New Real Estate Agent- Transaction Process

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Account Closed

Who is your broker?  This is why new agents are required to hang their licenses with a broker.  If you are using a virtual office instead of a physical one you will have a difficult time ahead of you.

If you are contacted by a potential buyer you should begin a conversation with them, you want to know what they are looking for, when they want to buy, how far they are in the buying process, do they have financing in place, do they have their down payment, what type of loan are they planning to use, etc.?  These are really personal questions so you need to build a relationship before asking them but you don't want to waste a lot of time if they don't know the answers.  Also, you need to know about all of those things as well so when they have questions you can answer them with some degree of credibility.

If by some chance you get a seller you should really refer them to another agent for a referral fee.  Ask the agent if you can shadow them on their listing appointment and throughout the process.  There is way too much to know on the listing side with a lot of liability for a rookie agent to take on without the strong support of a broker.  It isn't fair to either you or the seller.

Good luck in your new career.

Account Closed  -welcome to the real estate field!  If you have not selected a brokerage - find one that can offer new agent support. It is so important.  If you already signed on with a brokerage...they should offer mentoring for the first few transactions.  There are so many great resources out there - follow systems and you'll be up and running with confidence soon! It can seem daunting at first...  Delve into podcasts too anytime you have cartime...for me, I love Tim and Julie Harris' podcast, along with Kevin Ward for his new agent you tube videos.  

Account Closed congrats on getting licensed!  I want to emphasize Keller's Millionaire Real Estate Agent, though just take the big takeaways for now.  You can grow a massive business AFTER you get your feet wet!  

But you definitely need to (required) hang your license with a broker, preferably one with a built in mentor program like @Jonna Weber said!  With mine, a mentor is required for at least 3 deals, which is awesome.  Plus you'll want access to continued support, training, and tools.  

Interview some brokers, pick the one that provides the best value for you, and then go out there and crush it!  

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Account Closed as others have said here, your broker should offer some sort of mentorship and training. In my experience, the pre-licensing coursework is completely focused on the law, ethics, and what not to do.  It doesn't prepare you much at all for the ins and outs of running a successful business.  I'm very much a self-starter having started and successfully grown a service business before Real Estate without any mentorship or guidance at all.  However, beginning as a Realtor, I found mentorship through the first few transactions to be extremely helpful.   Some brokerages offer very intensive training up front to give you a crash course of everything you need to know, while others offer guidance and support while you're in the field.  Finding a brokerage and training method that fits your life and personality is important. I interviewed with several brokerages before picking one. I didn't come away from those I didn't pick feeling as if they were 'bad' but more that they weren't a good fit for me.  With countless brokerages large and small, it is worthwhile to interview with several, both big name national companies and any boutique smaller firms in your area.

Another route that many new Realtors of various brokerages take is to join a team.  Depending on how large your brokerage is, you may be able to find a local team within your brokerage.  If you haven't hung your license with a brokerage yet, you can search around for successful teams in your area of various brokerages and interview with them.  When you join a team, you'll often start as a buyers agent and split commissions with the team leader. Sometimes larger teams even have salaried positions in the office for inbound or outbound marketing where you'll be on the front lines of setting appointments for other agents, sharing in a small part of their commissions in the form of bonuses or other incentives. If you do this, you'll likely also have the opportunity to shadow those agents on some of those appointments to learn.  In return for this commission split, the team handles all marketing for leads, transaction management, listings, etc. You'll learn a lot from the systems that they have in place. They'll likely allow you to run some open houses where you can gain new buyer leads and get your feet wet on a small part of the listing side experience.  

If you were to join a flat fee/100% commission brokerage to start with and 'wing it' through your first few, you'll be doing a major disservice to yourself and your clients as they expect things to be handled properly.  Never be afraid to say "I'm not certain of the answer to that, but I will find out and get back to you".  It is far better than guessing and getting it wrong.

Account Closed

Here in New Mexico we have a 4day course called new broker business practices that new licensees are required to take in their first year. It is incredibly helpful at answering these kinds of questions. Perhaps there is something like that where you are?

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