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Advice to New Maryland Real Estate Agents

New real estate agents

WELCOME TO THE DANCE!

I encourage all new agents to bring your enthusiasm and new ideas to the world of real estate, while you learn some of the basic steps. As we all know too well, real estate licensing classes don't really provide the day to day "how to's" that mean the difference between success and failure in this business. So here are a few practical suggestions from an old pro:

1. Preview, preview, preview. Any day that you don't have a live warm-bodied client to work with, preview properties on the market. This will help you develop a comfort level with what's available at what price. It also helps you find your way around your marketplace, as you go from one listing to another (good idea to try out that new GPS system before you have clients in the car). And knowing the inventory will give you something to talk about in social and business situations. Previewing is to real estate success, what crawling is to walking.

2. Practice using a lockbox. You laugh. Well, let's pretend you were the lucky agent on duty in your office when a homebuyer came in and wanted to look at homes. He didn't know you were new, and he was very impressed with your professionalism. You made appointments to show him homes, and off you went. "This is going great!", you thought to yourself. But you couldn't figure out how to open the lockbox when you got to the first listing...and you looked/felt really incompetent. Why don't real estate managers teach new agents how to work their lockboxes?!?!?!

3. Rehearse your presentations. Now that you have graduated from licensing school, you are expected to share your wisdom with consumers... to come across as knowledgeable about real estate, while being enthusiastic and natural. Believe me, there is nothing "natural" about it - that takes practice!

Assuming you already have a listing presentation (purchased, corporate, or one that you created yourself), sit down at your dining table and turn the pages (or power point presentation on your laptop) in the direction of an imaginary home seller across the table, and go through your presentation OUT LOUD. You must be able to look at it upside down, and know what your script is for that page. Same thing with contracts: Turn a contract towards an imaginary buyer on the other side of the table, and summarize each and every paragraph OUT LOUD without peeking. My children did grow up to be normal healthy adults, in spite of sitting through many practice presentations over the years before I took them to the pool.

4. Reach out and touch someone. Many someones. Personally speak to at least 5 people a day about real estate - it can be purely conversational, such as "I saw the most beautiful home today..." - but it has to be about real estate! When you run out of friends and family, go to the grocery store and talk to the person in front of you and behind you... and the clerk. Go to the gym and talk to the person on the treadmill next to you. 15 seconds and a business card. It works. Do it every day for a week, and you will probably get an appointment with a live warm-bodied buyer or seller - especially if you've been previewing and have some houses to talk about.

5. Read, read, read. Your clients and prospects are reading the newspaper (or news online), and they are watching/listening to news reports in the broadcast media. They are very interested in learning about interest rates, market trends, and local political decisions that may impact their home value. If you want to carry on an intelligent conversation which convinces others that you know more than they do about real estate (you're not just another real estate licensee), you have to read, listen to and talk about anything you can find that has to do with real estate.

Dancing Grandma

One of the things I love about being a REALTOR is the community of agents, lenders, and other professionals that I interact with every day. Not to mention the clients who have become friends, and the friends who have become clients. It doesn't matter what age, ethnicity, or years of experience - we can all enjoy the real estate dance. Hopefully some of this advice from an old pro will help make it more fun for you a lot sooner than learning from the school of hard knocks.

Hey, old pros, if you're still reading this, please share YOUR advice to new agents in the comments.

Margaret Woda. Crofton MD. RE/MAX Vision

Remember Margaret in Maryland for real estate in the D.C.-Baltimore-Annapolis triangle.

Posted by Margaret Woda, Maryland Real Estate on 07/01/2007 09:12 AM

Comments (43)

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Originally posted at: Fort Meade - USNA - Andrews AFB: Advice to New Maryland Real Estate Agents

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43 Comments on Advice to New Maryland Real Estate Agents

JUL

2007

Great advice ... Thanks

Great advice,

The #1 thing I tell people to do even before they finish their pre licensing class is to sit down and write a business plan for the next year. Put all expenses into it, Lock Boxes, MLS, Board of Realtors, Marketing, Car, Cell Phone, ... put their goals, and how they think they are going to get their. I also tell them in the plan make sure you have no real estate income for 6 months. then go over the plan with your spouse or significant other if you have one and decide if it is doable, or you missed something, ...

Absolutely. Practice, practice, practice. I like to take new agents to a home and see them open the key box for the first time. Then have them make an appointment for the first time. Even these seemingly simple tasks can be difficult when they haven't practiced.

Good advice.

Great advice that all new and experience could use. Great Post.

Glad to see that someone else believes in previewing! Thanks for the nice post!

My goodness, I haven't even left my computer yet, and five people have already commented. Thank you!

Yes, Ruth Ann and Henry - I still preview when my business is experiencing a lull.

And Lenn, I don't know about you, but I still sometimes practice out loud on the way to an appointment - especially if it's something I haven't done in a while. lol.

James - YES, a business plan... how could I have left that out?!? Thanks for mentioning that.

Vicki and Frank, thanks for your comments. I hope these suggestions are helpful for new agents, especially those in offices that don't have quality new-agent training!

Great Advise

Great post! All your tips are cliche that every agent heres over and over (except practiing the lockbox thing) but they are tried and true ways to succeed. Pretty much the basics of success for a new agent and experienced agents alike. Instead of starting out spending thousands of dollars to locate clients, start with the basics and save your money.

The practice the lockboxes and knowing the different types out there is a great one! I took a new agent out to look at properties last month and he was clueless on how to use the lockbox. It sounds so easy to use, but you never know. Had I have been his client, who knows how the showing would have went.

You're so right, Chad - I think a lot of new agents believe their success can be bought from lead generation companies, websites, and software companies! And don't get me wrong, some new agents are fortunate enough to experience good training. Bu it's obvious from my interaction with some new agents, that some new agents get little or no training after they're licensed.

And thanks, Margaret, for your compliment.

Practice makes perfect we hope.peach

JUL

2007

Margaret,

It's so nice to read tips to new agents. A new agent needs more of these from Agents that have "been there" already.

Pratice in the car on the way to the appointment--out loud---and visualize yourself full of confidence and enthusiasm--who cares what the person in the next car thinks.

Great Advise. Thanks, I found it helpful.

Christopher Pike

JUL

2007

Thanks for the wonderful advice, Margaret! Lockbox practice...think that'll qualify for a CE class?? :)

Sue - LOL... Well, it might not earn CE credits, but it will earn credibility. Thanks for the chuckle.

Christopher, Gerry, and Armando - Thanks for commenting, and please feel free to add any suggestions.

Karen - Thanks for inviting me add this post to the Rookies group (in a separate email). I've enjoyed reading some of the other posts in the Group, and will be happy to jump in from time to time.

One of the posts I read this morning in your Group had a lot of helpful information about handling objections, which reminded me of something I did for new agents when I managed an office with LOTS of new agents, a few years ago. I made flash cards with objections on one side, and approriate answers on the back, and left them at the front desk for agent to practice during down time at the duty desk. They seemed to really use them, and even added some cards with additional objections and responses. There's no reason that any rookie agent couldn't put together their own set of flash cards, perhaps with input from your office manager or old pros in your office.

Good advice. It's the little things that people overlook that actually tell volumes about you.

Pay attention to the little details and the big things will fall into place.

Margaret,

This is phenomenal. I think you were spiritually helping me write my book... I'd love to send you a copy since you and I are so alike in our thinking... your feedback would be truly appreciated. Ebook or hard copy?

No matter where you go, bring business cards. You never know when you will run into someone you haven't seen in a while or even just over hear someone talking about selling or buying a home. Good advice, especially previewing listings!

Great post! The lockbox ughghg!!

Excellent suggestion, Dave. And wear nametags, too.

Rebecca - 'funny how much reaction there is to the idea of trying out/practicing with the lockbox before the first showing. It must be bringing back some memories for a few people, either their personal experience or someone they know...

Jennifer, I'm flattered - Ebook or hard copy, whichever is easier for you.

Steven - How true! No one could say it better than you did!

Thanks to all for commenting!

Great advice. This would have been great advice for me when I started at the first real estate firm I worked. I will pass this info along to some new I agents I know.

JUL

2007

I'd say get a good contact management program and start inputting your SOI. Set up organizational systems that will work for you when you get busy. Ask the top agents what works for them, tweak it to work for yourself.

Thanks for the tips and support. As a new agent it can be hard to get started.

JUL

2007

Bradley - Me too! No one told me these things, either!

Cait - GREAT addition to my list. And there are so many of them available now. When I started, it was pretty much an index card box for keeping track of prospects and contacts.

Dawn - You're right, it is hard to get started. And sometmes it helps to hear your manager's training repeated by successful agents.

Thanks, everyone, for commenting.

Thank you for a great post. I am somewhat new to real estate. When I lived in Florida (over 10 years ago), I sold real estate. But I've been out of the market for quite a while and a lot has changed. Getting back into real estate in Texas things have changed and it is nice to have a refresher about what is good to do when you are starting out.

It can be daunting to say the least to get things going when you are new. I've been back into it now for a little over a month and I have four listings, but no sales. I know it takes time and I try to let everyone know that I am back into the business. The thing that I am still having trouble with is to remember to have my business cards with me all of the time. My broker was really nice and bought me one of those metallic business card holders to keep my cards neat. Now I have to remember to carry it with me wherever I go!

JUL

2007

Hi, Carolyn, Good luck with your new-again business in Texas! 'Just to follow up on what you said about business cards, someone once told me to always wear clothes with pockets so I could put cards there instead of in my purse. It's not always possible, but I have to admit it is more convenient. Thanks for your comment.

JUL

2007

Margaret,

Me again...

Would you mind if I linked to this blog in my SWSU course for First Year Agents? Full credit given, of course.

Let me know!

JUL

2007

I am a new agent. I think that this is all great advice. I have an excellent teacher. I made a notebook with a practice copy of every contact with notes next to it that way if I ever forget what goes on a certain line I can look it up. I also took short notes on how to explain the contract to a client and practiced it.

Jennifer, feel free - and givt.e me a link to your course if it's appropriate to comment

Jenne - It does sound like you had a great teacher. You can't practice too much - that way, you won't need your notes, but it's nice to have them in reserve to give you peace of mind.

WOW! Excellent advice for the new agent ... or the wannabe agent trying to learn as much as she can before she goes to school.)

I have 2 questions from James' post .... but anyone who has the answer can help me. He says, "The #1 thing I tell people to do even before they finish their pre licensing class is to sit down and write a business plan for the next year. Put all expenses into it, Lock Boxes, MLS, Board of Realtors, Marketing, Car, Cell Phone, ... put their goals, and how they think they are going to get their. I also tell them in the plan make sure you have no real estate income for 6 months. then go over the plan with your spouse or significant other if you have one and decide if it is doable, or you missed something."

#1. How do I go about finding out the expense of MLS, Board of Realtors, Marketing and car?

#2. Why does everyone say that you won't make any money the first 6 months? Is this set in stone? I can afford 6 months of no income but I'm thinking I'll bust my rear-end and make money in my first 6 months. Especially since I have all you awesome mentors on AR to teach me before I go to school.

Pauline, I had such a long reply, that I just sent it to you via email. I hope you get it. Let me know if you don't.

good advice - there's definitely a lot of information to learn, and once you've learned it, it will change again.

Great tips - I'll admit, I've been an agent about 10 months now and I wish I would have seen the list a lot earlier....for instance, before I couldn't figure out how to work my lockbox key the first time I showed homes...or the time I was in the office until 9:00pm with a buyer as we wrote a contract and I explained it to her.

Thanks for the wisdom and helping us newbie's along!

Toby

Toby - no one told me about those things when I got started either! Just pass it on to other new agents you cross paths with along the way.

Hi, Joshua - It's been a long time since I was a rookie, but I've trained, mentored and managed a lot of new agents over the years. One of the biggest mistakes made by rookies is "paralysis by analysis". I've seen a lot of new agents bury themselves in setting up their business plan, their websites, their listing presentations and more, but they fail to jump in with both feet.

The best advice I could give is to talk with lots of people and let them know you're in real estate. Has anyone taught you about 5 second presentations? If not, it goes something like this: "Hi, I'm (your name), can I give you my business card in case you hear of anyone thinking of selling or buying a home." Strike up a conversation with the check-out girl at the grocery store, the guy on the treadmill next to you at the gym, another parent when you pick up your kids at school, a waitress at the diner where you have breakfast. If you do five of these a day for a week, I guarantee you'll get at least one appointment with a warm-bodied buyer or seller.

SEP

2007

Margaret, you clearly are experienced, and it is so lovely that you're willing to share with new folks, so specifically.

I like everything you say in this post, but must stand up to disagree on one element. When I'm new at something (and I try lots of new stuff, all the time) I let people know. For me and my personality, I explain what I've been doing, and why I'm now doing THIS. Then I let them know that I'm bringing all my experiences and talents to the table, plus enthusiasm, PLUS the level of attention that a busier person could not give them. Further, I explain that my prices are below competitive. I've never had trouble "selling" this combination, and have always developed happy and loyal clients, in fairly short order. Authenticity is the name of my game.

Others (and there are many) go with the "fake it until you can make it" approach. We're all individuals and must find the best way to get through each of life's challenges.

Just my two cents, from DC...

Jaynee

Hi, Joshua - It's been almost a month since you said you were going to try the 5 second presentation... 'just wondering how it works for you.

Hi, Jaynee - Goodness, you dug up an old one here! 'Sounds like you're pretty confident about what you're doing, and perhaps one of the real estate rookies will learn from your suggestion. That's what this is all about - helping new agents who don't have the training and mentors they need.

Awesome script, Joshua! I hope some other agents see your comment and give it a try.

I remember teaching a class of struggling agents, where we all went back to the basics, starting with this. When we got together the next week, every agent who had religiously done 5 a day had gotten an appointment; all those who didn't felt pretty stupid. By the next week, we had everyone on board, passing out 5 cards a day, kinda like we're supposed to eat 5 fruits and vegetables a day. Of everything we did for the next few months, the group was unanimous in saying that generated the most good contacts and appointments.

NOV

2007

Great post, Margaret. I will be doing all of the things you mentioned to get my business going!

Laura E. Gayvert

Laura, I'm so glad you found this. 'Hope it helps you get off to a good start!

Joshua, I'm going to have to go back to the basics and do it myself! Sorry I didn't acknowledge your comment sooner - I don't know how I missed it. Two months have passed... how is it going?

JAN

2008

Margaret, I am currently taking a RE course and look forward to being a new agent. Your advice along with others on this site will be helpful for me and other future RE agents. Thanks for thinking of us.

Thanks, Tanya - and good luck!

FEB

2008

Practical advice, thanks for sharing :)

APR

2008

Great tips. I've been out the game for a while I the advise helped.

JUN

2008

The main idea I get from this post is be prepared. You're in business. Be knowledgable about what kind of information the consumers are interested in. Be prepared to share that information and explain your services. Then, go out and touch some people. Thanks you!

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