You’ve heard it before, and you’ll hear it again: 87% of agents fail within their first five years in the industry.
And considering the market became more challenging in the final quarter of 2022, it’s safe to assume that plenty of agents will leave the industry in 2023.
Establishing a lucrative career involves setting clear goals, developing a solid business plan, and taking consistent, persistent action toward realizing those goals.
The daily activities you commit to will help you move past survival and build the career of your dreams. Here are 11 habits of highly successful real estate agents.
#1 Build a strong brand
A strong brand helps agents differentiate themselves in a crowded market and build trust with clients. Start by identifying what makes you (and your brand) different from your competitors. Clearly defining your brand will help you communicate your message to your target audience.
Here are a few ways to establish a strong brand as a real estate agent.
- Create a professional website that is visually appealing, easy to navigate, and contains information about your services, experience, and areas of expertise.
- Develop a consistent social media presence. Social media is a powerful tool for connecting with potential clients and building your brand. Make it part of your daily routine to post new content, respond to comments, and comment on other people’s posts.
- Optimize Google My Business. After creating an account, add photos and videos, ramp up online reviews, and post regularly to get the most out of Google My Business.
- Stay active in your local community. Building relationships with other professionals and participating in local events and organizations helps you establish yourself as a trusted resource in your community.
#2 Implement efficient systems
Implementing efficient systems helps streamline business processes and increase productivity.
Here are some steps you can take to implement efficient systems as a real estate agent:
- Use a CRM. A CRM allows you to keep track of your clients and leads, schedule appointments and follow-ups, and manage your communication with them. Choose a CRM that aligns with your business needs, and make sure to consistently update and use it.
- Automate repetitive tasks. There are many tasks that can be automated in a real estate business, such as sending emails and texts to clients, scheduling appointments, and following up with leads. You can save time and focus on more important tasks by automating these tasks.
- Set up a system for organizing and managing documents. Having a clear and organized system for storing and accessing important documents can save time and reduce the risk of errors. Be sure you can open and edit all documents on your computer and mobile devices.
- Implement a system for tracking and analyzing your performance. Having a system in place to track your performance can help you identify areas for improvement and make data-driven decisions.
- Train your team. If you have a team or virtual assistant, it’s important to provide them with the training and resources they need to work efficiently. Invest in training and professional development for your team to help them perform at their best.
#3 Manage Time Effectively
As a real estate agent, you have many responsibilities, including managing clients, marketing your services, and staying up-to-date on industry trends. It can be easy to get overwhelmed, so it’s important to have systems in place to help you manage your time and stay organized.
One effective way to manage your time is to time block your calendar. Be sure to dedicate the majority of your working hours to income-producing activities.
It’s important to eliminate distractions and stay focused on your tasks. By creating a schedule and sticking to it, you will be able to reach your goals.
#4 Provide excellent customer service
Providing excellent customer service is crucial for agents, as it builds trust and loyalty with clients. Agents should be responsive, attentive, and proactive in addressing clients’ needs.
When it comes to servicing clients, it’s important to continuously strive to improve. This may involve seeking out feedback from clients and implementing changes based on that feedback.
#5 Have a support system that holds you accountable
Accountability is crucial for anyone who strives for continued growth. You can add layers of accountability to your business to ensure you keep moving forward.
Joining a team of real estate professionals can offer a number of benefits, such as shared resources, support, and the opportunity to learn from more experienced agents. With the right team, it also becomes an invaluable source of accountability.
Hiring a coach or working with an accountability partner is another way to utilize a support system. No matter how you incorporate accountability into your daily routine, be sure the people you surround yourself with are willing to have tough conversations and hold you to your commitments.
#6 Stay up to date on industry trends
Stay informed about trends in the real estate industry, including changes in demand for certain types of properties and shifts in the market. Pay attention to:
- Market trends. Agents should be aware of trends in the real estate market, such as changes in demand for certain types of properties or shifts in the balance of supply and demand.
- Changes in government policies. It’s important for agents to stay up to date on any changes to laws and regulations that may impact the real estate industry, such as changes to mortgage interest deductions or property tax laws.
#7 Network with other professionals
Building relationships with other professionals in the industry, such as other agents, mortgage brokers, appraisers, and attorneys, can help agents provide a more comprehensive service to their clients.
By building a strong network of contacts in the industry, you stay informed about market trends and potential referral opportunities.
#8 Foster relationships with local businesses and organizations
Partnering with local businesses and organizations can help agents gain exposure and build their reputation in the community.
In addition to building relationships with businesses and organizations, local media outlets can help agents gain exposure and establish themselves as experts in the local market. Consider hosting a weekly radio show or connecting with a local journalist.
#9 Use various marketing strategies
Social media can be an effective way for agents to generate leads and connect with potential clients, but it’s not the only type of marketing you should focus on. Here are other marketing strategies to explore:
- Email marketing. It’s critical to grow your email list because it doesn’t rely on the vulnerability of social media platforms.
- Geo-farming. Building a geographical farm allows you to target a specific area you want to work in. Try this case study strategy from Robert Mack to attract more listings in your farm.
- Sweat equity. There are numerous ways to stand out in your community with a limited budget. Use sweat equity to gain more leads at little-to-no cost.
#10 Continuously seek out opportunities for learning and growth
The real estate industry is constantly evolving, so it’s important for agents to be proactive in their own learning and growth. This may involve seeking out training opportunities, attending industry events, and staying up to date on the latest trends and best practices.
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#11 Stay positive and motivated
Real estate can be a challenging industry. It’s crucial to stay positive and motivated, even in the face of setbacks. To develop a strong mindset, surround yourself with like-minded people, practice gratitude, and commit to routines that help you feel your best.