How Not To Fail In Real Estate Your First Six Months
By the grace of God and your hard work, you managed to pass the real estate exam. With freshly minted license in hand, you stride into your new brokerage. After meeting the secretary and finding the bathroom (two important keys to success), you find your desk.
Now what? Did the real estate instructor mention that 85% of newbies fail in the first two years? Of course not! Only a fool would take those odds...
Well hello fool, take some advice from a fellow fool. The first six months are key to your survival. Here are some things that I wish I knew day one.
- Stop buying shit-- Now, as in right now. You do not need custom pens, calender magnets, t-shirts, or sponsor every little league team in town. Put the credit card down, you are going to need it to buy groceries for a while...
- Stay away from the office coffee drinkers-- Seriously, these guys and gals will drag you down. Would you take swimming lessons from a drowning man? Then why take real estate advice from someone who sold 3 houses in 2015?
- Don't expect to be fed- Brokers are there to hold your license, not give you leads. Sure most will offer something to get you started, but expect to generate your own leads. What happens to the baby birds that only eats crackers from the neighborhood kids?
- Develop and follow a daily schedule- Set aside 2-3 hours each day (I recommend early morning) to prospect for new business. Then have time for paperwork, appointments, and errands. No set schedule means you are a slave to whatever the day throws at you.
- "I don't know" is a great answer-- Rookies tend to compensate for their lack of experience by acting like they know everything. This is a great way to lose clients AND get sued. When stumped, say you are stumped then go find the answer.
- Accept that there will be bad days- Real estate practice is NOTHING like House Hunters. Deals blow up, "loyal" clients go with someone else, and some folks are just nuts. Learn to brush off the madness or find another career path.
We were all new at one point. And yes, most of us veterans had moments when we almost quit (I can think of three). Keep a positive attitude, follow a schedule, and learn from those who came before you. In no time, YOU will be writing a post such as this. Best wishes!