10 Things They Didn't Teach You in Real Estate School

10 Things They Didn't Teach You in Real Estate School

Real estate agents make it look easy and the good agents have such incredible systems in place that make it look seamless and so smooth. When a new licensee gets his license he has to decide where he will fit in and what type of business he will do. All of a sudden he realizes how little he knows about real estate and how to run his own business.

Learning the basics is a good first step and that means the basics of prospecting, products and services. But first things first; check out the 10 things they didn't teach you in real estate school.

1. Find a company that's a good fit for you. Not everyone wants to be a little fish in a big pond or even a big fish in a little pond. Find a company or franchise that fits your style and personality and offers you the tools and support to help you get your business up and running.
   
   
2. Find mentors in the industry and tap their brains. Emulate good behavior and avoid making mistakes others make. Before you know it your style will start developing and your confidence will build. Listen to others that have experience and take it to heart. Incorporate what you learn and you will grow faster and stronger.
   
   
3. Make a commitment to work hard and smart. Especially the first few years you will have to work long hours and make sacrifices in your personal time. Find ways to streamline your time and make smart decisions about how you use your time and money.
   
   
4. Establish your goals. Without a plan you will go nowhere. Have written goals that are realistic and then make a business plan outlining how you will go about reaching them.
   
   
5. Make a budget and stick to it. Don't be lured by the latest and greatest marketing tools. Plan it out, analyze, study and verify before you buy. Monitor the return and don't be afraid to dump it if it doesn't work after giving it a good shot. Remember Uncle Sam will want his part of everything you make so plan for paying taxes and keep good records.
   
   
6. Get your systems in place. That also means knowing your strengths and what your brand is going to be. Find a niche and focus on being good, really good at what you do. Know it backwards and forwards. Learn all you can to be the expert in that niche and wear your brand proudly.
   
   
7. Become proficient in basic financing and writing contracts. Learn everything you can and practice in the early days. When the time comes to work with clients you don't need to be fumbling around trying to figure out how to write the deal. Learn it early and at the beginning.
   
   
8. Everyone you meet is a prospect. Treat everyone as possible future business. Treat them with respect and evaluate when they may be in the need for real estate. Get a good contact management database and use it from the start taking names, numbers and email addresses.
   
   
9. Don't stop at just doing you part of the sale. Unfortunately there are slackers in the business and in the lending industry. If they drop the ball it will make you look bad. Baby your deals and bring them all the way through the closing to minimize the bumps in the road. Give 110% and it will show.
   
   
10. Make your clients, clients for life. Don't think of a sale as being over and done. Build on it and become the agent they always think about and want to do business with. That means you have to stay in touch and act like you care. Establishing referral partners and continually asking for business will keep your pipeline flowing.