I am getting my license but want to know what I should plan to do once I am licensed. I will be a part time agent operating in the evenings after 3pm Mon-Fri and available weekends in Northern Cali. I am looking for general advice, preferably in steps.
What should I do for the first few steps? Ask brokers for training (is that no-no?), running ads, etc.
What is a day in the life of an agent?
First thing you need to do is to let EVERYONE know you are in the real estate business.
Secondly look to FREE advertising to start with. Facebook, twitter, instagram are all free and easy ways of getting the news out there you are working in real estate.
Thirdly, drive around and get to know your market. while driving write down addresses of homes FSBO. These are often times a good place to begin looking for potential listings.
Start there and it will help you along the path without spending lots of money.
Let me know if I can be of any more help.
Training is definitely a plus!
You need to market yourself! Without any buyers or sellers you don't have a business and all of the training in the world won't matter.
One quick way to get some business going is to ask the top agents in your office if they could refer you to any buyers/sellers/renters they don't want. You'd be surprised how many leads they let get away just because they don't have time to do them, or they just don't want them for whatever reason.
1.) Share active listings on Facebook groups
2.) Create short blogs about loan programs, selling tips, staging tips, ect and share them constantly.
3.) Pick a farm area and blast it with mail containing relevant market data (sellers market, buyers market, ect)
4.) Mail your areas expired listings. Every. Single. Day
5.) Look into doing REO's for banks. Learning how to do a BPO's (brokers price opinions) will help you learn how to accurately comp properties.
6.) Go through your phone and facebook and send every single friend a message "Hey *name*! I just wanted to let you know that I'm a real estate agent and I'd love the chance to help you sell or buy a home. I'm also offering a $500 referral for any leads you send my way that successfully closes"
7.) Wear your branding EVERYWHERE. Get your vehicle wrapped with your marketing. Hand out business cards to everyone you meet.
8.) Get involved in the community. Go to events and network.
Thank you for this. What should I expect out a brokerage for a new agent? How does that work exactly?
Many brokerages do not even take PT agents. Suggest you serve your apprenticeship under brokerages like Keller Williams. Just keep your month shut not mentioning you are PT. The rest is up to how hard you work. I have seen 1st year PT making more than average FT agents and often they give up and let their licenses expire. It is a FT job.
It costs a lot just to maintain membership ($3K/year is on the low side and $10K is not excessive ). Those discounted no name office you get no training period(2K/year), but all will promise they will to get you sign up. The fees mentioned are just membership.
This post has been removed.
Don't let anyone discourage you, Cody. The money is there, you just have to be willing to constantly lead generate! You have to prospect for leads everyday from Sunday to Saturday. You should begin to research the brokerages around your area and interview them to see what they could provide to you (training, fees, company structure, etc.) as a new agent. Buy the Millionaire Real Estate Agent by Gary Keller and read it because it's definitely a great starting point!
Thanks Noel, I have an interview next Tuesday. What should I be asking and expect the broker to provide me? That is the second time I have heard that book so I will have to buy it but is it up to date for the changing digital age?
I have a post related to this interview.
Gary Keller is actually in the process of rewriting the book, MREA2. But, the old one is still pretty great if you can scoop up a copy. I found the audiobook on YouTube (https://youtu.be/U-LC6phuGV8).
I made myself a questionnaire when I was interviewing brokers and the questions were:
1. What is your training program for new agents? Is the training free? If not, is it a time fee up front or can it be paid after my first sale?
2. When was the last time you updated your training program?
3. How many agents do you train annually?
4. Whom do I turn to when I have a question or a problem?
5. What type of computer programs or software is provided for me?
6. Do you have regular office meetings? How often are they held?
7. What does it cost me to have my license with you?
8. What is my commission split and is it the same if I am apart of the training problem?
9. What is your definition of a part-timer?
10. Who pays for the advertising, postage, long-distance calls, and computer access?
11. What are my costs for membership in a REALTOR association and/or multiple listing service?
12. On average, what do new agents earn?
13. Is the manager competing, non-competing, or limited competing with me?
14. Who pays for errors and omissions insurance?
15. Is this a paperless company?
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing