In the midst of what seemed like a challenging landscape for real estate agents in the early onset of 2024, a silver lining has begun to emerge on the horizon. In the first couple months of the new year, we’ve witnessed a surge in activity, a notable increase in available inventory, and a welcomed downward trend in interest rates. These developments breathe new life into the industry, offering agents a glimmer of hope amidst the market’s last year of uncertainty.
A time like this is crucial for any real estate agent as competition is at its highest peak and it’s important to grab the golden opportunities as soon as they present themselves. Real estate veteran Hana Cha, known for her unconventional plays through rough seas of this industry, shares her insights on the foundational values that real estate agents should never compromise and the essential habits to stay above the crowd in this business.
The 7 non-negotiables to build a lasting business in real estate
In today’s real estate market, success is not just about sealing deals; it’s about embodying core values and maintaining a steadfast commitment to integrity, professionalism, and your personal brand. Here’s a rundown of Hana’s suggestions on what to steer clear of to stand out of the crowd and become a reputable real estate agent:
- Check your ego and stay grounded: Let humility, hard work, and gratitude be your guiding principles. Ego can cloud judgment and hinder relationships – stay grounded and bring sincerity when you approach a client or an opportunity.
- Short-cuts aren’t real in this business: Real estate is challenging, and easy money can be a red flag. Portraying the fiduciary responsibilities involved in real estate as a simple task can undermine your credibility. Acknowledge the hard work and dedication required to reach the top, both to yourself and others. Cutting corners or engaging in unethical practices may tempt you with short-term gains but these traps can have long-lasting repercussions. Maintain your values and principles.
- Your integrity is non-negotiable: Never compromise your moral compass for the sake of a deal, client, or the next shiny toy. Uphold ethical standards in all your business endeavors, regardless of the pressure or temptation.
- Principles over Social Climbers: Obvious social climbers won’t get far. While networking is a crucial part of this business, forging inauthentic relationships for the purposes of name-dropping and social climbing is the quickest way to destroy your reputation and brand.
- Beware of Trend Chasing: Not all trends translate to tangible returns. Don’t get swept up in fads that don’t contribute to your bottom line. Focus on strategies that drive sustainable growth and align with your business goals.
- Fight Against your Inner Inertia: Laziness has no place in real estate. The industry rewards hard work and results, particularly in the early stages of your career. Stay proactive, continuously be on the lookout for improvement opportunities, and never rest on your laurels.
- Focus on the long-term: A career in real estate is a marathon, not a sprint. Don’t let the excitement of certain deals distract you from the bigger picture. Maintain discipline and focus, regardless of deal flow and market fluctuations.
7 essential traits to survive and thrive as a great real estate agent
Being a top-notch agent requires more than just a sleek suit and deep rolodex. According to Hana, it demands dedication, expertise, and a willingness to roll up your sleeves and dive deep into the nitty-gritty of the industry.
- Obviously, The Grind is Crucial: First and foremost, there’s no substitute for hard work. To excel in this field, you must be prepared to invest time and effort into honing your craft. There are no shortcuts or cheat codes; success in real estate comes to those who are willing to put in the work.
- Master Your Area: It’s crucial to establish yourself as a local expert. Beyond simply knowing sales comps and listings, take the time to immerse yourself in the neighborhood you serve. Understand its history, its residents, and its future trajectory. Becoming a true authority with sincere connection to your local market will set you apart from the competition.
- Intentional Outreach: Like any business, networking is key in real estate. Don’t wait for business to come to you; actively seek it out by engaging with your circle of influence and professional network. Position yourself as a valuable resource and be proactive in discussing real estate and your approach to the business.
- Attention to Details: Attention to detail is non-negotiable in this business. Take the time to thoroughly review contracts, inspection reports, and every document involved in transactions. Skimming over critical terms and conditions is a recipe for disaster and can jeopardize your clients’ best interests.
- Forge Connections: Forge connections beyond the brokerage community. Attend aligned social events, growth conferences, and networking opportunities to build relationships with other professionals in the industry and members of your community. Knowing and understanding different players in the real estate ecosystem will enhance your expertise and broaden your network.
- Track your Progress: Time is money in this game. If you aren’t already doing so, start tracking your time, marketing dollars, and sales numbers so you can monitor your KPIs and benchmark your experiences with meaningful metrics. This exercise alone will separate the great from the not-so-great.
- Be a Student, Forever: Lastly, Hana strongly stresses the point that you should never stop learning. Surround yourself with experienced professionals and soak up their knowledge like a sponge. Ask questions, seek advice, and be open to new ideas and strategies. Continual growth and development are essential for staying relevant and competitive in the ever-evolving real estate landscape.
It’s clear that success in real estate involves maneuvering through tumultuous terrains; but it’s not the time to worry, but the time to stay strong in your ambitions. Sticking to your guns, staying honest, and constantly striving to improve are still the best ways forward in this ever-changing field. By steering clear of the pitfalls and embodying the principles discussed by Hana Cha, you can carve out a successful and fulfilling career in real estate.
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