Starting a career as a real estate agent can be intimidating. While the industry is appealing to most professionals, 87% of them fail. Most realtors have difficulties finding clients and have to settle for lower income than they expected. However, some have created successful businesses and become authorities in the industry. If you’re a new realtor who craves success, use these secrets successful agents use to stay ahead.

1.   They Have a Business Plan

Like any other business, a real estate business needs a business plan. According to statistics, entrepreneurs who write formal business plans are 16% more likely to achieve their goals than those who don’t. Before you start looking for clients, create a plan which outlines the specific steps you need to take to make your business ideas succeed and achieve short-term and long-term goals. Research the market and strategize how to reach your target customers. A business plan allows you to think long term and visualize how to grow your business.

2.   They Think Like a Business

Although most real estate agents work independently, they treat their job as a business. Build your realtor firm by creating strong relationships, increasing your online visibility, and marketing your brand to reach more clients. If you run your business professionally, potential customers are more likely to respect you and do business with you. To survive in the real estate industry, you have to build a good foundation at the start.

3.   They Have a Budget

While unsuccessful real estate agents fail for many reasons, one of the biggest reasons is lack of financial planning. Most agents are paid on commission basis, so their businesses take time to stabilize. To steer clear of failure, create a budget and live within your means. And even when you start earning big commissions, avoid the temptation to splurge. Successful real estate agents save for a rainy day because they know emergencies are inevitable.

4.   They Don’t Overwork

Although it can be tempting to work longer hours in order to close more deals, it’s advisable to take time and rest. Successful real estate agents know that if they overwork, they will suffer from burnout. They schedule time to relax and renew their energy. Many agents work part-time, while others make themselves available whenever clients need them.

Successful realtors attend networking events and throw parties to market their business, but they also know when it’s time to relax. The Good Patch, a company known for its hangover patch and energy patches, says that realtors should sleep for at least 8 hours during peak season.

5.   They Prioritize Business Relationships

In the real estate industry, relationships are very important. A previous client can give you business simply because they know you. So, if you want to be successful and attract new clients, form and maintain relationships.

Buying a home or selling one is a huge undertaking for most people, so focus on creating a connection with your clients. Show them that you’re trustworthy and reliable. Once you get a few loyal clients, your business will start growing because of referrals.