The Green Agent
We are already seeing an influx of new real estate agents as the market rebounds and income rises. For two years in a row, Realtor income has been up.
Here are some tips on how to be the Green Agent:
Tip #1: Be Kind.
People first. Always. Real estate is a service industry. Agents are constantly in service to their buyers, sellers and fellow agents. That means agents must possess the following:
Ability to work well with others
Solid work ethic
Good listening skills
Tip #2: Self-Motivation.
Write and follow a business plan. Run your desk like a business. You and only you control your success. Teamwork is an important part of life as a real estate agent. Agents are in constant contact with clients, other agents, lenders, title agents and a litany of other professionals. And while it’s essential to work well on a team, agents must prepare for one harsh reality: The “team” isn’t going to pay your bills. Agents typically work as independent contractors and are paid by commission. To succeed in this field, agents must be self-motivated. Tip #3: Stuff the Pipeline.
Keep your pipeline stuffed so that when a deal falls through, you haven’t put all your eggs into that basket for the month! Say good-bye to a regular salary. Watch those regular office hours fade into the horizon, and get ready for the unpredictability of life as a real estate agent. Seemingly-perfect deals do fall apart on closing day, and commission checks will slip just out of grasp. Don’t ever assume a deal is going to go through. Don’t make financial decisions based on an anticipated closing. Assume the worst, hope for the best.
Tip #4: Save for the Lean Months.
Have 6 months of expenses budgeted, in savings. Yet another financial reality of real estate is the lack of benefits. According to the NAR, only 4 percent of REALTOR® members receive health insurance through their brokerages, and 83 percent are independent contractors. So don’t forget to build up savings to pay for: Advertising Brokerage / licensure fees Payroll taxes
Health/dental/vision insurance (if necessary) …and most importantly, save. Pocket at least 6 months of living expenditures to get through the lean months and any financial emergencies.
Tip #5: Rest.
Make sure you take a real day off and pick a time to call it a day. Your clients will understand because they don’t work 7 days a week either. The business will be there, but if you burn out you won’t be useful to your clients. Showings. Open houses. Botched deals. Real estate is a stressful (and busy) industry. So don’t forget to recharge your batteries regularly. A stressed, exhausted, barely-there real estate agent is of no use to anyone. Not to a client, not to a family member, not to a friend. So make yourself useful. Go get some well deserved rest. What Advice Do You Have for Our Real Estate Agents? Don't forget to comment!