Hopefully, as a successful real estate broker, your income will continue to increase throughout your career. That’s certainly the case for 54% of North Carolina real estate brokers we surveyed who reported a rise in their earnings from 2017 to 2018. Some years are more fruitful — whether that’s because of the market or individual business tactics. A successful real estate broker knows how to put that money back into their business to keep earning more.
How a successful real estate broker earns more
We surveyed real estate brokers across the country to find out what sets a successful real estate broker apart from a real estate broker who’s struggling. We found that both full-time and part-time real estate brokers who report higher earnings have several everyday habits.
1. Successful brokers generate referrals from past clients
Brokers who are earning top dollar earn an average of $77,000 more per year than brokers who do not consistently generate referrals. The most important step in generating referrals from past clients is simply to ask for a referral. It’s also a good idea to stay in touch with past clients over the years. Send out a monthly email newsletter, follow them on social media, host a client appreciation happy hour. There is no shortage of ways to create a lasting impression on your clients.
Key takeaway: Put your money to work! If you saw an earnings bump, supercharge your business by using the extra money to increase your marketing efforts. Keep tracking your marketing spend, so it’s a useful expense, and start to grow your business as you generate new leads.
2. Top brokers keep learning
Another commonality top brokers identified is that they invest in professional development. Brokers who keep learning and are aware of the current trends earn about $44,000 more than those who don’t.
Key takeaway: If you earned more in 2019, use some of the extra money to invest in your knowledge base. This could mean spending on specific continuing education courses, buying real estate books or attending conferences.
3. It pays to specialize
Choosing a niche within real estate can help define your career and your earning potential. Successful real estate brokers don’t always start in the niche they want to move to, sometimes you have to get your foot in the door whatever way possible. But if you’ve experienced an especially fruitful year and have some extra money to invest in your business, you could use it to try a new niche.
Key takeaway: Are you happy where you are or do you want to try something else? If you’re going to start moving in a different direction, how can any extra money you earn now help you get there?
Keep investing in your business
If you’re serious about earning exponentially more over time, use financial increases as an opportunity to grow your business. While it might be tempting to use them for personal purchases, like a new car or a vacation, increasing your business now could possibly mean you experience more significant financial opportunities down the road.