Michael Choi: Top 10 tips to thrive in real estate

The real estate market is as dynamic as ever. And as the market continues to change, Area Specialist founder, Michael Choi says agents and leaders must go above and beyond if they wish to thrive, rather than plateau. Here, he shares his top 10 tips to do just that.

1. Get your affairs in order

As the market becomes more difficult, and agents need to work harder to achieve sales, now is the time to ensure your business structure is the right one.

Seek the advice of an accountant, and consider things such as corporate tax versus employee tax, to enable you to keep more of your hard-earned commission.

2. Identify your ideal client

Who is your ideal client? Figure that out first, then put all your energy into becoming their ideal agent. Don’t worry about losing other clients.

You can’t please everyone, and you can’t be all things to all people. Focusing on your dream client will help you become their dream agent.

3. Make a plan

You know that old saying,’ if you fail to plan, you plan to fail?’ Well, it’s true.

Without a solid plan, you’re more likely to be reactive in your decision making – which might allow you to maintain your current success, but it won’t help you thrive.

Planning will help you make more strategic decisions, be proactive, and ensure your team is on the same page.

4. Personal branding

Personal branding is how you stand out from the crowd. By establishing your vision, who you represent, and what you stand for, potential clients will feel like they know you.

You’ll be more than someone who simply manages a transaction, you’ll become their partner in one of the biggest financial decisions of their lives. Developing your personal brand will also help you identify what’s important to you as an agent.

5. Prospecting

Prospecting is a part of the real estate process, and most agents know how to do it well. But with so many agents prospecting at once, you need to develop a point of difference.

Think outside the square when it comes to prospecting. Find out what the competition is doing and do something different.

6. Create connections

There’s a real difference between communication and connection and understanding what that is can mean the difference between drifting and thriving.

Communication is nothing more than transferring information. Connection starts before the real estate transaction even begins and continues long after.

7. Find your niche

Once again, you can’t be all things to all people, so become a genuine Area Specialist. More than just a name, Area Specialist agents truly are specialists, and their clients appreciate that.

They don’t want a jack of all trades; they want a master of their specific needs. Being that sought after agent will help you thrive.

8. Marketing

In a booming market, most agents have extra cash so almost everyone is investing in marketing. That means it’s harder to stand out.

In softer markets though, fewer agents are spending big dollars on marketing, making it easier to shine, and therefore achieve a better ROI. My advice? Zig when others zag.

9. Keep learning

There will never be a stage in your career, or indeed your life, where there will be nothing left for you to learn. A thirst for knowledge is a thirst for life.

Not only will continuous learning result in improved skills and knowledge, it will keep the fire within you burning – a necessity if you wish to thrive.

10. Self care

Some might think to thrive in your career, you need to live and breathe it. That isn’t true. In fact, it’s essential to have interests outside of work to keep you grounded, happy and mentally healthy.

Mental ill health and burn out will not only prevent you from thriving but will result in the exact opposite outcome. Take care of yourself first, and the rest will come.

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Michael Choi

Michael Choi is the Founder of Area Specialist, a real estate platform that helps top performing agents open up their own business without the cost, time or risk.