Becoming an Agent - What Do You Wish You Knew Starting Out?

Question

I've just finished the first module in my real estate agent coursework and I'm looking toward to finishing it all up by the end of the year and taking the exam.

For the veteran agents out there, what do you wish you had known before you started? What do you wish someone had told you that would've helped you in the beginning stages?

Bruce Lynn · Answer

Nobody you know cares you are an agent....you still have to ask them and remind them you need their assistance in refering your clients. Can't tell you how many times my mom would call and say, "Do you know so and so just listed their home." TOO LATE mom....please tell me before they list. When they're thinking of moving.

Many of your friends and family won't use you. They're embarrassed by their finances and credit. Have so much business it doesn't matter.

Not every buyer or seller you cultivate will close. Don't count the money in the bank until it is in the bank. Save 40% back of all commissions for taxes and send another 10% to your retirement account.

Lead with revenue...don't be a sucker and buy leads from a big lead generator who does not love you. Learn to generate your own leads. Don't depend on your broker for leads.

There is no guru magic or best CRM and don't chase shiney flashy systems.

MEET and talk to as many people as you can, every day, every week...ask them if there are empty houses in their neighborhood, problem houses, PODs in the drive, anyone moving at work, etc. You don't have to ask about their situation. They'll tell you if you're asking for help.

The phone doesn't just start ringing when you get your license. You have to make it ring. You have to get in front of as many potential sellers as you can. Every new agent focuses on buyers for some reason. Don't do that. Focus on listings.

Good luck and best wishes.

Brandon Vukelich · Answer

Resist the urge to chase every shiny new object presented your way to help generate leads. Trial and error is needed but "invest" in new avenues cautiously.

Pick a niche and focus on content related to that niche. Whether you want to be the local waterfront expert, the multifamily expert or the land expert...become extremely proficient and the local expert in your lane. Constantly work to learn more and more about your real estate in your lane. You can't and won't be an expert to everyone and everything in real estate.

Take care of your VIP clients that refer or transact multiple times. Work to have conversations about real estate with individuals (in person, online, phone, text, etc) every working day.

Best wishes on your journey!

Michael K Gallagher · Answer

pretty solid advice here from @Bruce Lynn. I'd add that concentrating on yourself and learning about yourself and how you work, are motivated and what you need personally to be at your best is the biggest thing for me. So many times I've looked around and said "oh wow its me, I'm the problem its me"...and its true you will get in your own way so much more than others.

but outside of that I think finding a niche or being an expert in a niche is a great idea. I got licensed and from day 1 new I wanted to be an investment agent. And for a couple years i did mostly investment but a couple normal personal deals through things like realtor leads or whatever, and let me tell you, those "random" deals or clients that weren't my core type of client were the ones that I did not do well with. My point being even if you have a niche its easy to get pulled into other areas of the industry simply from a desire to say "yes" to everyone. But honestly its worth just referring that biz out if its not your core biz. most people woudl rather you say, hey that type of deal isn't my expertise but this guy over here will rockit for you. that's way better than you delivery a sub par experience for them.

Abel Curiel · Answer

Hello @David McDonald,

This is a great business to be in if you're ready to make a commitment.

I totally agree with the strong advice from @Bruce Lynn and @Michael K Gallagher!

One strong piece of advice I heard (and wished I implemented sooner) from Grant Cardone & Gary Vaynerchuk:
"Be omnipresent" - market your business in as many (free) outlets as you can. LinkedIn, Facebook, Instagram, BiggerPockets, Youtube, Google business, email newsletters, website, etc. Over time, you'll find which channels are bringing you the most traction and you can allocate focus accordingly.

*Warning:
Do not depend on any 1, or a collection, of these platforms to instantly bring you business.
These platforms should also NOT replace the income-generating and lead-generating practices of calls, emails, doorknocking, open houses, follow-up, etc.
Instead, you should use these platforms to: document your day-to-day as an agent; feature deals/properties that you/your clients are looking at; share relevant RE or market data; etc.

All the best to you as you continue your course & head towards the exam, licensure, etc.

Abel

Cory King · Answer

No one knows you're an agent. It's your job to communicate and tell people. Don't be mad when someone you talk with doesn't use you, they likely know 3+ agents. That's not to say you can't earn the business, you just have to EARN it. Provide more value than the next person and the averages will work out.

Your database is EVERYTHING & take good notes & reminders, your brain can only do so much.

Track your daily conversations. Minimum 20 needs to be your first KPI (key performance indicator). Have a system for making contacts consistently and have a system to add new people to your database. Prospecting, networking, or marketing. Choose one and go deep, don't squirrel around with different strategies. Implement one for at least 90 days spending 2-3 hours per day doing so. Without it you simply don't have enough data.

Not every buyer or seller you cultivate will close. Don't count the money in the bank until it is in the bank. Read Profit First and follow the accounting system. Pay yourself 50% of the commission for doing the deal. Save 20% back of all commissions for taxes. Put 20% towards biz expenses and the rest is profit.

Roi Azoulay · Answer

Lots of great feedback from everyone! I would add that, in addition to building relationships and a sphere of influence, you might also want to train your "agent" voice and choose a technique that resonates with you to show up and speak the best possible way to capture the value you bring to a potential client. You have maybe 60 seconds from the first phone call, and you probably are not the only agent who called, so practicing your scripts daily and role-playing conversations could be very helpful along the way. Good luck!

Becoming an Agent - What Do You Wish You Knew Starting Out?

Becoming an Agent - What Do You Wish You Knew Starting Out?

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