Does the idea of becoming a real estate agent and earning high commissions intrigue you? You are at the right place! The movement is here!
A real estate agent isn’t just a profession anymore – it is about revolutionizing the industry, educating the customers, and delivering value. It is about “Serving, Not Selling!”
But whether you are already into the real estate practice or just getting started, you must be constantly looking for ways to maximize your commissions. When you set the right goals and take a look beyond the traditional measures of generating leads you become a purpose-driven real estate agent. You bring value to the customers…and results flow in.
In this blog, we will discuss different ways you can stand out in the crowd, attract more customers, and boost your commissions. So, let’s dive in.
1. Know What You Are Best at
As a real estate agent, you must be trying to become the jack of all trades – serving more customers to improve your earnings. But that’s not how it works always. Instead of serving everyone, determine your capabilities and find a niche.
What does this mean? The real estate industry is primarily categorized into residential, commercial, and industrial properties. Unless you work for a big real estate agency, it is ideal to specialize in a particular segment.
To find your niche, study different types of properties, their trends, challenges, price ranges, target audiences, etc. See what you find more interesting or which segment has a higher earning potential. Quite obviously, you will look for the segment that has the most demand. But in that case, competition will be higher too.
Choosing a niche also depends on your area of service. If it is a highly commercialized region with numerous offices, shopping centers, eateries, etc., then selecting the commercial segment will be a good idea. If you find the demand for luxury homes soaring high in your area, you can choose to work in that segment.
Specializing in a particular niche is important because you can focus on a more specific and smaller market base. You can study its trends and demand-supply patterns thoroughly, and know the audiences better. This allows you to provide tailored solutions and cut-through from the crowd that offers generic services.
2. Market Yourself and Establish a Brand
Marketing your brand as a real estate agent is an integral aspect of boosting people’s awareness and maximizing your commissions. Develop an all-inclusive marketing strategy that best promotes you as an agent. It should encompass:
- Key milestones you want to hit
- Which channels to use to reach your potential customers
- Your marketing budget, etc.
Engagementmarketing is the key to building a highly lucrative and sustainable agency business. It means reaching out to your audiences and engaging them meaningfully. Here are some excellent tips you can steal to effectively market yourself and build a strong brand:
- Create a website: In this digital era, having your own website is a great way to promote yourself and reach out to more audiences. Through your website, you can let people know about your product or service offerings, your key capabilities, and how you can add value to them.
- Build a strong social media presence: People are now more active on social media than ever. This is a good time to create a powerful social media presence by reaching out to more prospects. Set up accounts on Facebook, Instagram, YouTube, etc. Post regularly and keep your audiences engaged – create a personal touch with them, so they can look up to you for anything real estate. Connect with popular real estate social media pages to broaden your reach.
- Send newsletters: Create a mailing list of your potential audiences and send them emails at least once a month with valuable insights, tips, or real-state hacks. This can help build your credibility in the market.
- Live streaming: Do not be just any real estate agent – be a community market leader who does not just sell. As the market and demand pattern changes, you should constantly evolve and so are your service offerings. To make things really interesting for your audiences, you can do virtual property tours or live streaming. Post these live streams on your social media page or website to boost engagement. Trust us; you will receive more queries this way.
- Host webinars: Webinars are a great way to share real estate trends and insights, answer queries, or showcase your property listings. Anything virtual attracts more attention.
- Thought leadership: Establish yourself as a trailblazer by writing high-quality guest posts on authority real estate blogs or hubs. You can also be a guest speaker on podcasts.
3. Build a Solid Real Estate Network
Excellent networking is the essence of any successful real estate agency business. Create a solid network of real estate contacts that encompass a wide range of tasks and jobs. This should include local businesses, contractors, property repair & maintenance, landscapers, moving services, pest control services, plumbers, electricians, real estate photographers, etc.
When you have a wide network of trusted people in your circle, potential customers can rely better on you to address their problems.
4. Provide Value-Added Services
To gain a competitive advantage and maximize your earnings, it is crucial to go above and beyond the standard. And staying responsive to your customers’ needs and being creative is the key to adding value consistently.
Not sure how to walk that extra mile? Here are some ideas for you:
- Use your network to connect your customers to local services and businesses
- Offer a community tour to the new property owners
- Welcome them with a thoughtful basket
- List home for your sellers
- Hire a professional moving or cleaning company
5. Know Your Target Market
Let’s get it straight – the role of a real estate agency isn’t just to grow sales. You should focus on providing the services they really need. And one of the best ways to do this is by knowing your target market – whom you are serving.
To provide tailored real estate products and services, and create unique buyer personas. Start by considering the demographics of your potential customers: their location, income, marital status, age, etc. Now, work out each of these details to identify the needs, opportunities, and challenges. This should align with the niche you are catering to.
You can apply this blueprint to determine your target audience, their needs and pain points, how to reach them, and ways to serve them better. Once you create user personas, set your goals and challenges. Also, it is important to include how you plan to help the personas achieve their real estate goals or overcome their challenges.
6. Boost Earnings by Closing Short Sales
This tactic typically works for pro real estate agents who have excellent market knowledge and negotiating skills. Often, property owners are unable to sell because they do not get enough value from the buyers. The prices cannot even help pay off their loan, leaving aside profits.
In such a scenario, a real estate agent can negotiate with the bank and persuade them to close the loan at a lesser amount than the money due. If you succeed in convincing the bank, you can list the seller’s property and close a short sale. This is a good way of boosting your commissions.
7. Hone Your Skills
For a successful real estate agency business and increased earnings, it is imperative that you push yourself hard. Success does not come overnight. You have to be patient and diligent about it. Therefore, you should continuously grow your skills as a people’s agent.
Here’s how you can improve your skills:
- Stay vigilant of the latest industry trends and listings, including federal & state rules & regulations
- Do your research thoroughly before working on a deal and plan ahead
- Regularly check on your appointments, meetings, and property showings and be responsive
- Be creative when it comes to property showings (virtual tours, themed events, etc.)
- Stay up-to-date with the latest technology advancements to serve your clients better and faster
- Build upon your communication skills to secure more deals and close them successfully.
8. Get Referrals
Another proven way to attract more prospects and earn commissions is by seeking referrals from your customers. And of course, this is associated with how well you serve them, If you are able to establish yourself as a go-to agent in your niche or location, your customers will refer you to others – bringing in more leads for your business.
After successfully closing a deal, ask your customers to leave feedback or video testimonials on your website, social media account, or on Google. Also, persuade them for word-of-mouth communication. This way you can reach out to more people, sell more, and grow your business.
The Bottom Line
There are several ways to maximize your real estate agency commissions, from getting creative to offering value additions to honing your skill set. You can also get specialty coaching, get access to free resources, or read books that can give you valuable insights into how to generate more leads, drive conversions, and sell more properties.
