How can you increase the amount of money you make in the real estate industry? I have three key ways you can do just that.
Looking to improve your real estate career? I’m here to help you make a smart decision when it comes to growing your business, improving your bottom line, and choosing a place to work in real estate sales. If you’d like to learn more about working with Clancy Real Estate, contact me at (518)861-7016 or Kevin@ClancyRealEstate.com.
Now that it’s 2018, I hope that you’re looking forward to growing your business and increasing your income. If you are, the question becomes “How can you increase your income?”
There are major three ways you can increase the amount of money you make in real estate:
1. You can sell more houses. Everyone likes to brag about how many homes they’ve sold. That’s great, but I’d rather sell fewer homes at a higher price than more homes at a lower price. It’s less stress on my staff, less work in general, and we’re still making the same amount of money. You can focus on selling more homes, but it’s a tremendous amount of work, and it’s probably the hardest of these three options to carry out.
2. You can sell higher-priced homes. Let’s assume that you’re selling below the average sales price in your area; how can you increase your personal average sales price? I recently spoke with a top-producing KW agent who moved her average price point up to $1 million. She said that doing it was easy; she bought a $1 million house, joined a country club, and started hanging out with people who also lived in a millionaire community.
3. That’s not achievable for everyone, however. You just have to make a conscious effort to determine what sort of price point you’re willing to work with and what your bottom cutoff level is. Sticking to the lower levels, unfortunately, means that you’re not maximizing your dollar return for the price point you’re working in. We’re creating a separate division for low-end properties with a team dedicated to working with them so that high-end properties won’t reject listing with us, thinking that we’re only for low-end clients.
You can obtain a higher marketing fee. Your marketing fee only becomes an issue in the absence of value. If you’re not creating value for your client, the price you ask for will be contested. It’s like the difference between paying more for a brand name product instead of paying less for an off-brand product. People will want to pay you more if they associate your brand and reputation with the quality of the service that you bring. Lastly, another way to make more money is to join a better team. I have two spots open on my team, but they’re only for agents who want to make six figures. We have a great team, I’m providing all the leads, and we have a lot of fun with what we do. If you have any questions about what you can do to earn more money in the real estate industry or would like to know about joining the team, feel free to reach out. I’d love to speak with you.