It’s difficult to switch from an employee to an employer. In real estate, the challenges of surviving your first year are as hard as in any industry. But it can be done if you do it the right way. So how do you survive the first year in real estate? Let’s find out.
By Working Long Hours
Your real estate business needs a lot of attention. Some areas to focus your attention on are identifying clients, closing deals, and many more. The tighter the schedule is, the easier it is to make cash. Cash is essential to maintain your business, regardless if you’re a company or work as a solo agent.
And what’s the only way to do that – By working long hours. Consider the traditional 9 to 5 obsolete. Instead, come in much early, around 8 AM, and leave much later, around 8 PM. Sacrifices are necessary to survive the first year, OW TO SURVIVE FIRSand there isn’t a better way to do that than by putting in long hours.
Another thing to keep in mind why surviving the first year is essential is that more than 20% of all businesses fail within the first year.
Marketing the Right Way
“For sale” signs are no longer viable as the only way to market properties and your service. Nowadays, real estate agents get access to tons of ways to market their business. From using social media channels to networking, the number of options to market is truly limitless.
If you depend on traditional means to market your real estate business, then you’re as good as done. Agents nowadays rely on social media to market listings and networking events to identify leads. But you can do so much more than that. Aggressive online marketing campaigns and even guerilla marketing are necessary to get your name out there.
People want to work with agents that are professional but also good at their job. Marketing is a very important part of real estate, and clients will know that you’ll put the same effort when marketing their listings.
Invest In the Business
Success doesn’t come without investment. Only a small number of businesses manage to do that. But in this line of work, living cheap isn’t the way to go. In business terms, not investing will set you on a good path to fail in your first year.
To become a successful real estate agent with a company that employs dozens of people, you need to sacrifice a lot of things. This is something that we mentioned earlier, but you should know that monetary sacrifices are a huge part of that. You might even have to change your lifestyle. Surviving the first year is difficult, so consider investing more.
Every business needs something to work towards. In the beginning, the goals will be much smaller like landing a client, closing a deal, etc. But once you get the ball rolling, it’s important to set bigger goals. Instead of closing a deal, make it a goal to close 5 deals within the end of the quarter. Doing this helps keep your business on track and something to work towards.
Work At Home
Even though you’ll be putting in longer shifts at the office, it’s important not to lose focus on what’s important. You are starting a business. This means you have to do everything possible to make it work. This isn’t a company that you’re an employee at; this is your future.
If you do it right, it might bring you huge wealth. But it won’t come if you don’t work hard. So even though your spouse has been nagging you about working late, be ready to get nagged even more by working at home whenever you can. Real estate agent’s don’t necessarily need an office to work, so you can even transition at home.
Even though we’re used to the idea that the home is the place where we relax after a long and hard day’s work at the office, it’s yet another sacrifice to do to survive your first year in real estate.
Businesses fail all the time. And there is always the chance that your business fails as well. If that happens, then the only thing to do is to learn from your mistakes. You might have hoped for a more positive ending to this article, but there isn’t a more positive thing than getting hit and keep moving forward.
If your real estate business fails, it’s important to learn from this experience and use it the next time you decide to give it a go.