Have you ever considered that you are capable of increasing your real estate sales from $50,000 to $500,000 – or even more? Well, the good news is that you are capable, and all you need to do is apply a few simple strategies to your business.
Earning half-$1 million in sales commission is not unusual. I have witnessed so many real estate agents doing that over the last 20 years so let’s discuss what you need to do. Obviously, you need all the typical qualities and habits of other successful real estate agents like great people skills, a good work ethic, time management skills, and so on, but there are a few other things you can do to help up-scale your business and increase your income.
Just considering some of our tips below may make you feel uncomfortable, but in order to increase your income you’ll need to move outside your comfort zone, because that’s where real growth begins.
Here are my 5 top tips on how you can substantially increase your income –
1. Create a Team
By recruiting either new agents, or new partners with lower producing agents, you can quickly up-scale your business. The new additions to your team would be responsible for handling lower-value tasks associated with the sales process, such as attending viewings, HDB appointments, collecting commissions and so on. Their effort and experience would determine their commission.
In one of my previous blogs “10 Common Mistakes Made by Underperforming Real Estate Agents” I mentioned that, during my first 5 years of making robust sales, I burned out from working long hours simply because I didn’t hire an assistant.
One of the simplest ways of upscaling your business is to hire an assistant to handle the lower value and nitty-gritty tasks, freeing you up to spend more time doing the higher value tasks. It can be difficult to maintain an objective view of what high-value is when you’re bogged down with low value work.
Low Value Tasks: These might include –
o Answering phone calls from advertisements
o Arranging viewings for cold buyers
o Arranging handyman for rental units
o Posting advertisements to digital portals
o Scheduling the printing and distribution of flyers
o Summing up leads for daily follow-up
o Submitting transactions to agency
o Routine prospecting, such as telemarketing, mass emails, and messaging broadcast
o Buying gifts for clients housewarming
o Sending birthday and greeting cards
2. Charge a Higher Commission
Have you considered why most real estate agents charge a normal ‘standard’ industry commission? Some agents believe they should. And if this is true, why do some agencies offer a small, fixed fee or a ridiculously low commission? And also some clients do bargain for a discount for the ‘standard’ industry commission which make it not standard anymore.