This post is being written as part of ActiveRain's October 2015 challenge, "Your Best Advice for Real Estate Newbies." The goal of the challenge is to provide the one piece of advice that a new real estate agent could use to help them be successful. So here is HouseKat's advice...
The one thing that new agents must have, and without it, they will not be successful, is (drum roll please)... determination!
Out of all the things I could list, why is the need to be determined the one thing I would select? Because below are the things that could sideline new agents. Being able to say "I can DO this!!!" over and over again is going to enable them to get in the right mindset to solve these potential issues:
Lack of money: Starting out in the real estate business is expensive. There are things you must purchase in order to work as a real estate agent, including Errors & Omissions Insurance, MLS fees, costs to join your Association of Realtors, all your business costs associated with marketing, mailings, websites, blogging platforms, costs for equipment such as a decent camera and smart phone, and on and on. Being determined in this case means making sure to save enough ahead of time and figuring out how to cut personal expenses enough in be able to continue in the business. And in addition...
Lack of money part 2: Brand new real estate agents are not usually aware of how little commission they may actually receive. If an agent's first transaction ended with the sale of a $200K home, for example, they may eagerly await their first check. When they rip open the check, they could be aghast to see that after their company's portion, fees, desk charges, and everything else that could be removed, they could get as little as $1900. If the new agent has six closings in their first year (as a new agent, that's not a low estimate), they could wind up with $10-12K for a full year income. Before taxes. That could equate to $150 or so per week when spread out through the entire year. A new agent needs to be determined enough to get through the first few tough years so they can eventually ramp their business up to make a living wage and then a comfortable wage.
Lack of clients: Most real estate agencies don't actually "provide" leads or buyers or sellers to agents. It's up to the new agent to communicate to everyone she knows about what she does. It's up to her to learn all about the wonderful world of prospecting. It's also up to her to learn that not every lead is a good one; some are just time wasters. The new agent needs the determination to learn from every call and contact, so that eventually she can turn a lot more of them into real clients.
Lack of mentors: Hopefully the new agent will work at an agency with lots of skilled agents willing to share their expertise, and with a manager and team that is great with training. But the new agent could find themselves in a company or office without those things. The new agents who find themselves in this predicament have to be determined enough to find other ways to learn such as taking classes, speaking to experts in the field, doing searches on ActiveRain or the Internet, asking agents in other offices or companies for advice, or attending networking events. Newbie agents have to have the determination to keep learning, even if they aren't getting the help they should be from their office.
Lack of "yesses": New agents find out pretty quickly that they need to have thick skin. The first time someone hangs up on them, or pretends they are not home, "Oh, I'm sorry, I'm not...[er].. she's not home right now" or even worse, says something mean to them, is a good time for the determination to kick in because the new agent is going to have to try again with the next person. And again and again. Eventually, "No" from a person they call will elicit a shrug, an "OK, next" comment, and a scratch off from the list. But the first few times people aren't nice in response to an agent's call will take some steel to keep going.
Lack of Reliability: It would be great if all agents only had to deal with reliable people, but one of the things new agents often encounter is unreliability. For example, other agents or professionals may promise things and not deliver. Buyers or sellers may say they will use your services and then they don't. Dates will be set for certain deliverables and then ignored. Clients will make an appointment with you and then not show up and not answer the phone. People who have been working with you for a while will just disappear. New agents have to be determined enough to better recognize these people up front and to continue in their line of business even when these things happen.
Starting in the real estate profession can be very disheartening and difficult at times. So HouseKat's one piece of advice to newbie Real Estate Agents is to put your entire being into your new career choice. Keep telling yourself, "I can DO this!" in spite of any roadblocks that happen. Be determined to succeed. Don't be part of the 80% that doesn't make it past the first year. As long as you stay determined, you can DO it!
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