Advice for new real estate agent

[Paul Aqua]

Hello! I will soon have my Real estate license ( I will have it by the middle of January beginning of February) and as a new agent with no prior experience I am looking for some advice. What do you seasoned agents wish you knew before you started? How long did it take before you sold your first home? What tips would you give in regards to selecting a broker to work? What is one of the best ways to sell your first house? Thank you so much for replying!  

[Charlie MacPherson]

@Paul Aqua A few tips: 

On average, it takes the new agent 90 days from new license to first paycheck, so be sure you have the means to survive startup - this is where most agents fail.

Working part time in real estate is a slow way to build at best.  I strongly recommend going full time if you can manage it.

If you're going to focus on working with investors, you'll want an investor-friendly brokerage. You can determine that when you interview just by asking.

Look for a brokerage that offers good training and preferably a mentor.  That's the fastest way to learn the ropes.

Set up a budget. There are a lot of expenses you'll have to pay for. Business cards, sign riders, much more gas, marketing, CRM, E&O, MLS, possibly NAR.

Look for a brokerage with low desk fees.  Commission splits are of secondary importance if you're getting good training and support.

Be prepared to deal with disappointment.  Deals fall apart, clients will lie, appraisers will kill deals - it's all part of the business.  

Be dedicated to learning your craft. Study negotiating tactics and strategy. Know your market. Be able to produce valid comps quickly, so you can recognize a good deal when you see one.

Be certain that you're comfortable with the E&O your broker provides, or if they don't provide it, buy your own. Even a frivolous lawsuit can be horribly expensive to defend. (I provide a $1M E&O for my agents)

That said, good luck!