Home : Blogs : Jennifer Allan, Author of Sell with Soul : Selling Soulfully with Jennifer Allan

"If I Only Have $100 to Spend on Marketing..." and the rest of the Unanswered Questions From the first Rookie-to-Rookie Show

On Saturday, we kicked off what I hope will be a regular thang over at SWSLand. The first ever Rookie-to-Rookie Show where I invited four newly non-rookies (that is - agents who are just out of their rookie year and survived to tell about it) to share their Rookie to Rookie secrets for, well, living to tell about it!

I thought it was a fabulous show and the post-show feedback seemed to support that opinion. THANK YOU Kathy Jackson, Janice Styles-Hall and Sarah Taylor (and Erin Deric who had to bail last minute, but was there in spirit).

The show was a panel discussion where I posed several questions to my guests about their rookie experience. Questions such as...

How long did it take to get your first real prospect and where did he or she come from?

How long before your first closing, and where did that client come from?

Which do you prefer - buyers or sellers?

What were your most productive prospecting activities?

What would you do differently if you had it to do over again?

What did you spend money on that you wish you hadn't?

How did you finance your venture into real estate?

We then went to the audience and did the best we could to address their questions, but, alas, time flew and we ran out of time. So, as I promised my standing-room-only crowd, we'll hit the rest of your questions here at Active Rain.

I've listed the unanswered questions below. I'll answer them from my experience here in a comment, and ask my guest hosts to do the same. Oh, and DO feel free to post your OWN responses - the more, the merrier!

What can I do if there are no other agents in the office to go to for training or mentoring? I work in a small office where most agents work from home. How important is it to have other agents to learn from or can I just figure this out as I go and as questions come up?

If you really have no money for marketing, meaning you could afford about $100, what would you do?

What did it cost to sign with a broker? Training, books, tapes, leads and so forth.

How important are designations - ePro, GRI, etc?

Have any of you established a niche? If so, why that one? What experience do you have with absentee owners? <--one of two (the other military relocation) that I'm strongly considering... Thanks!

I have heard company provided template web sites don't work. Do you agree or disagree?

How large an area can one person cover?

Has anyone advertised on bus stops?

What are your feelings on new agents joining a team? How do you avoid being taken advantage of on a team as a rookie agent?

Did anyone work a full time 8 - 5 job while starting their real estate career? I find that all the classes, luncheons, meetings, closings etc. take place during the work day.

When you have a listing where the seller wants to "wait ‘til the market improves," instead of lower the price, what do you tell them?

Do the speakers think floor duty and open houses are really worth doing?

How important is the brokerage firm you decide on? Ex: A well known firm such as Keller Williams or Century 21 verses a smaller unknown name? The smaller unknown name has such a better broker/agent split, less fees, etc. Would I be getting more leads from the larger firm or do you find your own clients at both firms?

What is one of the most important things you wish you would have known when first starting in the business?

Stay tuned for the date & time of the next Rookie-to-Rookie show...

Jennifer Allan, GRI

Subscribe to
The Daily Seduction
Tips & Inspirations to Generate Business from the Very Important People Who Know You

Posted by Jennifer Allan, Author of Sell with Soul on 10/12/2009 10:05 AM

Comments (26)

Rookie Real Estate Agent Training in the Training Channel

all blogs, rookies, rookie real estate agents, real estate training

Originally posted at: A Fresh Approach to Real Estate Rookie-hood with Jennifer Allan: "If I Only Have $100 to Spend on Marketing..." and the rest of the Unanswered Questions From the first Rookie-to-Rookie Show

Post is included in group: Selling Soulfully
Post is included in group: Rookies Turning Pro
Post is included in group: Real Estate Rookie
Post is included in group: New Agent's Fasttrack to SUCCESS!
Post is included in group: Coaching-Personal Development

26 Comments on "If I Only Have $100 to Spend on Marketing..." and the rest of the Unanswered Questions From the first Rookie-to-Rookie Show

OCT

What can I do if there are no other agents in the office to go to for training or mentoring? I work in a small office where most agents work from home. How important is it to have other agents to learn from or can I just figure this out as I go and as questions come up?
I can't imagine starting this business without at least someone available to help. In fact, I think it's probably a little irresponsible to do so - your clients deserve to have someone represent them who knows what they're doing OR has reliable resources to go to. As a new agent, you don't know what you don't know and you don't know plenty! My opinion? BAAAAAAD plan

If you really have no money for marketing, meaning you could afford about $100, what would you do?
Are you saying that you only have $100 total, or $100 a month? I'll assume you mean $100 total. At the risk of continuing to sound preachy, I'll say that if your budget is this tight, you probably shouldn't be selling real estate yet. It's not really your marketing budget that's the problem (there are plenty of very effective ways to market yourself that don't cost a thing), but when you're self-employed with no guarantee of a paycheck, it's scary to be this close to broke-ville.

My best advice is to take on a second job and save some more money to give you a much-needed cushion. It will do wonders for your peace of mind!
That said, if I only had $100 to spend on marketing, what would I spend it on? It depends on what you're good at and enjoy. As Janice pointed out during the show, if you're good face2face, focus on activities that put you in front of people. If you're good on the phone, invest in activities that put you on the phone. If email's your thing - do things that allow you to communicate with prospects online. However, if I were new in real estate, the first "marketing" I'd probably do would be to reconnect with my Sphere of Influence with a reconnection letter and some lunch dates.

What did it cost to sign with a broker? Training, books, tapes, leads and so forth.
I don't really know a current day answer to this, so I'll leave it to the others.

How important are designations - ePro, GRI, etc?
I, personally, have the GRI and that's it. I'm not a huge proponent of designations, mainly because the general public doesn't know what they mean. If a designation teaches you something you can actually use, then it might be a good use of funds and time, but simply having an abbreviation after your name is overrated, IMO.

Have any of you established a niche? If so, why that one? What experience do you have with absentee owners? <--one of two (the other military relocation) that I'm strongly considering... Thanks!
I'll leave this to the others to respond to...

I have heard company provided template web sites don't work. Do you agree or disagree?
Again, I don't know a factual answer to this, but I'll say that most company-provided templates are ugly. Besides, if you leave the company, you lose your website. However, they're better than nothing. But I'll look forward to other's thoughts on the matter.

How large an area can one person cover?
This will depend heavily on the geography in your region, and your willingness to travel. NOT just to show houses, but also to learn each particular market so that you can speak intelligently about it. When you're new, you're probably more willing to spend time on the road, and eventually, you'll probably find yourself working in a fairly defined area.

Has anyone advertised on bus stops?
I did. WASTE OF MONEY. Unless you already have a presence in a neighborhood (i.e. listings), bus benches will not inspire anyone to pick up the phone and call you. However, they can be a nice supplement to an existing local persona.

What are your feelings on new agents joining a team? How do you avoid being taken advantage of on a team as a rookie agent?
Great question! Looking forward to others' thoughts.

Did anyone work a full time 8 - 5 job while starting their real estate career? I find that all the classes, luncheons, meetings, closings etc. take place during the work day.
I simply can't imagine selling real estate working an 8-5 job. It's a myth that most real estate takes place nights and weekends - the vast majority of what you do happens during the weekday. Yes, there are urban legends about people who did this successfully, but I simply don't believe it unless there's something unusual about the situation or the market.

When you have a listing where the seller wants to "wait ‘til the market improves," instead of lower the price, what do you tell them?
Oooooh, I could write about this all day long (and I have). If the seller is considering taking the house off the market until the market improves, the correct answer to this is "okay." It's the seller's choice and we should respect their decision. If they don't have to sell today, they may be correct. If they simply want to sit on the market until it improves - eh - that's probably a losing proposition for them.

Tell ya what - go here: www.sellingyourlistings.com for my gazillion blogs on this general topic.

Do the speakers think floor duty and open houses are really worth doing?
Great question - looking forward to answers...

How important is the brokerage firm you decide on? Ex: A well known firm such as Keller Williams or Century 21 verses a smaller unknown name? The smaller unknown name has such a better broker/agent split, less fees, etc. Would I be getting more leads from the larger firm or do you find your own clients at both firms?
The "right" answer to this question will be different for everyone. Many agents swear by Big Name firms; others had wonderful experiences at boutiques. Do not join a firm thinking it will MAKE your career - it won't. However, joining the wrong firm can BREAK your career if you don't have the training and support you need. When interviewing, trust your gut and if you're wrong - it's no big deal to move later. (go here for more thoughts: http://www.sellwithsoul.com/forum/index.php/topic,943.0.html)

What is one of the most important things you wish you would have known when first starting in the business?
Oooooh, can't wait to hear the answers to this!

Hi Jennifer, Well, I'll address the floor duty question :-) First of all let me state that I don't like floor duty! I'd much rather be doing just about anything. HOWEVER - in my first year, a majority of my deals came from being on the floor and taking the calls.

I could sit in my home office, or drive around and preview homes, take people to lunch etc... - but when you are new, how many people are really going to be calling? Floor Duty is Opportunity Time for me, and as a new agent I appreciate any opportunity to earn business.

Jennifer,

If I only had a $100 on hand to start my marketing, I would make sure I had a bunch of business cards. Meeting people is free and a great way to develop a sphere, but you always need to have something in hand to leave with them. Great post.

Jeremy Williams
Keller Williams Realty NE
Kingwood, TX
www.williams4yourhome.com

Boy, your topic question assumes an aweful lot. What level of training do you have, what does your broker do for you, what market are you in, what is your specialty area, do you have a mentor, what is driving your local market, what are the demographics of buyers in your area, . . . . .

Bottom line, know your market, then you'll have a much better idea of what/how/where to spend $100.

Mike - agreed! But put yourself in the mind of a brand new agent who doesn't know any of these things... but just knows that he or she has $100.

Jeremy - Yep - and just HAVING business cards makes you feel like a real real estate agent, doesn't it?

Mary - I would agree that floor duty is a good thing to do, at least until you're generating consistent business in other ways...

Jennifer - I am curious how many 1st year agents even got to the closing table in their 1st year. This market has been pretty tough on so many Realtors.

When I first became an agent I was working an 8-5, very demanding job, so I happily decided to quit that, only to miss the regular income very much.

One of the most successful agents in our office sells real estate part-time. She is an insurance agent in her other job and knows lots and lots of people. It is pretty amazing what she has accomplished this year. I don't know many people that can do this though.

Jennifer - While I'm not a Realtor, I think some of your questions don't necessarily have to be answered by a Realtor.

Have any of you established a niche? If so, why that one? What experience do you have with absentee owners? <--one of two (the other military relocation) that I'm strongly considering... Thanks!

I was fortunate that I established my niche of working with low-medium income, first time buyers very early in my career back in 2001. I just seemed drawn to those type of borrowers because I felt they needed the most help in my market.

Because Los Angeles & Ventura counties are considered high cost counties, many of these kinds of buyers were shut out of the market and many Realtors and LO's wouldn't work with them because they felt that these buyers were too much work for what you might eventually get paid..

I learned every thing I needed to know in order to help these buyers: down payment assistance programs, first time buyer programs, etc. I targeted high end apartment complexes with small, inexpensive postcard campaigns and started giving workshops on how to qualify for these programs.

Eventually, I became known at the "first time buyer mortgage gal". Many of these types of buyers are just so grateful that someone is willing to go above and beyond to help them, once you help a few of them, they start telling everyone they know about the "first time buyer mortgage gal". The rest is history.

Thanks to everyone who attended the show & a special thank you to Jennifer for having me a part of the show! It was a great experience! For those of you who may have missed the show, I'll give you a little of my background. I'm at the end of my first year as a REALTOR. My husband and I moved to the area from another state about 10 months before I got my license, so I really didn't know anyone when I started.

What can I do if there are no other agents in the office to go to for training or mentoring? I work in a small office where most agents work from home. How important is it to have other agents to learn from or can I just figure this out as I go and as questions come up? I think it is extremely important to have someone that you can go to with questions. There are going to be a lot of situations that come up that you need the advice/guidance of an experienced agent and/or broker. As Jennifer said, there's so much that a new agent doesn't even know that he/she doesn't know. I wouldn't even dream of being an agent without that guidance or support. If you don't have a go to person and something goes wrong your clients will pay the price-a risk I'd never take!

If you really have no money for marketing, meaning you could afford about $100, what would you do? I'm going to take this as $100/month as Jennifer did a really good job with the other option. In the beginning I had very little money to spend. Most of my promotional materials I created on my computer and I invested in a really good printer as soon as I could. I also recommend getting on the internet, walking neighborhoods, and generally getting out and meeting people if that's your comfort zone.

What did it cost to sign with a broker? Training, books, tapes, leads and so forth. I didn't have any cost to sign with my broker specifically, but I did have dues/fees associated with the franchise ($390), MLS ($400-ish) and monthly fees for franchise & MLS. I'm lucky that the company I work for has TONS of online training and I found AR early on. I've been able to learn from some of the best agents in the biz just from these 2 sources. I also borrowed a couple of books from a fellow agent, and bought a few others. Total I've probably spent $100 just on educational materials.

How important are designations - ePro, GRI, etc? I don't think the general public really understands what all those letters after your name mean. I haven't had a single person ask me about designations. I may get the GRI at some point, but it's not a big focus for me right now.

Have any of you established a niche? If so, why that one? What experience do you have with absentee owners? <--one of two (the other military relocation) that I'm strongly considering... Thanks! As far as a niche, I have a county that I work in extensively and promote my tech skills & internet marketing. I haven't had any absentee owners yet, so I'll let someone else answer.

I have heard company provided template web sites don't work. Do you agree or disagree? They aren't pretty and the bottom line is that they need to generate leads. I personally think you can have the best looking website out there, but if you don't get leads it's a waste. IMHO

How large an area can one person cover? I work in a rural area, so I cover 2 counties. As I get more business, I'll probably cut down the area I cover. But, for now, I have the time and ability to cover buyers and sellers in both counties and give them the best service I can. If my service ever starts to fade due to volume, I'll cut down the area.

Has anyone advertised on bus stops? We don't have bus stops so I'll let this one pass. :)

What are your feelings on new agents joining a team? How do you avoid being taken advantage of on a team as a rookie agent? I think the important part is knowing what exactly is expected of you from day one. How are advertising costs split, who does showings, how are calls divided, that kind of thing. I've paired with one agent in my office on a listing, and we have it all worked out. I trust her so I don't worry about her taking advantage of me.

Did anyone work a full time 8 - 5 job while starting their real estate career? I find that all the classes, luncheons, meetings, closings etc. take place during the work day. Nope. I'm an all or nothing kind of gal, so I dove right in. I can't imagine trying to work another job. I treat my career as a "regular" job and I think that is key. Establish a schedule and stick to it!

When you have a listing where the seller wants to "wait ‘til the market improves," instead of lower the price, what do you tell them? If they are unwilling or unable to lower the price and chose to wait, let them. Do you really want to hang on to an overpriced listing? Bottom line, it's the clients choice. I would keep in touch with them regularly so that when they are ready to relist they know they can call you!

Do the speakers think floor duty and open houses are really worth doing? I got my 2nd listing from floor duty. I've gotten some good buyers from floor duty too! I haven't done a lot of open houses and haven't had great results from them, but that could just be my area. I like floor duty because I get to talk to potential clients-some a lookie-loo's, but some have been really good buyers!

How important is the brokerage firm you decide on? Ex: A well known firm such as Keller Williams or Century 21 verses a smaller unknown name? The smaller unknown name has such a better broker/agent split, less fees, etc. Would I be getting more leads from the larger firm or do you find your own clients at both firms? I went with a nationally known agency because of the training and systems it offered. I'd do the same again. My first clients pretty much came from the brand's lead capture system and most of my clients this first year have been through the company's website. I do pay higher fees, but the numbers are working in my favor, so it's worth it. The broker/agent split varies by broker I believe, so it's important to interview your broker!

What is one of the most important things you wish you would have known when first starting in the business? How much it was going to cost this first year. Between classes, fees, dues, business expenses, etc. it can really add up. Be prepared to not close on anything for at least 4-5 months. Plan on working smart and hard, long hours, and have some fun. It's the greatest job in the world when you WORK at it!

What can I do if there are no other agents in the office to go to for training or mentoring? I work in a small office where most agents work from home. How important is it to have other agents to learn from or can I just figure this out as I go and as questions come up?

ask to join a real estate networking group; study online; join active rain; read some good books like Gary Keller's........ask someone to mentor you - doesn't even have to be the same office;

If you really have no money for marketing, meaning you could afford about $100, what would you do?

only 100 dollars? definitely business cards....

What did it cost to sign with a broker? Training, books, tapes, leads and so forth.

oh it varies so much - shop around - but ask the realtors currently working with the companies how happy they are - when i started 20 years ago it was a 60/40 split that gradually went up........but everything else was paid for the company - including all advertising!

How important are designations - ePro, GRI, etc? Not much unless they're supposed to impress the other realtors - or make you feel more confident

Have any of you established a niche? If so, why that one? What experience do you have with absentee owners? <--one of two (the other military relocation) that I'm strongly considering... Thanks!

yes, once a specific neighbourhood......and for 11 years the 'condo specialist'...I recommend a niche

I have heard company provided template web sites don't work. Do you agree or disagree?

I've found if you personalize them they do work!

How large an area can one person cover?

Has anyone advertised on bus stops?

Yes and it has been effective in terms of name recognition

What are your feelings on new agents joining a team? How do you avoid being taken advantage of on a team as a rookie agent?

They can be a great source of energy and new clients.........have a detailed contract ahead of time....covering all the bases - with a review every 6 months - have another team'rainmaker' review it for you-

When you have a listing where the seller wants to "wait ‘til the market improves," instead of lower the price, what do you tell them?

Sorry - no

Do the speakers think floor duty and open houses are really worth doing?

Yes if you work the clients - establish rappore and get their contact info

How important is the brokerage firm you decide on? Ex: A well known firm such as Keller Williams or Century 21 verses a smaller unknown name? The smaller unknown name has such a better broker/agent split, less fees, etc. Would I be getting more leads from the larger firm or do you find your own clients at both firms?

I've found it makes no difference to the public - only to you - find out where you fit in and get the most support if you;re not totally self-motivated

I wish I had more agents to do floor duty in my office. There are tons of open spots and lots of leads to be had. I take at least 2 potential up calls a day, yet I only have 3 agents that sign up regularly for floor duty.

Great call Jennifer! It was wonderful hearing how everyone made it through their first year. I'm in my first year (licensed in March), and yes I've made it to the closing table! I'm also finding myself working with rentals and I have one "closing" on the 26th.

Regarding the $100 on marketing and what should you use it on. I had a little more than $100 but I stretched it. I would say spend it on ActiveRain. I have learned so much and gained some good exposure from blogging. But, there are other free things you can do. Facebook! I have 5 buyers and two listings coming up all from Facebook and all for free!

Jennifer. - Once again, while I'm not a Realtor doing floor time, I know that my Realtor friends are kind of mixed on it. Some of them find it a waste of their time and would rather be doing anything else than sitting in the office serving walk ins and caller inquiries, while others love doing floor time. These Realtors enjoy helping prospects coming in the office or calling on listings and many have picked up quite a few clients by doing floor time.

OCT

Great post, Jennifer!

I'll address these two:

The brokerage firm is very important. I joined a small one as soon as I got my license, and will be grateful forever because I learned the wrong way to do things! I also learned that I did have a lot to offer and didn't have to settle for the first place I interviewed with.

Next, I joined a Keller Williams office, and it was a great decision. I was able to get as much training as I wanted (probably not as much as I needed, but that was my fault!), mentor with other agents, and have my transactions monitored so I didn't screw anything up too badly.

Did I get any leads? No. I did learn about giving and sending referrals, though, but I relied on my website, which I created even before I hung my license with the first place, for most of my leads. Of course, I signed up with all the lead-generating sites (remember Service Magic?) and threw lots of money away on advertising.

One of the first things I learned from a class I took at Keller Williams was to focus my efforts on no more than two ways of generating business. Instead of trying to do open houses, phone duty, farming, postcards, website, SOI, and spread yourself too thin.

How important are designations - ePro, GRI, etc?

I got an ABR designation because it was the quickest and cheapest, and then later when I had enough experience to qualify, I got a CRS. I highly recommend the CRS courses for sharpening your sales skills. Consumers don't know or care what the designations mean, but agents use them as a quick way to size each other up. In addition, CRS heavily promotes referrals among other CRS members.

So I wouldn't discourage anyone from getting designations, but they will not bring you business. You'll learn something and have the satisfaction of accomplishing something, though.

Cheers,

Robin

Jennifer,

Just wanted to mention how much I enjoyed the show. I was multitasking while I listened, so getting the opportunity for more info here is great too!

I missed the call but I will put my two cents in.

I have been licensed since 11/2007

Since then I have gotten two buyers from my part time night job......another from facebook....and another from a referral company that I paid for. I just got my first listing....from my part time night job......had my third listing presentation ever within three days of that . I had my first closing within the first year of actually being active, I signed with my broker in may of 08

Open houses and floor duty have their place..having done both I would probably go with open houses. I had to do four before I got a single visitor, though I did notice that it seems to help to hold open nicer higher end homes( Here in Houston/Katy) that is upper ones and up....I held open homes in the 150's and below and got nothing..........this last one was 215K and got three visitors the first sunday. My wife hosted one for me and got five visitors at one listed at 390K

So far with floor duty I have had several leads..but only one that might pan out ....from around 6 leads....but no guarantee on him

I have had modest success with having a part time job...but its in the evening....and I have scaled back from the original 35 hours to 20 hours

it was a great show on Saturday. My husband kept wanting to leave to go run errands but I wasn't giving it up! I am a rookier (Since June 1, 2009), so of course I can't answer any questions. I just have lots more everyday.

OCT

1st year was 2005--fast market. I represented only buyers that first year. 1st prospect was a military man here to visit family. We put in a backup offer on land. Never made it to closing because the first offer was accepted. 2nd prospect was a call-in while I was backup floor duty (other agent handling a showing). That turned into a major sale and an ongoing friendship. In the first 10 months of that year I closed nearly 1.75M.

I asked the Designated Broker of a franchise for some advice on how to get started (at the suggestion of someone I met out walking in the snow while I was visiting a friend who had just moved to Sequim). By the time I got to California, I had an invitation to join the franchise.

Judy Feather was the agent on the other side of my cubicle; she helped me learn so many things. If I was explaining something on the phone to a potential client (and if I got the info wrong) she'd stage whisper the right information over the cubby wall to me.

Advertising costs were split 50/50 with the franchise and that took a lot of marketing costs off my back. But getting into real estate, with all the classes, etc. was expensive. Even more so because I took my California exams and passed those just before hopping in the car and moving here to do it all over again, Washington style.

Signage was furnished for us, but I didn't take listings until my second year. First year was just so fast!

Floor Duty......

You have to do it! If you keep showing up, keep showing up, it pays off. It is the law of averages. You sit there and wait for your lottery ticket to hit. My very first floor duty, resulted in my very first sale in Real Estate. As a new agent, why wouldn't you want to be there when someone calls needing an agent. Where else does this happen?

Open Houses.....

With the internet, and so many buyers shopping online first, they are close to buying when they walk into that Open House. And many times, they don't have an agent yet. Just convince them you are the one they should call.

Sphere of Influence....

Work it, remind your friends, to remind their friends, that you are a Realtor. It is not hard to turn any conversation on a coffee date, or school field trip, or while in line at the post office.....to real estate. Just bring it up....say..."Funny thing happened when I was showing this house the other day......" Or "where do you live? ohhhh are you near that house with the red door that just came on the market, I love that house....I actually have a buyer that I am trying to get in there". It is easy, peasy. They might say, "I didn't know you sold Real Estate" and then BAM, you did what you intended. You just told someone out there that you are a Realtor. Keep going.

Love your book Jennifer, love every email, I read them and bookmark them always!

Hello to Jennifer and all the other Rookies,

I am in the second 1/2 of my rookie year and on my 2nd brokerage firm. The original firm I started with looked good on paper but couldn't provide the training and mentoring I needed. Fortunately I signed on with Frank Howard Allen in San Rafael, CA. We are a high producing, well known and respected firm in Marin and Sonoma counties. The training opportunities, mentoring and name recognition of working with a respected firm has made all the difference for me. I suggest rookies find a similar firm and one or two agents willing to mentor you through your first transactions.

I am closing my first transaction this week and in a conversation with the listing agent yesterday I told her I had a confession to make and this was my first transaction. She was stunned and amazed and said she thought I had been doing this for years and was very professional. I had an amazing seasoned mentor and excellent training from contracts, addendum, negotiating, to legalities and without my mentor and the training I don't think the listing agent would have responded the way she did.

Good luck to all!

Cari Gennarleli

OCT

I'm in my 8th month and everything is just starting to come together for me so I guess I can answer a couple of questions.

What can I do if there are no other agents in the office to go to for training or mentoring? I work in a small office where most agents work from home. How important is it to have other agents to learn from or can I just figure this out as I go and as questions come up? Change brokers, fast! Find an office where there are agents in and out of the office on a regular basis, maybe with a set floor duty schedule, so you can learn from their experiences and ask them questions. Most of the agents in my office work from home but are in and out all of the time. I like to sit in the lobby for an hour or so, chit-chat with whoever is on desk and the agents as they come in, and talk shop. I've learned a lot from everyone elses experiences.

I have heard company provided template web sites don't work. Do you agree or disagree? I have a company provided website, it's customizable to a point, and I've found it to be a great way to provide a place for my clients to find info. I'm not crazy about the design at this point, but I'm still working on it. I get a ton of hits on it, but with the package that I have, I can't capture the leads. In a few months I'm may shell out the money for the better plan where I can customize the site more and capture my leads. In short, any site will work if you work the site.

Has anyone advertised on bus stops? No, and I refuse to put my ugly mug on bus stops, park benches, billboards, shopping carts, the board side of a bus, or anything like that. No!

What are your feelings on new agents joining a team? How do you avoid being taken advantage of on a team as a rookie agent? I haven't done it, but I would think that unless you're assertive and williing to go above and beyond what you're responsibility is on the team, you'll be taken advantage of. But it does sound like a good way of learning from the other agents.

Did anyone work a full time 8 - 5 job while starting their real estate career? I find that all the classes, luncheons, meetings, closings etc. take place during the work day. The only people I see working a full-time job and successfully working real estate on the side are seasoned agents and people who have figured out how to generate leads from their full-time job to feed the real estate job. I think trying to learn this business on a part-time basis is a big mistake.

Do the speakers think floor duty and open houses are really worth doing? YES, YES, YES! But only if you know how to spot and convert the leads. My first 2 listings came from open houses. I've had some leads come in while on floor duty, but I'm still struggling with converting them. I do find that waiting for people to show up at an open house is a great time for me to work on my internet presence (luv my BlackBerry!), and catch up on reading others blogs. Floor time gives me a chance to talk to other agents in my office, do paperwork, and plan my prospecting efforts for the next few days (researching expireds, scheduling previews, sending out listings to prospects). Every day may not feel productive, but looking at the big picture, I wouldn't give up either one.

How important is the brokerage firm you decide on? Ex: A well known firm such as Keller Williams or Century 21 verses a smaller unknown name? The smaller unknown name has such a better broker/agent split, less fees, etc. Would I be getting more leads from the larger firm or do you find your own clients at both firms? Most important decision that you can make in the beginning! Luckily, if you make the wrong decision in the beginning, it's fairly easy to change brokers. Big or small, they're all different. My advice, don't worry about the commission split too much, you're still learning. Focus on the education and mentorship programs they offer. You need to learn the business first, then, once you know what works and doesn't work for you in your business, you can decide if another broker will financially be better for you.

OCT

THANK YOU FOR ALL THE WONDERFUL COMMENTS and SUGGESTIONS!! As a broker/owner who is always looking to provide my agents with better services, this was very useful! Thanks for everyone who has shared!

OCT

Thanks SO MUCH for all the fantastic comments! And for those who came in and answered questions - I really appreciate it!

The next Rookie-to-Rookie show is scheduled for December 5th - you can enroll for it here: http://sellwithsoul.com/index.php?option=com_content&view=article&id=39&Itemid=65

OCT

My first broker required no funds and put me in the top five in the area the first year. How? paid the phone bill and gave me a phone book. I carried 15 listings with 6 months and 40 after the first year and did foe many years until I opened my property management company.

Now I am getting back into listing and selling and will be following that plan again.

If I only had $100...

I've been with two brokerages, both of whom provided me with my first set of cards as well as my first sign and a magnetic name tag. I borrowed lockboxes for a while before purchasing new ones. I'd pickup Gary Keller's "Millionaire Real Estate Agent" and/or "Shift". I'm not a KW agent, but I do like those books (as well as Jennifer's of course).

Websites...

Initially I purchased a small custom website, but I've now mastered the art of creating a website/blog from near scratch. My latest (on WordPress) only cost $25 up front for a nice template and about $5 a month to host on GoDaddy. I'll never go back to a company-provided sight. I do recommend having IDX on your site. I pay $35 a month through IDXpro and feel they provide a pretty decent platform.

E-newsletters....

I've built my business on e-Newsletters. I capture leads online through AdWords. Send an initial 4-drip, then a monthly e-Newsletter. This formula (along with a healthy dose of Facebook) seems to be working for me.

Open Houses & Floor Duty...

I say "YES"! If you've got the time then go do it! Work other agent's open houses for them - that doesn't cost a penny. Watch the boards for new listings within two turns of major thoroughfares. Use balloons - they work!

Other "must haves" for me?

a Smart Phone with automatic sync,
a good contact management system like Outlook,
GPS which is now available on my phone,
E-fax,
a good color home printer,
a blog (even if you're only reposting good articles or local events --- I promise it will help)

NOV

Great comments with different perspectives on the profession. Just remember to tweak things to the point where they work best for you and your market. My other comment would to have a savings before you start dealing with RE. I thought I would need an inheritance for a minute to afford the business but God.....

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?