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.