Cha-Ching! 3 Ways to Boost Your Real Estate Agent Salary
Over 80 percent of real estate agents quit the profession within the first five years.
There are many contributing factors, but thereâ€™s no doubt that many of these failed agents are unable to hit their financial expectations. After all, no one is going to stay in a profession that doesnâ€™t pay.
If youâ€™re a prospective real estate agent or you just entered the practice, this information is enough to give you sleepless nights. It shouldnâ€™t! There are effective ways to increase your real estate agent salary and ensure you find financial success in the profession.
Continue reading for expert insight on what you can do to increase your income.
1. Increase Your Professional Competence
Real estate agents typically have the same foundational training, but this doesnâ€™t mean all agents have the same professional competence. There are steps you can take to stand out from the crowd. One of the best steps is to become a realtor.
A realtor is a real estate agent who is a member of the National Association of Realtors. You might wonder why itâ€™s important to join this professional organization, but most clients will hire a realtor when they have to choose between a real estate agent and a realtor. NAR provides a lot of professional training resources to its members and set standards every member must meet, so itâ€™s easy to see why a realtor is more marketable than a real estate agent who isnâ€™t a realtor.
The key to increasing your salary is to find more clients. Youâ€™ll earn more money in commissions the more real estate deals you handle. And with the realtor designation, attracting clients becomes much easier.
2. Diversify Your Services
As a real estate agent, commissions form a big part of your income. This, though, doesnâ€™t mean you should only chase these commissions.
There are a number of allied services you can provide. For example, you must have noticed that most real estate closings will need appraisals and inspections.
Although offering some of these services, such as property appraisals, will require you to pursue additional training and secure a license, they offer an ideal way to increase your income channels. At the end of the day, what matters is the collective amount of money you take home.
3. Use Effective Marketing to Increase Your Real Estate Leads
If youâ€™re a solo real estate agent, itâ€™s your responsibility to find ways to attract new clients. This is why you need the master the art of digital marketing.
Build a professional real estate agent website thatâ€™s optimized for search engines. Leverage the power of social media channels and consider using PPC advertising.
Online reviews are also super important. What past clients say about your services online will influence the decision-making of future clients.
Are you asking, â€œhow do I amplify my business reviews?â€ There are plenty of digital tools you can use to achieve this goal.
Increase Your Real Estate Agent Salary the Easy Way
Whatever your motivations for becoming a real estate agent, thereâ€™s no doubt your real estate agent salary can make or break your career. Lucky for you, there are many steps you can take to increase your salary â€“ as demonstrated in this article.
Browse through our blog for more career advice.