5 Things to Know in Order to Succeed in Real Estate

by / ⠀Career Advice / October 16, 2020
5 Things To Know In Order To Succeed In Real Estate
Succeeding in real estate can be challenging, but it is possible when you create a plan and adhere to it. First and foremost, you must understand the needs of your clients and adapt to them. The happier your client is, the easier it is to sell them a house and generate commission for your business. Here are five things you need to know if you want to succeed in real estate:

1. Know Your Financiers

In order for the majority of people to purchase a home, they’re going to need a mortgage or financing of some sort.  The amount of financing they can get will significantly affect the properties they can look at. For instance, you may not have a property available that they can afford or they may simply become disillusioned and give up on the idea of homeownership.  In order to facilitate sales, you need to know who is offering financing and then build good relations with the companies offering low home loan rates. You’ll be able to refer clients to these lenders and deal with those companies for your clients. The result is a better deal for your clients. It boosts their buying potential and ensures they have the necessary funds for the property you want to sell them.  Helping them get the right financing can make a big difference to the end result!

2. Discover Your Territory

The next step needs to involve assessing the area you are representing. You need positive feedback from your customers to attract new clients. That means you need to know the areas where you’re selling houses, such as homes for sale in Owensboro, KY, and make sure the customer knows what the area is like. You can virtually guarantee you’re going to face issues and get a bad reputation if you sell a family a home in a known drug area or in an area near nightclubs. Knowing your area is essential to match clients to the right house.
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3. Build A Network

Property can come up for sale through an array of different avenues, so you should be keeping an eye out for those. You can’t sit and wait for people to contact you when something comes on the market. Put simply, the more properties you can list under your name, the easier it will be for you to match buyers and sellers. That means you’ll find it easier to make sales and generate an income.  Talk to as many people as you can within the industry and look for property developers and wholesalers wanting to partner with estate agents. At the same time, you should always keep your eyes and ears open to see what real estate is likely to be coming onto the market. You’ll want to be first on the scene and get the commission before anyone else.

4. Get Social

We live in a digital age. More people than ever are studying potential properties on the internet and eliminating unsuitable properties without seeing them in person. This means you need to get good pictures online for all your properties, and you also need to be active on social media. Posting pictures of the real estate for sale with appropriate captions can really help you to find suitable buyers.  By being on social media, you’ll be able to talk to your clients through the house buying process and gain their trust. This will ensure they come to you when it’s time to buy and you can show them the perfect house. Social media doesn’t just give you the opportunity to showcase your portfolio. It also allows you to connect with hundreds and thousands of people, building trust. That’s good for your reputation and to ensure you continue to have clients in the future. 
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5. Be Responsive

One of the biggest things you need to do to ensure success in the real estate industry is to be responsive. This means that when you get a query you will want to respond quickly. People will wait for the perfect home, but they won’t be impressed with your service. If you’re not the only person listing the house, it’s highly likely that they’ll find another realtor and use them instead, depriving you of a potential sale. We live in an instant gratification society, so the faster you can respond and the more informative you are, the better it will be for your business. Running a real estate business can be difficult, but it’s not impossible to generate a profit; you just need to ensure you adopt the right approach.

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About The Author

Editor in Chief of Under30CEO. I have a passion for helping educate the next generation of leaders. MBA from Graduate School of Business. Former tech startup founder. Regular speaker at entrepreneurship conferences and events.

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