While most real estate professionals are great at investing in high-quality marketing materials, a good CRM and other real estate-related tools, there is one area that tends to be overlooked, resulting in potentially thousands of dollars left on the table.
In late 2021, McKissock Learning conducted a survey that found that real estate professionals who invest in professional development earn approximately $72,000 more annually than those who don’t. Considering the median amount spent on professional development for real estate agents is $680 a year, according to the National Association of REALTORS®’ 2019 Member Profile, that’s an impressive return on investment.
In other words, agents who make an effort to invest in themselves through professional development have more opportunities to increase their earning potential and grow their business. The following outlines how investment in professional development directly contributes to a higher annual income.
Professional development helps you stand out from the competition
The key to standing out in the competitive real estate industry is strategically marketing your niche to potential clients, rather than appealing to every sector. Clients often appreciate working with agents who have tremendous experience with the type of property they would like to buy or sell.
The same survey by McKissock Learning found that the luxury real estate markets offer one of the most lucrative niches, with agents earning, on average, $183,000 each year. Other profitable specialties in the industry include eco-friendly properties and foreign or international investments. The ability to adapt to emerging specializations provides agents with the information they need to adjust their business practices and stay on the cutting edge of the industry.
Professional development helps you stay ahead with current industry trends and news
Real estate agents have learned that unpredictable events and trends can change the industry at a moment’s notice. In 2019, no one predicted the global changes COVID would bring with it, specifically in the real estate market. This further demonstrates the importance of remaining both adaptable and flexible in business practices.
Remaining up to date with the latest industry news is a great way to predict new trends and changes in the industry’s direction. As the industry continues to evolve, McKissock Learning provides the professional development tools you need to help you excel in your field and connect with like-minded professionals.
To access the full Income Report, visit McKissock.com/income.
As part of the Colibri Real Estate family of premier education brands, McKissock Learning helps hundreds of thousands of real estate professionals each year achieve sustainable success throughout each stage of their career via continuing education and professional development courses.