4 tips for succeeding in real estate

How do you go about succeeding in real estate? Is it just a numbers game (how many houses do I have to sell?) or are there other ways to be successful in the property profession?

The REIQ's team of experienced trainers and assessors share their insights on how newcomers can succeed in real estate after completing their real estate training.

Set Short, Medium and Long-Term Goals are keY to Succeeding in Real Estate

The first (and arguably, the most) essential key to succeeding in real estate is setting clear, tangible goals. Various studies found that when people followed the two principles of goal setting - specific, and challenging - it led to higher performance, 90 per cent of the time.

Connie McKee, a well-known and successful property management advisor and real estate trainer, says it's important to have a clear vision of what you want to achieve and who you want to be as an agent. "Have a clear vision of the type of real estate professional you want to be," says McKee. "Research the agents in the area you want to operate in and choose the agency that you think can help you become that professional."

Make a Commitment to Lifelong Learning

Ask any high-flying agent succeeding in real estate about their education, and they're likely to tell you the same thing: to be successful, you must commit to lifelong learning. Real estate is a fast-paced industry. To remain on top of the changes in marketing, proptech, legislation and more, agents must continuously dedicate time to upskill.

Lifelong learning is a passion of the REIQ and its team of skilled trainers and assessors. Selinda Randall, who splits her time between running an agency, training, assessing and providing property management advice to REIQ members says: "Never stop improving your knowledge. Obtaining your certificate of registration or licence gives you what you require to work in the industry. However, I suggest continuing to improve your knowledge. By doing this, you will gain what you will need to forge a successful career in the industry."

Malcom Riley, another trainer/assessor that has clocked up 20 years' of service in the REIQ's training department, echoes this sentiment by suggesting that agents who keep succeeding in real estate must "keep attending training sessions, have an open mind, and be a sponge".

Establish Valuable Connections

Real estate is primarily a 'people-focused' profession, so it should come as no surprise that you must establish valuable connections to be successful in the industry. However, some newcomers to real estate might not realise that making connections with industry influencers and mentors is equally important as prospecting and meeting potential clients.

"Surround yourself with experts, continue with self-education and if at all possible, try the option of hiring a real estate coach to give you that boost to get you going," says Karin Riley, real estate veteran and REIQ Trainer/Assessor. Her multi-award-winning colleague Samara Bedwell agrees, adding, "believe in yourself, back yourself, and find some great cheerleaders".

In turn, the benefit of establishing valuable connections can do wonders for your professional goals. Jason Bedwell, who co-owns Macwell Property with wife Samara, says it's critical to look for business opportunities that support your ambitions for succeeding in real estate. "Pay it forward, give to get," he says. "Focus on helping people as a metric for success."

Never Give Up!

Finally, one of the biggest keys to succeeding in real estate is to remain tenacious in the face of adversity. If sales are a little slower or you're overwhelmed with maintenance requests, it's important to note that even the best real estate agents have experienced slumps in their career from time to time.

Rachael Wilschefski, REIQ Trainer and Assessor with 20+ years in the industry says from experience, says it takes "at least a year to start reaping the rewards of your hard work" post-graduation. "When you start kicking goals, don't stop prospecting - keep your pipeline full," Wilschefski adds. "When pursuing a career in real estate, no doesn't mean no, it just means not now."

Need help with your real estate journey? Become a REIQ member today!