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How to Get Started in Real Estate

There are lot’s of things that I wish I knew before starting in real estate. What they don’t tell you about real estate is a presentation that came from hundreds of conversations that I have had with agents and brokers across the nation. Working in real estate is a multifaceted career. One part industry expert, one part marketer, one part sales person, one part negotiator, one part tech support and lots of hard work. The bad news is: there is no silver bullet. The good news is: with consistency, focus, and some marketing smarts, you can create a good living as a real estate professional. There are very few industries where you can broker the sale of such big ticket items without years and years of experience. I would love to hear your thoughts on what it takes to get started and become successful in real estate.

What to Expect.

  • Treat real estate as a profession, not a hobby
  • Focus on both leads and listings, buyers and sellers
  • Put in the hours
  • Remember that you are an entrepreneur
  • Be open to clients and opportunities at all times
  • Measure and evaluate your performance
  • Set concrete, time-specific goals for improvement areas
  • Research trends, practices, and conventions in your local market
  • Know that you may work weekends
  • Have some savings to live on for the first 6 months
  • Be a cheerleader for what you do
  • Start prospecting and don’t stop
  • Use a CRM
  • Invest in your business and in your education
  • Consider a real estate coach
  • Do the stuff no one else wants to do
  • Work harder than your competition

Build Your Network

  • Get involved in your community
  • Join your local realtor’s association
  • Get to know public officials
  • Volunteer
  • Join a mastermind group
  • Participate at your child’s school
  • Join the board of an organization you care about
  • Treat everyone you meet as a potential client
  • Use a personal touch to stay connected with former clients
  • Maintain a presence online
  • Preserve your reputation by focusing on quality, not quantity
  • Embrace your personality
  • Promote causes and organizations you believe in
  • Be friendly, but professional
  • Build and keep up relationships with coworkers
  • Seek mentors, share concerns
  • Shadow and request feedback from more experienced agents
  • Research and talk to top producers in your community/region

Embrace Technology

  • Setup a website to build your brand and drive leads
  • Use a CRM to keep track of clients, listings and deals
  • Consider syndicating your listings for greater reach
  • Consider Craigslist to get buyers and sellers
  • Become a master of lead generation
  • Learn how to do SEO
  • Think in terms of building good systems so you can focus on creating relationship and closing deals
  • Set up your profile on the major social media sites
  • Educate yourself with books and blogs
  • Take classes and talk to more experienced tech users
  • Attend conferences to keep abreast of emerging trends
  • Recruit experts to help you build your technology portfolio
  • Market yourself with social media and networks
  • Get comfortable with smartphones, mobile technology
  • Use video
  • Don’t be a Luddite!

Choose Your Broker Wisely

  • Research company earnings
  • Research company clients; compare to your preferred niche
  • Research company, agent reputations
  • Compare franchise agencies with local/family-owned in your area
  • Interview brokers regarding:
  • Commission splits
  • Technology/administrative support
  • Marketing/advertising budgets
  • Training and education programs
  • Interview other agents regarding:
  • General satisfaction
  • Company culture
  • Management styles
  • Future plans

When starting a venture I always think about the Yogi Berra quote that says

You got to be careful if you don’t know where you’re going, because you might not get there.

About Seth Price

I'm the Director of Sales and Real Estate Marketing at Placester.com. I spend the majority of my time delving into what creates success for real estate professionals — driving leads, creating relationships, tracking progress and helping others grow their real estate businesses.

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  • http://www.drewmeyersinsights.com/ Drew Meyers

    “There are very few industries where you can broker the sale of such big ticket items without years and years of experience.”

    Exactly, and I don’t think that’s a good thing.

    • http://placester.com Seth Price

      Drew, I think that is the scariest part. With such a low barrier to entry, it’s easy for the professionalism to get diluted by new unskilled talent. I am really excited by the efforts to “Raise the Bar” It’s a conversation that is finally out in the open thanks to folks like Michael McClure

  • http://www.therealtorstoolbox.blogspot.com Sean Carpenter

    Great checklist for achieving success in real estate. The neat part about this job is that whenever you feel you are deserving of a raise, you don’t need to look at anyone but yourself. You want to make more money? Go out and work more.

    • http://placester.com Seth Price

      Being an entrepreneur is a lot like looking in the mirror on a daily basis. No one to blame but myself if things aren’t going the way I like

  • Gerald M.

    One of the best ways to do before engaging to real estate especially when you don’t have any idea about it is to look for a partner /real estate investor that can be trusted and has the experience and resources. This way he/she can help you with your decision. Real estate investor can give you more information, opinion, tips and etc. that can help you decide if you are going to invest on a property or not. You can also check this video for more information about real estate investment.

    It is a video regarding USA property for an Australian investor. It also discusses some tips on how to invest effectively on a real estate.
     

  • Ben Koshkin Nurseryman

    Hi Seth, This is a great post, Information is very helpful for those who are looking to start their own real estate business. Thank you very much for this information.

  • trenita

    good article

  • Pingback: All Time Favorite Posts on Geek Estate - GeekEstate Blog

  • Fair N Deal Associates

    fair and deal property ,very nice post

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