Real Estate is regarded as having created more wealth than any other industry, so who doesn’t want to work in real estate right? There are two key attractions to working in Real Estate that stand out above everything else. One, is you are your own boss and you make your own working hours, and two, you can make whatever income you desire, there’s literally no cap or ceiling on how much you can earn. Broadly speaking a real estate agent will earn in direct proportion to the amount of work they put into their job. So, what about when someone says the market isn’t growing, there’s a global financial crisis or a flu pandemic, can you still make whatever you want despite the market conditions? Absolutely, yes you can.
There is no excuse to not make money in real estate in any market. You may not be able to make money as easily as you were before, or you might have to shift or pivot what you were traditionally doing, but with a few proven success strategies in place, there is no reason you can’t be making as much money or more than you desire despite COVID-19 or any other market condition that may arise.
Look at the number of real estate agencies and agents still standing, still working, still supporting their families despite enduring some of the biggest natural disasters, economic downturns, and now a pandemic over the past few decades. Real estate is like a bomb bunker, nothing seems to penetrate it irreversibly or fatally, it’s an industry that surely has stood the test of time through some very ominous moments in history.
Here are some of our proven tips to help you make money in any Real Estate Market.
Set a Financial Goal
If you want to make money and there is no ceiling on it this can be dangerous if you actually don’t set a figure you either need to make or want to make. Write it down somewhere so you can see it every day.
Have a Plan
Have a plan on how you are going to market or present yourself and stick to it. Make your messaging consistent and have your value proposition speech down pat. You might try and trial a few different things when you are first starting out, but once you find what works and brings in business stick to it, consistently. Don’t be afraid to try new things like technology and software advances, but remember to tweak, and if it’s not broken don’t fix it.
Like anything to be truly successful in anything takes a lot of hard work and real estate is no different. Yes, you might have flexible work hours and no one making you accountable, but if you aren’t working hard it will quickly be reflected in your lack of sales. Real estate requires weekend work, after hours, and sometimes even seven days a week, so you need the discipline to make your weekly schedule work.
Be genuine and talk with your vendors and buyers. Be an avid listener find out what their motivations are for buying or selling, work with them to achieve these. Be open and flexible with ideas, don’t go into a meeting with rigid ideas or expectations as you will all be disappointed in the long run.
You need to price a home correctly from the onset. Don’t be an agent that just wants to secure listings and then worries about a price drop later. Price setting in any market is an important step, and being honest and upfront about what is and isn’t achievable is key to selling a property and maintaining a relationship with your vendor.
Don’t cut your commission
There is an old saying “price is only an issue in the absence of value”. Back yourself, believe in your selling strategy and success, and if the client wants what you can offer them and can see value in what you will do for them, don’t cut your fees. It’s the price achieved on the contract that should be negotiated successfully by an agent, not their own fees.
Learn how to pivot
Just like any industry you will be given challenging times and how you react to the challenges and how quickly can make a huge difference to your income. Take the recent pandemic for example, with open homes no longer an option to sell properties, you could either shut up shop and wait until restrictions eased, or you can pivot. Do virtual tours of the property, take people on skype or facetime walkthroughs, work harder, and book lots of individual viewings at the property. Look at the challenge presented and work around it to continue business as usual but different.
That is your presentation, not the property. You need to look the part to be successful. Vendors are trusting you with their biggest asset, if you show up in thongs and t-shirt, unfortunately, they will judge you. This doesn’t mean you need a Porche or an Armani suit, but it does mean you need to consider how your presentation will be perceived by others
Keep your pipelines going despite what the market is doing, what the experts are saying, or what mindset you are in. Don’t stop working on new business, if you slacken off today, a good chance in three months time your listings or income will suffer. In your planning work out who you are going to prospect to, how you are going to prospect ie phone calls, letters, door knocks, email campaigns, and when are going to do this and how often. A good place to start is your family, friends, and current networks, and spread your wings from there. Write a list of everyone you need to let know that you are now working in real estate, this can be the start of your all-important email list.
Roll with the highs and lows, there are going to be a lot of them. Understand you are in for a roller coaster ride some days and you need to learn to strap yourself in for the ride. Have strategies for coping when your contracts fall over, your vendor won’t sell despite a great offer or a buyer won’t negotiate. How you cope and bounce back from the daily issues will be detrimental to your long term success and money-making ability.
Unfortunately, there are no magic formula to making money in any industry or we’d all be doing it. In real estate, like any industry, some proven strategies will help you achieve your work, life, and financial goals. Especially if you have a plan, patience, and perseverance, of course, a little bit of luck thrown in for good measure as well.