How to Become a Top Real Estate Agent in Los Angeles
The real estate industry in Los Angeles is one of the most competitive markets in the country. Home prices keep reaching record-highs while inventory levels slide to record-lows. Recent reports show that median home prices in Los Angeles are over $725,000.
Just imagine the juicy commission payment you could earn from selling just one home like that!
On the surface, it would be easy to assume that real estate agents earn a very good living in Los Angeles. Unfortunately, that’s nothing more than a big misconception.
The reality is that most real estate agents in LA average just about $50,000 a year. With the cost of living in LA higher than most other states, you’ll be struggling just to get by with that kind of income.
So how are you supposed to become a top real estate agent in such a tough environment? You follow the examples of the top real estate agents, of course!
Many top real estate agents are using Showcase IDX to add MLS coverage for CRMLS to their websites.
Show up and put in the time
If you’re just starting your career in real estate, you’ll have to come to grips with the reality that this job is unlike any other. If you’re serious about reaching the top-tier of producers in your firm, be prepared to spend long days and nights at the office. In fact, you can throw in some weekends as well.
Being mentally-prepared to do what it takes means having a solid commitment to working hard whenever the job requires it.
Top real estate agents learn how to be brutally honest with their clients. The last thing an agent wants is having to deal with an overpriced property that will sit in the market for a long time. If agents don’t let their customers know what mistakes they are making, the process of selling a home can take much longer.
This can lead to some very difficult discussions with clients. Nevertheless, your job as an agent is to list the property and get it sold at an appropriate price as quickly as possible.
Measure your performance
You can be the hardest worker in the office but if you don’t take the time to measure your performance, you’ll eventually grind yourself out of the business. Granted, taking a pause to review your strategies is not an easy thing to do in such a demanding career.
However, by slowly developing a habit of jotting notes down describing how your strategies are playing out can yield important insights. These can provide clear indications on which areas you can improve upon and which ones can be discarded. Over time, you’ll come to rely on these observations for your success.
Develop long-term relationships with your leads
Any successful real estate agent will tell you that maintaining a healthy pipeline of leads is critical for success. Without leads, your business will have no way of generating revenue from sales, much less grow.
Top real estate agents work hard to build strong relationships with their leads over time. Whether the process takes months or years, they are always trying to provide value and build credibility.
Adopting a Customer Relationship Management (CRM) system for your business can help you stay close to your customers. Among the numerous benefits a CRM can offer, you can manage your customer profiles efficiently and respond to any inquiries across multiple channels.
By keeping clients happy they will be more open to do business with you and may even send some client referrals your way.
Become a real estate social media influencer
In 2020, COVID-19 restrictions and mandatory lockdowns forced large parts of the country’s economy to shut down or scale back significantly. Realtors, on the other hand, were busy running and growing their businesses on social media.
Social media proved to be a blessing in disguise amid COVID-19 lockdowns as it gave people more time to spare. That meant more opportunities for agents to share their success stories and provide valuable insights on their local real estate market.
These stories helped create stronger connections with their clients and established them as local area experts, a.k.a influencers, in social media terminology. Instead of chasing leads, people now flock to you for expert guidance as a social media influencer.
In 2021, being a social media influencer is about leveraging your experience and expertise to persuade people into taking action. A recent survey showed that 44% of realtors gained at least one client as a result of posting on social media over the last year.
The numbers speak for themselves and if you’re not already active on social media, you have a lot of catching up to do.
You need a personally branded website
Being active on social media is important, but having a website you have complete control over is priceless. A professionally-made website can be the ultimate tool for increasing brand awareness, generating leads, and growing your business.
An effective real estate agent website is one that helps nurture two-way communication with leads and clients. You can do this by publishing valuable content and tools that provide a lot of convenience for homebuyers and sellers.
Blogging is a highly-effective way to showcase your expertise to your target audience. Not only does this help you build credibility, but it lets you interact with your audience via comments and messages.
Over time, your blog can provide powerful SEO benefits to your site for increased exposure in local search engine results.
Adding IDX software to your websites instantly turns it into a powerful and convenient tool for your customers. An IDX provides your website with a feed from your local MLS that clients can browse at their convenience from anywhere.
There’s no doubt that being a real estate agent in Los Angeles can be a daunting career choice. At the same time, being a realtor can be an incredibly exciting and fulfilling profession.
Even in the toughest markets there are ways to become a top real estate agent in your firm. By following the above tips from top realtors in Los Angeles, you’ll hopefully be much closer to achieving your goals.