(**) Disclosure: This post may contain affiliate links, meaning RealEstateCareerHQ.com will get a commission if you decide to make a purchase through the links, but at no additional cost to you.
So are you an aspiring real estate agent or someone in the field looking for ideas to refine the business process? If so, this is the post for you!
To become a successful real estate agent in Nevada, one needs to have a systematic approach to generating high-quality leads and effective techniques to close deals. Sales agents need to understand the clients’ needs and guide them through a complicated process. This takes years of experience, knowledge about trends in your area, and understanding what clients are looking for.
There are many activities that can contribute to success in the real estate business. For example,
- Work on developing relationships with potential clients and referral sources.
- Have an effective marketing strategy to reach your potential customers.
- Join professional organizations like the National Association of Realtors (NAR).
- Attend conferences and educational seminars for realtors.
- Keep your license current by taking continuing education classes.
In this blog post, I will go over practical strategies that can be applied to your Nevada real estate practice.
But before we start, I want to give a brief disclaimer. This post is not intended as legal advice or state/federal real estate training. It is for general information only. Please always follow your State laws and best practices. Business result is not guaranteed as your success really depend on the effort you put in.
Define your business niche
At the beginning phase of the business, it’s likely that you don’t have many clients, so you would have the urge to take up whoever comes along. However, this might not be a good strategy to grow your real estate business in the long run. After all, you cannot be everything to everyone.
It’s better to clearly define your ideal client segment so you can focus your marketing budget, time, and resources on them. You may define your niche based on the properties’ location, type of real estate, the client’s family condition, occupation, or income range.
Here is a real estate agent who specializes in Reno!
I came across the Youtube channel “Real Estate with Garrett Stewart” as I was researching for this article. Garret is a real estate agent who specializes in Reno and Sparks. He did an amazing job providing monthly housing market reports – for example, the inventory of homes for sale, median sales price by three months. He also includes his professional insights and analysis of the market trends.
I particularly enjoy watching the clip where Garret shared his personal experience in buying his home in Reno.
Focusing in a specific region truly help Garrett to stand out from the crowd in such a competitive space. If you were searching for a property in Reno, would you hire Garret or just a random agent you see on a newspaper ad?
His channel really helps to brand him as an expert in the area. Although the stats he provides are valuable, I would like to see Garret showcase different neighborhoods. Perhaps, driving around and showing viewers the properties, the proximity (i.e., schools, restaurants, supermarkets, fitness center, library.)
Build your brand in the local neighborhood
After you define your targeted audiences, you need to think about how you can reach them. The traditional advertisement (i.e., flyers, bus stop ads) could still be useful, but you need to do so in a much more strategic way. For example, rather than spending a fortune in national newspapers and radio, it’s better to place ads in the neighborhoods you are servicing.
Is there any magazine that people in a specific neighborhood loves to read? If so, you may reach out to see if they are accepting any guest posting. To showcase your real estate expertise, you should share helpful ideas that are relevant to the readers. (i.e., The Top 10 Home Maintenance Tips for this Summer; The Best Kid-Friendly Activities in the Neighborhood.)
Here’s a few publication you may want to take a look:
Effective ways to generate leads
Unless you are a multi-national large corporation who just wants to build brand awareness, the ROI of your advertising must be justified.
The importance of generating online leads can’t be overstated for real estate agents. With the rise in popularity and accessibility of homebuyers through the internet, it is imperative that you are promoting your business through social media and different online platforms.
Numerous online advertising tools allow you to reach your targeted audience in a very effective way. Facebook can display your ads to viewers with a precise criteria (i.e., age, location, interest), while your Google ads would show up when someone enters a particular search term.
You may direct the ad viewers to a landing page, where you capture that contact info, such as email address. With their consent, you may keep in touch with them and continue to build trust virtually.
According to the 2020 NAR Home Buyer and Seller Generational Trends Report, 93% of all buyers used online websites as information sources in their home search. Here’s a guide that explains how having a professional website can benefit your real estate business, the features you should include, and affordable ways to build it.
Keep up with the Nevada real estate laws
Real estate agents are constantly tasked with new responsibilities and challenges. With the rise of technology, and compliance requirements, it’s important for sales agents to be up-to-date on the real estate laws.
The best is to review the Nevada Code – Real Estate Brokers and Salespersons Chapter 645. It pretty much covers all the rules you need to know about the real estate profession.
- General Provisions
- Administration
- Licenses, Certificates and Examinations
- Education in Real Estate
- Postlicensing Education
- Continuing Education
- Real Estate Education, Research and Recovery Fund
- Advisory Committee
- Standards of Practice
- Regulation of Owner-Developers
- Regulation of Property Managers
- Proceeding Before Commission
- Permit to Engage in Business as Business Broker
Differentiate your practice with expert knowledge
Rather than being just another sales agent, you may consider getting a Professional Designation or Certification. National Association of REALTORS® is one of the largest trade associations in the real estate industry. They offers designations such as Accredited Buyer’s Representative (ABR), Certified Real Estate Brokerage Manager (CRB), Certified Residential Specialist (CRS), and many more.
I personally like the Green Designation. It can equip you with the knowledge to help clients make informed choices about the resource efficiency and performance of the homes.
Even though the Designation Courses are not part of the pre-license education requirement, your enhanced knowledge will help set you apart from others in such a competitive market.
You may click here to check out the NAR Designation and Certification courses. (**)
Select areas with strong housing demand
When you are deciding the regions to conduct your real estate business, you should target areas that have a high housing demand. After all, transactions can only occur when there are potential buyers.
Here are the top ten competitive cities in Nevada ranked by RedFin. These are the homes that receive multiple offers, and sometimes with even waived contingencies!
| 10 Most Competitive Cities in Nevada | Median Sale Price |
|---|---|
| Sun Valley | $390,000 |
| Johnson Lane | $759,000 |
| Fernley | $356,500 |
| North Las Vegas | $350,000 |
| Laughlin | N/A |
| Sparks | $470,500 |
| Whitney | $286,000 |
| Fallon | $290,458 |
| Henderson | $420,000 |
| Enterprise | $400,000 |
Join the Nevada Association of REALTORS
The Nevada REALTORS® is the leading advocate for more than 19,500 real estate professionals in Nevada.
The benefits of joining are great. You get to attend conferences, trade shows, and other events that will help you grow your business. This allows you to connect with other real estate salespeople and brokers, thus learn from their valuable experience and share ideas with one another.
They also offer great resources such as Legal Information Line, Broker Information Line and Video Library.
I also like their video series, “Legal Minute,” as it gives you a practical view of proper business practice. It covers topics such as Landlord Entry Rights, Home Inspection Reports, Eviction Moratorium and many more.
To become a REALTOR ® in Nevada, you must obtain a real estate license from the Nevada Real Estate Division, affiliate with a sponsoring Nevada REALTOR® broker, apply for the membership through a local Nevada REALTOR Board or Association and submit the membership fees.
Learn from other successful real estate agents
What’s a better way to learn about the real estate business than from the best agents in the field? RealTrends is a trusted source of news, analysis, and information on the residential real estate industry. Every year, they will compile a list of the most productive real estate professionals in the field.
Here are the most productive Nevada real estate agents in 2020.
| Name | Company | 2020 Sales Volume |
|---|---|---|
| George Kypreos | GK Properties Henderson | $257,235,348 |
| Jean Merkelbach | Engel & Völkers Lake Tahoe Zephyr Cove | $193,703,900 |
| Lexi Cerretti | Compass Incline Village | $97,999,500 |
| Ivan Sher Group | Berkshire Hathaway HomeServices Nevada Properties Las Vegas | $443,943,757 |
I don’t have any personal connection with them. But if they could close so many sales in a year, they must be doing something right.
You may try to connect with them through LinkedIn or their websites. Learn about their process of doing business. Furthermore, if they are expanding their team, perhaps, it could be an excellent opportunity to join their force.
Even if you are unable to connect with them directly, you may be able to pick up some helpful ideas by reviewing their online marketing.
Build your own real estate firm
If you have been working as a real estate salesperson in Nevada for some time, and wish to bring your business to the next level, then upgrading your license to become a real estate broker could be a sensible choice.
Rather than making income solely based on your sales production, being a broker allows you to build a team of real estate agents. You’ll be recruiting, providing training and support to your underlying agents. In return, you would get a share of their commission.
To become a real estate broker in Nevada, you must:
- Be at least 18 years and have a valid SSN;
- Have at least 2 years of active real estate salesperson experience within the last 4 years;
- Complete 64 semester college credits from an approved provider;
- Pass the Nevada Real Estate Broker Exam;
- Go through a criminal background check;
- Submit an application and fees to the Nevada Real Estate Division
Keep in mind that if you were setting up a real estate brokerage, the cost of getting a broker license is only part of the expenses. There is also other expenses such as marketing, salary of administrative staff, office lease, furniture, equipment, software subscriptions.
[Read: 30 Mind-Blowing Tips to Become a Successful Real Estate Agent]
This article is part of the “Nevada Real Estate Career Series.” If you want to know more about being a real estate agent in Nevada, I invite you to check out the following articles:
- How to Obtain a Real Estate License in Nevada?
- How to Pass the Nevada Real Estate Exam?
- How Much do Real Estate Agents Make in Nevada?
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(**) Affiliate Disclosure: Please note that some of the links above are affiliate links, and at no additional cost to you. Our company, JCHQ Publishing will earn a commission if you decide to make a purchase after clicking on the link. Please understand that we include them based on our experience or the research on these companies or products, and we recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something through the links. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
Disclaimer: The information in this post is for general information only, and not intend to provide any advice. They are subjected to change without any notice, and not guaranteed to be error-free. Some of the posts on this site may contain views and opinions from individual not related to JCHQ Publishing. They do not necessarily reflect our view or position.
Reference:
- RedFin – Nevada Housing Market (source)
- RealTrends – 2021 The Thousand (source)
- Nevada Association of REALTORS (source)
- Nevada Real Estate Division- Real Estate Salesperson (source)
- Nevada Code – Chapter 645 Real Estate Brokers and Salesperson (source)
- Bureau of Labor Statistics – Real Estate Agents (Source)
