Want to succeed as a real estate agent?
Published: Oct 07, 2013
The question I am most often asked by new real estate agents is, “What is the secret to success in real estate?”
If you ask this same question to all of the senior and very successful real estate agents and brokers in The Bahamas, they will all agree that good marketable listings are the key to climbing the proverbial corporate ladder in real estate. It is no secret that real estate agents with the most well priced listings win!
Listings are worth more to you than you realize. They are equivalent to your salary and money in the bank, so you have to be capable of winning the MLS listing contract every time! Winning your listings takes practice and you must strive to become the best presenter you can possibly be to ensure you get the listing.
Agents who are not interested in working with sellers will seldom have good listings, and most likely will find themselves out of business in a very short time, blaming the economy or the broker they work under for their failure. It is not uncommon for these agents to have a track record of jumping from company to company while chasing the impossible dream of an easy career.
An agent with very few listings will get very few buyer leads and calls.
In order to obtain listings you must be bold, have a great sales personality and be ready to present yourself to total strangers in order to gain their trust – and their listing.
Real Estate for Dummies explains it in very simple words: “Prospecting for real estate buyers and sellers requires positive expectations. It requires a positive-results mindset, in part to overcome the influences of all the other agents who don’t prospect, don’t value prospecting, and stand by to negatively influence your vision and expectation of success.”
Merriam-Webster defines prospecting as “seeking a potential customer; seeking with a vision of success.”
Notice that nothing in that definition deals with waiting or hoping. Starting with the word “seeking”, the definition revolves around action being taken by the salesperson. In its most basic sense, prospecting involves finding people to do business with.
Take a look at the following table to get an idea of which agent activities are considered prospecting and which aren’t. These prospective activities must be done in a consistent manner every day on a regular basis or will have no impact in your career.
What prospecting is: calling past clients; calling people in your sphere of influence; calling expired listings; calling FSBOs; cold calling for listings and sales; knocking on doors; hosting open houses; calling absentee owners; cold calling from lists of names.
What prospecting isn’t: Mailing magnets, calendars and other trinkets; setting up a website; joining service organizations; wearing your name badge; placing magnetic signs on your car; sponsoring a community sports team; doing floor time; answering e-mails and pinning your business card on bulletin boards
If you are in the process of starting your real estate career, I have news for you: websites, ads, signs etc. will definitely help in marketing a property, but I can assure you it will not be enough to make a sale. Statistics show that the number one way you can grow your career is by simply getting referrals. Your dearest friends, close family and past happy customers will help you establish your business and career through recommendations. And these referrals will only come from performance, and there is no better way than to get a listing and get it sold.
• Carmen Massoni is president of Bahama Islands Realty and has 18 years of experience in the real estate profession in The Bahamas. She has been the recipient of many international awards recognizing her as a top producer amongst her peers. If you have any questions or need real estate advice, call 322-7770 or email Carmen@BahamaIslandsRealty.com.