Real estate author offers tips for success
Twenty-five years in real estate has shown Pat Hiban there are a few tried and true principles to being successful in the business.
Hiban, who recently published 6 Steps to 7 Figures: A Real Estate Professional’s Guide to Building Wealth and Creating Your Own Destiny, said Realtors® should adjust their businesses to where the money is flowing in the market. “There’s always a way to make money in real estate,” he said. “If 10 years ago you were a luxury home specialist, you might be in trouble in this market. If you’re embracing the foreclosure and short sale market, you’re finding there are a lot of transactions.”
Hiban said these six tips help create success:
- Real estate requires hard work. The reality of real estate is that you reap what you sow. If you want to make money in real estate, you have to work and be willing to put in the time. Realtors® need to return to the previous days when they called people and knocked on doors to find business.
- Set goals and affirm them. Realtors® should map out how many houses they want to sell and affirm those aspirations out loud daily.
- Track the results. It’s important to chart the results. Track what’s actually been sold and determine if you’re making your monthly goals to achieve your annual goal. I’ve met about 500 successful real estate agents and all of them track their results.
- Find mentors. It’s important to identify people who are successful in real estate and ask if they are willing to be your mentors. Work to emulate their actions and talk with them about what steps they take to achieve their goals. Listen to what they say to their clients and use that same language.
- Build on success. If you’re having success in a certain neighborhood, build on that success as much as you can. If you have a listing for sale, print out extra brochures and hang them on all the neighbors’ doors with a note that says, “This is the type of marketing we are doing for your neighbor, if you are thinking of selling and want the same quality marketing please give me a call”. Send out three different sales postcards, not just the traditional single one. Send one when you list it, send one when it goes under contract and send a third when it settles. It’s always easier to build your business from a success up than from the ground up.
- Invest in real estate. There are real estate deals that didn’t exist before and prices are suppressed in many areas. Because many banks aren’t loaning for properties with issues, the properties are selling for less for buyers with cash. As Realtors®, we have the ability to see the best deals before the public does. Use that to your advantage. Invest in what you know… real estate.
With more than 4,000 properties sold in his career, Hiban still tracks his goals. “I have my goals posted so I walk past them every day and I can see what progress I’m making,” he said. “I chose real estate because I wanted a job where I could be my own boss and make a lot of money. And I hope sharing these tips will help other Realtors® increase their business.”
Kim Shindle is the Manager of Media Relations at the Pennsylvania Association of Realtors®.