Here is how you can create a simple yet highly effective plan that will contribute to your success.
Every year, thousands of people look into becoming a Real Estate Broker in Dubai, hundreds give it a try, and only a few manage to make it through the first year. Why does the majority fail? Probably because very few people do analyze the job and their skills and capability. The majority never take the time to set goals or actually map out an action plan to achieve them in an industry where planning is the key to success.
When you join a brokerage, you will probably have some instructions on what to do and how to do things. However, if you don’t have that guidance, you need to build your own strategy and workflow, or else you will end up running after everything that comes on your way.
Since this is a commission-based position and your income levels depend entirely on your own efforts, written or not, you need a good plan to achieve your income goals. To create a viable plan, you need to find out the answers to a few important questions.
Here are 8 key questions you must ask your self:
1) Which Area will you Specialize in and why?
Successful Brokers are those who focus on an area. They have a higher chance of closing deals by offering more options in the same location. Find out more > “How to choose a Property Area to specialize in?”
2) What Property Type will you Specialize in; Commercial or Residential and why?
Just like in area focus, type-focused Brokers offer expert knowledge and options. Find out more > “How to choose a Property Type to specialize in”
3) Which type of Transactions will you Focus on; Sales or Rentals and why?
Focusing on both transaction types can be distracting if you are the one to do the administrative part of the job as well. Choosing one type on the other hand, will let you focus and provide a good work-flow.
4) How will you Source Property Listings?
Broker’s first job role is to find properties to offer. Without properties – which is your product, you don’t have a business, and this is where the majority struggles. How do you plan to find properties, and how many properties you need a month to achieve your income goals? Find out more > “How to source Property Listings?”
5) How will you Source Leads?
Will you rely on company ads only or increase your chances by building your own lead generation strategy?
6) How will you Market your Properties and your Services?
Will you rely on company ads only or create your own marketing channels and brand yourself? Find out more > “How to improve your Marketing exposure?”
7) What is your Income Goal?
After doing all the work, how much you want to earn a month, how much do you need to cover your expenses? What about the end of the year, what is your target?
8) How many Properties you have to Sell or Rent to achieve that Goal?
If you set a goal of 50,000 dirhams a month, and if your commission share is 50% of the total 2% from the sale price, how many properties you have to sell a month? And how many properties you need to be listing every month to keep up your stock?
This is an important step you shouldn’t ignore, why? While reading and answering the above questions, you will start seeing a bigger picture, and if you are still new, it will help you analyze whether you are ready to work independently and run a small business or not. In case you conclude that this is not for you, you might even step back at this stage without wasting any time and money further.
But if you are that Business minded individual with a goal, who is not scared of challenges and will do whatever it takes to succeed, then, a business plan is your personal guide to keep you on track as you grow. Setting and following this plan, your chances of success are exponentially better.
We are here to help you with every step of the process, so continue reading. You will find some answers in other New Brokers Training lessons. If you can’t find the answer you are looking for, Ask HERE.