We are living in a time where more self-made millionaires are being made than ever before. While it may have been better to have started becoming a millionaire 20 years ago, today is still a great time to become one.
In spite of what you might read in the news, the number of millionaires in the world has seen a 155% increase since 2008.
This is why we chose to assemble a list of tips for real estate agents that have been recommended by many successful agents and coaches we have spoken to in the past.
Here are the top real estate agent tips from Rolls Royce driving, private jet flying, all-around real estate ballers:
New agents often have a hard time understanding t
hat most of the leads they talk to won’t be ready to buy or sell a home right away. Some may take months or even years to finally make a decision. And unfortunately, there’s a 100% chance that the lead will talk to other agents during that time.
While speed to lead is important in the real estate industry, the agents who work their leads over the long run win every single time.
One of Beverly’s tips for being a successful agent is to make sure you’re always following up with your leads, even if they’re “cold.” According to her, you don’t need to be perfect at it, you just need to be better than most agents, who never bother following up with their leads.
You’re probably not going to like what you read, but you need to hear it. Do you want to be an agent who makes excuses for why they can’t convert, or one that takes action? If you’re looking for excuses, this might not be the article for you, but you need to hear it.
- Invest in a Good CRM Early in Your Career
An artist is only as good as her tools. The same is true for agents who use artificial intelligence chatbots. The agents who adopt and master new technology will have a much larger advantage over those agents who don’t. Even though you can still make money cold calling and door knocking, the agents who invested early in a good CRM will be able to send 300 text messages with one click.
Many agents attempt to connect a series of apps to save money, but they almost always end up discarding this approach and purchasing a CRM that meets their needs. The inconvenience of managing four or five apps that may or may not function well together is not worth the trouble. Additionally, this probably won’t save you any money.
- Create a Lead Generation Plan Based on Your Personality
Real estate doesn’t require you to be extroverted, contrary to popular belief. Many top agents are actually introverts. Being extroverted doesn’t necessarily mean you’ll be good at your job. Rather, qualities such as authenticity, skill, and empathy are key.
The secret to success is to focus on your strengths instead of your weaknesses. In this field, that means developing a lead generation plan that is well-suited to your personality.
If you want to be a millionaire real estate agent, you should not work in low-income areas. Most millionaires live and work near the most affluent cities in the country.
The logic here is that wealthy people move just as much (if not more) than lower-income people, so selling $1,000,000 homes is going to get you a much higher gross commission income (GCI) than selling $100,000 homes.
- Take Branding & Marketing Seriously
A broker who sold his brokerage to NRT for more than $10,000,000 was very direct when asked the secret to his success. He said that you need to build a brand and make it well-known in your local community.
Creating a successful brand can be difficult and costly. In many cases, the competition already knows this, making it hard to stand out.
- Automate Anything That Can Be Automated, Hire for the Rest
This is one of the worst-kept secrets: anything that can be automated will be automated in real estate marketing in 2021. So don’t think the friendly chats you have with your bank are with a real person.
AI chatbots are becoming increasingly lifelike, and those who have adopted them early on are making a lot of money from them. Automating everything you can and hiring professionals for the rest is the way to go.
Real estate technology is constantly evolving, so you need to stay ahead of the curve to be successful. This means staying up to date on the latest software and trends.
- Create a Personal Brand on Social Media
If you want to be a successful brand in 2021, you can’t ignore social media. It’s become just as important as the telephone was in 1940. Your leads are on social media, and that’s where great brands are built.
It’s unfortunate that many new agents don’t seem to understand how social media works. Instead of using social media to build trust in their brand, they slap their friends with hard-sell messages that no one likes or wants.
- Build Relationships, Not Just Leads
Given that almost every successful agent we’ve met has said that developing relationships is much more important than going after leads, and that those who didn’t mention this specifically just naturally build relationships, it’s clear that forming connections is something that comes naturally to successful real estate agents.
Many people feel that they cannot retire until they are older, but this is not the case. With the right mindset, you can retire at 50. You should work on developing your interpersonal skills to help build the relationships that will help you retire at 50.
- Always Keep Learning & Apply What You Learn to Your Career
There is an economic theory called the sunk cost fallacy which explains why many people fail at real estate within two years. This theory states that people will continue to invest time, money, and energy into a system even when they know it is not working, due to the sunk cost fallacy.
- Have a Great Website
All great agents have a great website in common. This is a platform that you can have complete control over, unlike social media. When it comes to defining your brand and generating leads, controlling and owning the platform is essential.
One of the smartest things you can do if you want to retire early is to have a website that you can keep building even if you switch brokerages. Most CRMs and advertising plans are specific to each brokerage, so having a website that you can keep improving will help you a lot in the long run.
- Cultivate a Growth Mindset for Every Aspect of Your Business & Life
We discovered that every successful real estate agent has a growth mindset in common.
Growth mindset is a term often used in management training circles. It is often misunderstood as just being positive, but it is actually much more than that. Growth mindset is the brainchild of former Harvard psychology professor Carol Dweck.
People with a growth mindset see their personal attributes as things that can be improved upon, rather than as fixed traits. This allows them to be more open to learning new things and to continue growing throughout their lives.
- Realize That Most Successful Agents Buy Leads
There is no such thing as a “bad lead” when it comes to real estate agents. Whether or not they can eventually earn a commission from the lead is entirely dependent on the agent, not the quality of the lead.
A real estate agent’s primary duty is not to sell homes, but to foster relationships with people who will eventually buy or sell a house, or introduce the agent to someone who will. It is essential to keep in mind that real estate is a numbers game. If an agent could communicate with every single person in their city on a weekly basis, what sort of things would they say?
The difference between great agents and merely good agents is that great agents can close 10 times as many deals as newer agents. The key is getting in front of potential clients in the first place.
- Get Serious About Saving
If you want to retire rather than just getting ahead, you need to focus on learning how to save money and make a budget.
One of the most powerful ways to generate wealth is through compounding interest, so make a budget and save as much money as possible. Having a frivolous spending habits won’t lead to riches or a comfortable retirement.
Although there is a lot of advice available on how to save your money, all agents should budget their income on a weekly and monthly basis.
- Get Serious About Investing
If you had bought $1,000 of Netflix stock in 2009, it would now be worth over $60,000. If you had bought $100 worth of Bitcoin 10 years ago, it would now be worth over $125,000. Smart investing is key to creating wealth.
It’s not uncommon for wealthy people to invest in real estate. However, if you’re aiming to retire early, you might be better off renting instead of buying in some cases. Once you’re ready to settle down in a more affordable place, then you can buy a property.
One of the best real estate agent tips to retire early is to invest in the market and take calculated risks.
- Understand That Success Happens Outside Your Comfort Zone
Almost all the successful real estate agents we have met take some risks that have been carefully considered. The important word here is “carefully.” Sometimes a daring risk can result in a great success, but usually people end up getting hurt.
If you want to retire early with a healthy bank account, you need to be willing to put in the work and learn as much as you can. Think of it like you’re in training for the military, where your life could literally depend on your skills. Work hard now and you’ll be able to enjoy a relaxed retirement later.
Realize That Most Successful Agents Buy Leads
There is no such thing as a “bad lead” when it comes to real estate. It is up to the agent to determine if they can earn a commission from the lead, not the lead itself. Even people with poor credit can sometimes refer you to good clients later on.
A real estate agent’s main role is to develop relationships with people who will buy or sell a home, or connect the agent with someone who will. Real estate is a numbers game, and if an agent can communicate regularly with every person in their city, they will be more successful.
The answer to the question of how to get in front of a large audience is what separates the great agents from the merely good agents. Given the same access to such a large audience, they will be able to close 10x as many deals as a newer agent can. The trick is to get in front of them in the first place.
This is why startups such as Kendrick Realty in Orange County, California, are spending a large amount of money, $155,000 per month, on paid leads. They are aware of how to transform even “poor” leads into commission checks.
