In February, Market Leader surveyed over 3,000 real estate professionals to learn about agent happiness. Specifically, we looked at what traits and habits are common amongst the real estate industry’s happiest agents. Many of our important survey findings were discussed in “The Secret to Being a Happy Agent,” a recent webinar designed to help agents learn how to be more happy.
If you missed “The Secret to Being a Happy Agent” webinar, watch this embedded video or read the webinar summary located below.
Agent Happiness Facts
The first and most important takeaway from the “Happiest Agent on the Block” survey is that agents are very happy people. While 53 percent of Americans say they’re happy with their careers, an impressive 84 percent of agents are happy with theirs! There is also a 53 percent chance that any given agent is very happy with his life in general. In comparison, only 33 percent of Americans describe themselves as being very happy with their lives.
A large part of real estate agents’ sublime level of happiness can be attributed to the tools and technologies they use – and the increased commission income these tools and technologies help them earn! Agents who use CRMs and email marketing systems are 9 percent more likely to be happy with their real estate careers. These agents also tend to be higher earners: Those who use CRMs are 47 percent more likely to earn more than $100,000 in commission income, and those who use email marketing systems are 26 percent more likely to earn that amount. Furthermore, agents who generate leads online are 14 percent more likely to be happy with their careers and 73 percent more likely to make more than $100,000 in commission income annually.
Here are two important lessons from the survey for agents who are looking to improve their happiness:
- Spend more time with clients! The more time agents spend meeting with clients, the more likely they are to be happy with their real estate careers. This is one of the main reasons agents should invest in time-saving tools like CRMs and email marketing systems; they help agents spend less time in their offices and more time in the field!
- Sell more homes! The survey revealed a strong direct correlation between income and happiness. This means that the more commission income agents earn, the more likely they are to be happy with their careers. (Big surprise there, right?) The best ways for agents to sell more homes is to pump up the volume of leads they generate and to ensure that they follow up with leads first! How agents can do both of these things is discussed below.
Looking for more insight on how to be a happy real estate agent? Read these quick facts:
- Agents who joined the real estate industry because they wanted to meet and work with many new people are most likely to be happy.
- Married real estate agents are more likely to be happy than single agents.
- Agents who work on a team are more likely to be happy than agents who work alone.
- The more education agents receive, the more likely they are to be happy.
- Agents who work 60 or more hours a week are most likely to be happy.
- Agents who use Apple products (i.e., an iPhone, iPad, or Mac computer) are more likely to be happy than those who use products from Apple’s competitors.
- Agents with 90/10 commission splits are the most likely to be happy.
- Agents who go to bed and wake up early are the most likely to be happy.
How Agents Can Sell More Homes, Be Happier
There are two primary reasons why agents fail to reach their transaction goals. The first is that they neglect their lead pipeline and don’t keep it filled with the leads they need to reach their goals. The second is that agents do not follow up with leads fast enough, or fail to understand what stage of the home-buying or selling journey they are in, causing their leads to ultimately work with someone else.
Continue reading to learn how real estate agents can meet consumers’ needs and generate enough leads to reach their transaction goals – and thus be happy agents.
Understand the Needs of and Quickly Respond to Consumers
To achieve their transaction goals, agents must understand today’s consumers. Here are a few things to keep in mind about today’s consumers:
- 90 percent of consumers start their home search online.
- Consumers are interested in real estate listings with quality photos and detailed descriptions.
- Both buyers and sellers are interested in learning about market conditions.
- 70 percent of consumers choose their agent based on who can provide them with the content (listings, community information, etc.) that they’re looking for first.
- Over 60 percent of consumers choose their agent in less than one day.
It is also essential for real estate agents to know that the home-buying or selling process can be quite lengthy. Sellers take an average of 21 months to transact, while buyers take an average of 27 months! For each lead an agent generates, it might take two or more years before that lead yields any commission income (if the lead even transacts at all).
Improve Lead Generation Capabilities
The fuel that drives a real estate agent’s business is leads. Without a solid lead generation system capable of delivering leads throughout the year, even the most talented agents are unable to drive their businesses forward.
Here are some lead generation tips that every real estate agent should be aware of:
- Be committed and consistent with your online lead generation efforts. Devote two to three hours a day to lead generation.
- Be patient and open-minded with your leads. Determine where each lead is located in the home-buying or selling journey and move them through your sales funnel slowly over time through targeted marketing campaigns. It’s also important to remember that there’s no such thing as a bad lead!
- The quality of an online lead ultimately comes down to how well an agent responds to it. Adjust your first contact with your leads based on where they are in the home-buying or selling process.
Agents looking to beef up their lead generation or engagement capabilities should join the Million Dollar Pipeline Program, Market Leader’s intensive series of online classes that teaches agents lead generation, lead engagement and business-expanding strategies. Click the below image to learn more about the Million Dollar Pipeline Program.