How do I break into a saturated market?
I asked members of our Dalrymple Real Estate Inner Circle to send me their questions. Right off the bat, the big question was asked:
How can a new agent break into a market where so many seasoned agents already reside?
Great Question! There are three basic principles that you must master first to build a foundation to grow your business. These three principles will jump start your real estate career and help you gain immediate visibility and respect.
Principle #1: You must learn everything you can about the field of real estate. Be the local expert.
Know everything there is to know about your market and your customers. Know exactly what happens in the process from contract to closing and be an expert at explaining it. Whenever I am asked to do a presentation it takes me about a day of research and a day of preparation. Good preparation give you practice and confidence. Prepare and practice listing presentations until you can deliver naturally. Listings make up your inventory and once in place it is like money in the bank. Your listing presentation needs to flow and be relational. I know this sounds like a lot of useless work, however, this is what I did when I went through my CCIM program. We broke into small groups and practiced on each other. Then we evaluated and added value to everyone in the group by helping them refine their presentation. Very important! Contact your Sellers no less than once per week. It can be anything that is happening in the market. It is always good to give them updated Sales and Listing reports for properties in their area. It lets them know that you are keeping a pulse on the market.
Principle #2: Establish your "inner circle".
Not to be confused with a sphere of influence, an inner circle is made up of people who you call or meet with on a regular basis with the purpose of adding value to each other. Your inner circle needs to reach a variety of people and everyone’s is uniquely different. As a real estate professional think about people who can add value to what you do. Everyone is looking for a real estate professional to be in their group! Who could help you launch your career? A banker, insurance agent, appraiser, teacher, doctor, plant manager and many more. Think of people who's network touches many of the same people as your target clientele and who might recommend you to a client. Remember, you must add value to them as well. Become not only business acquaintances but friends. You need a minimum of 5 and a maximum of 7 or you are stretching too far.
Principles #3: Align yourself with volunteer groups.
You have got to do this! When I first began my real estate career, I volunteered to co-chair the Holiday of Lights. That became a huge benefit for me. It allowed me access to many people that I may never have come into contact with otherwise. It does take time and commitment, but it is good for the heart as well. Be careful not to volunteer in areas where you do not get exposure. There are many non-sales people that can fill those volunteer slots. A good community minded volunteer will receive plenty of free exposure. Almost every successful business owner I can think of spent their early years doing volunteer/charitable work. Maybe you can come up with your own charity. I remember a guy who put out signs that said, “I sell real estate for food” Every time he closed a deal a portion of the proceeds would go toward food for the homeless. Think outside the box, be different, and never stop developing your talents.
If you can conquer these three principles, you will have began building the foundation of a solid career, developing your inner circle, and establishing your sphere of influence through your community connections. These are the first three things I did when I launched my career. Without using these three principals you will only receive a few slices of the bread when there is a whole loaf waiting for you!
BE BETTER THAN YOUR COMPETITION. All it really takes is effort and consistency!
Comment your business building principles or ask me about your challenges below!