It may seem easy enough, get a listing, sell a house and bank the commission; right? As many experienced professionals know there is a whole lot more to being a profitable real estate agent than just earning 100% real estate commissions. Since time is money, here are seven things you can do today to be a more profitable real estate agent tomorrow:
1. Be more selective with listings. While all agents want to have as many listings as possible, not all listings will sell. Listings that don’t sell will cost you valuable time, money and resources.
2. Target advertising to the right buyers. Not all listings are created equal and each listing will appeal more to certain types of buyers than to others. Rather than trying to advertise each listing to the entire marketplace at random, focus advertising efforts to reach the demographic in the market that will be most likely to buy.
3. Spend a little more to get a bigger return. People tend to spend a lot of time being busy without getting anything accomplished. By investing a little more time in sales activities and delegating or saving non-essential business activities for the evening hours will result in higher profits.
4. Use social media but don’t overuse it. Social media can be a powerful tool when used correctly. You will yield better results when you create an exciting story that describes your listing rather than broadcasting the standard listing data that is likely to be ignored.
5. Exploit your knowledge of the market and sales capabilities to prevent dilution of commissions. Your industry and market knowledge along with your salesmanship is what sets you apart from everyone else. When you use it to your advantage your profits will soar.
6. Improve your listings. Nowadays listings in the MLS often appear on hundreds of real estate websites meaning there is more competition than ever. Make sure your listing content is accurate and written to sell. Having vibrant, professionally looking images of the property can give you a significant competitive advantage.
7. Use contacts to your advantage. Go through your contacts, especially anyone that has recently called looking for a particular property, when you have something that may be of interest. You could have the property sold before it even hits the MLS.
A real estate agent is like being both the director and producer in a movie guiding the home to a sale. The more you help it along, the more profitable it will be.