Tips for a Successful Year - Part #1
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1. Goal Setting – Goal setting is important for all real estate entrepreneurs who want to succeed because goals give you a way to track and measure progress. Creating sales goals by assessing past performance and making realistic predictions is an important aspect in determining what an agent wants to achieve. This can be accomplished by calculating the amount of income an agent would like to earn for the year, knowing the total transactions they’ll need to close to meet those income goals, determining the number of leads they’ll need to work based on close rate, and how much the agent can spend to reach each lead. Setting goals that are specific, measurable, actionable, realistic, and time-bound is a sure-fire way to lock in success.
2. Create a Budget - Real estate is unpredictable, the not knowing when a transaction will close and how much money will be earned, means a budget is key to maintaining enough funds throughout the year to pay all expenses. A budget is created when an agent assesses past performance, calculates their expenses, and creates predictions of where the business will be by the end of next year. It’s also important to have a marketing plan with estimated costs and enough money set aside to cover those expenses.
3. Time Management – Prioritize tasks each day and week, develop a routine, utilize time blocking to complete tasks, automate tasks when possible, set specific times to complete tasks, delegate, hire an assistant, or join a team to share the workload. It’s important to determine what tasks bring in the most income and spend more time on those than others.
4. Have a Niche - A niche is a real estate service that appeals to a small section of potential home buyers or sellers whether by demographic, home type, location, or real estate experience of the buyer or seller. Having a niche sets the agent apart from the competition and allows the agent to build their brand and specialty to that group and hone their marketing and expertise to that specific group.
5. Become a Local Expert - Being a local expert means the agent must know the market and know the businesses, schools, and events within that community. It’s a good idea to follow local pages or groups on social media and share those events or news on the agent’s social media pages or their website. Agents can also post community announcements, share local events or news, and post market trends in the area. Advertise in a local newspapers, magazines, or online pages. Participating in local events, volunteer, or hold open house, these are effective ways for an agent to meet owners and learn more about their community.
6. Create a Farm - Farming or GeoFarming is when an agent chooses to specialize in a specific area and become the local authority in that real estate market. It allows an agent to establish their brand and centralize their listings and sales in one geographic area. This is achieved through consistency, efficiency, expertise, and tools such direct mail, postcards, newsletters, door knocking/dropping, email marketing, social media pages, websites, local events, and community involvement. The number of homes doesn’t need to be large, the key to success in farming is the frequency of contacts no matter the size or form.
7. Personal Branding - Branding is the most effective way to get people to associate an agent with their real estate business, and to be on their minds when the need to buy, sell, or have a referral. Branding helps build loyalty and create longevity. Be consistent through websites, video, audio, social media, direct mail, events, and sponsorships. Being a successful real estate agent is a long game and the way to win at personal branding is to utilize every median, deliver unique content as often as possible, and be consistent in building and promoting the brand.
8. Utilize a CRM. A Customer Relations Management System (CRM) allows an agent to manage and keep in contact with current and past clients and leads. It allows an agent to keep track and follow-up with clients and leads. An agent can manage their calendar, take notes, keep track of their pipeline, prioritize leads, and analyze performance. It’s key in developing relationships, consistent follow-up, and earning repeat business.
9. Website - A website is a place where buyers and sellers can look for information, the agent can capture leads, build their personal brand, showcase specialties, share reviews, and a place to show off their local expertise. It should have photos, video tours, the ability to search properties, landing pages, a home valuation tool, interactive maps, neighbor information, and social media links.
10. Online Presence – Having a strong online presence means having a detailed website, social media pages, a blog, videos, and lots of content being put out on these platforms on a consistent basis. It also means interacting with followers on social media pages and providing entertaining and informative content. Buyers, and specifically sellers, log onto social media pages to evaluate the agent’s presence and how they market their listings, and is often a determining factor when deciding on an agent.
11. Newsletters – Newsletters are an excellent source to reach clients, leads, and a local community, drive traffic to a website, promote listings, and gain interactions. Monthly, quarterly, or yearly newsletters can offer a market recap for a specific area, real estate trends, home improvement tips, or decorating ideas Newsletters can drive traffic to a website, demonstrate local expertise, and a chance to build and promote the agent’s brand whether through email, direct mail, or on social media.
12. Return Calls or Emails Promptly. Responding within two minutes to an inquiry can increase lead conversion by 400%, according to the CAR. It’s also reported that consumers expect a response from their agent within one hour or less and only 36% actually meet this deadline, providing an opportunity to capitalize on all leads, and keep the clients you already have. Answer or return all calls and quickly as possible to make sure the contact doesn’t call another agent.
13. Follow-up – Follow-up is key to stay in touch with current and past buyers and sellers, leads, a farm, and contacts. Follow-up can be achieved via phone call, text, email, door dropping, drip campaigns, direct mail, email marketing, or gifts. An effective follow-up plan will guide an agent in nurturing their contacts, remind their clients that they’re still in the real estate business, and the easiest way to turn clients into future business.
14. Reviews - Asking for reviews should be included in every agent’s marketing plan either in a drip campaign, by email, or in person. Reviews are an excellent way to show prospective clients’ success, dedication, and expertise. While most agents get their reviews from various platforms such as Zillow, Realtor.com, Yelp, or Facebook, it’s best to gather all of these reviews and add them to the agent’s website and share the link on the social media review pages.
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