How To Be A Million Dollar Agent In A $300K Market
If you jumped into real estate to “get rich”, this might not be the right profession for you. In fact, according to Kevin Leonard with Inman, “Most salary surveys will tell you that the average salary for a real estate agent in the U.S. is just $39,800 a year.”
However, that doesn’t mean that you can’t get rich and make a lot of money in this industry. It can be done and it has been done, but it doesn’t come from luck or by accident, or to someone who does minimal work expecting to achieve it all. Also, all the money doesn’t always come from the luxury markets. In fact, if you are just starting out with real estate or do not live in a bigger city with more expensive listings, you can still make a million dollars where you’re at rather than going and trying to compete against top million dollar real estate agents. A million-dollar agent can be found in a luxury market, or in a $300,000 market. It can come to anyone that puts their mind to it.
So today, we want to share these top secrets with you. We want to help you be a million-dollar agent in a $300k market.
1. Figure Out Your Plan
Every million-dollar agent should have a plan, that consists of two plans: a long term plan and an everyday plan that will help you stay productive. According to Tyler Zey at Easy Agent Pro, “The first part of your plan is calculating the income you want and figuring out how many leads it takes to get there.”
So, that’s your long term plan. But how do you get there? Every day is a climb to reach your long term goal (even though they should never stop), so you’ll need to come up with your everyday plan. A little tip: your everyday plan should only consist of things that will get you to your goal. Whether you get a schedule going, or a few business-building activities, figure out what works for you and stick to it once it does.
2. Check Your CRM Database
Real estate success comes from great relationships. It’s important to stay on top of your client’s needs and respond quickly, regardless of whether you’re an agent or broker working in residential, commercial, or industrial property real estate. It may sound like a lot to take on, but it doesn’t have to be with a good CRM database. CRMs specialize in shaping the customer experience. A CRM helps you manage your real estate sales pipeline at every step, from capturing leads to earning referrals and repeat customers.
3. Master a Successful System
And then make it your system. Systems basically mean efficiency, getting more done, building your team, making time for more things, bringing in new clients, and just all-around executing more and more. It’s quite simple if you have a system you’re more productive in everything you do.
Now, you won’t figure this out right away, but when you do master a successful system, stick to it and make it your system. Zey says “Basically, if you do something in your business, turn it into a system.”
4. Perfect Your Sales Pitch
While we aren’t going to tell you exactly what to say when you’re making calls or meeting with prospective clients in person, we can give you a few tips on how to perfect your sales pitch. We recommend coming up with a few great sales pitches. The first one you come up with and use, will not be your final one. In fact, you may never come up with a final one because this will constantly be a work in progress. But eventually, you’ll have a full folder of sales pitches that you can have you and your team follow.
5. Win Over More Listings
If you want to become a million-dollar agent you’re going to have to win over more listings. But how do you do this? Zey says, “The #1 thing I tell agents I mentor who are struggling with getting listings is to get back to basics. That starts with knowing your communities, subdivisions, and neighborhoods, understanding how to put together a quality market analysis that accurately depicts how much a homeowner can expect to get in today’s market, and doing your homework about their neighborhood and the surrounding area.”
In other words, you should know anything and everything about that listing and the community it is in. Additionally, you should be working on your marketing plan for your listing to make it “attractive” to those prospective buyers. A listing is not just a one and done job where you throw it up on Zillow or RedFin. A good real estate agent takes time perfecting their listing to win over more.
6. Generate Leads
Think about how you generate leads. What do you do? Is it working for you? How many leads to get a week? A month? A year? Is it enough for you? All of these questions should be in your head when it comes to generating more leads. A million-dollar real estate agents have at least 10 and probably closer to 20 plus lead generation sources. You need to focus on building each of these out so you have plenty of opportunities to bring more leads in.
7. Time is Money
So be smart about your time and your client’s. The worst thing you can do to yourself or your client is to waste their time. Million Dollar Listing Los Angeles’ star Josh Altman told Entrepreneur in a recent interview, “You can only get so far with ‘fake it ‘til you make it’ like we did. At some point, you’ve got to become an expert. We pride ourselves in knowing everything about the L.A. market. I study nonstop. I am on MLS (Multiple Listing Service) all day, every day. Wealthy people value smart people and they keep coming back for more as well.”
Be smart, do your research, and don’t waste a client’s time. Once they figure it out they’ll never come back and you’ll have the reputation of wasting people’s time which is the last thing you want in this industry.
So what do you think of these tips? Like we said, you don’t have to be in a fast-paced real estate market like Los Angeles or New York City to become a million-dollar agent. Anyone can do it, you just have to put your mind to it.