Any subject related to earning money or becoming rich may be uncomfortable or unacceptable to some people because it could come off as materialistic. However, there is nothing wrong with wanting to get rich and working hard to achieve it. Realistically speaking, having money is an advantage. Money allows us to buy our daily needs and wants, live comfortably, and pamper ourselves once in a while.

Working is one of our main ways to earn money. If we put in hard work and effort in our respective careers, we have the right to expect equal compensation for that. Fulfillment and the feeling of self-worth are valuable, but so are monetary rewards.

As a rental agent, you need to close deals to earn commissions. The more vacancies you fill, the more income you will gain. Finding tenants is a pretty straightforward way to gain monetary rewards, but there is more you can do to achieve it more often.

Develop a Growth Mindset

The management training buzzword “growth mindset” was the brainchild of Carol Dweck, a former Harvard psychology professor. It is often misunderstood merely as having a positive mindset. There’s nothing wrong with a positive perspective, as it is something one should have as well. However, a growth mindset goes beyond optimism.

Cultivating a growth mindset means understanding that the characteristics that one needs to succeed (e.g., intelligence, talent, motivation, etc.) are not innate attributes. Instead, they get cultivated as one learns lessons and gains experiences in life.

Rental agents must have a growth mindset and a willingness to acquire and improve new knowledge and skills.

Move where the money is

Growth opportunities and market value vary from one location to another. Many agents opt to build their careers in affluent and high-income areas, even if it means uprooting themselves from their comfort zone. The leap may be a hefty price to pay, but it has proven to be worth it.

If you think about it, it is pretty logical and straightforward. In those communities, rental rates are higher. High rental rates mean higher commissions for closed deals. You can achieve higher gross commission income (GCI) for more high-rent vacancies you fill.

Invest in lead generation

Realistically speaking, the most successful agents buy leads. They view lead generation as it is – an investment. Some agents do not want to spend money to find clients because they know that not all potential tenants become actual tenants. However, they do not realize that regardless of whether or not they spend on lead generation, no lead is a sure deal.

Real estate is a numbers game; gaining more leads gives you an advantage by increasing the odds of closing deals. That is why when agents publish a listing on platforms like Padleads, they syndicate it to as many websites as possible to increase visibility. You can’t expect that everyone who will apply for the listing will push through, but that does not mean they will never. That leads me to the next tip.

Value every lead

There is no such thing as a “bad lead.” Some agents find this hard to grasp, but it is true. If a tenant applicant with a low credit score or poor rental history can’t qualify for one property, it does not mean that they will never be qualified for other properties in the future. It also does not mean that they could not refer you to their colleagues looking for a rental home. Every lead (regardless if they end up renting or not) increases your network and expands your client base.

Build deeper relationships

If you want to close deals, you need to earn the trust of your clients and colleagues. Agents who see tenants and landlords as merely walking commissions couldn’t build strong connections and deep relationships enough to gain that level of trust.

Making an effort to learn and prioritize the needs and desires of clients will not only help you close deals. It would also help strengthen your credibility, earn referrals, gain a good reputation, and ensure your longevity in the business.

Becoming wealthy as an agent is a combination of skill, knowledge, good attitude, and sincerity. It does not happen overnight, and you should work hard for it and make the right choices.