All signs point to a hot real estate market, but agents are struggling to find success. That’s because there are half as many listings as real estate agents nationwide.
Even the most experienced real estate agents are suffering in this market. This is a time to reevaluate your career and see if there are better options available.
You could leverage your expertise to become a real estate coach. You work as a leader in your field and help other real estate agents navigate the market.
You help them build a business. If you play your cards right, you’ll have a thriving business that doesn’t require long hours and a ton of stress.
How can you become a real estate coach? Keep reading to learn how.
Have Real Estate Experience
You absolutely need to have experience in the real estate industry to be a real estate coach. Your clients need someone who understands the demands of the job.
Do you need to be a certified real estate coach? No, you don’t. There are many programs that offer real estate coaching certifications.
It’s not a regulated industry, so it isn’t necessary. Your clients aren’t likely to ask about your certifications.
You may want to get a general coaching certification from a program accredited by the International Coaching Federation. That will give you confidence in your coaching abilities.
Analyze Your Skillset
How can you be the best real estate coach? It’s so much more than telling people what tasks they need to do.
You need to be a great listener because clients reveal what holds them back without saying it. You need to have a winning mentality and demonstrate that to clients.
Compassion and empathy are two of the hallmarks of great real estate coaches.
The one thing you have to learn is the line between coaching and therapy. There is a chance that you and a client uncover an emotional issue that is related to performance.
That may need to get addressed by a behavioral therapist instead of a coach.
Set Up the Business
There are a few things you need to do to set up the business. The first is to have a clear vision for the coaching practice.
How do you see the business develop over the next five years? You can parlay that into speaking, publish a book, sell a course, or do all of those things.
You don’t need to have a certification to be a coach. You do need to have certain business licenses in place, however.
Make sure that you register your business with the state and set up your business as an LLC. You should get business insurance for your coaching business.
Similar to working as a real estate agent, you’re still responsible for self-employment taxes. You need to make sure that you have a CPA to help you figure out tax deductions and estimated payments.
Position Your Coaching Business
Is there a secret to how to become a real estate coach? If there is, it’s in how you market yourself.
That starts by identifying your ideal client. Yes, it’s obvious that you work with real estate agents because you’re a real estate coach.
Do you work with high-powered agents who want to take their business to the next level? Do you prefer to work with experienced agents ready to start their own brokerage? What about working with brand-new agents eager to bust open the local real estate market?
As you can see, there is a broad range of agents to choose from. That’s only scratching the surface. You need to narrow down who it is you want to work with and the results you’ll bring.
How well do you know the 4P’s of marketing? Price, place, product, and promotion.
These four things form the foundation of your business. The product is what you’re selling to people. In your case as a real estate coach, you are the product.
Your expertise, ability to listen, and guide agents through transformations are the product. You have coaching programs that are part of the product. You might offer online products or memberships.
The promotion is the advertising message, and the place is where you’ll broadcast those messages.
Work With Clients
How do you get clients? That’s the difference between successful real estate coaches and also-rans.
Start by contacting who you know. There are probably a lot of agents in your network who can use your help.
Reach out to your old real estate brokerage. They could be open to you teaching a seminar to promote your coaching practice.
Once you do have initial interest, consider offering your services at a reduced rate. Have your clients agree to provide testimonials in exchange for the reduced rate.
You have to have all of the right tools in place to get new clients in the door. You need to have a marketing plan that you can execute.
You should have a system to generate clients on demand. Think of it as developing a marketing funnel.
At the top of the funnel, you have people who aren’t familiar with you or your services. At this stage you want them to take the next step, like signing up to your email list.
You continue to communicate with them and get your brand message out there. Over time, interest and desire develop to the point where they take action.
Become a Great Real Estate Coach
If you had the tenacity and patience to build a successful real estate business, you are a great candidate to become a real estate coach.
Follow the steps in this article and you’ll be on your way to becoming the best real estate coach in your niche.
Check out the Marketing section of this site for more tips to help you build your coaching business.