New Real Estate Agents, Put DOWN that Phone!

I was shocked after I got my license two years ago. Not once did I learn how to fill out a contract or use the mls or anything that I would really use daily in my new career while taking the classes. I had to learn by asking every agent I could pin down for a few minutes, playing with it and writing fake contracts, taking more classes, reading everything I could, etc. Two years later I still feel very much like a rookie. I'm not giving up but I came to realize that it would probably take me a good 5 years to get where I wanted to be both financially and professionally (knowing what I was doing). So I keep going. I've been meaning to buy your book and that is where I am going right now....to buy it.

Yes, I think we do agree on most points, Jennifer. My company (formerly a national franchise, now independent) has a great training program, which is why I landed with them. We often have veteran agents that sit in on these as 'refersher' courses, if you will.  Many others have such programs, too.  KW comes to mind immediately, and I don't mean to exlcude others, it's just that I remember that off the top of my head.

Many agents do themselves a disservice by not interviewing around or asking the important questions about training, orientation, and support.  All too often we concentrate on the payment plan and little perks instead of the really important things. Kind of like those for sale by owners that get hung up on open houses rather than the rest of the work we do!  :-)

Again, a good mentor will be able to help with questions on contracts (I had them for the first 5 or 6 deals). Every deal is different and in the beginning we are learning by leaps and bounds on a daily basis.

Having and knowing some great scripts will help but education and know what the heck you are talking about are key.

Where to start?

I raised my hand five days into my "real estate training" and asked what was the protecting the public from me?  How in the world could we in good conscience allow a brand new agent to simply walk in and begin business as usual?  That was the beginning of my plan to not fake til I made it rule.  If I was going to be in this business for any time than it had to be that I could actually perform so I made it my mission to learn, go deep and learn.  The dichotomy is that we need to have experience to learn but there's no real system in place to get the experience other than to practice on an unsuspecting public, who as no idea how to choose someone to handle the most expensive transaction of their lives. 

I agree wholeheartedly with the notion that we need apprenticeship programs in place to get new agents to a level of competence that allows them to have a basic understanding of their jobs:

• contracts and forms
• market understanding and use of the MLS
• marketing and managing a listing training
• buyer training
• FINANCE - the implications of this missing training are on the front pages of every newspaper in the country.  
• Code of ethics - not just the required training you take two years into the cycle because you have to but a breakdown of the law so you understand it and can live it. Ain't that hard in the end.

From what I've seen of mentoring so far it's a question of who signed up to be a mentor.  Not what qualifications you had to impart your wisdom on the world, but as mentioned above who can take their cut.  True mentoring requires a time commitment that should be valued in terms of dollars paid back to the mentor as well as the knowledge gained by the mentee that will give them years of return.  ROI on education received in any form should be factored in.

Spaghetti on the wall is so perfect!  Such a good way to look at how the brokerages run their models and why we end up here commenting on what should have been a perfectly obvious lesson from the start.  I'm constantly hearing managers say they don't know when they'll get sued next and this is with extensive training programs in place.

I hadn't thought before that new agents aren't worth their 50% cut even but there is another discussion point that we could take to a different level.   Interns in many other professions pay to be part of the program or receive a minimal stipend.  If they wash out they don't get invited to be part of the company for the long term.  While I don't want to change the 1099 model there does need to be some barrier to entry that makes it more expensive to be in this business unless you can plan to be successful at what you do.

Sorry for the length. If I was asked to rule the world, I'd do it differently :)

Jennifer, I've been in the industry for 3 1/2 years, licensed just over 1 and I'm still learning....it takes time to know and understand everything.  Plus, forms change, stats change, inventory changes.  It's our job to stay on top of it all! 

Interesting thoughts, for sure.  Here are some more.  In Michigan, a Cosmetology student has to attend 2000 hrs of school to get their State license.  Real Estate pre-licensing requires 40!  Of course, it covers nothing but Real Estate Law.  So the 'practical' experience is left to the Brokers.  Cosmetology students get the 'advantage' of many, many hours doing the various things they'll have to know when they graduate and get into the workforce.  RE licensees have to learn 'on the job'.

Most new licensees are 'unconciously incompetent', that is they don't even know what they don't know yet (I was there in the beginning, too!).  Many think they'll get a desk, make some personal brochures, get business cards and be on their way to high incomes.  Of course, it doesn't work that way. Choose a Brokerage that doesn't invest in training and mentoring and you're out of luck.  It's very difficult for a new licensee to learn and progress if they're trying to retain the 'other' job and do Real Estate on the side, too. 

And then there's the fact that not everyone is cut out for the learning curve, interpersonal skills required of, and demands of a direct sales occupation.  It's still about getting in front of people that have a strong motivation to transact business. Sitting around taking floor time or waiting for your phone to ring won't cut it.  Lack of in-office training won't cut it. And lack of mentoring won't cut it, either. Sure, some agents buck the odds and become successful 'on their own', but they are a minority.

I still think that newbies should get on the phone sooner rather than later, however they should be coached in how to evaluate and qualify prospects (which would include frequent dialogue sessions in the office), be made to honor the do not call list, and how to be polite under duress.  They need to start learning and honing phone skills early in their careers.  The quickest way to learn your MLS and contracts and disclosures is to be USING THEM. Likewise with phone skills.

Of course, no new agent should work unsupervised until they have proven themselves able to conduct business in an ethical and honest manner. There's no shame in telling a client or a prospective client, "I don't know the answer to that question, but I'll find the answer and get back to you." That's called honesty.  Like Joddie, above, I'm still learning new things constantly, and I have 10 years experience. Learning should never stop.

Good points Jennifer. When I was new I didn't know how much I didn't know.  When I talked to my first Broker about experience, She told me that perception was everything. If you were perceived as having knowledge and experience, you did.

Oh boy did this bring back memory's. I was new 4 years ago and can remember doing duty and hoping nobody called and asked me anything too hard!! It took me awhile to get with it. I can remember showing homes once again thinking do not ask me anything I can not answer. the list goes on. I agree get some training and save your self some embarrassment...Sharon Harris

Jennifer,

Great post.  The only thing I learned while studying to take my real estate exam, was how to pass the exam.  It really didnt teach me anything about selling real estate. 

The reason I chose the broker I am still with (since March 04) was because of the training they offered.  We spent one month in the class room and the majority of it was learing contracts.  Part of our homework was to write offers on homes that the teacher had selected for us each day.  We went over the purchase contract and the listing contract line by line. 

Once I started at my office my sales manager had me write about a half dozen more practice purchase contracts.  I dont think I would have made it without the training that was offered by my broker.

As a new agent, I agree with your post. I was lucky in that I had a marketing/advertising/public relations company (for 9 years) so I was prepared and knew how to market myself. Plus owning your own company for 9 years can really prepare you for real estate. Great post!

Makes sense to me! !

Bonner

great post!  I think being prepared is a huge issue.  Preparation is the key to success.  Otherwise if you are not prepared when the situation arises (whatever it may be) your odds of sinking go up quite considerably.

This is just the straight up truth! I love everything you post.

Jennifer - Amen to that.  I know this is an older post, but still very relevant today.  I would have been more than happy to have a 6 month training course.  I think that should be the direction all brokers should be taking.  They should be more concerned about their new agents success than just hiring a ton of agents and hoping a few are successful on their own.