Updated on October 4, 2022 by admin
I’m glad you passed the RES exams! Congratulations!
It wasn’t easy to complete the course and exams, but brace yourself… there’s more to come. Even if you don’t know exactly what to do, you might feel lost. You might also wish to start running right away if you are the gung-ho type.
If you treat real estate as a business, you can make it your golden opportunity. Business is yours. It will have its ups and downs like any business.
A Business Plan and Action Plan are Essential after RES Exams Passed
Your future transactions will be directly linked to how many appointments you make. It is important that you formulate a marketing plan for your business.
1) Decide what you want to achieve
Whenever you handle a transaction, you earn a commission. You can directly calculate how many transactions you need to do to earn $500,000 in commission by deciding how much you want to earn.
By breaking down the steps into smaller ones, you will be able to work backward. How will you approach these transactions? Buying, selling, or renting?
One of the most common strategies is to get more listings. Interest can be built and grown by marketing a quality listing well. Buyers become interested in your product. As a result of what you do, you might also get interested sellers.
In addition to interest, you can also gradually build up your network of buyers and sellers.
2) Understand the challenges of your target segment & determine your target segment
Taking action on these questions is very easy, but it’s very easy to obsess about them. This is a trap you should avoid. Decide to take the first steps and commit to them.
You should ask yourself the following questions:
- What will you do to get your hands on them?
- Who will be your primary client? Buyers or owners?
- Is your goal to attract tenants or landlords?
Property agents have a saying:
“New launches are dominated by buyers, while resale listings are dominated by listings.”
There are different objectives for each market. In addition to its benefits, the objective will have some challenges as well.
Objective #1: Increase resale property listings by owner
Continually marketing GTA (Geographic Target Area) based resale properties is the time-proven formula for securing more owner listings. Ultimately, you’ll be able to enjoy – consistent AND automatic listings generation – once you establish awareness of your personal brand in your GTA.
Brand building takes time, as with any marketing effort. Through direct prospecting, you can get started quickly, and more than ever, social media ads and videos are being used more often than other marketing methods.
Objective #2: Attract buyers with project marketing
Choosing buyers is the key to project marketing. As a result of “push” and search-based marketing, SEO, PPC & social media ads have become the most effective marketing channels today.
Thus, in order to excel in marketing new launches, technology platforms will need to be utilized more extensively and knowledge will need to be acquired.
3) Identify your target demographic for your marketing plan
Singaporeans live in HDBs to the tune of 80%. You can increase your transaction volume significantly by focusing on the HDB segment.
There is a difference in the complexity of HDB paperwork as compared to that of private properties – but this is a great opportunity to learn and expand your knowledge.
It is possible to go deeper within the HDB resale segment. Among the options you have are:
- Upgraders of HDB apartments
- Downgraders of HDBs
Buyers and sellers of HDB upgrades and downgrades
In recent years, HDB upgraders have become increasingly conscious of HDB flat limitations. Upgrades to private properties can therefore be attractive if you convey the right message.
If you see an HDB flat that has recently hit the MOP, you might want to consider doing door-knocking there. Your pitch can be tested immediately for zero dollars.
The aging and greying of Singapore’s population may also present a potential market segment for HDB downgraders and right-sizers.
As long as you understand the macro and political reasons for this and can communicate your message effectively to your target audience, monetizing your HDB flat is also an appealing option. You can also consider targeting private residential resale listings if you plan to get more listings.
Can flyers still be the most effective way to reach condo residents?
Getting in touch with private properties is impossible by door-knocking – so consider other methods. You need to think about how to attract buyers if you plan to sell new products.
Marketing at no cost vs Marketing at a cost
Keeping your costs low is important as a new agent. That’s why HDB flat door knocking and HDB estate roadshows are popular. Cold prospecting methods such as roadshows and door knocking are both hard works but can yield great results and provide learning opportunities quickly.
As a result, one becomes more humble and courageous. Spending on marketing costs is not something to be afraid of as a business. In the right hands, a lead generation strategy can give you a lifetime of value.
Several agents who switched careers from one career to another did not feel comfortable investing in their businesses because they did not have to do so in their previous jobs.
The money you invest in your business actually buys you time and accelerates your success, so you cannot do well with this mindset.
Lead generation in real estate is either time-consuming or expensive.
Scaling up your business at your maximum capacity will quickly lead to a bottleneck if you only spend time. In order to qualify for a million dollar income, you must invest money in marketing and a lead generation funnel.
4) Look for mentoring and support
This is something you need to keep in mind. Your level of experience is limited. Don’t rush your growth and experience. Give yourself time.
Whenever you make a mistake, forgive yourself and learn from it. Support and guidance are always needed by beginners. Since I’ve worked in this field for more than 14 years, I’ve seen numerous successful and less successful agents.
There will be plenty of people joining and plenty of people leaving. Having a coach to guide you along the way is important, as is adopting a continuous learning mindset.
Also, I discovered that humility is a key to success. A successful agent is one who possesses the following qualities:
- willing to learn from anyone, no matter how old or young
- resolute in overcoming any obstacle
- ensure that tasks are executed as required
I wish you the best of luck for RES Exams Passed!
Want breakthrough results as soon as your RES Exams Passed?
We offer our three-times-a-year program to help you become field deployable within seven days with over 42 hours of essential training.
This course is designed for those who are brand new to the RES field or part-timers who are interested in committing full-time and giving their 100% to the process as soon as possible!
What ideas or inspiration did you get from this article?
In the real estate industry, Lawrence Lee, Executive Group District Director, is one of the industry’s most renowned leaders and personalities. His neighbors won’t be upset by him playing a few instruments decently. He adores music.
His wife barely finds his silly puns entertaining when he isn’t pillowed fighting with his son. With his experience in selecting and managing great property investments, he has helped many clients grow their wealth over the course of his career.
Several million dollar producing real estate agents in Singapore have also been coached by Lawrence Lee.