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Whether you’re a veteran agent or just starting out, there are certain skills that every real estate professional needs to consistently sharpen. If you want to run a successful, profitable business, you must invest time and effort into brushing up on your skills.

To become a real estate master, you must constantly commit to sharpening these five skills.

1. The Stacking Effect
Think of the “stacking effect” as compound interest within your business. When translated into real estate lingo, the “interest” is your most loyal client base. By providing them with excellent service before, during and after a transaction, these clients will then want to refer you to their best people, who will refer you to their friends and family, and so on. This is what real estate leader Brian Buffini calls the “stacking effect.” To practice mastering this principle, consistently seek to exceed your clients’ expectations and put your real estate lead generation on autopilot.

2. Essentials of Negotiation
Negotiation is an art. Learn to negotiate like a pro, and you automatically increase your value to your clients and their referrals. For example, when you are able to smoothly get your buyer the best deal on their new home, they are more likely to rave about you on social media and within their circles. This is why you should learn to master the art of negotiation. Brush up on winning words and phrases, clear communication, the power of walking away and how to maintain a professional attitude.

3. The Budget
When you’re self-employed, financial management can get a little messy. As a real estate agent especially, you need to learn to master budgeting and finance so you can run your business smoothly. This includes how to pay yourself first, saving for taxes, building reserves for times of crisis, separating home and business expenses, and creating a smart budget. By establishing financial stability in your business, you can make your way up to financial success and eventually build a legacy.

4. Time Management
How do you schedule your day when you don’t have to go into the office? Real estate can get chaotic when you’re constantly putting out fires that pop up throughout the day. This is why you need to dive into time management strategies that accommodate your profession! Learn how to create a rock-solid schedule that works around your biggest priorities. Once you do, you will find more productivity, which will lead to more profits!

5. Working With Modern Buyers and Sellers

Learn how to accommodate your buyers and sellers in ways that keep them referring you to friends and family. Stay sharp when it comes to building a rapport with your buyers and sellers and keeping them informed throughout the transaction. Understand how they are going through this process with social media and online tools at their disposal. Know the market inside and out so you can serve as a trusted adviser to your clients. In order to articulate and demonstrate your value, you must prove it through your actions with buyers and sellers!

For a deep dive into all of these skills, check out The Pathway to Mastery™—Essentials from Buffini & Company. This real estate training program gives agents an in-depth look at all of the foundational business principles you need to succeed. Get started today!