A lot of people end up getting in real estate and it just leaves them a bad taste in their mouth and it is not fun. When you are struggling—it is not fun. Well, it is a part of it. You will struggle at the beginning and let's see how we can minimize that when you know what you are doing.
Starting any career that's new is typically exciting and that's what real estate should be—skies the limit opportunities are here that can turn you into a multi millionaire or even multi billionaire, and you know what, IT IS POSSIBLE! Yes, there’s a long way to get there especially when you are starting and the first question that you might have is, “what are the first steps you need to take as you try to attempt and take your success ladders”—and that is what we are going to discuss here.
So what are these first steps? Before that, let me emphasize that you are gonna make mistakes in this process, there’s gonna be things that don’t always go as planned, there’s gonna be things that we need to do course corrections wherein you’ll go back and fix things so on and so forth. It happens, don’t take it to yourself, those are learning experiences and that’s the first one I want to touch first.
Without further ado, let’s get started!
1. Find Good Training - The most crucial first step that will quickly give you a big elevation in Real Estate Business. This can be a webinar, online course, one-to-one coaching session or any platform where you can get knowledge about Real Estate Business. Mind you, YouTube is one of the platforms where you can get GOOD training. Accomplishing this first will give you the best chance of doing good or great in Real Estate Business since everything is figured out by others. Yes you can do a trial and error way of training by yourself to get your own way of doing things, but with how the Real Estate works from the start—everything been figured out by the Real Estate Experts and that will be the good stuff that you want to get to catapult yourself inside this Real Estate career with lesser chances of you feeling burned-out.
2. Find a Personal Mentor - Once you load yourself with Good Training, you might want to have a personal mentor that will help you along the way. Not really a need but it is something that you might want to have to make you accountable on how you are doing with your internal processes, they will be your north-star and direct your Real Estate career to success.
You might be asking, “How can I know if this person is a good fit as my personal mentor?”. Good question to start. Find someone who you want to emulate, having the same work life balance as you, and share the same goal. We see Real Estate Brokers who breathe, sleep, eat Real Estate works and stuff along the way, is this the person you are?—if yes, go for it! Also, we see Real Estate Brokers who do their work on average basis by giving themselves sufficient work-and-life balance, is this the same as you?—then you might consider this mentor. This question might come handy when choosing who you want to have as a mentor because this person is the one who you want to be or want to exceed when starting up your career.
3. Stay Focused - It seems like an obvious thing when you start a new career right? It is not generally staying focused on Real Estate Business’ whole process. But, staying focused on what generates income is gotta be your first priority. Every business, revenue is the first thing that you’ll want to check on the account statements, that’s the number 1 most important and everything is secondary. Let me enlighten you on this subject and tell you what you need to focus on when you are starting this Real Estate career. First one is prospecting; whether it is door knocking, holding open houses, cold calling, and anything that you are not spending money that generates revenue. And if you have a start-up money to roll things, you want to focus on investing in advertising and marketing.
4. Prioritize - This works hand in hand with staying focused, because you need to prioritize how you want to market your business. Either prospecting or advertising/marketing, it will really depend on whether you have a big start-up money to deal with. If you prioritize working on the revenue and less on expense, you will consider prospecting. Otherwise, you might consider working your network and social media presence using advertising/marketing but this will not guarantee your revenue right away.
5. Reverse Engineer the Sales Process - When I say reverse engineer the sales process, you will ask yourself, “what happens after closing? What activities occur after that?”, since you are new to the business, you might want to ask your personal mentor for this. Let’s say we are talking about a buyer who is now going through a reverse sales process: We offer the buyer the contract, after that we show the buyer homes until they find homes that they liked, set up consultation appointment, get the lead, do the prospecting (cold calls, door knocking, open house and different ways). The ideology behind this is like solving mazes. You can easily solve the puzzle maze when starting from the finish line and tracing to the starting point. It is like a cheating method right? Well, you can also do this in your real estate career and it works hell effectively! Also, you need to make sure that you know the inside and out of your processes, that’s why I reminded you to call/communicate with your mentor to aced this method of closing clients.
6. Track and Measure your Success - This is a vital method if you want to predict how to close clients. Before knowing the value of this, you need data to track and measure your current process if it is giving you amazing results, otherwise, you might have to do revision to your process then track and measure your results again. If you accomplish this, you can then predict how many closed clients you will have by using this kind of method, or even, target how many closed deals you want to get for this week or for this month, and you will just streamline them in your working process which you tracked and measured already!
7. Hold Open House - As a new agent, holding an open house will give you great opportunity to enhance your communication skills and practice how to show and exhibit the best way possible. This will give you leverage in this industry as you build your presence and grow your real estate skills.
8. Time Blocking - If you are a one-man-band in your real estate venture, there are lots of activities that you need to cater to; sales activities, paperworks, advertising, marketing, prospecting, accounting, and more. Having to wear all these hats without strategy will get you burned out immediately. That’s the use of time blocking, you want to set up the most efficient time to do those activities. For example, you are doing door knocking in the middle of the afternoon on Tuesday where most people are probably at work or maybe stay-at-home-moms/dads who are getting their kids home. There are best times to do those activities and you will know once you track and measure processes and confirm what works in your processes. Once you have that, block your time with those activities and have it scheduled to your list of To-Do today tasks. When it happens that you want to expand your business and team, it is much easier for you to delegate task since you blocked your time and task together.
9. Systematize - You might want to systematize your process especially with the computer age that we do have now. This is where you can use beautiful systems that are available nowadays, CRMs. CRMs can be intimidating, expensive and time wasting at the same time, so be careful with the system you choose, you might want to find something that's simple and easy to use that helps your business run smoother, making it possible for you to do more deals and scale your business. I am not saying that you need to jump in and engage to this CRMs, you just need to systematize the layout of your day through time blocking and make it as your internal process.
10. Sell or Be Sold - This concept is from Grant Cardone which you definitely want to check out. Anyway my tip is, don’t be sold by telemarketers where they will call you to enhance/scale your business which happens a lot, sometimes it works, but most of the times it doesn't. Remember, you are focused on closing deals, not buying services where you don’t have 100% guarantee will work for your business. If you want to get those types of services to scale your business, you might want to seek a particular type of service or advertising that you personally know is working and will fit in your type of business.
11. Referrals and Past Clients - One of the mistakes most of the agents often do is, forgetting the past clients that they have where they nurture them and build relationships with. The National Association Realtors say, people buy houses or sell their houses to buy new ones every 5 to 7 years. Those years are long to wait, but if your client starts to stack up, this means possible repeat businesses. Also, other than waiting for 5-7 years to repeat their business, you can monetize these leads by what we call Referral strategy. If you give follow up communication to these clients who you closed deals with and asked them to help via referrals you are spending 0 cost to get possible leads.
Just a quick recap, before anything else, you need to have good training to solidify your knowledge in and out of real estate business. Secondly, choose your personal mentor to guide you and emulate how to get successful. Three, most important, so you have to prioritize what it is that you're doing daily and then stay focused. Those two kind of go hand-in-hand here so remember to prioritize what's most important, training, getting business and then everything else kind of falls into place after that, and then stay focused. Reverse-engineer your sales process to know your sales process going forward and also know your sales process going backwards reverse engineer the sales. Track and measure your processes, if you do 10 appointments and get 2 close deals in a week, then if you want to get 4 close deals in a week— you might want to do 20 appointments, that’s how you can foresee or expect your successes since you successfully tracked and measured it. Hold open houses as it will give you more leads and help you grow your real estate agent needed skill set. Time blocked your activities and systematizes it, this will help you scale your business and not get burned-out immediately. Don’t fall victim to telemarketers and sales vendors. Lastly, this will help you for long term success, success takes care of your client, and the past client takes care of you. Don’t forget to ask for referrals from your past clients which will give you more leads.
Starting a real estate career is exciting! Learn how to channel that excitement into the correct mediums so that you can get to success as quick as possible.
For more tools to enhance your real estate business visit TampaSchoolofRealEstate.com or call us at (813) 928-0106
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This information is brought to you by the Success Center at TSRE | Tampa School of Real Estate.
TSRE was founded upon the idea of being MORE than a required class. When starting a real estate career, there's so much more than just passing a class. At TSRE your success is our success, and one of the ways we're here to help you every step of the way is the TSRE Success Center. Whether you're just starting out or are trying to take your business to the next level, we're here to help you build your real estate empire.