How to Be a Millionaire Real Estate Agent in Singapore!
How to Be a Millionaire Real Estate Agent in Singapore!
During my first two months, I kicked start off with serving buyers primarily, just like all other agents when they first started. With less than 1000 dollars in my savings, I was desperate to make it. During my first two months in this career, I served tons of buyers but closed none of them as most of them had other agents serving them as well or they were just purely shoppers.
After two months with drying savings and a very dejected heart, I started to tell myself something was not right. I started to analyse what producers in my and other companies were focussing on. I realised one common thing among these producers
"THEY SERVED GENERALLY SELLERS, THEY WERE ALL LISTERS IN THEIR
AREA OF FOCUS!"
Realising that, I know I had to change my strategy plan. I had to serve mainly sellers. I had to get as many listings in the shortest period of time. Now the challenge was, "how do I to get listings?"
After much thought, this was what I came up with.
"JAM PACKED my time with prospecting activities, serve only serious buyers during my free time and tying up with them as sole agent."
Why should I focus on sellers?
1) Commission is higher! Buyers generally only pay 1% of the purchased price whereas sellers pay up to 2% of the sale price. For similar effort or even lesser, you get paid more!
2) Leverage! My whole night will be taken up if I serve 1 to 2 buyers but one night I am able to serve multiples sellers and have various open houses! In short, it is more time efficient.
3) One seller case can multiply to multiple cases (eg. Sellers may buy a house after selling (and yes, they will become very serious buyers when it is their turn to buy!), buyers walking in to view may have a house to sell etc.)
Area of focus
FOCUS, FOCUS, FOCUS! Please do not be a jack of all trades. You will tire yourself out physically and financially if you are spreading yourself too thin over too many areas.
a) Focus on aspect. Real estate is a very big area. You can do commercial, private or HDB. You can also do resale properties, new launches, overseas investment properties. You can do rental or do sales too!
b) Focus on location. It is a good idea to be a specialist in a particular location, preferably a location where you are very familiar or staying in. I know of agents doing very well as a resident agent in a particular estate or even condominium.
Goal Setting!
Hey! Before you even start to throw away tons of money in aimless flyers or put in effort in other prospecting activities, please be kind to yourself by setting yourself a monetary target. All businesses need a business plan. All sales need a sales plan too
"FAILING TO PLAN IS PLANNING TO FAIL!"
1) Set realistic and achievable goals. It's good to have high aspirations and ambitions but setting yourself too high a target will demoralise you even further. I started out with wanting to earn only $3,000 a month because that is exactly the start up of pay of a fresh engineering graduate.
2) Write down activities to achieve your goal! Setting goal and not knowing what to do to achieve your goal is USELESS! Breakdown your activities to daily basis and you will realise how many people you need to talk to achieve your goal!
What prospecting activities shall I focus on?
Based on your budget and strategy, you should focus on activities that will give you the best result. I started off with door knocking on residents and cold calling via telemarketing due to a very tight budget
Ways of prospecting
a) Roadshow
b) Door knocking
c) Flyers
d) Telemarketing
e) Direct mailing
f) Mass Sms
g) Others such as billboards, banners, carpark gantry advertisement, setting up a shopfront etc.
Eugene Lee is a Team Trainer for the Team Horizon Group in ERA Singapore. More information on being a real estate agent in Singapore can be found via www.RichPropertyJob.com.
www.eugeneleeproperty.myweb.sg
www.eugeneleeproperty.com (blog)
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