This article is about how to become a Top Bee in the Real Estate Hive, by graduating to a more professional property broker.
Is your current cash flow as an independent real estate agent going to sustain you during your active days and even during/after retirement?
Wouldn’t you want to create enough cash flow to be able to retire whenever you want and live a life of financial freedom?
Is it time to give up the old industry ways and migrate to modernism?
A booming aspect of the real estate industry is Property Management. This goes beyond the usual role of an agent - finding tenants or buyers for a property. In addition to those tasks, Property Management also entails the overseeing of residential or commercial properties, especially apartments and houses on behalf of a property owner. Thus, you plan, find tenants, collect rent, enforce rules and regulations, and see to the maintenance of the rental property. Landlords, therefore, pay Property Managers either a fixed fee or a percentage of the rent generated by that property while it’s under management.
Engaging in intensive marketing and promotional activities to create excitement around properties and your personal brand
Navigating complex negotiations between buyers and property owners
Handling sensitive personal data of clients
Negotiating legal requirements and financial regulations to ensure compliance
Analyzing local and regional housing markets to help landlords understand their investments and expectations
But these should only be viewed as the price to pay to get to the more attractive parts of the job, play the big game and get the big cash.
So, if you believe you can live up to these expectations and responsibilities then read on to know the step-by-step approach to get into the game and take your real estate business to a whole professional level:
- Acquire or improve upon your skills
- Start small, while thinking big
- Have strategic short term and long term plans
- Create a unique BRAND for yourself
- Leverage on the power of collaboration and networking
While knowing good sales tactics is beneficial to you as a real estate agent, becoming a property manager also requires some management, planning and record-keeping skills.
Develop the right tools and skills to ensure your business grows, and educate yourself on any important skills that you currently lack.
You'll also want to learn what you can about marketing and also focus on your soft skills which include people skills, problem-solving skills and self-motivation, which are some of the top abilities that property managers need, so as to be successful in the long run.
The majority of real estate agents are comfortable operating as small-time independent contractors. To succeed and be in control of your growth, means having the mindset of a business owner, rather than as an employee.
Train your brain to think strategically about what's happening in your market and be ready to offer something of value to your leads, no matter where they come from.
Questions to consider:
* What are the latest buying, selling, and pricing trends in your market?
* What are some creative ways to communicate these trends (including the numbers) with prospects?
* What can you offer that no one else can?
* What does your unique approach and personality bring to the table for your prospects?
From the beginning of your career, create a business that is manageable, flexible and able to move and grow with you. You'll be much more able to weather changes in the market than someone who isn't thinking like a business owner.
When you're thinking like a business owner, your long-term success depends on many things. A good plan from the beginning is one of the most important.
First, draw (or find someone to help you draw) a business plan - you can even request for a few ideas from us by typing ‘I need materials to help me structure my business’ in the feedback box below and we will send you a few resources you can use to create your business plan.
Don't let your enthusiasm for getting a client right away keep you from important business organizing and planning tasks. Take time to understand your market and customers.
Don’t make short term decisions for short term profit. While you are growing your prospect base, think beyond just getting your first client and have a concrete plan for how you will grow your business.
You first need to create a professional air around everything you do - from getting tenants or buyers to managing the property.
Identify what sets you apart from other real estate agents. It is very essential to focus on your personal grooming (eg. dressing) and also provide quality service befitting of the brand you want to create. In fact, you should build the kind of company you’d want to work for.
So, nail down your unique value proposition (what you have to offer and how you’ll offer it). This will drive all your future marketing.
Know and write down your mission statement which includes the core values you believe in; and set the business around those core values.
Again, you can request for a few ideas from us by typing ‘I need help crafting my mission statement’ in the feedback box below and we will gladly send you a few tips and examples by email.
There are many times when separating yourself from the stereotype of a pushy real estate salesperson can help your career.
Even if you're starving for a deal, think of yourself as a consultant, rather than a salesperson, for better results. This will inform property seekers that you have their best interest at heart.
As your business grows, there will come a time when you can’t manage everything by yourself. When that time comes, it’s in your best interest to collaborate with a like-minded person or hire help, even if that’s just an assistant. This gives you a little breathing room between reaching clients, making it to meetings and still finding time to maintain your sanity.
If you can’t afford a full-time, in-person assistant, hire a virtual assistant instead. They can still take calls, manage leads, and more, despite being far away and not physically present in an office. You can also consider getting contract or freelance workers on a project-to-project basis to handle certain technical aspects on a commission basis rather than taking on a full-time employee or doing it yourself and getting it wrong.
Also, invest in quality relationships. You don’t need to know everything but rather focus on making new friends because they could present new ideas and opportunities you never imagined.
Remember: It’s often said that ‘Your network is your networth.’ Networking is what makes you get ahead in this industry.
There are many ways to take the growth of your real estate business into your own hands, and stand out among the crowd. Use the techniques listed above, and then, find ways to optimize them for even greater results.
Do check this corner frequently for more insightful real estate tips.
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