New Agent Advice & Things I wished I knew Early On!

By
Real Estate Broker/Owner with House to Home, Inc. - Denver Real Estate - 720-231-6373 DRE# ER40011786

 

This month's challenge has asked us to share some valuable information for those contemplating getting into real estate or those receiving their first real estate license.

 

Remembering back in those days still working at Safeway full time, and excited about a new adventure and a possible new career was daunting to say the least.   In real estate school they teach just about nothing about the REAL real estate world.   Luckily, I had many working around me (for 20 years) that believed in me and gave me my first deals.    That was scary, since I didn't know anything about real estate.

 

1.   Interview Brokers!    I would say this is probably THE most important factor when you first get your license.  They are not all created equal!    Be less worried about the split, as if you don't ever have a closing, this is not an issue.   YOU have the choice, it isn't their choice whether to take you on as a new agent.    Be sure they offer education (lots of it) and someone is available when you need help.   This will be frequently in the first few months or on your first few deals.    

 

2.  Read, read, and read again the Contracts.   If you don't know everything about real estate, it is very helpful to know the contracts backwards and forwards.    Take classes, find someone to practice with, and go over contracts - both the buy side and the listing side.   This is always helpful, as usually the other agent has questions, and is helpful when you actually HAVE a client!   If you don't know the answer to their question, tell the client, you are not sure, but will check into it, and call them back.  NEVER give false information!

 

3.  Don't think YOU have control of your schedule.    If you are fortunate enough to garner lots of business in the very beginning, clients will fill up your schedule.   Just know there are lulls in the business.   Take advantage of the business when it presents itself!     There will be times you have too much time on your hands. (even those of us seasoned agents with a large database)    If you need some downtime, take a few hours for yourself and schedule it.    If you have a doctor's appointment, or you child is playing in the finals at school, schedule it.   Your clients do not need to know WHAT the appointment, just that you have one.    This business can consume you, and can get burned out quickly.    Balance between work and personal life is important!

 

I remember in real estate school, they hinted on the fact we need a PILE of money in the bank, as there will be down times when you see no closings.     I thought I put away enough, but then 2008 happened.     I wish I would have put lots more in the savings for those days!

 

 

Also, keep in touch ALWAYS with your clients.   Those early days I did not have the best system to keep track of my clients, and did not keep in touch as well, and lost some of my first clients.    Whether you use excel or another CRM to keep track of clients - do it early on, and don't neglect those first valuable clients!

 

In the days of 2008, there was a time I had to find a position that would bring in some quick money, since closings were not plentiful.    At that time, I did think about what I wanted to do, and was SO sad that real estate wasn't working well.   It was at that time I realized I truly loved what I do, and could not imagine doing any other career full time.   I have not ever looked back and said -- gosh, what have I gotten myself into.....  I worked with Empire Flooring for a few months to get me through those lean months, and did give me valuable tools in which to apply to my real estate business.   I sold flooring, and gave me information that I did not have before working with them.

 

One of the biggest things that I have done to improve my real estate business has been to know when I cannot take on new business.   When you know you have the maximum transactions you can take care of, and still offer excellent customer service.    The worst thing you can do is, take on way more than you can handle.  No one is getting the service they deserve when that happens!   In the busy spring and early summer, I have friends to refer the overflow business if I got overwhelmed, and sure helps!    You want to keep those RAVE REVIEWS coming in, and not receive any reviews that say they felt you were too busy for them!

 

This is a wonderful business, especially if you love to help people.   Nothing more satisfying that a happy customer that sends a testimonial that makes you cry!

 

 

 

 

 

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House to Home, Inc.House to Home

GRI, CRS, CNE, e-Pro  

Broker/Owner

Joan@JoanCox.com

720-231-6373

 

Denver Real Estate

Homes for Sale in Denver

Neighborhoods in Denver

 
  A Denver Metropolitan Realtor

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Rainmaker
4,431,350
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I hope new agents will read your post and learn from your experience. 

I too do not take on more business than I can handle. 

Jan 22, 2018 04:19 AM #19
Rainmaker
1,505,754
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Joan, this is excellent advice for new agents. I always chuckle when a new agent thinks they're going to control their own time - you nailed it. Setting appointments (even for yourself) are a must or you'll never get time off. Taking on too many clients is a sure way to lose business in the long run, having someone we trust that we can refer too is a must. There are only so many hours in the day!

Jan 22, 2018 05:25 AM #20
Rainmaker
737,216
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Read those contracts! cannot agree more. Know them backwards and forwards because it is all about what the contract says.

Jan 22, 2018 06:57 AM #21
Rainmaker
3,999,558
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Debb Janes EcoBroker and Bernie Stea JD I agree, and have always been with a broker with few agents (5 or less).  Makes the meetings easier.   Now being my own broker, I do have a choice whether to go into the office or not.

Jan 22, 2018 07:02 AM #22
Rainmaker
3,999,558
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents thank you for following, and did not realize you weren't.

You are very organized, and have a team, so you are not as limited as I am.   

Jan 22, 2018 07:03 AM #23
Rainmaker
3,999,558
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thanks John, and hope a new agent benefits by my post.

Jan 22, 2018 07:03 AM #24
Rainmaker
3,999,558
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Kathy, it wasn't enough, especially after three years in a row being too lean.

Jan 22, 2018 07:04 AM #25
Rainmaker
3,999,558
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Brian England I have heard many times, all we do is golf, socialize, etc. and could not be so wrong.  

Jan 22, 2018 07:05 AM #26
Rainmaker
3,999,558
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thank you Debbie, having too many transaction can derail your customer service level.

Jan 22, 2018 07:06 AM #27
Rainmaker
3,999,558
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sheri Sperry - MCNE® I still have issues too, when I look at my calendar, and EVERY single night I have appointments.    

Jan 22, 2018 07:06 AM #28
Rainmaker
3,999,558
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I hope so Rebecca, thanks.

Jan 22, 2018 07:07 AM #29
Rainmaker
3,999,558
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Gita, we do need to know when enough is enough.

Jan 22, 2018 07:07 AM #30
Rainmaker
3,999,558
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Amanda S. Davidson I know you do a great job in controlling how much business you take on, to preserve the excellent service factor.   

Jan 22, 2018 07:08 AM #31
Rainmaker
3,999,558
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nick, if you don't know the ins and outs of a transaction, at least a new agent can know the contract.

Jan 22, 2018 07:09 AM #32
Ambassador
3,895,339
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Joan

There is some really important advice here. Knowing the contract is essential and a tough thing to do when you are first starting out. Your point about watching your schedule, and scheduling appointments is a very good one. You have to control you life, not let the business control you!

Jeff

Jan 22, 2018 07:40 AM #33
Rainmaker
1,433,926
Yolanda Cordova-Gilbert
Richmond, TX

Joan,

 GReat blog and excellent advice. I used to tell people what my appointments were but then I realized they did not think my personal life was important it was them, so I too would say sorry I am booked already. I had the worst clients the 1st year and everyone said so too. I think it was where I was more of that later in person!

Jan 22, 2018 02:19 PM #34
Rainmaker
2,703,107
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Joan Cox great points one and all for new agent advice.  I am surprised this is not a Feature!

Jan 22, 2018 08:51 PM #35
Rainmaker
3,999,558
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thanks Jeff, those were the high points I thought of, and hope it helps the new agents.

Jan 23, 2018 10:00 AM #36
Rainmaker
3,999,558
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Yolanda Cordova-Gilbert I used to say what my appointments were too, and always got backlash, so stopped telling them.  They don't need to know.  We work twice as many hours as most of the public, and need to still get our personal things done sometime!  

Jan 23, 2018 10:01 AM #37
Rainmaker
3,999,558
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thanks Lisa, but haven't had a feature in forever.

Jan 23, 2018 10:01 AM #38
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Denver Real Estate - Selling One Home at a Time
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