REAL ESTATE

Want to Share Your Own Successful Real Estate Agent Stories Someday?

There’s something about real estate that makes it one of the most selected forms of investment. In fact, the College Investor states that 90% of millionaires owe their riches to real estate

Because of the popularity of real estate investing, it’s no wonder why a lot of people take this business path. As per the Association of Real Estate License Law Officials (ARELLO), there are about 2 million active real estate licensees in the US, whom property sellers and buyers usually rely on.

Now, do you also want to become a top agent and someday share your own successful real estate agent stories? Let this article serve as your guide.

Role of a Real Estate Agent

An agent has many responsibilities. But their main job is to act as a negotiator on behalf of a seller or a buyer. Whether you’re in the market to buy an office building or sell your existing home, they are licensed and trained to guide you in every stage of the process. The general duties of a real estate agent fall into three categories.

Administrative

  • Answering clients’ inquiries through calls and emails
  • Drafting and delivering documents
  • Ordering supplies
  • Scheduling appointments and property showings
  • Updating property listings

Research

  • Staying up-to-date with the latest real estate trends and best practices
  • Looking for properties on open listings
  • Conducting real estate market analysis

Marketing

  • Building blogs, websites, and/or social media pages for properties
  • Managing online and social media presence of real estate listings
  • Creating and distributing promotional materials
  • Networking with potential clients and other real estate businesses
  • Running advertising campaigns

How to Start in the Real Estate Industry

Competition can be tough in the world of real estate. But this shouldn’t get into your head and intimidate you. Rather, start your career in the real estate industry by building a solid foundation. How? By drafting a real estate business plan. This puts your business into perspective—reminding you of what your goals and objectives are and how you’ll be able to achieve them in a clear direction.

Vision, Mission, and Values

Establishing your business’s vision, mission, and values will be your guide throughout your investment decisions. These should portray what your motivations are in starting your business. You can look up to other real estate businesses and listen to successful real estate agent stories to get a good idea of how to create your own set of values.

Goals

Setting goals is important not only to our personal lives but also to our businesses. It helps you determine the desired results for your business and outline the steps on how to succeed in the real estate business. 

When establishing your goals, you can categorize them into two types: short-term and long-term. Long-term goals constitute major achievements of your business, like reaching a certain company size or hitting a high level of profit. Meanwhile, short-term goals are small steps that lead you to accomplish those major achievements.

SWOT Analysis

SWOT analysis is a scheme that stands for Strengths, Weaknesses, Opportunities, and Threats. This framework is used across different industries, and real estate is no exception. 

Strengths identify the positive attributes of your business, while Weaknesses help you find solutions on areas you can improve. Opportunities in the real estate world may be new markets opening up, demographic shifts, or technological innovations. Threats, on the other hand, are identifying ahead of time the possible obstacles you may face. This in-depth planning method will give you a better understanding of how to manage your business. 
If you want to learn how to conduct a SWOT analysis and other strategies in the business of buying and selling investment properties, you can check out the Real Estate Masters Summit.

With the guidance of industry leaders speaking at this summit, who are also sharing their success stories, you will be able to start your business on the right foot and grow it predictably. 

Marketing Plan

Marketing plays a vital role in the foundation of your real estate business. After all, how will you get potential clients without them knowing you and your brand?

Your marketing strategy should include your logo, website, social media pages, and other advertising solutions used today. These components will help you build a name in the industry and earn the trust of potential investors and clients.

So, what should new real estate agents do when it comes to marketing? Think about ways on how to demonstrate your brand’s vision, mission, and values into your logo, website, and other advertising tools you have. This will attract more clients and help you maintain a healthy professional relationship with them.

Financial Plan

The general factors that should be included in your financial plan are cash flow, income statement, and balance sheet. The plan should also take into account your short and long-term goals, as these will be important in calculating profit and loss. With these pieces of information, you can easily make smart decisions, raise funds, and create reports on your performance. Altogether, a financial plan presents what is and isn’t working for your business.

Business Structure

This part of your business plan focuses on how you’re going to run your business. At first, you may start as the only one doing all the job, but as your clients grow in number, you may eventually need an extra hand.

This section should include your business’s organizational structure, office management guidelines, as well as an outline of your ongoing transactions and projects. Factors, such as team growth and operational changes, should also be discussed.

Back-Up Plans and Other Strategies

Not to be pessimistic, but the truth is that a business could fail at some point. That is why it’s important to have a backup plan to survive even the worst of situations. This part of your business plan should help you come up with coherent solutions to possible problems that may arise.

In a Nutshell

A career in the real estate industry is financially rewarding. However, you have to be ready to face different tasks and challenges. While failure is a part of any kind of business, you can prevent it from happening by creating a business plan. This should help set your path to success. 

Additionally, you can always learn from other experts in the industry by listening to successful real estate agent stories. These people are already experts in the field. Their stories are not just lessons to be applied to your business but will surely serve as an inspiration for you to persevere more!

TIME BUSINESS NEWS

TBN Editor

Time Business News Editor Team