Becoming a realtor offers many benefits, including the opportunity to improve your negotiating skills, own your own business, and earn substantial commissions. However, you are more likely to be successful if you hire a coach.
To help you make that decision, here are five benefits of real estate coaching.
1. Helping You Build a Profitable Business Plan
Any business is more likely to succeed if it has a good business plan — and real estate is no exception.
Although you could hire someone to write your plan for you, your real estate business stands a better chance of succeeding if you write your own plan.1 However, you may need help if you are new to the real estate business.
A coach will be able to help you determine who your clients are, establish reasonable estimates, and identify opportunities. You should also be able to establish a clear set of goals and a marketing strategy to achieve those goals. Although it is easy to overestimate revenue and underestimate expenses, an experienced coach should be able to help you set goals that are achievable.
2. Expanding Your Networking Abilities
One of the best ways to become a successful realtor is through networking activities. This is because your chances of closing a deal are directly related to the number of people with whom you interact. In addition to clients, your networking activities should include fellow agents.
A coach should be able to help you create a networking strategy and show you the proper way to make introductions. Other coaching activities might include how to present your ideas, the best ways to create a lasting impression, and how to build long-lasting relationships.
3. Honing Your Marketing Skills
Although it might be helpful to take a real estate course, attend a seminar, or read books and articles, nothing can take the place of experience. In a recent survey, the vast majority of real estate professionals who worked with a coach said that their business increased as much as 25 percent within a year. A significant portion of that increase was due to improvements in marketing skills.2
You can hone your marketing skills by shadowing your coach and asking questions. By comparing the coach’s marketing techniques to your own, you will be able to refine your skills and develop new strategies. You can think of your coach as a personal trainer whose job is to help you evaluate your performance, streamline your game, and introduce you to new ways of thinking.
4. Learning to Be Your Own Boss
Most licensed real estate professionals operate as independent contractors. This means that you are your own boss. Therefore, the growth of your business depends on your efforts and business acumen.3 There are no limits as to what you can accomplish. However, it takes a great deal of effort to achieve success.
In addition to a positive attitude and strong work ethic, success requires a thorough understanding of the business and the ability to grow a company into a dynamic marketing tool. An experienced coach should be able to share the benefits of being your own boss while pointing out the pitfalls. Additionally, a coach should be able to teach you how to maximize the fact that you are in control of your own destiny.
5. Becoming an Expert
From time to time, you will encounter a client who will only deal with an expert and not with an ordinary real estate agent. That client will want to work with someone who understands the market and knows the ins and outs of the real estate business. They will want someone who can cut a deal and lock down a contract. You can become such an expert if you take the time to learn all that you can from your coach. After all, your coach is a seasoned professional.
In addition to becoming a real estate agent, you may have a desire to become a real estate broker at some point in the future.4 This would require additional education and training in order to pass a state exam. In such a case, the advice of a coach who has already achieved broker status would be very helpful.
Choosing a Real Estate Coach
At this point, it may seem like a daunting task to find the right coach for you. You could check with colleagues, perform an online search, or look into ads.
Before you do, though, you should identify the areas in which you need help. Is your biggest deficit in making calls or holding yourself accountable? Do you need help developing a business plan or fleshing out your marketing strategy? Once you determine your needs, it will be easier for you to find a coach who has the qualities you are looking for.
Additionally, you will want a coach who has a proven record of helping others. The coach’s website should contain several testimonials and success stories. Plus, you will want to make sure that your coach has innovative ideas, is able to stay ahead of a changing market, and has a passion for solving problems.
Finally, your coach should be readily accessible. Otherwise, your relationship will not be as effective as it could have been.