Real Estate Agent with Re/Max Fine Properties

There is no doubt that a career in real estate is rewarding, fast paced and exciting. The sad thing is that a lot of potential real estate agents are having doubts due to all of the talk about the economy driving down the housing market, but let me say that you should not let that get in the way of your dreams. Don't tell anyone but the housing market and real estate industry in general is still alive and thriving just as much as ever. The dropping property prices are bringing in the smart buyers looking to save a bundle of money on their new home or sound investment and you can be the agent waiting to take that commission.

In fact, the decline in new agents entering the field due to concerns of market stability is actually benefiting those of us willing to jump in head first, by lowering our sheer number of competitors. With less agents taking the first steps to success you will be able to make huge strides in securing new listings and making sales on current ones. Though your marketing efforts may need to be adjusted to accommodate a smaller budget during these tough times.

Marketing Your Real Estate Business on a Budget

Don't let a small budget kill your real estate career. Instead, take advantage of this opportunity to find more creative and cost effective methods of advertising. Avoid the big expenses like television, print and radio campaigns to get your name out there. Move your efforts to the Internet for attracting new clients and other creative ways. Below is a list of great, low cost advertising ideas to get you started:

Start your own real estate blog or website

Advertise on other real estate agents websites. The cost is significantly less than other advertising campaigns

Take advantage of social networking and user generated content sites for free marketing

Connect with potential clients on real estate forums and message boards

Market yourself to the local area via classified sites like Craigslist

Place your current listings on eBay

Those are only a few of the ideas that you can begin implementing today. Imagine how many more opportunities are out there if you just put your mind to it, think creative. Sit down with a pen and paper and write out all of the places both online and off, that you would be able to find new clients, where would they be or what would they be doing and then make it a point to be at those places. You would be reeling new clients in like they were going out of style and laughing all the way to the bank.

Out of Pocket Expenses You Should Expect

In all honesty, getting started in the real estate business can be expensive, but it really depends on the state you are in. Every state has different costs requirements for schooling and licensing. Realtors spend anywhere from five hundred to five thousand dollars just on licensing and furthering their education, but think of it as an investment in your future. You can recoup your costs and turn a profit from your first sale alone, that's why this is such a lucrative business.

To find out how much getting started will cost you, visit your States Real Estate Commission Board website and see what they charge for licensing. Make sure to read their requirements very thoroughly to determine what type of schooling you will need or if there any other things you will need to pay for before you can become licensed.

Once you have all of that information, create an outline of all costs and be sure that it fits within your budget. The last thing you want is to overspend and cause problems for yourself or family. Most people entering the real estate business plan to have enough money to survive for between four and six months without a paycheck. This will usually allow plenty of time to get out there and make a sale.

Comments (3)

Todd Clark
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

Welcome to Activerain and I hope you are learning a lot and if you ever need any assistance, don't hesitate to check out my blog, email me, call me, I will be glad to help you in any way possible. Also, check out the main page of Activerain and look for the Activerain University tab, there are lots of educational webinars to help you build your business.

Aug 23, 2012 02:31 PM
Scott Keeling
Re/Max Fine Properties - Scottsdale, AZ

How Does a Rookie Get Listings?

When you’re new to the real estate business, finding clients is the first step.

The first months in the real estate business are sure to be a challenge; getting your name out, finding clients, and securing your first listings are no small tasks. So how should brand new real estate practitioners go about establishing themselves in the market and start to reel in business?

The short answer is to build a database and use contact management software to maintain a relationship with people you know and meet. Frequent and steady contact lets them know you take your business seriously and you want them as your clients, which is flattering to anyone.

But the long answer is much more complex. First, you must consider how you want to work, who your best prospects are, what is an appropriate method of contacting these people, and what you can do to show prospects that you can offer them value.

Then you must refine your business strategy and focus on acquiring clients—which, in turn, will lead to listings. Here are the steps you should take to generate your first listings:

Decide What Kind of Business You Want to Build

  • Avoid a common mistake of many new practitioners and don’t spread yourself too thin. You've already stated that you want listings, so let's start there. Ask yourself if there is a way to narrow your search for clients with listings. Most practitioners accomplish this by choosing a neighborhood to farm, or by specializing in a certain type of home, such as new homes in master-planned communities, older homes of historical interest, or condos and town homes. Is there an area or type of home that interests you? By focusing on a niche, you can become known as the expert.
  • Don't be afraid that you will miss business by not becoming a general real estate practitioner. You have to keep your time, advertising costs, and other limiting factors in mind. If you’re going to farm a neighborhood, a good way to start is by hanging fliers, sending mailers, and knocking on doors to introduce yourself.

Remember, Everyone You Meet Is a Prospect

  • Have an open mind as to where you can develop these potential customers. Appropriate contacts are people you want to do business with. Many practitioners start with family and friends, but don't stop there. Remember that people like your dry cleaner, barber, fitness trainer, and others you see often have already met you. It’s a lot easier to do business with people who know and like you.
Aug 24, 2012 04:11 AM
Todd Clark
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

I agree it is all about lead generation. I've made a business of doing that and now I am the lead generation expert for a team and teach other agents how to do it. If you can't lead generate, you better partner up with someone who can.

Aug 24, 2012 03:08 PM