- For real estate professionals, learning the ropes requires setting realistic goals, committing to continuous education, and fostering strong relationships with clients.
- Successful agents recognize the value of developing new skills, mastering social media as a marketing tool, and thoroughly familiarizing themselves with the terms and conditions in legal contracts.
- Making mistakes is inevitable for new and seasoned real estate professionals. Consider these as learning opportunities that may help you build confidence and accelerate your business growth.
There are many things a real estate professional should know before they start working in the industry.
However, hindsight is 20/20. Even the most seasoned real estate agents often look back and realize they could’ve done things differently or more efficiently to improve their business. Here are some tips and tricks to help aspiring and new real estate professionals start on the right path.
23 Things a Real Estate Professional Should Know
Here are 23 valuable lessons to guide aspiring and new agents to succeed in the real estate industry. Below, we’ve organized these insights into six key categories: goals, skills, knowledge, marketing and technology, relationships, and contracts. These are the key common areas that all real estate professionals should focus on when launching their business.
Goals
1. Learn how to set realistic goals
When embarking on a journey as a real estate agent, you’ll need to set achievable goals. Examples of goals could be based on the number of cold calls you make per week, how many appointments you book, the number of open houses you host a month, or the total properties you sell in a quarter.
2. Manage your time effectively
By scheduling tasks in a calendar, you can manage your time more effectively, stay organized, and reduce stress. Begin your day by focusing on tasks that you’d like to cross off your checklist to avoid procrastination. Using tools like a planner or project management software may help you optimize your schedule. If you prioritize your daily goals, you’ll build momentum to accomplish your weekly, monthly, and yearly business targets. Remember, making small steps will bring you closer to achieving your objectives. Be sure to reduce distractions while working by creating boundaries between your work
life and personal life. Inform your family and friends about your boundaries so they are aware of them and know when you’re available to socialize with them.
3. Measure your progress
Tracking your results is an excellent discipline. It may show how well you’re doing and what improvements you can make. This could be measured by the number of home sales you make within a quarter or how many client meetings you’ve had in the previous week. Apply these measurements to your work. If you’re not hitting your targets, you may want to make adjustments to put those goals within reach.
Skills
4. Develop soft skills
To help accelerate career growth, it’s critical to focus on mastering soft skills. These include interpersonal communication, negotiating, and listening skills. There are numerous courses and online resources available to help you practice these skills. However, the most effective way to fine-tune these skills is through on-the-job experience.
5. Take new courses
Just because you passed your real estate agent exams doesn’t mean you stop learning. It’s crucial to continually upgrade your knowledge and skills. Plus, to maintain your real estate professional license, you must complete continuing education courses based on the state in which you operate.[1] For instance, seasoned real estate professionals may consider taking a course to learn how to use digital forms to eliminate the need to process physical paperwork. Learning valuable skills may make you a more effective agent on behalf of your clients, as well as save time when going back and forth between sellers and buyers.
6. Find a mentor who can help you grow
Everyone can use guidance. A mentor can guide you along your journey — especially if you are starting out and prone to rookie mistakes. Having someone who’s been through the ups and downs of the industry may help you start on the right foot — and avoid common pitfalls that could cost you time, money, and headaches.
Knowledge
7. Keep up with market trends
The markets will shift, sometimes swiftly. It’s up to you to keep up with current trends. This includes being aware of whether it’s a buyer or seller’s market, understanding interest rate changes, housing costs, and changes in government regulations. Watching the news or reading industry reports from the National Association of Realtors® (NAR), Fannie Mae®, or Freddie Mac® may help you stay informed and enhance the value you bring to your clients.
8. Know your neighborhoods
Within each city or town, different neighborhoods cater to different demographics. Some areas may be attractive to singles, while others may prove more family-friendly. Do your homework to find out the walking score, local businesses, transportation offerings, and schools in these different parts of town. This information may prove vital when clients lean on you to recommend neighborhoods when buying or selling their homes.
9. Understand your competitors
Whether it's local real estate agents in your market or competing construction projects in your neighborhood, know who you’re competing against. Of course, these competitors may also be your allies down the road, so enjoying a good relationship with them is important. After all, you never know when you’ll need to work together to facilitate a transaction.
Marketing and Technology
10. Know how to market yourself
With over 1.5 million Realtors® in the United States, creating a strong personal brand is vital to stand out from the crowd.[2] If you don’t put yourself out there, people won’t know where to find you or the services you provide. So, it’s essential to consider your professional identity and what you want to be known for in the industry.
11. Create a marketing plan
Set aside a marketing budget so you can execute a marketing plan. An effective strategy may include a professional website, a social media profile, printed materials like brochures and signs, and attending networking functions. You may want to consider other options, such as TV and radio commercials, billboards, email campaigns, and newspaper ads. By using a variety of marketing methods, you may connect with a wider audience of buyers and sellers, helping to grow your list of clients more quickly.
12. Leverage marketing techniques
Get to know your area by connecting with property owners to uncover real estate opportunities. Promote yourself by sending flyers and postcards, placing yard signs, and visiting homes to introduce yourself and hand out business cards. Another way is to use online ads through various social media channels to expand your reach. This boosts your visibility, helps generate leads, and builds a steady business. Plus, it allows you to stay informed about upcoming listings and observe how your competition is marketing themselves.
13. Learn to be comfortable with technology
A key thing for real estate professionals to know is how to use online tools. For instance, social media, online ads, making videos, websites, property listings on realty sites, and
digital forms all require some level of knowledge and skill. Mastering these takes time and practice. Even so, consider hiring a marketing specialist to help, which frees up your time to focus on closing deals.
14. Hire a quality photographer
When your listing goes live, first impressions matter. Professional photos, including virtual staging, an online gallery, or a virtual 3D tour of the home may make the difference. A skilled photographer can ensure proper lighting, find the best camera angles, style the shot for maximum impact, and edit each image. These photos may also be used on flyers and online ads to help attract more buyers.
15. Holding an effective open house
Publishing a new listing is an exciting time for a home seller. It’s also the perfect time for real estate professionals to host an open house to attract interested buyers. To make it a successful event, be sure to choose an ideal date and time, promote it on social media, and invite the neighbors. You can also make it a welcoming environment by playing background music and providing refreshments and tours for the guests.
Relationships
16. Focus on a specific niche
Instead of trying to be the jack-of-all-trades when it comes to attracting clients, consider focusing on a specific niche. For example, if you enjoy helping young families find a home in the suburbs or retirees looking to downsize, having a clear-cut specialty may increase the odds prospects turn into clients.
17. Prospect new clients at networking events
When you start your business, you are responsible for building a client base. While it would be great to have clients come to you, you’ll likely need to actively seek them out. That means dressing professionally for networking events or hosting social gatherings. These efforts allow you to connect with potential buyers and sellers.
18. Build long-term relationships
Some clients may only need your services for their once-in-a-lifetime purchase. However, others may potentially rely on you for repeated transactions over the years. Get to know your clients and build rapport over the long term. A way you can do this is by connecting with them annually, at the very least, to celebrate a home-buying anniversary or their birthdays. These small actions may help earn their trust and remain at the top of their minds.
19. Follow up with clients
As the saying goes, "The fortune is in the follow-up." When you’re about to complete a successful transaction, it’s imperative to check in with your clients and understand their
thoughts. And be sure to follow up in a timely manner. You can instill a minimum service level agreement (SLA) of following up within 24 hours. Your clients may need clarification or reassurance about their big purchase. By addressing their questions and guiding them through different scenarios, you may help them feel confident and supported, increasing the chances of a successful sale.
Contracts
20. Understand how to read contracts
This industry is filled with technical language for you to learn, especially those legal terms and conditions that appear on contracts. It’s your duty to your clients to fully understand and explain these technical terms and concepts. This avoids any costly misunderstandings before they sign on the dotted line.
21. Remember to add clauses
A listing almost always includes kitchen appliances, window coverings, and light fixtures as part of the property sale. However, a client may wish to take one of their custom-made fixtures with them when they move. So, it’s vital to add these exclusions to the purchase agreement — and make sure the other party agrees to those exclusions.
22. Get a home appraisal
If you have a potential home seller, they may want to obtain a home appraisal to determine a reasonable asking price. A home appraisal is an unbiased report that provides an estimate of the fair market value of a property. Your client can hire a professional appraiser which may cost between $350 to $600.[3] To evaluate the property, they’ll look at different factors, including the property size, age, location, how well it’s been maintained, and recent sales in the neighborhood.
23. Conduct proper home inspections
Whenever the housing market heats up, it’s tempting to throw caution to the wind and put in offers with no conditions or home inspections. However, undiscovered issues could land your clients in hot water if they discover problems in the home after purchasing. So, strongly recommend a proper home inspection for your potential homebuyers before they make any commitments.
Building a Successful Real Estate Career
There are many things to know as a real estate agent. From building relationships and negotiating contracts to learning industry trends — these foundational skills are needed to be successful.
Mistakes are a natural part of your journey, but as long as you learn from them, you’ll be able to grow from these experiences. Take it one step at a time and focus on developing good habits.
Discover how our team of mortgage loan officers can assist with preapprovals or refinancing. Speak with us today.
