Advice for new agents getting into Silicon Valley Real Estate

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Real Estate Agent with (408) 425-1601 CA bre 1519182
https://activerain.com/droplet/59kx

                                                                          Sam Shueh

                                                                         Realty One Group

                                                                          Silicon Valley, CA

 

Thirteen years ago I was looking for more action. I worked in information technology consulting but declined to work full time. In Silicon Valley just about everyone is from high technology working 60 hours a week. I attended a real estate school and met some really cool friends. One male student looked at me: "You look young. You got washed out from high tech already?" I was embarrassed but did not want to tell him I chose to take on real estate sales to follow my passion. 

I had a realtor license in another State briefly while having a full time position in Corp of America. This Silicon Valley office had housewives, truck driver and rough characters as agents. The office had homeless people sitting with carts which I had not expected. Contracts left on realtors floating desks were trashed because some agents were more territorial than others. A few minority group female realtors would shout at their clients and associates together to get their point across. 

At my first few open houses, I saw one new agent handed out incomplete contract forms to everyone.  You fill out the pages put what you want to pay. I will submit it for you.  Open house hosts handed out cards directly to home viewers who had a realtor already whispering at them making compensation promises.  I had just one transaction completed to get my tuition reimbursed and move to west side of town to another brokerage. 

This second brokerage is where many agents seem to have more distinguished career before. Several CPA, JD, every third agent had a MBA and small business owners and they talked like professionals and dressed for success.  

I could have lured more people to make an offer as lending requirements were loose then. Those who had low credit score, filed bankruptcy previously were all eligible for mortgage often requiring no documentation. But I was cautious as I thought lenders wanted only the most qualified borrowers.

I started showing properties to some very nice professionals finding them a dream home. The man's credit report says in "lien in collection agency".  He did not pay $50 of purchase and lien went to collection agency.  I got them several offers accepted with no loan approval. I could possibly look for lenders not requiring documentation had I know the lender business. 

As I gained more experience clients must have loan preapproval letters by second time home showing  or I stop showing people homes. Those not familiar with the loan requirements thinking they make a lot of money a blemish record on their credit can be ignored. In deed I learned income is not the only thing lender is looking for. I rarely show properties unless the clients are willing and ready.  The skeptical buyers is another group of people who are either negative or choosy.  They are also unlikely ready and able to make a decision. If they want to find their dream home please be my guest.

My source of leads come from other realtors and internet. I have some success with farming. It is can be costly and not getting consistent results. Some agents come with 15,000 post cards and a truck.  I do fine working with good people and stay busy.  I become top sales associate in the office once or twice a year. 

Being a realtor is a 24/7 career often without much advance notice. One works so hard skip meals and eat not healthy food and forget to exercise. It can be financially rewarding. If one applies himself doing the right things 6 to 7 figures income is fairly common.  I want to help others and wish to remain healthy and remain looking young.

 

SOURCE:  

Shueh, Sam  How is my Silicon Valley home worth? (Silicon Valley Home Values)

2018 Silicon Valley home prices prediction by Sam Shueh

Shueh, Sam    (Real EstateBlogs)

Shueh, Sam (My Website)    

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Ambassador
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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Sam, you've made some interesting experiences in your first brokerage. Agents definitely should not hesitate to make a change when things are not a good fit.

Jan 16, 2018 06:43 PM #1
Rainmaker
42,302
David Wright
Benchmark Realty, LLC - Brentwood, TN
Real Estate Refined

 thanks for sharing your early experiences. Amazing how people got away with such unethical and perhaps unlawful behavior. I glad you saw through it and made the change as quickly as you could. 

Jan 16, 2018 09:43 PM #2
Rainmaker
634,330
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Sam Shueh sounds like you were cut out for Real Estate.

Feb 15, 2018 08:37 AM #3
Rainmaker
1,709,384
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

Sam - thanks for sharing your earlier experiences in real estate - which company are you with now? 

Mar 04, 2018 05:16 AM #4
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