We all hear that “there’s never been a better time to join the real estate market.” And personally, I agree. But, there is one problem with succeeding in real estate.
Overcrowding. And not just of homes, but of both realtors and investors as well.
If you’re going to stand out in the real estate market, you need to position yourself as a local authority. This isn’t always easy—especially in a state like Colorado, which has an estimated 35,000 practicing real estate agents. Denver alone has been known to have more active realtors than there are real estate listings.
So, how do you succeed in the local real estate market?
The 3 ‘C’s Of Marketing
Consistency. Constancy. Content.
If you’re not in the habit of consistently marketing yourself (and improving your skills in the process), then you’re never going to connect with as many buyers as you should. If your efforts are inconsistent, then you aren’t in the position to place yourself in any role of authority in the real estate market. And, if you’re not constantly generating new content, you’re simply going to lag behind your competitors.
Effective marketing isn’t a mysterious process. A website, business cards, and a social media presence is all that you need to get started. But, you also need to be proactive about your efforts. Review the content of your competitors. Are they constantly generating new and informative LinkedIn posts? What do their sales look like? Is their message coherent? Honest? See what works for your competitors. And do it better.
One of the biggest mistakes that many real estate newcomers make is to attempt covering an entire city. While this might seem desirable,it’s simply not sensible. You’re going to spread yourself thin. And, you won’t be able to achieve the in-depth expertise that today’s homeowners demand.
Positioning yourself as a local authority means selecting only a few choice neighborhoods. You might even specialize in smaller, inexpensive properties that few agents would even consider touching. Authority is developed when you familiarize yourself with a specific niche. And, it only comes through time and experience. Set realistic goals each week and strive to exceed them. This builds confidence. No prospect wants an agent who is insecure about their place in the real estate market.
Effectively Budget Your Time
One of the chief reasons why many realtors rarely last more than a few years in the market is burn out. They tend to be so concerned with establishing their name and their book of business that they don’t allot personal time for themselves.
You can avoid this by developing a routine schedule that optimizes leisure time as much as it does your professional life. Devote a few hours a week to researching trends in the real estate market in addition to marketing efforts, but don’t forget to allow yourself to have time for your own personal interests and hobbies. Don’t tax yourself by overworking, but develop at your own pace. An overstressed realtor is a recipe for disaster and both your prospects and your competitors can pick up on this.
Find A Mentor
The process of acclimating to a new and highly competitive business segment becomes much more seamless when you can find a professional voice to teach you tips to watch out for based on their own personal experience. But, finding the right mentor (especially in the real estate market) may take some time. Here are some qualities that you might want to look for when selecting a real estate mentor:
- How willing are they to share their expertise with you?
- How professional is their attitude?
- Are they enthusiastic about real estate?
- Are they prompt and comprehensive in answering your questions?
- Can they provide guidance as well as constructive feedback?
- Are they able to meet their own sales goals?
- How active is their book of business?
- How much of a reputation have they developed?
Your Competitors Will Also Be Your Peers
It’s natural to think of competition in the real estate market as being cutthroat. This is true in just about any professional venture. But, the real estate market is slightly different.
For one, it’s a tightly knit community of peers who often remember their own uncertainty and difficulty when first learning the tricks of the trade. This means that other realtors are likely to help you by generating business referrals from vendors, appraisers, sellers, and mortgage lenders and by offering guidance and advice. Not every agent will be so approachable, but you’ll find that by asking the right people the right questions that you’ll gain a much deeper level of insight and fresh, new perspectives that can challenge and inspire you.
Give Your Prospects A Value Proposition That They Can’t Refuse
It’s easy to see that your purpose as a realtor is to provide a great deal on a home and as seamless a transition as possible. But, your prospects are just as interested in offers that are unique, personal, and so valuable that they simply can’t get it anywhere else.
The real estate market has changed in the past 15 years. It’s no longer considered adequate to provide your clients with just a smooth transaction. You have to be a personality. You have to offer expert advice. And,you have to provide prospects with an experience. Don’t think of your career as merely generating sales. Think of your career as developing a brand so clearly that it’s recognized by name alone. You may just be starting your career now, but think about long term goals. Reputation. Authority. And ultimately, value—the bottom line of your business and the key to your success.
Need more great tips on how to succeed in today’s real estate market? Visit our website at Colorado REIA.