Follow up and follow through. Keep in touch with everyone and stay top of mind! When they're ready to sell/buy, be there and DELIVER on the promises. Its less a matter of a specific knowledge base, and more of providing a high level of service that our industry is woefully lacking. Take phone calls, respond to emails, and deliver what you say you will in a timely manner! Just those simple things will separate you by MILES from many other agents.
@Account Closed Always be a student of your business and constantly continue learning as much as you can about all aspects of it. I've been in the mortgage industry for 11 years and have, unfortunately, run across more than a few real estate agents who think they know a lot but really know very little. By being knowledgeable, you'll automatically set yourself apart from your competition.
A lot of this has already been touched up but I would like to reiterate my points here:
The bad agents don't answer their phone orvreturn phone calls (as if they are so busy and important and need to show you that by their failure to be prompt at returning a call). Bad agents don't know how to resolve issues that come up in a transaction, bad agents don't know their market in and out, bad agents are lazy and do the minimum, bad agents don't network, bad agents don't think outside the box, bad agents don't continue their education, and bad agents don't understand how to properly adjust to continuous market cycles and changes. Want to be a good agent? Don't do these things bad agents do.
Most agents are bad because they are trained to deal efficiently with ignorant, indecisive buyers. A good agent for my needs actually listens to what I'm saying, can break out of the one-trick pony sales mode they are trained in, and isn't continually trying to ABC (always be closing) me.
Know your stuff. From and investor's point of view you need to know the market inside and out. When I meet an agent that can't tell me about the HOA or who's a good painter in the area I know I'm dealing with a lazy agent. Too many wander through the sales process only doing the minimum. Some how or way they always find themselves at the closing though for the check.
Right now I'm working with two agents that are doing the bare minimum for me on a $25K deal because their commission is small. I'm looking to buy 3 homes in their area this year and flip at least 2. I haven't told them yet because I want to see who has the character traits I'm looking for in a business partner. Deliver on each deal. I'm not giving out big deals until I know my agent is willing to sweat the small details and be responsive.
When your'e starting out let your customers know that you're new to the business. Your advantage is that they are your sole focus. You can make them feel special. Be willing to ask lots of questions of them and when you don't know the answer to their questions have the integrity to say " I will get an answer for you." My favorite response when asked a question I don't have an answer to is: "That's a good question. It's the first time someone has asked that of me. Let me get back to you on that one." Then deliver a response or direct the customer to the appropriate subject matter expert.
You don't need to know everything. You just need to know who to call. That only comes with experience. Good luck.
Along with what several other people said, you need training about HOW to work as a Realtor. HOW to get business when you first start. HOW to write a contract when a client is ready to make and offer (what really goes in all of the blank spaces throughout a 16 page contract?!). What houses can I show my clients r/t their type of financing? The HOW of being a great agent is a lot to learn, so my biggest pieces of advice are this:
1) Sign with the brokerage that provides you with the most training. I'm with Keller Williams. KW was voted #1 again this year for their training programs. They offer more training in a week than some brokerages offer in a year and have programs that teach you the HOW of running your own real estate business. F/U with me if you'd like me to answer any questions or put you in contact with someone.
2) ALWAYS CONFIRM YOUR CLIENT'S PRE-APPROVAL OR PROOF OF FUNDS BEFORE YOU SHOW THEM HOUSES. If they won't get pre-approved and sign a buyer agency agreement, no showings.
3) Learn about houses. Crazy thought, right? You'd be amazed at the things real estate agents don't know about the product they are selling. I'm not talking about how many beds/baths. I'm talking about how they work and function. I don't care about the pretty stuff. I want to know that the house has good "bones".
4) Treat your clients the way you would want to be treated, then take the time to find out how THEY want to be treated. Be Nordstrom in a sea of Wal-Mart.