As an agent, you want to be successful and earn loads of cash ……. right!!!?
You might not know this but not many agents (none that I know of) work at agencies where they are paid a set / basic monthly salary. In the sales industry, as in the wild, agents are the hunters / predators and they only eat when they kill. Agents work on a variety of different commission structures where they earn anything from 50% to 90% commission after VAT, PAYE and other monthly administration costs are deducted by the agency and this is how they get to earn all those cash ……. but it comes at a price. The price agents pay for the opportunity to earn a very good income is the fact that if you do not have any successful property registration, you won’t earn a cent. The economic phenomenon is called high risk = high reward, and its true!!
All successful agents I speak to have one thing in common ……. they have been in the industry for some time and they all agree, it’s not about selling houses. So what is it all about …….?
Here are some factors that play a HUGE role in the success of agents (apart from the normal salesman characteristics).
1. Industry Knowledge
Without this you are dead in the water. You need to know what is happening in the arena where you are playing / competing. There is a lot of competition out there and if they know more than you …… you are out!
2. Area Knowledge
What is selling, where is it selling, when did it sell, for how much did it sell, what is not selling and why, what developments are happing in the area, crime, schools, shopping centres, buss routes, taxis etc etc …… if you know more about the area than your competition …… you are in!
3. Database & Client networking
You need to keep track of your potential / past and present buyers and sellers and follow up regularly. Buyers need to be updated with new stock and industry changes that might affect them. Seller need to know about market changes that might affect the sale of there property.
You need to have stock. You need to have targeted marketing & farming campaigns in your specific area. These marketing and farming initiatives need to be aimed at specific buyers and sellers and need to be regular and continuous in order to have an affect. “He who has the most stock, controls the market ……”
5. Client relationships
The longer you stay in the industry, the more you will realise that past clients can be a major source of income further down the line. If you keep reminding homeowners that you are still actively working in their area, they are more likely to ask you to assist them next time they want to up or downgrade.
6. Integrity / Honesty and Business ethics
This is not a quick money making scheme. Agents approaching the industry with that mentality normally don’t last very long and when they leave, they have such a bad reputation that they won’t be able to return to the same area as agents. Keep your side clean, be honest with you buyers and sellers and they might even refer you to a friend or colleague ……. and that’s what you want, referrals!!
Each agent has his / her own way of doing busyness, own strong points and weaknesses and the areas where we work also differ a lot. Keeping the above in mind and incorporating some of this into your own busyness can hopefully assist in your success.
Have a good one