How to Sell Real Estate in Your First Year

 Business analysts estimate that about seventy to ninety percent of all agents fail within the initial five years of starting their real estate profession. Also, everybody agrees that the first year is the hardest. 

If you could survive your initial year, your chances of making a flourishing real estate profession boost considerably. 

So we want to assist you to survive your initial year of real estate. Here in the blog post, we will share ten tips to help you make the most of that initial year. Follow all ten steps, and you would do more than just survive – you will flourish in your initial years.

1. GET YOUR MIND STRAIGHT:

There are several things you have to wrap your head around before you could make a flourishing real estate profession. 

1. Real estate is considerably hardest than it looks. It is extremely competitive and needs you to wear a lot of different hats (often at a similar time).

You are an entrepreneur now and you don’t have the constant income, advantages, and easy hours of a nine to five employee. You have to sell to make cash, figure out your own advantages arrangements, and you would need to work evenings and weekends to accommodate your customers.

2. It will take some time to see the outcomes of your efforts. You are basically making a new business, expect to invest some time and cash on the front end with no payment for at least about 6 months.

3. These are the truth of the real estate industry. New real estate agents often get so excited about their new profession that they shine over some of these obstacles. To survive your initial year of real estate, you need to accept these harsh realities and embrace them. 

2. SELECT YOUR BROKERS AND YOUR LEADERS CAUTIOUSLY:

Your real estate broker is more than somebody to hang your license. Your first broker could set the tone for your real estate career. Your brokerage becomes your first network of colleagues. Your first leader would likely come from that group, so it is significant to select a brokerage of the highest-quality, high-producing real estate professionals.

Also, do not underestimate the significance of a leader early in your real estate profession. They could provide precious advice, guide your early transactions, and introduce you to a vast network of real estate industry players. 

3. MAKE THE FIRST-YEAR BUDGET:

A lot of real estate agents fail because they cannot make sufficient cash in that initial year of real estate to pay their bills. They are forced to take on part-time jobs with a fast paycheck. And that leaves very little time for real estate.

Do not let that happen. Make a first-year budget so you know prior, to how you would make ends meet during these initial days. Firstly, how much income do you want to live on every month? A common understanding is that it takes new agents between three to six months to see their initial check. So you want to either save cash to support yourself for those first several months or have another flow of income that still enables you to concentrate on real estate.

Then you as well need a plan for upfront expenses such as marketing, business cards, and any brokerage costs and membership dues. Do not overlook to include these costs in your budget. 

4. LEARN EVERYTHING YOU CAN ABOUT THE REAL ESTATE MARKET:

To get a competitive edge, you have to understand more about your local market than the other real estate agent in Toronto. Potential buyers and sellers expect you to know your thing, even if you are a new agent. Here are several areas to concentrate on:

1. INVENTORY – Access your hot sheet every single day. You have to know the new listings and see what has gone under agreement. You have to know about cost reductions. Also, you want to know what is hot recently (are there specific price points, localities, or house sizes that are selling like hotcakes while other houses sit for months?). Plus, watch for trends. Compare this month’s number of listings, standard list-to-sale rate, and standard days on the market to last month’s numbers. Also, be ready to put off some of these numbers and your research on them whenever somebody asks how is the real estate market?

2. GEOGRAPHY – You want to understand your area like the back of your hand. Understand how to get to every single listing without looking. Using GPS in front of customers (for anything other than finding the fastest route around an incident) instantly lessens your reliability. 

3. BUSINESS PLAYERS – Last but not least, you have to get to understand the other agents, lenders, title reps, and escrow agents in your real estate market. You never know where a referral or other opportunity might come from. Get yourself out there and begin making relations with important players in your locality. 

5. FIND YOUR NICHE: 

Casting a vast network for customers sounds like the best idea! But then you are competing with every single agent in your whole real estate market. If you could concentrate on a particular niche, the customer pool won’t be as huge, but you would have a bigger chance of winning business. 

Being a new agent in the market, you would probably never beat every single agent. But if you are one of only several agents in a niche, you have a shot at beating out those other several agents. 

When competition is high, you are always better off selecting a niche and concentrating on your efforts. Be the go-to agent for your niche.

6. SET SMART TARGETS:

Layout the details of your goals

How could you measure your success

Try to find the balance between stretching yourself while being realistic 

How does this goal tie into the huge picture of your life

Give yourself a strong deadline

The obvious place to begin is with a sales goal. For instance, you can set a goal to sell six properties in your initial year of real estate. It is particular, measurable, attainable, pertinent to your profession, and has a time element as the deadline is the anniversary of your initial day in real estate. 

To give your smart targets additional power, write them down on a paper or excel sheet. The act of writing down your goals makes a sense of commitment. Also seeing your goals each day would keep them top of mind. 

7. MAKE AN EFFECTIVE ROUTINE: 

If you want to meet your target goals, you have to make a daily routine intended around them. Your routine would change into a habit, and once you are constantly and automatically practicing effective habits, nothing could stop you. 

So design your routine with those aims in mind. What time do you have to wake up, when do you have to be in the office, and at what time, when can you squeeze in some exercise? What would you eat to keep you feeling motivated, how much time would you need to spend prospecting each day?

8. PROSPECT EACH SINGLE DAY: 

If you want to earn a constant income, you have to continuously fill your pipeline with new leads. Keep in mind, that it could take about three months to go from landing customers because then you would have nothing in your pipeline once those deals are closed. 

You can cold call, gate knock, respond to queries in local Facebook groups, and reach out to individuals in your circle. There is no right or wrong way to meet individuals. Just get out there and meet them and talk real estate. 

9. BUILD YOUR BRAND:

Do not allow yourself to be a walking billboard for your real estate broker. You have to concentrate on making your brand so you would always have the choice to branch out on your own. Rather than being tied to your broker for your whole profession!

The finest way to begin making your own brand is to have your own site and social media accounts. The small page on the site of your broker would never bring you potential leads. But with your own site, you can control your text, make a following, and even rank in Google search results when potential buyers and sellers look for local agents online. Also, you could make your site for just several hundred dollars. 

Also, you are making your brand, not only in the minds of potential buyers and sellers, but also in the minds of other real estate agents in Toronto, lenders, escrow agents, and title reps. Ensure you are making a firm reputation all around. Always be respectful, trustworthy, and diligent. 

10. HONE YOUR SALES SKILLS: 

Real estate is not only about showing properties. It is about sales, negotiation, relationship-building, and marketing. So as a new agent, you must be setting aside time each day to work on your sales skills. 

There are ample helpful books, blogs, and podcasts that dive deep into the art of real estate sales. Make a routine of listening to those podcasts in your vehicle, reading those blog posts while waiting for your purchasers, and reading several pages of a book in the evenings. You would be amazed at the sales method you would pick up.