HMW #141: How Real Estate Agents Can get MORE Business (Investors Too!)

Read Time: 6.25 minutes

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Real estate agents often want to grow their own business and invest in real estate themselves. Since I (Alan) am I realtor and investor I'm happy to share some "inside baseball" with you.

My answers to growing a realtor business actually help non-agent investors too. So, pay attention because understanding how an agent grows their business will indeed help you in growing your own real estate portfolio as well.

But first, can you keep the secrets I'm about to share to yourself so you'll leave some deals for the rest of us?

Wonderful, because once the cat is out of the bag and you're a solid investor, you'll have to start answering lots of questions. ;-)

Secret 1: Agents (and investors) need to create a niche

 A jack-of-all-trades is a death knell in real estate. To avoid this, be an agent that brands themself with a specialty. Are you the Condo Queen? The Multi-Family Maven? The Off-Market Oracle? You want to be the first thought as the most experienced agent for a certain product type or in a certain area by everyone.

To grow, agents need this niche and market that niche heavily. You should also turn all other business away if you can. To be the best at something, you need repetition. Once you can back up your niche-based marketing with your niched-based reputation, you are considered an expert and the best of the best.

This leads deal flow and then you get to grow your brand, business, and real estate offerings along with it.

For my non-agents reading this, this is no different than an investor with a very niche buy-box.  Are you someone that only buys in a certain price point and zip code and you stick to it? 

If so, all the agents in your area will think of you first if something comes along that fits your criteria.

If you have an ever-changing investment criteria, you won't be top of my mind when an agent has a great lead on a property. Being a jack of all trades as in investor doesn't work either. Investors need repetition and expertise too.

Ask yourself, what does your current agent think of you right now?

Ok, you have some rebranding to do then. Some narrowing of a focus is in order to get that special place at the front of the line. If you are an agent that isn't getting unsolicited inbound leads, then the same applies to you too. You are too broad in your marketing and you are a generalist that rarely comes to mind.

Secret 2: Agents (and investors) need a rock star team

Agents literally can't do everything themselves to get a buyer to buy. They need a mortgage lender, home inspector, closing attorney, and often a contractor, plumber, handyman, roofer, and more.

Rock stars hang out with rock stars. You must surround yourself with rock stars to become one yourself.

Your extended team that you build has to make you look good. You want your clients to take your referral recommendations with high priority because you provide them the best of the best leads. You should refer someone who has reasonable prices (not the cheapest), does honest work, and does what they say they will do when they say they will do it.

Doing this makes you look like the best of the best and a rock star yourself. You are someone who knows what they are doing and your referrals validate that.

Non-agent investors, the same applies to you. You want your extended team to know what you buy so when they are working on another home that fits your criteria, they can report back to you and you get first look. 

My contractor has brought me plenty of off-market properties to list as an agent as well as to buy myself as an investor. He knows what I want and he knows I'll hire him to do the work to get it ready to list or flip when I do buy it.

Win win. Right?

You are grasping this quickly, I like it.

Step 3: Agents (and investors) need to walk the walk

If you are branding yourself as an expert in an area and product type, then you have to play the part. 

Know your niche like the back of your hand. What did something sell for down the street? What's the average price per square foot of your niche? What's the average days on market?

It's actually much easier to know and study your niche's information than try to learn ALL the data across all listings or all types. Niching down makes your life easier and pays you the most in the long run.

As an agent you need to walk in and be able to give a good idea of price, timing, and improvements a place needs to get top dollar.

The same goes to non-agent investors. If you really have a niche, you can often make an offer on a property sight unseen, give a ballpark estimate on what you are willing to pay, and more. 

You can only do this if you know your numbers inside and out. Speed decision-making is the key for securing the best deals in town and if you need a day or two to get back to someone, then that great deal is going to be long gone by the time you make a decision.

This is how you rise to the top of agents minds as well. You know what you want, at what price, and can follow through on it. Closings beget more closings. This is for agents and investors alike.  

Do you hear what I'm saying?

Yes, but your actions are what give your words power.

Follow-through. Walk the walk. Be the person you market yourself as and your real estate agent sales and investor deals will greatly increase because of it.

Me too!  

Summary

• Agents grow their business the same way investors do
• Expertise pays you top dollar over being a generalist
• All your referrals reflect back on your reputation
• Words and actions are the best lead magnet