In the real estate industry, anyone can find success no matter how young they are. In this post, we take a look at five millennial real estate agents and the tips they follow in their businesses to have success, as mentioned in the Inman article, What do these ’30 Under 30’ agents all have in common?
I will give you my analysis of the article and break down the 30 best tips for success that every agent should follow to grow their business.
Tips From Jennie Lok – Keller Williams, California
Consistent Lead Generation
Millennial real estate agents, and agents of all ages, know that lead generation is the foundation of a successful business. Be proactive when it comes to getting out there and finding new leads. Don’t be afraid to pick up the phone and cold call or knock on some doors in your market. Pick a lead generation method that you’re good at and enjoy doing, and then stick with it consistently.
Neighborhood farming can be an effective tactic for generating leads, but it requires engaging with your market in multiple ways. Some strategies can include sending out mailers, holding weekly open houses, and hosting fun events for the entire neighborhood.
These events can include happy hours, picnics, and workshops at your local amenity center, where you can teach people about the buying or selling process, property values in their specific neighborhood, and other helpful information.
Join A Team Or Build Your Own
Personally, as a real estate agent who has built a real estate team and then gone back to working as a solo agent, I think joining a team largely depends on your level of success. If you don’t have many clients yet, a team is not something you need.
A solo agent with an assistant can sell anywhere from 60 to 80 homes in a year. If you wanted to sell more than this, you would likely need to work with a team. A team of four to five agents can sell 100 to 200 homes.
Create a Five Year Plan
Plans help you stay focused on your goals. Start by creating your five-year real estate business plan and then work backward to make plans for each year. From there, you can create a six-month plan, work down to one month, and even do weekly and daily plans.
Get Reviews On All Your Social Media Pages
Millennial real estate agents are likely to be more social media savvy. It’s essential for every agent to get reviews on all of their social media pages, especially Google, Zillow, and Facebook. While your Facebook Business page won’t often get you a lot of traffic due to Facebook’s algorithms, you’ll still want to have some reviews and posts so it doesn’t look empty when people visit it.
Focus on the Numbers
Successful agents know their numbers extremely well. You should center your entire business around your numbers: your sales goals, unit goals, conversion percentages, amount of leads you need in your pipeline, amount of prospecting calls you’re making, etc.
Have Consistency Across All Your Profiles
Your different social media profiles should have the same profile picture, branding colors, slogan, and images so that everything looks consistent. In terms of your profile picture, make sure it has good lighting and looks professional.
Have Profiles on All the Top Platforms
As far as social media profiles, you should be sure you have a page on all the major social media and real estate platforms, with reviews on each one. An extensive online presence is important because even if you aren’t active everywhere, people will find your pages when doing their research.
Tips From Davis Holt – Remax, North Carolina
Market to Your Database
Have a plan to connect with your leads at each step of the customer journey. Create a plan with multiple touches, and then stick with it consistently. Your plan can have as many or as few touches as you want. Experiment to see what converts more leads.
Always Seek to Improve the Client Experience
Focus on creating an exceptional experience for your clients that will make them remember you. That way, they’ll keep coming back to your business and give you referrals, which every agent knows are extremely valuable.
Provide Real Value to Your Client
You can provide value to your client throughout each step of the buying or selling process by being there to answer their questions, giving them recommendations for any services they might need, and demonstrating your knowledge of the market.
Technology is vital if you ever want to scale your business. It can help you automate, manage, and stay organized as your business grows and you start working with more clients.
Don’t Let Technology Distract You
However, if you’re just starting, technology can often be more of a distraction and take focus away from prospecting and working with clients.
Many millennial real estate agents new to the industry often think that technology will bring the business in if they just get it set up the right way. However, technology is not something you need to use until you have a good prospecting skill set as a foundation.
Tips From Felicia Mares – Abio Properties, California
Figure Out Your Goals
Goal setting is particularly important when it comes to lead generation goals. Create your goals and then hold yourself accountable to them by tracking your progress in a spreadsheet. Set reasonable goals that you know you can achieve.
Do What You Enjoy
For example, when you focus on a lead generation method that you enjoy doing, it’ll be a sustainable practice for you. There isn’t one business model that fits everybody. You have to find what you enjoy and then do it consistently.
Find Your Way Around Challenges
If a particular lead generation strategy is challenging for you, you can still find a way to pursue those strategies in other ways. For example, if you hate doing open houses, you can have another agent host them for you.
Take Time to Educate Up Front
In your first meeting with your clients, you can educate them on the market and the home buying or selling process. Explaining everything in the beginning can save you time moving forward so that you don’t have to pause at each step of the process to tell them what’s going on.
Being yourself takes some time to learn, especially if you’re new to real estate. You might be worried about what people will think about you. If you’re a younger agent or just a beginner, you might think that your clients won’t trust you.
But once you start having success, you’ll gain more confidence and it’ll be easier to be your authentic self. When you do, people will approach you and want to work with you, rather than you having to go out and convince people to work with you.
Tips From Alexa Kebalo Hughes – Remax, Connecticut
Millennial real estate agents are typically ahead of the game regarding content creation and being comfortable on camera. Creating video content can save you a lot of time. A five to ten-minute video that receives 100 views will save you from having to explain the same thing to 100 different people. If your client has a question for you, you’ll simply be able to send them your video.
You can also use video to send more personalized messages. For example, you can use a platform called BombBomb to send one-on-one videos to somebody. The benefit to this is that it creates a more personal experience. It’s the closest you can get to face-to-face communication while still allowing you to respond in your own time.
Build a Network of Agents
Get involved with your Realtor association to get started building a network. It’s important to network with other Realtors, both in your local market and all over the country. You’ll meet millennial real estate agents and older agents that you can learn from and share your own experiences with. Also, you’ll stay on top of current trends in the industry.
Create a Network of Other Professionals
You should also network with other professionals related to the real estate industry. For example, your clients will come to you for recommendations on landscapers, painters, mortgage lenders, etc. When you have a big network, it positions you as an expert. It also is a great way to give extra value to your clients.
Track Your Network
You can use an Excel spreadsheet to track the people you meet and what they do. This way, when your client asks you for recommendations for landscapes, painters, or insurance agents, you will have plenty of options to send them.
Giving back in any way you can is important, whether it’s volunteering in your community or even just creating helpful content that helps others. When you give back, it’ll also reward you in your business because you’ll develop more relationships and grow your network.
Tips From Jing Fang – Climb Real Estate, California
Stay On Top of the Market
Every market has its own intricacies, and it’s imperative to stay up to date on what’s going on so you can help your clients and keep them informed. If you’re in a popular market like San Francisco or New York, you especially have to stay on top price points and valuations.
Have a Lead Funnel System in Place
Find a lead funnel that works best for you. There are various funnel systems, such as using your social media to lead people to your website. You can also use phone calls, email inquiries, or just have leads reach out to you directly on your social media.
Build Trust With Your Clients
One way to build trust with your clients is through attention to detail throughout the entire buying or selling experience. When your client sees how much you care and how much effort you put in to make sure they have a good experience, they will quickly trust you.
Always Strive to Learn More
Millennial real estate agents and agents of all ages should always learn how to work more efficiently. Stay on top of the latest trends in the industry, adapt to the newest technology, and keep learning more about your local market. Don’t be afraid to try new things in your business.
Take Care of Your Business’ Finances
Take care of the financial aspects of your business. Make sure you set up an LLC both for your protection and to get tax benefits for your business. You can also meet up with a financial advisor, which is especially important if you’re at the point where you’re making $80k to $100k per year. In addition, find a tax accountant that specializes in 1099 tax returns.
Have the Right Mindset
When it comes to finding success in real estate, it doesn’t matter how old you are or how many years of experience you have. So if your goal is to become the top agent in your market, you definitely can achieve this. You just need the right mindset and to take advantage of the right opportunities every day.
Final Thoughts on Millennial Real Estate Agents
Reading Inman’s “30 Under 30” articles is an excellent way to see what strategies millennial real estate agents are following and what’s up and coming as far as social media and technology. However, you may have noticed that many of the tips these young real estate agents had are not as techy or social media savvy as you would expect.
So, what was your favorite strategy for success? Which techniques do you use in your business? Let me know in the comments below!
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