as you can
Clients judge you on the basis of your knowledge and experience. You just need to put on the shoes of your prospective clients to know how you would feel if you were asked to rely on the skills of a rookie agent to sell your house.
Would you rely on the abilities of a rookie to sell your house at the desired asking price? Find a real estate agent to mentor you and learn the tricks of the game to satisfy the queries and doubts of your prospective clients.
They start to show confidence in your abilities when they perceive you as a knowledgeable agent. Your knowledge of the market is the best indicator of your experience in this field. You are more likely to get listings from prospective clients when they are reasonably sure of your knowledge and skills.
It Takes Time to Develop Networks and Relationships
The reason why popular real estate agents are successful in this field is because of their ability to build networks and relationships with those who matter to them.
These include builders, developers, real estate attorneys, and of course other agents. These experienced agents are able to overcome hurdles and obstacles coming their way by taking the help of their contacts in the industry. You need to develop relationships with other agents, contractors, and attorneys to get your work done quickly.
Agents and builders call on their friends and oblige them with work when their hands are full. It is like getting acceptance and approval from important others in the industry.
The quicker you develop strong relationships in the industry, the better are your chances of success as a real estate agent.
Shout Out in Front of the World
As mentioned earlier, a real estate agent is a profession where other people matter the most. Yes, you need to sharpen your skills and gain as much knowledge about the trade as you can but this knowledge counts to nothing if prospective clients are not able to find you when they need the services of a real estate agent.
You can start by announcing in front of your friends and relatives in the beginning. Get business cards made and hand them over to developers, builders, and other agents to increase your social circle. Make use of social media to tell the world that you are there to help them whenever they need to buy or sell a property.
Remember that people think of people they know whenever they need specific services. The more you tell others about your service, the higher are your chances of getting business through a reference.
Improve your Chances of Success by Finding a Mentor
The profession of a real estate agent is full of trial and error. You learn by making mistakes. But you can avoid the mistakes commonly made by other real estate agents and speed up the process of your journey to success by finding a mentor for yourself.
According to Greg Luther, the better prepared you are when you have all the necessary information to solve the problems of your clients. Coaching from an experienced real estate agent makes sure you cut down on your mistakes and pick up the nuances of the trade as quickly as possible.
It is the desire of every new real estate agent to become successful and earn lots of money. It is a long and uncertain journey that you can complete quickly if you follow the steps mentioned above. Your knowledge of the market and good interpersonal skills will prove crucial in becoming a successful real estate agent.