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Thinking about starting a real estate career? Where do you start, how do you make money right away and avoid mistakes commonly made by new agents? Join us as we plan for your success in real estate.
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Planning is always the first thing to success. In the real estate business, planning your first step before you set foot in the industry is a must because you’ll know what type of business model you want to pursue or practice. After carefully planning your success, you will then want to implement it, which is not going to be easy as a new real estate professional, you need to be active in executing it to break the boundaries of being new to the business—unless you want to be passive and slow your progress of success. Let me give you the most common ways of planning your success in the real estate business.
Define your customer - you want to plan your target customer, whether it is residential sales, residential lease, or possibly commercial. To help you with deciding what target market is favorable nowadays, I highly suggest going for residential sales as the market is growing and closing deals are there. A hefty commission will come depending on what kind of residential market you want to play with your real estate business. By doing this, it will help you get your specialization and easily plan your real estate strategy to win leads and turn them into clients.
Where are your customers - after you consider your target customer, definitely you’ll want to know where you are going to get your customer. This method helps you devise how you’ll play your marketing/advertising plan.
What’s important - it is not always the question of what is important for you to get clients, most of the time you need to think, “what’s important for them”, this way you’ll know how you can win them and use that information as a leverage to offer the best to your leads. These are some of the most important factors that you want to use as a leverage for your client’s wants and needs and be able to close the deal.
- Equity Build-up - normally this is already known by property buyers that real estate properties equity rate is calculated by dividing mortgage principal paid in year 1 by initial cash invested in the property in year 1. The reason that this should be calculated is that principal, although a required part of a mortgage payment, is not considered an expense.
- Space - this is one of the selling points that you don’t want to miss. If you are offering them a small sized apartment and they are a family of 5 people, then it is not a very logical offer that you did, and sadly you’ll lose that lead in the process. Carefully choosing your type of offer based on the information that you track is highly recommended.
- First time home buyer program - first time home buyer is wary of different things before deciding to buy a new home from renting an apartment. You might expect that they will say, “my credit score is bad”, “I’m not sure that is the neighborhood that we wanted to live in 5 - 7 years”. From these responses, this is where you’ll have to formulate your own type of plan to have them indulge with your business and show your real estate expertise.
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.