Is Becoming a Real Estate Agent a Good Career Choice?

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Is Becoming a Real Estate Agent a Good Career Choice?

Is becoming a real estate agent or real estate ISA still a good career move? After all, prices might be falling, interest rates are increasing, and you hear a lot of people saying that a crash is looming on the horizon. Now I can’t tell you with certainty whether all or any of those things are true, but what is true is that, no matter what the market is doing, becoming a real estate agent or real estate ISA is still an excellent career choice.

But only if you’re ready to put in what it takes.

Why Is Real Estate Still a Great Career?

Real estate is and will always be an attractive choice for several key reasons:

  • Unlimited salary – When you become a real estate agent, there is essentially no cap on your earning potential. The more you optimize your skills and processes and get better at what you do, the more money can make.
  • You can be your own boss – Many people become real estate agents and real estate ISAs for the prospect of leaving their 9-5 and being their own boss. You might be on a real estate team, but ultimately your business is your own. All you need is a broker.
  • Flexible hours and workspaces – Real estate agents make their own schedule and they don’t typically spend all their time sitting in an office. You do spend some time in an office, but you also are meeting with clients, showing houses, and can be out and about.
  • People are always buying and selling houses – No matter if the market is strong or weak, there is always business to be had. When the market is slower you might have to work harder for that business, but with the right real estate training, that business will be yours.

How to Build a Successful Real Estate Career

Most people are too hung up on the idea that real estate is cyclical. But it’s not as boom and bust or hot and cold as most think it is. There are definitely slower and hotter times, but there is always business to be had. The overall areas where agents fall short is with consistency and motivation. You’ll face a lot of rejection, but you have to push through it. Here are three key ways to build a successful real estate career:

Overcoming call reluctance: Real estate agents have to constantly be generating leads and having sales conversations with potential clients. That means you’ll hear “no” a lot.  The biggest determining factor for whether a sales person will or will not be aggressive with generating leads, setting appointments, asking for contracts, and closing deals is the story they build and tell themselves in their heads. If you have good stories in your head—if doing those activities that lead to productivity have a positive connotation—you will be unstoppable. Remember that each phone call you make is one step closer to building the life you want to live. Keep everything in perspective.

Don’t treat yourself like a machine: A lot of real estate agents eventually suffer from burn out. For go-getters, having complete control over your own schedule often means that they work themselves to the bone. Things happen, life throws curveballs, we mess up. Have your routine and stick to it, but don’t punish yourself if you have to break it once in a while. You don’t need to add “not sticking to my routine today” as another thing you’re feeling stressed about. Do the best you can and if your routine needs to be tweaked, do it.

Never stop training: Real estate agents need to constantly be honing their skills and improving. You have to work on your objection handling, your conversation strategies, your sales techniques, and your lead generation methods. When it comes to real estate training, it’s best to have a structured program to follow and a coach who is there to keep you motivated and hold you accountable.

Focus on these three things, and a successful real estate career is within your grasp!

If you want to convert 5x more leads, we have the training and coaching that can help! Click here to check it out.


Strategies for Real Estate Team Leaders

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Strategies for Real Estate Team Leaders

Working in real estate is tough. Being a real estate team leader is even harder. But there are certain steps you can take to ensure you build and cultivate a team that consistently produces results. To help you out on your real estate leadership journey, we’ve put together some tips and best practices for leading your team to success.

The All Important Question

Before you even start building or training a real estate team, you have to make sure that even having a team is the right move for your own business and career. You need to ask yourself questions like:

  • Do you have enough volume for a team?
  • Do you have so many current listings and transactions that you’re sacrificing new leads?
  • Are you too strapped for time that you don’t have time to generate new business?

It’s at this point when you should consider starting a team to help handle the volume you are generating. Typically, 50 to 60 transactions per year is the most that an individual agent can handle. A good rule of thumb is to have at least 40 to 50 transactions before you consider starting a real estate team.

Who Should You Hire First for Your Real Estate Team?

You might be tempted to hire an ISA or another agent as the first additions to your team. But this could be a mistake! Before increasing the volume of your business, you have to hire a rockstar administrator to help you handle the mountains of paperwork, your large database, and your busy schedule. Only once you have an administrator to take those burdens off of your shoulders should you begin to hire more producers.

After an administrator, we typically recommend the next hire for your real estate team to be a buyer’s agent and then an inside sales agent. Then, it’s all about adding new team members once your business volume stretches your team too thin.

Strategies to Lead Your Team to Success

Once you have your real estate team, you need to run it and lead it effectively. If your team doesn’t succeed, then you won’t succeed.

  • Lead by example – Ultimately, your team will emulate the actions you take and the tone that you set. It’s important to maintain a proactive, motivated, and organized approach to team management. Experience, clear communication, goal setting, and mentoring are also standout qualities that agents look for in a real estate team leader. 
  • Be a resource, but give them space – Your agents need the space and freedom to act and make decisions for themselves. Your role is to be there for them when they need guidance and assistance, but not dictate what they do, who they meet with, etc. Most agents got into the business for the same reason you did, to have more freedom and flexibility than in a typical 9-5 job.
  • Devote resources to training – Part of being a successful real estate team leader is providing the training opportunities and resources your team needs to be as productive as possible. You can just hire agents or ISAs, hand them a script, and expect them to be top producers. They need a program that helps them work on conversation techniques, role plays, call reviews, and someone to hold them accountable (check out our training programs here).
  • Use meetings sparingly – Meetings can be very helpful for your team, but they can also be drains on time and productivity if they are done correctly. Schedule them only when they are essential and have a clearly defined purpose.

If you want help bringing your real estate team to the next level, we have a real estate leader training program that can help! Click here to check it out.


Top Tips for a New Real Estate Agent (In any Market)

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Top Tips for a New Real Estate Agent (In any Market)

If you’re new to the real estate industry, I first just want to say welcome! Few industries offer as much opportunity, the chance to be your own boss, and having essentially no ceiling on the income that you can earn. But it’s a tough industry to be in. Most agents who start out don’t end up staying real estate agents for the long term. And to top it all off, you might be hearing that we’re in a tough market right now or moving towards a tough market.

But that doesn’t matter.

Any real estate agent can be successful in any market. They just need to have the right strategies and tools at their disposal. If you’re just starting out, then you are in the best position possible to turn this into a career you can be proud of and successful at.

In this article, I’ve put together just a few tips and best practices for new real estate agents in ANY market.

Have Real Conversations with Your Leads

As a new real estate agent, it can be tempting to completely rely on scripts when talking to leads. This is a mistake. Although scripts are very useful and we teach scripting here at Smart Coaching and Training, relying on them too much and just reading from them on your calls is not going to help your lead conversion numbers.

Instead of memorizing a set of words, focus on conversation strategies. Ask great discovery questions that get at the lead’s deeper motivation. That way, when they throw an objection at you, you have the ammunition required to overcome it. Respond naturally to what the lead says, don’t just try to return to the script. People want to talk to other real people, not drones that just read the same thing regardless of what answer they give.

Prospect Smarter, Not Harder

As a new real estate agent, building up your network is crucial. In the old days, that meant dropping letters or flyers into mailboxes next to take out menus and window replacement advertisements. Nowadays, prospecting means finding people in your market on social media, sending out text messages, calling, and being religious about following up.

Plus, you need a great CRM to keep everything organized so you know exactly when to follow up with specific leads, how warm they are, and what, if any, reservations they have about working with you.

Rely on the Metrics

Key real estate metrics include both leading and lagging indicators. By reviewing these regularly and understanding what they are telling you, you will know where you currently stand AND what decisions you have to make to improve your business.

Examples of leading indicators:

  • Number of leads generated
  • Number of contacts made
  • Number of appointments set
  • Number of appointments met
  • Number of contracts signed

Examples of lagging indicators:

  • Active listings
  • Pending deals
  • Closed deals

Lagging indicators help you understand past and current performance. Leading indicators will give you a glimpse of where your business is headed.

Under Promise and Over Deliver

This last tip is a great tip for life, not just a real estate career. But many agents make the mistake of overselling their capabilities or what they can actually do for the lead. You want to position yourself as being able to deliver on the lead’s goals (instead of trying to force their situation into meeting your own goals) but avoid being unrealistic. Don’t just tell the lead what they want to hear if you can’t actually provide it.

Set and manage their expectations and tell the lead what they need to hear without overtly making them wrong or promising something you can’t deliver.

If you’re a new real estate agent and want to really set yourself up for success with scripting, conversation techniques, prospecting strategies, and much more—all with the help of a dedicated coach—then check out our training options here.


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