Wish I knew then what I know NOW...
It has been over a decade since I switched my career to real estate. I learned so much the last decade that I believe if I knew the things that I know now, life as a real estate agent would have started on a much better foundation. Unless a house is built on a strong foundation, it might be impacted when wind and rain starts pouring. Everything requires a strong foundation. Businesses with a good foundation will sustain the rough times when real estate goes through its cyclical changes.
1. Select the broker and not the brokerage. Who you have interaction with on a daily basis is more important for your foundation than a nationally recognized name/company. Align yourself with a broker/mentor/team that is practicing in the business and wants to see you succeed. Follow and practice the habits of someone who has made it in the business.
2. Work for leads vs. buying leads - Start farming an area of 150 to 200 homes in a neighborhood that is going through a turnover. A community that has for sale signs usually will have others popping up within the vicinity. A rule of thumb is that homeowners will usually move after 7 to 10 years. Desk time is effective, but knocking on doors is much more productive. It gives you face to face time with your prospects. Relationship correlates directly to leads.
3. Be a counselor / advisor and not a salesman - Prospects are capable of obtaining the same data and information through several websites/online sources. In order to succeed in today's real estate market, one must know how to interpret the data and guide their clients accordingly.
4.NO is awesome - This was the hardest learning lesson for me. I use to get very disappointed every time I heard a prospect decline a listing or lead prospecting. Now I know that with every NO...I am closer to a YES. It is all in the numbers...there is usually a YES for every 100 No’s.
5. Continue your education - knowledge is power. Continue gaining knowledge on a daily basis. Attend seminars, webinars, read books, network with those who have made it in the business. You don't need to spend thousands of dollars for national coaches. Start small and be an expert at what you learned.
6. Find a niche - we can't all know everything about the market, area or product. Find an area that you are interested in and become the expert of the field. I found that I love investing and investment properties. So it became easy for me when I first started in the business to network with investors, investor seminars, and contractors and how to flip properties.
7. Just DO IT. There is no better way to gain experience than to just DO IT. There is no way an individual will ever know everything. I wasted months trying to educate myself about the business. However, I come to realize that the best education is learning from my mistakes. If there is a form, procedure or question that you are unfamiliar with, just tell your clients that you will find out the ANSWER for them. Your clients will appreciate your honesty.
8. Persistence, endurance and being steadfast – this is one of the hardest career paths. It takes long hours of research, education, paperwork and follow ups for any transaction. Don’t give up…one never knows where the next lead is coming from.
9. Tell everyone you are a REALTOR – I lost so many leads because I did not tell prospective clients that I am a realtor. I now wear a Realtor pin or name tag whenever possible.
10. Preview new listings – There is no better way to learn about your market than to preview new listings. You get to learn about floor plans, upgrades, neighborhoods and prices. Remember to leave your business cards. What better way to network with listing agents when they call you back to get your opinion of the listing price.
Wish I knew these 10 things when I first started in the business.
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