Last year, the average annual income for real estate professionals, according to PayScale.com, was $49,170. However, 25 percent of real estate sales agents made $30,000 or less. Ten percent made less than $23,000. Those are discouraging statistics for newcomers considering real estate as a career. Those numbers are nothing unusual, but consider the other end of the spectrum: 10 percent of the real estate industry is making over $170,000 a year. Granted, markets and experience may account for much of that discrepancy, but there are some good ways to improve your earnings.
Even some established real estate pros seem to overlook the logic of being proactive. Where are your opportunities going to come from in the next 30, 60, or 90 days? This takes market research and information. One effective solution is a tool called CrunchBase, which is actually a database of both public and private investors, including startups and Venture Capital firms known to invest in properties. This is an informational rather than a networking tool, but it does offer biographical and investment histories on these investors to give you some insights and strategies. You can also learn about real estate investment trends, news, and data. Spotting opportunities often depends on being well-informed. A good example of a good CrunchBase page is Success Path. This should help give you an idea of how to create a CrunchBase page so you can improve your real estate business.
Serve Your Network
The typical real estate deal involves a number of distinct parties, including attorneys, inspectors, appraisers, mortgage brokers, closing firms, contractors, and more. These are the people you depend on and need to have good relationships with. It isn't worth it in the long term to haggle for the biggest commission or cheapest cost you can possibly get. Neither do you want to be the one who misses appointments, provides sloppy paperwork, slow payment, or is always running late. Take the time to bond with colleagues and review marketing and client experiences for building relationships and sharing insights. Make that extra effort. Be the kind of professional others enjoy working with, and they'll be more likely to recommend you to their own contacts.
Return Phone Calls
One of the major peeves with any service-oriented industry is a failure to return phone calls, or emails, texts, and online requests, for that matter. Making someone wait tells them they aren't important. It also dramatically increases the likelihood that they'll start looking elsewhere. Smartphones make it much easier to communicate, from wherever you happen to be or whatever you're doing. Find the time to follow up on contacts within a few hours. It may only take a few minutes, and could lead to your next sale. It also shows professional courtesy that reflects well on you. Even if you don't make a sale, by being helpful instead of rude you encourage leads to call back again.
How many real estate professionals can say that they spend a good part of their day reaching out to prospects? It's definitely more productive than hanging out in the office making small talk. Distributing business cards, flyers, and other printed materials are a cheap way to generate a few leads and at least get more recognition. Spending time on social media relating to audiences is a productive use of down time, as is coming up with fresh web content, or following up with recent clients. Try to work prospecting into your schedule on a regular basis. Engage people!
Don't get discouraged during the slow times. This happens to every industry, especially if economies are slow. The key to success in real estate is to remain professional, accessible, and productive. Write down your goals, and create a plan for achieving them using logical, actionable steps. Good planning, dedication, and positive attitudes are the most important assets you can have.
I hope you enjoyed this article about how aspiring real estate investors can improve their business strategy and returns.
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Published by Michael J Schiemer
Owner of Bootstrap Business
Money - Marketing - Motivation
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