HARDISON’S TIPS – APRIL 27, 2021 – IS REAL ESTATE SELLING FOR YOU? (PART TWO)
Being a Real Estate Agent
Of course, getting a license is the easy part. Becoming successful and making a sustainable income as a real estate agent or broker is hard work and, in most cases, it requires a substantial commitment of time, effort, and even money.
For starters, being a sales agent or broker requires managing a heavy load of administrative tasks. Legal documents must be accurate and events must be coordinated for multiple listings. On any given day, you might have to:
- Complete, submit, and file real estate documents, agreements, and lease records
- Organize appointments, showings, open houses, and meetings
- Create and distribute flyers, newsletters, and other promotional materials
- Develop and maintain paper and electronic filing systems for records, correspondence, and other material
- Create monthly, quarterly, and annual budgets
- Develop marketing plans for listings
- Create and build on client databases
- Research active, pending, and sold listings and draft comparative market analysis (CMA) reports
- Respond to texts, emails, and phone calls
- Update websites and social media profiles
An established sales agent or broker might have the budget to hire an assistant to handle some or all of these administrative tasks. When you’re just getting started in the industry, you’ll probably have to take care of them yourself.
Consider whether you’re detail-oriented and good at paperwork. Do you have the organizational skills and drive to get these administrative duties done on a regular basis? Are you able to juggle multiple tasks on a deadline?
Finding clients is central to your success as a sales agent or broker. After all, without buyers and sellers, there would be no transactions and, therefore, no commissions. A common way to build contacts and generate leads is through a real estate sphere of influence (SOI) strategy, which focuses on generating leads through people you already know, including your:
- Business associates
- Other social contacts
That means your day might regularly include meeting and speaking with lots of people, handing out business cards, sharing contact details, and filing away contact information to build out your SOI. After you make first contact, you’ll need to follow up with phone calls, emails, snail mail, or text messages so the people you meet remember your name for the future.
Because most people buy, sell, or rent property at some point in their lives, everyone you meet may be a client someday. Are you comfortable selling yourself? Are you willing to drum up business with family, friends, neighbors, and other social contacts?