Seasoned real estate agents... tips becoming a successful agent?

Realtor · Bay Shore, NY · Member since 2016 · 19 posts · 5 votes

I’m am having a hard time creating a plan for getting started on my real estate business. I feel I don’t know enough information to feel confident enough to guide someone in the process of buying or selling real estate.

What action plan would you recommend to new part time real estate agents?

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Marylin OShea

Real Estate Agent · Annapolis, MD · Member since 2017 · 110 posts · 82 votes

Here are a couple of ideas:

1) know your inventory. Go preview all the homes for sale around you. Then study the recent sales around you. Become the expert of your neighborhood.

2) mine the MLS for data and send some Direct Mail letters. Keep it simple. Explore expired listings, rented listings from 9 months ago (target the occupant!), etc.

3) get training from your brokerage, invite top performers to lunch and ask them pointed questions. Join an accountability group with fellow agents.

4) host open houses for fellow agents. Do this every weekend and follow up up! Diligently!!

5) speak to people around you and tell them what you do. Then hand them your business card. At the grocery store, at school pickup, at the bank, at church. Go where the people are! Confidence will come with practice, over time!

good luck!!

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Marylin OShea
Real Estate Agent · Annapolis, MD · Member since 2017 · 110 posts · 82 votes
6y
Here are a couple of ideas:

1) know your inventory. Go preview all the homes for sale around you. Then study the recent sales around you. Become the expert of your neighborhood.

2) mine the MLS for data and send some Direct Mail letters. Keep it simple. Explore expired listings, rented listings from 9 months ago (target the occupant!), etc.
3) get training from your brokerage, invite top performers to lunch and ask them pointed questions. Join an accountability group with fellow agents.
4) host open houses for fellow agents. Do this every weekend and follow up up! Diligently!!
5) speak to people around you and tell them what you do. Then hand them your business card. At the grocery store, at school pickup, at the bank, at church. Go where the people are! Confidence will come with practice, over time!

good luck!!

11 Reply
Anthony Dooley
Investor · Columbus, GA · Member since 2014 · 2k+ posts · 1k+ votes
6y
Your brokerage firm should offer training to new agents. I also recommend The Millionaire Real Estate Agent by Gary Keller. You are in the business of marketing property, so any books or training on sales and marketing will be helpful. Get out of the office and get into your market to stir up activity.
4 Reply
Marylin OShea
Real Estate Agent · Annapolis, MD · Member since 2017 · 110 posts · 82 votes
6y
Funny @Anthony Dooley I have that book, and personally I didn't like it!!

I wanted to add @Maria Fernandez that as a part-time agent you'll have a hard time if you're not disciplined, so I highly recommend time-blocking. This is where you commit to spending XX number of hours every week (and mark your calendar accordingly) to reading about real estate and current inventory, connecting with people in your neighborhood (online groups work well if you do this from home or remotely -- think Facebook, Next-door, etc), communicating on social media and otherwise doing all the things I suggested above. Best of success to you!
3 Reply
Ian WalshBusiness Member
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
6y
Be consistent and market
0 Reply
Mark Johnson
Lender · Saint Louis, MO · Member since 2017 · 63 posts · 38 votes
6y
I agree with what both @Anthony Dooley and @Marylin OShea said. You should definitely purchase The Millionaire Real Estate agent book. It gives you a blueprint on what you need to do to build your business.

Not all agents agree with this but as a real estate agent, your main job is not selling homes. The number one thing you need to focus on is generating leads. Since you are part-time, I would focus on the 2 lead generation methods below.
1. Open Houses: 2 per week. Have a list of other homes in the area that are similar but about 15%~20% below the price of the house you're holding open. Preview those homes prior to the OH. When people come through the OH and don't like it, let them know about these other homes and why they might be a good fit. Use the "I got an opening on Monday at 6pm or Wednesday at 5:30pm if you would like to schedule a time to go see it." line. Your goal is to get at least one buyer's appointment per open house.
2. For Sale By Owners: Everyone is doing this but most don't continue their follow up. That is the key here. Search FSBO Domination on Facebook. It is program that Brandon Mulerin put together and it is pretty good. I don't do FSBOs anymore but this worked for me a couple of years ago.
Referrals from friends and family will eventually become your main source of business but that trust takes time to develop. You might also want to consider calling For Rent By Owners. These are basically investment properties where the owner is doing the property management. They are easy calls to make and you will come across a certain percentage that don't want to deal with it anymore and would consider selling.

I hope this helps.
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Anthony Dooley
Investor · Columbus, GA · Member since 2014 · 2k+ posts · 1k+ votes
6y
@Marylin OShea it kind of doesn't matter if you liked it or not. The book has valuable information for real estate agents, especially if they are just starting out.
1 Reply
David BellPro Member
Real Estate Agent · East Brunswick, NJ · Member since 2016 · 129 posts · 63 votes
6y
@Maria Fernandez I'm not "seasoned" but I know your struggle. Just to add to what was already mentioned, check out Ricky Carruth's FREE coaching. I can't post the link but it's called Zero to Diamond. Another book is Kevin Ward's The Book of Yes. Unfortunately you will never "know enough" so you have to change your mindset and be confident. Your broker should provide support and training and in some cases even have a mentor program. Hope this helps!
1 Reply
Marylin OShea
Real Estate Agent · Annapolis, MD · Member since 2017 · 110 posts · 82 votes
6y
Originally posted by @Anthony Dooley:
@Marylin OShea it kind of doesn't matter if you liked it or not. The book has valuable information for real estate agents, especially if they are just starting out.

Okay, I should have elaborated, I didn't like the book's angle, very much focused on building a big team along the lines of the KW model. I never want to build a huge real estate empire, as a part-time agent the OP probably doesn't have this objective either. I found that books/podcasts that focus on relationship-building, productivity and proven business strategies (not necessarily focused on RE) that can easily be replicated were more helpful for me.
To each their own :)
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Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
6y
Hello @Maria Fernandez,

I think @Marylin OShea, @Anthony Dooley, @Mark Johnson, and @David Bell gave EXCELLENT and actionable advice!
Building your business in the beginning depends heavily on your conversion rate. As mentioned by the other agents on this thread - read, do research and attend training to sharpen your tools and build your RE knowledge.
My RE coach simplified things for me a while ago by telling me to focus on -
1. What to say - Practice scripts with your accountability partners DAILY. Working on what to say will get you
2. How to say it - Focus on your tonality, fluctuating your voice so that you sound enthusiastic about the value you provide to prospective clients.
3. Saying it to enough people - Open houses, online leads, personal circle, co-workers, neighbors, social media followers, attend networking events, etc.
With your continued market research and script practice, you'll feel much more confident when talking to leads. Converting more leads gets more appointments. More appointments, more clients. More clients, more contracts. More contracts, more sales and repeat/referral business.
I see you're on Long Island - Our team hosts several events and trainings to LIBOR members. I'll shoot you a PM.
Best of luck to you moving forward!
Abel
REbuild Team - eXp Realty5234 Reviews
Website View Page
1 Reply
Lynn McGeein
Real Estate Agent · Virginia Beach, VA · Member since 2012 · 2k+ posts · 1k+ votes
6y
Good advice here already. I'd like to add: 1) make sure you spend time learning about the requirements for different types of loans, new products available, develop great lender contacts. 2)Know your disclosures, contracts and forms thoroughly and read through all updates as soon as they are released. A clean, well-written offer and being comfortable explaining it to clients speaks volumes about the agent, no matter how long they've been in business. I recently had an agent present an offer, non-owner-occupied, but showing a very low down payment with an approved lender letter. I called the lender as I'd never heard of that program for investors, and said that I would be bringing him a lot of business if he had that product available. He didn't. He thought it was owner-occupied. Having a decent working knowledge of loan requirements -- is personal property allowed in the contract, % of seller assist allowed, etc. -- can help elevate your experience level.

Considering it more of an on-going practice may help. I see it as continually learning as I'm problem-solving for clients, as unexpected issues pop up frequently no matter how diligent you are. And also it helps to have a great broker or team for guidance, as even experienced agents are presented with issues they've never dealt with before -- they've just learned to have confidence and assistance in finding solutions.
1 Reply
Kai Kopsch
Real Estate Broker · Charlotte, NC · Member since 2016 · 569 posts · 351 votes
6y
All the advice here is already great. Finding the right mentor/BIC could be a gamechanger. There are a lot of Brokers how higher newer agents as Office / personal assistance or closing coordinator this way you get paid and learn a lot.
A lot of top-producing agents started this way

1 Reply
Monica Breckenridge
Rental Property Investor · Colorado Springs, CO · Member since 2010 · 476 posts · 305 votes
6y
@Maria Fernandez you should partner up with somebody in your real estate firm. Ask them to mentor you. You should shadow them and observe. If they don’t have mentors in your office you may consider moving to a different office. My age ts that are the kost successful come to the office. The network with other agents and learn. They listen to deals being made.
1 Reply
Maria Fernandez
OP
Realtor · Bay Shore, NY · Member since 2016 · 19 posts · 5 votes
6y
@Marylin OShea great tips Marylin! Thank you so much!
0 Reply
James Conlon
Member since 2019 · 2 posts · 1 vote
6y
@Maria Fernandez I felt similarly when I was initially getting my license. Figured the easiest way to become more familiar was to practice, so I bought a new house. Turned my old one into a rental and worked the transaction start to finish. Afterwards I felt much more confident in guiding someone through the process. I realize that may not be an option for everyone so if it’s not find someone on your team and see if you can stand in for them with one of their clients for free. You’ll be freeing up time for them and gaining education about the process. Look to a higher volume producer they’ll be more likely to have clients that they’ll feel comfortable having you take point on. Just don’t ask for financial compensation and it should be an easy pitch.
1 Reply
Maria Fernandez
OP
Realtor · Bay Shore, NY · Member since 2016 · 19 posts · 5 votes
6y
@Mark Johnson thank you soooo much! This is great information, I will definitely set a plan around these ideas!
0 Reply
Maria Fernandez
OP
Realtor · Bay Shore, NY · Member since 2016 · 19 posts · 5 votes
6y
@David Bell you guys are amazing! I’m currently reading “investing in real estate with no money down by Brandon Turner. I’m happy I came across this book, it remind it me of my BiggerPockets account and the wealth of information that is found here. 🙃
1 Reply
Maria Fernandez
OP
Realtor · Bay Shore, NY · Member since 2016 · 19 posts · 5 votes
6y
@Ian Walsh thank you Ian! 🙏🏼
0 Reply
Maria Fernandez
OP
Realtor · Bay Shore, NY · Member since 2016 · 19 posts · 5 votes
6y
@Anthony Dooley thank you Anthony, I’ll consider this book next.
0 Reply
Maria Fernandez
OP
Realtor · Bay Shore, NY · Member since 2016 · 19 posts · 5 votes
6y
@David Bell thank you David. Will definitely search zero to diamond.
You guys are awesome! I appreciate the feedback!
1 Reply
Maria Fernandez
OP
Realtor · Bay Shore, NY · Member since 2016 · 19 posts · 5 votes
6y
@Abel Curiel WoW! Thank you!!
0 Reply
Maria Fernandez
OP
Realtor · Bay Shore, NY · Member since 2016 · 19 posts · 5 votes
6y
@Lynn M. Thank you!! Great advice! This is truly great. I will definitely get started with these!
Many blessings to you.
0 Reply
Maria Fernandez
OP
Realtor · Bay Shore, NY · Member since 2016 · 19 posts · 5 votes
6y
@Kai Kopsch another amazing tip! Thank you 🙏🏼
0 Reply
Milan Dixon
Investor · Atlanta, GA · Member since 2019 · 33 posts · 18 votes
6y
I’m a newer agent myself and I appreciate everyone’s input. All of your tips are solid actionable items without any fluff or clickbait so thank you!
Also, good luck to you! @Maria Fernandez
0 Reply
Marylin OShea
Real Estate Agent · Annapolis, MD · Member since 2017 · 110 posts · 82 votes
6y
Good luck @Milan Dixon. The first two years are the hardest. Stick with it :)
0 Reply
Kelly Skeval
Investor · Ithaca, NY · Member since 2015 · 49 posts · 34 votes
6y
@Maria Fernandez
There is a lot of valuable information in this thread. I’d also like to add joining a team. Not just any team but a top producers team where you can receive extra mentoring and learn what they did to create success and implement it yourself. You also can use their systems that have come from trial and error. I joined our areas top producing team when I got started and I had access to her systems and processes. Our team also has a transaction coordinator and marketing director that the team leader pays for, something I couldn’t afford as a new agent. I could go on and on about the value of joining a good team.
Be consistent and always provide great customer service. The market is saturated with real estate agents but you’d be surprised how few offer amazing customer service. I’ve built my business on exceptional customer service and have a constant flow of referrals from past clients, family and friends.
Best of luck!
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