Hello all,
I recently passed my real estate exam last month. Very happy to finally get into the world of real estate. I signed with a small company and will be going through training until the end of February.
Aside from investing in properties (not right away, eventually when I save up enough of a down payment) I plan to be a full-time realtor.
I wanted to ask the experienced realtors on this forum:
What advice do you have for a new realtor getting into this business?
What would you do all over again if you were getting started on a limited budget?
How can you take advantage of technology to help further your career?
Thanks in advance all,
Dan
@Daniel E. I am going to give advice from my own experience. Its long, but crucial to read each part. Please ask me any follow up questions bro and tag me when you do- I will answer bluntly and honestly.
1) Don’t be a secret agent. Let your gym, your barber, your tea club, your school board, old classmates, work colleagues and more now.
2)Don’t be let down if close friends & family don’t use you. I’ve had people turn me down on $300k deals because I wasn’t experience enough but closed $700k deals with strangers who trusted me.
3)Don’t be intimidated by larger price points and “luxury” clients. I’m working on this myself, but there is no formula: I went from a $400k deal being my highest to $700k 6 months later to $1.3 million another 6 months later.
4)Clients who are reasonably picky are actually easier to work with. If they are very specific and non negotiable on multiple criteria, it makes your job less guesswork and allows you to search for pre-market deals and pocket listings for them. Clients who are “open minded” and can’t have their goals/wants narrowed down often are tougher to work with, just my personal experience.
5)Yes you own your business and set your standards etc but don’t be afraid to work extra hours and go above and beyond for people who are serious & respect you. I don’t mind cramming 20 showings into a weekend for people who take the time to get approved & are ready to make an offer. I’ve written same day offers on properties I’ve showing in swimming shorts but only for the “awesome clients.”
6)Start studying “systems and processes” but don’t listen to an excessive amount of books/podcasts/gurus about them. Just pick a system that works for you, and start building a protocol around it. Lead with revenue, mean make money first and once ball is rolling start fixing the processes.
7)Don’t wait to hire a transaction coordinator. Find one that only gets paid if you close, should be $275-$400 depending on your market. I had one by my second deal and it helps free up a ton of time. Your clients will appreciate it too. Just sell it to them the right way and focus on negotiation of inspection period & appraisal.
8)Have a lender with a cell phone they pick up.
9)Spend time cultivating your SOI AND referrals from past clients.
Hi @Daniel E.,
A few quick tips:
Focus on building your database as fast as you can and work that database consistently. This will give you the best return by far.
Pick the commission rate that's best for you and don't deviate...ever. One client's dollar is just as important as the next client's.
Don't get too wrapped up in marketing fads. They come and go.
Get a solid CRM system and use it religiously. This will help you with point #1.
Seth is right on. That data base and a CRM is critical. Let that data base know you are now in real estate and would appreciate referrals. Lay a plan to stay in touch with them.
Learn how to do open houses and do as many as you can for agents that have listings. Ask good questions to those who come through and have a follow up plan to try and earn their business.
Welcome to real estate, excited for you!
Anne Tanner
Real Estate Business Coach
@Daniel E. I am going to give advice from my own experience. Its long, but crucial to read each part. Please ask me any follow up questions bro and tag me when you do- I will answer bluntly and honestly.
1) Don’t be a secret agent. Let your gym, your barber, your tea club, your school board, old classmates, work colleagues and more now.
2)Don’t be let down if close friends & family don’t use you. I’ve had people turn me down on $300k deals because I wasn’t experience enough but closed $700k deals with strangers who trusted me.
3)Don’t be intimidated by larger price points and “luxury” clients. I’m working on this myself, but there is no formula: I went from a $400k deal being my highest to $700k 6 months later to $1.3 million another 6 months later.
4)Clients who are reasonably picky are actually easier to work with. If they are very specific and non negotiable on multiple criteria, it makes your job less guesswork and allows you to search for pre-market deals and pocket listings for them. Clients who are “open minded” and can’t have their goals/wants narrowed down often are tougher to work with, just my personal experience.
5)Yes you own your business and set your standards etc but don’t be afraid to work extra hours and go above and beyond for people who are serious & respect you. I don’t mind cramming 20 showings into a weekend for people who take the time to get approved & are ready to make an offer. I’ve written same day offers on properties I’ve showing in swimming shorts but only for the “awesome clients.”
6)Start studying “systems and processes” but don’t listen to an excessive amount of books/podcasts/gurus about them. Just pick a system that works for you, and start building a protocol around it. Lead with revenue, mean make money first and once ball is rolling start fixing the processes.
7)Don’t wait to hire a transaction coordinator. Find one that only gets paid if you close, should be $275-$400 depending on your market. I had one by my second deal and it helps free up a ton of time. Your clients will appreciate it too. Just sell it to them the right way and focus on negotiation of inspection period & appraisal.
8)Have a lender with a cell phone they pick up.
9)Spend time cultivating your SOI AND referrals from past clients.
@Daniel E. I am going to give advice from my own experience. Its long, but crucial to read each part. Please ask me any follow up questions bro and tag me when you do- I will answer bluntly and honestly.
1) Don’t be a secret agent. Let your gym, your barber, your tea club, your school board, old classmates, work colleagues and more now.
2)Don’t be let down if close friends & family don’t use you. I’ve had people turn me down on $300k deals because I wasn’t experience enough but closed $700k deals with strangers who trusted me.
3)Don’t be intimidated by larger price points and “luxury” clients. I’m working on this myself, but there is no formula: I went from a $400k deal being my highest to $700k 6 months later to $1.3 million another 6 months later.
4)Clients who are reasonably picky are actually easier to work with. If they are very specific and non negotiable on multiple criteria, it makes your job less guesswork and allows you to search for pre-market deals and pocket listings for them. Clients who are “open minded” and can’t have their goals/wants narrowed down often are tougher to work with, just my personal experience.
5)Yes you own your business and set your standards etc but don’t be afraid to work extra hours and go above and beyond for people who are serious & respect you. I don’t mind cramming 20 showings into a weekend for people who take the time to get approved & are ready to make an offer. I’ve written same day offers on properties I’ve showing in swimming shorts but only for the “awesome clients.”
6)Start studying “systems and processes” but don’t listen to an excessive amount of books/podcasts/gurus about them. Just pick a system that works for you, and start building a protocol around it. Lead with revenue, mean make money first and once ball is rolling start fixing the processes.
7)Don’t wait to hire a transaction coordinator. Find one that only gets paid if you close, should be $275-$400 depending on your market. I had one by my second deal and it helps free up a ton of time. Your clients will appreciate it too. Just sell it to them the right way and focus on negotiation of inspection period & appraisal.
8)Have a lender with a cell phone they pick up.
9)Spend time cultivating your SOI AND referrals from past clients.
I agree with the items on this list.
One of the recommended books I read back in the 1980s was How to Sell Anything to Anybody by Joe Girard (SPOILER ALERT: salespeople are made, not born). The book claims Girard held a Guinness World Record for the number of cars he sold over a 15 year period (13,001), but the underlying principles of sales success remain the same for every type of product (a home is a product). People are still people even if they use smartphones now instead of landlines.
For a newbie... the best advice I can give is to go and work for a top producing agent so you can actually learn the business (and get paid while learning).
Most brokerages just through you into the pond and you'll either sink or swim (and most sink).