Only 2% Of Real Estate Agents Have These 7 ‘Must Have’ Habits
Most of us would assume that being a successful Real Estate Agent is easy peasy. Part of this misconception is because real estate used to be a relatively easy industry to embark on. But there is a lot more to it.
Every Real Estate Agent would know that sealing a deal is never an easy task. There is so much more to do than bringing potential clients to view the property. It requires tremendous time and effort are devoted to prospecting, planning, researching, generating reports, analysing customers’ profile, coming up and executing marketing plans and many other nitty gritty tasks.
There are always two sides to a coin, and a real estate sales career is no different. You may encounter setbacks along the way, but there are also countless perks that a Real Estate Agent can enjoy such as potentially earning 5 to 6-figure monthly commissions when the market is booming.
If you have been considering a real estate sales career or are already in the industry but struggling, here are some of the habits that I have observed in my 20 years of experience in the industry which the top earners have cultivated and these are the habits that got them to where they are now.
1. Have An Entrepreneurial Mindset
You may be known as a Real Estate Agent, but in reality you are actually an entrepreneur running your own business. The success or failure of your business is totally up to how you manage it.
In order to be an entrepreneur, you have to first think like an entrepreneur and be ready to invest in your business right from the start. Apart from paying for the CEA Real Estate Salesperson (RES) Examination fee and yearly Continuing Professional Development which are expenses that are unavoidable, your cash-flow direction is moving towards ‘out’ than ‘in’ as you will need to set aside a sum of money for business development - everything that you need to do to make your business successful such as marketing, personal website development and other prospecting expenses. They are things that make you an entrepreneur.
You will be wise to invest 20-30% of your yearly revenue back into your business. When your business reaches a certain scale, you may need to employ more people to help you to run the different aspects of your business so you can continue to grow your business in the long run. Apart from thinking positively, you have to think far and look at the big picture.
2. Communicate to Influence
Effective communication is crucial to sales success. Successful Real Estate Agents are excellent communicators who can engage in a conversation with anyone and everyone, regardless of people of different occupations or social class. The fundamental of sales success is the ability to influence the ultimate decision makers.
If you are want to be a successful Real Estate Agent, you need to gather and provide useful information in a persuasive way that makes your prospect convinced and confident in your product, and ultimately sealing the deal.
While it is important to share necessary information to your prospects, it is also important to listen to your prospects’ questions and concerns. If you miss any important information from your prospects, it will affect the trust and confidence they have in you.
At the end of the day, they are the ones providing you business, they would love to feel valued. Make sure to pay attention to what they have to say and ensure an effective two way communication.
3. Solve Problems Effectively
“Change is the only constant” and that applies to the real estate industry as well. The law, regulations and the state of economy are ever changing and that is when problems begin to surface.
When closing a deal is every Real Estate Salesperson's top priority, they cannot focus solely on the product. It is important for them to understand their prospects’ problems, approach the problems in a neutral standpoint, think out of the box and provide possible solutions. Real estate agents who possess a strong problem solving trait are usually those who are able to build trust with their prospects.
4. Make Things Happen
All successful Real Estate Agents make things happen. They walk the talk, translating ideas into execution. Success is connected with actions, and successful real estate agents will keep moving.
Having a dream or a comprehensive plan or a vision isn’t enough, what you need to do is to take action. Only taking action will help you to achieve your desired outcome. Most importantly, you must have a ‘do whatever it takes’ attitude when executing your plans.
5. Know The Art of Multitasking
Being a Real Estate Salesperson means you will be wearing all sorts of hats. There will be a lot of things on your plate that are beyond selling and purchasing a property.
Apart from your usual role as a Real Estate Agent, you will have to be your clients’ financial advisor and educator as well. You are responsible for guiding your clients along the transaction process and give them sound advice.
On top of that, you will have to source for new prospects, maintain a relationship with your prospects, market your business and manage all the nitty gritty administrative work.
With so many things to manage, you will need to learn how to multitask, prioritising your tasks according to its importance and managing your schedule.
P.S. you might need to be a debt collector as well if your clients don’t pay up. (pun intended)
6. Surround Themselves with The Right People
Who you surround yourself with will affect your success. Surrounding yourself with successful and positive people, they consciously and subconsciously challenge you to be your best selves.
Jaslyn Tan (NLG Number 1 Top Producer 2018)
Imagine hanging out with chronic complainers, they will suck out your energy and happiness and you will turn to be like them. The good people that you should spend more time with are positive, happy and successful people that will enrich your life. These are the people who will inspire you to be a better person, providing you with motivation to achieve your goals and empower you to make positive changes in your life.
If you want to be a successful in this business, you would want to make friends with successful agents who will share their experiences with you, and inspire you to be like them.
You will also need a proven and experienced real estate mentor to guide and push you to achieve your goals. A good mentor can change your result tremendously.
7. Stay Fit and Healthy
To make it in a self-employed capacity, it is important to be in a fit and healthy state, physically and mentally.
Being a Real Estate Salesperson gives you the flexibility to plan your working hours but that doesn’t mean you will have a lot of spare time. You will find yourself working at strange hours or working for long hours.
When I first joined the industry, I used to work from 7AM to past midnight almost everyday during the first few years. I started my day walking in my Geographic Target Area (GTA), greeting the residents, distributing flyers and talking to people in the coffeeshops. Then on most nights, I will be going door to door to prospect or conduct viewings.
Many Real Estate Agents work beyond the typical working hours because many of their meet-ups with prospects take place during the evening or weekend as they will have to accommodate their prospects’ preferred timing. It takes a lot to be a successful Real Estate SalesPerson.
The journey in the beginning is tough but you will have to persevere during this period. As years go by, your clientele base will grow and you will gain more knowledge and expertise. This is when your workload will be more manageable.
In Conclusion
Humans are creatures of habits. It help us through our day. When we are doing something that is habitual, we do it effortlessly . You can be more successful through better habits but you need to work hard for it.
As Thomas Jefferson says, “It seems the harder I work, the more luck I have.” The road to success is never easy but with hard work, drive and passion, it will lead you to the heights of greatness and it is possible to achieve your dream. Put your best foot forward and provide the best service to your clients.
If you require guidance and mentorship to embark on a successful Real Estate Sales Career, feel free to contact me for a non-obligatory discussion.
** Please share this article if you find it useful or know someone who can benefit from it. Thank You.
If you would like to look for a proven mentor to shorten your learning curve, you can Whatsapp me. Otherwise you can schedule a 45 min consultation with me too.
To Your Success,
Gary Chua
Gary Chua is the co-founder of Navis Living Group
—A 1300 agents-strong division with Huttons real estate agency, and the fastest growing group in this competitive industry. Gary is also a mentor to many real estate agents and team builders, for two decades and counting.
Before devoting his work full-time to grooming realtors, Gary was himself a distinguished real estate salesperson. He first stepped into the industry at age 30 in Year 2000 and having been Top 50 Achievers in his 5 years of sales, he understands the hurdles and challenges facing both new and experienced agents, and is thus equipped with a wealth of knowledge to aid and teach the property agents whom he takes under his wings.
In 2005, Gary realised that his true calling was to groom and coach the next generation of real estate agents. It was also the year that he consciously diverted almost all of his time and effort into recruitment activities, putting his personal sales aside and taking a hit in his bottom line.
Through sheer grit and determination, Gary's vision took hold as his team expanded, eventually growing to become the largest division in its agency, and also one of the largest in Singapore. It cultivated numerous top producers and achievers throughout the decade—some of whom have clocked in more than S$1,000,000 in commission in a single year, broken many sales records, won many local and international awards, and helped many real estate agents achieve outstanding results and realise their financial freedom.
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